Key benchmark indices edged lower in early trade on weak Asian stocks. The market breadth was weak. The S&P BSE Sensex was down 158.38 points or 0.82%, up 14.97 points from the day's low and off 24.76 points from the day's high. Index heavyweight Reliance Industries (RIL) edged lower in early trade. Another index heavyweight and cigarette major ITC was slightly higher.
Coal India declined after turning ex-dividend today, 18 March 2013, for interim dividend of Rs 9.70 per share for the year ending 31 March 2013. Engineers India fell after turning ex-dividend today, 18 March 2013, for interim dividend of Rs 3 per share for the year ending 31 March 2013. National Aluminium Company hit a 52-week low. PSU OMCs edged lower after Indian Oil Corporation on Friday, 15 March 2013, announced slashing petrol price by Rs 2 per litre excluding VAT with effect from midnight of 15 March 2013
Asian stocks dropped on Monday to details of a bailout of Cyprus over the weekend as investors fretted about the potential implications of a decision to levy private bank deposits.
At 9:26 IST, the S&P BSE Sensex was down 158.38 points or 0.82% to 19,269.18. The index lost 183.14 points at the day's low of 19,244.42 in early trade, its lowest level since 14 March 2013. The index fell 143.41 points at the day's low of 19,284.15 in early trade.
The CNX Nifty was down 45.15 points or 0.77% to 5,827.45. The index hit a low of 5,814.35 in intraday trade, its lowest level since 14 March 2013. The index hit a high of 5,830.15 in intraday trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 697 shares declined and 323 shares rose. A total of 37 shares were unchanged.
More From This Section
The total turnover on BSE amounted to Rs 112 crore by 09:25 IST
Among the 30-share Sensex pack, 26 stocks declined while rest of them gained.
Index heavyweight Reliance Industries (RIL) declined 1.07% at Rs 834.80. The telecom department earlier this month cleared a proposal to allow companies with Internet permits to also offer basic mobile telecom services by paying a one-time license-conversion fee. RIL's telecom unit, Reliance Jio Infocomm, has frequencies to provide broadband Internet across India. Under the new rule, RIL will have to pay about Rs 1658 crore to also provide voice services.
The Finance Minister said in his speech while presenting the Union Budget 2013-14 on 28 February 2013 that the oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts. The natural gas pricing policy will be reviewed and uncertainties regarding pricing will be removed. NELP blocks that were awarded but are stalled will be cleared. A policy to encourage exploration and production of shale gas will be announced.
Index heavyweight and cigarette major ITC rose 0.13% to Rs 302.50. The government raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14 which was unveiled on 28 February 2013.
The Ministry of Health & Family Welfare has suggested to the Department of Revenue, Ministry of Finance to increase taxes on all tobacco products and also to impose 'sin tax' on tobacco products, the proceeds of which can be used for tobacco control. The Ministry of Health & Family Welfare, alongwith WHO Country Office for India, also organized a 'National Consultation on Economics of Tobacco' in December 2012. This information was given by Minister for Health & Family Welfare Shri Ghulam Nabi Azad in written reply to a question in the Lok Sabha on Friday, 8 March 2013.
Infosys fell 0.02%. The company after market hours on Friday, 15 March 2013 announced that it has been selected by India Post to implement and manage a platform that will transform its rural operations. With this new agreement, Infosys will facilitate India Post's Rural Systems Integration (RSI) program. This initiative will increase adoption of the department's services, and enhance the reach of postal services to the country's rural population, streamlining the distribution of social benefits. As part of an earlier agreement, Infosys is also partnering with India Post to transform its financial services operations and end-user experience under the Financial Services System Integration program.
The two projects are part of the 'India Post 2012' modernization program that aims to bring transparency, agility, flexibility and scalability to its business operations. The programs will empower employees to deliver services more efficiently to rural communities using the latest technology. They will also position India Post as a key agent in the Government of India's inclusive growth policies.
Infosys will develop a Service Delivery Platform (SDP) that will leverage Infosys solutions such as mConnect, TruSync and Finacle Inclusion. These will serve as a foundation for the RSI program. The new SDP will allow more than 130,000 rural post offices to offer online services. Additionally it will connect and manage more than 130,000 handheld devices used by rural postal workers for distribution of social benefits under the National Rural Employment Guarantee Act and process Electronic Money Orders.
Speaking about this deal, India Post said, "We are very happy to partner with Infosys on one of the largest transformational journeys India Post has ever undertaken. We are confident that Infosys will help make the Rural Systems Integration project a success."
According to Mr. CN Raghupathi, VP and Head of India Business, "India Post has been a key driver of the country's socio-economic development for over 150 years. This partnership will give us the opportunity to promote inclusive growth by helping to deliver services more efficiently to all citizens. We will use our proven technology leadership and innovation capabilities to build a platform that will transform India Post and enhance its reach significantly."
Wipro fell 0.44%. Wipro Technologies, the Global Information Technology, Consulting and Outsourcing business of Wipro after trading hours on Friday, 15 March 2013, announced that it has been appraised at Capability Maturity Model Integration CMMI-DEV 1.3 Level 5. This assessment validates Wipro's process capability based on the CMMI standards that measure process improvements, Wipro Technologies said in a statement. An assessment at maturity Level 5 indicates that the organization is performing at an "optimizing" level. At this level, an organization continually improves its processes based on a quantitative understanding of its business objectives and performance needs. The organization uses a quantitative approach to understand the variation inherent in the process and the causes of process outcomes.
Acknowledging the recognition, Bhanumurthy BM, Chief Business Operations Officer, Wipro said: "This achievement demonstrates strong alignment of our quality processes with business objectives, leading to enhanced customer experiences. We are sure this CMMI journey will further strengthen our integrated toolsets to improve business outcomes for Wipro and our customers."
Devender Malhotra, Chief Quality Officer, Wipro Technologies, said: "Through this achievement, Wipro demonstrates the deep rooted quality culture within the organization that make a difference to our customers. CMMI high maturity processes have enabled us to predict project outcomes that are in sync with our business objectives."
Coal India lost 4.23% as the turned ex-dividend today, 18 March 2013, for interim dividend of Rs 9.70 per share for the year ending 31 March 2013.
Engineers India declined 1.25% after turning ex-dividend today, 18 March 2013, for interim dividend of Rs 3 per share for the year ending 31 March 2013.
National Aluminium Company lost 2.73% to Rs 39.25 after falling to a 52-week low of Rs 38.65 in intraday trade today, 18 March 2013. The company has scheduled a meeting of the Board of Directors on 20 March 2013, to consider declaration of interim dividend.
Dr. Reddy's Laboratories slipped 1.32%. Dr K Anji Reddy, Founder and Chairman of Dr. Reddy's Laboratories (DRL), passed away on 15 March 2013 in Hyderabad. He was ailing for some time.
Satish Reddy, MD and COO of Dr Reddy's Laboratories said: "Dr Reddy touched millions of lives through his contribution to the pharmaceutical industry and his philanthropic efforts. In improving access to affordable, high quality medicines and in innovation, his contributions have been extraordinary. His philanthropic initiatives made a difference in the lives of so many Indians in the areas of livelihood, education, clean drinking water and healthcare."
PSU OMCs HPCL (down 1.7%), BPCL (down 2.03%) and Indian Oil Corporation (down 2.02%) edged lower after Indian Oil Corporation on Friday, 15 March 2013, announced slashing petrol price by Rs 2 per litre excluding VAT with effect from midnight of 15 March 2013. After the inclusion of VAT, the reduction in the price of petrol in Delhi comes to Rs 2.40 per litre, resulting in the fuel costing Rs 68.34 per litre in Delhi against Rs 70.74 per litre. The reduction comes on the back of easing in international oil prices. Friday's slash in petrol prices follows two rounds of price hikes since February. Petrol prices were raised by Rs 1.50 per litre on 16 February, followed by another increase of Rs 1.40 per litre on 2 March 2013. Since last price change, international prices of crude oil have slid from $112.73 a barrel to $107.41 a barrel leading to consequential fall in international prices of MS. On the other hand, Rupee has depreciated marginally, IOC said in a statement. Following this trend, it has been decided to pass on the benefit to the customers, the company added.
IOC said that PSU OMCs have already lost over Rs 1130 crore on sale of petrol so far during the current financial year (FY 2013). In addition to losses on sale of petrol, PSU OMCs are suffering under-recovery on sale of High Speed Diesel (HSD) of Rs 8.64 per litre applicable for the second fortnight of March 2013. The under-recovery for PDS Kerosene stands at Rs 33.43 per litre for March 2013. In case of Domestic LPG, the under-recovery stands at Rs 439 per cylinder for March 2013. The under-recovery for PDS Kerosene and Domestic LPG is calculated on monthly basis whereas the under-recovery for HSD is calculated on fortnightly basis.
Projected under-recovery of the PSU OMCs on three sensitive products is expected to be around Rs 163000 crore during current year, IOC said. The movement in international oil prices and Rupee-Dollar exchange rate is being monitored and decision on future price changes shall be taken accordingly, IOC said in statement.
Three PSU OMCs (HPCL, BPCL and IOC) review the fuel prices on 1st and 16th of every month based on the average imported oil price in the previous fortnight.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1018.93 crore on Friday, 15 March 2013, as per provisional data from the stock exchanges.
The advance tax paid by the 30 leading companies reportedly rose 15% to Rs 11441 crore for Q4 March 2013 over Q4 March 2012. Companies pay income tax every quarter on their expected earnings, and these are used to estimate financial performance during the period. TCS paid 10% higher advance tax at Rs 600 crore. Bajaj Auto paid advance of Rs 300 crore in Q4 March 2013 against Rs 293 crore in Q4 March 2012. Mahindra and Mahindra paid Rs 205 crore in Q4 March 2013 against Rs 178 crore in Q4 March 2012. Hindustan Unilever's outgo grew 20% to Rs 240 crore. Hindalco paid a lower tax of Rs 95 crore in Q4 March 2013 from Rs 145 crore in Q4 March 2012. ACC paid 50% higher advance tax at Rs 227 crore in Q4 March 2013 over Q4 March 2012. Ambuja Cement's advance tax outgo rose 12% to Rs 280 crore in Q4 March 2013 over Q4 March 2012.
SBI paid Rs 1450 crore this quarter, lower compared to the Rs 1650 crore it paid last March. HDFC Bank paid Rs 700 crore in Q4 March 2013 against Rs 600 crore in Q4 March 2012. ICICI Bank paid Rs 550 crore in Q4 March 2013 as against the Rs 425 crore in Q4 March 2012. Yes Bank paid Rs 165 crore this quarter, more than Rs 110 crore in the year-ago period. Grasim's advance tax remained unchanged at Rs 90 crore.
The Reserve Bank of India (RBI) undertakes mid-quarter review of Monetary Policy 2012-13 tomorrow, 19 March 2013. The central bank on 29 January 2013 signaled after a monetary policy review that there is less room for aggressive policy rate cuts amid any negative surprise emanating from inflation and the twin deficits viz. the current account deficit and the fiscal deficit.
RBI said on 29 January 2013 that a staggered increase in diesel prices will percolate through to overall costs and inflation. However, these price pressures will dissipate over time, and the consequent reduction entailed in the fiscal deficit will bring about an enduring reduction in inflation and inflation expectations, the central bank said at that time.
Reduction of promoter stake to meet the Securities & Exchange Board of India (Sebi) mandated minimum public shareholding of 25% for private companies and 10% for state-run firms will result in supply of equity in the market over the next few months. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 13 June 2013, while the deadline for state-run firms is 13 August 2013. PSU divestment will also add to share sale glut in FY 2014. The government has set a target of Rs 40000 crore from divestment of government stake in state-run firms and Rs 14000 crore from divestment of stake in non-government companies for FY 2014.
The India Meteorological Department will issue its first forecast of 2013 southwest monsoon in April 2013.
The Reserve Bank of India (RBI) on Thursday, 14 March 2013, said that it has decided in consultation with the Government of India and the Securities and Exchange Board of India (SEBI), to permit foreign institutional investors (FIIs) to use, in addition to already permitted collaterals, their investments in corporate bonds as collateral in the cash segment of the equity markets and government securities and corporate bonds as collaterals in the equity futures and options (F&O) segment. The operational guidelines in this regard will be issued separately by Sebi, RBI said in a notification. With the proposed changes coming into effect, henceforth, FIIs will be eligible to offer government securities/corporate bonds (acquired by FIIs in accordance with provisions of Schedule 5 to Notification No. FEMA 20 dated 3 May 2000), cash and foreign sovereign securities with AAA ratings in both cash and F&O segments, RBI said.
The annual rate of inflation, based on the monthly wholesale price index (WPI) edged up to 6.84% in February 2013 from 6.62% in January 2013, data released by the government on Thursday, 14 March 2013, showed. The government also revised upwards WPI inflation for December 2012 to 7.31% from 7.18% reported earlier. Build up inflation in the financial year so far was 5.71% compared to a build up of 6.56% in the corresponding period of the previous year, the Ministry of Commerce & Industry said in a statement. The non-food manufacturing inflation or core inflation eased to the lowest level in almost 3 years at 3.8% in February 2013, from 4.1% in January 2013, the latest data showed.
Inflation based on the combined consumer price index for urban and rural India had edged up to 10.91% in February 2013, from 10.79% in January 2013, data released by the government on 12 March 2013 showed. Within the consumer price index, inflation in the category 'food and beverages' stood at 13.73% in February 2013.
Reserve Bank of India (RBI) Governor D. Subbarao on Wednesday, 13 March 2013, said that inflation above 6% demands a tightening of monetary policy. The RBI has to ensure that inflation is brought down to the threshold level and is maintained there, Subbarao said at a speech at the London School of Economics. He said the threshold inflation level for India above which inflation hurts growth prospects is 4% to 6%.
Industrial production rose 2.4% in January 2013, as against a contraction of 0.5% in December 2012, data released by the government Tuesday, 12 March 2013, showed. The manufacturing sector registered a growth of 2.7% in January 2013 and electricity generation rose 6.4%. Mining output declined 2.9% in January 2013. As per use-based classification, production of basic goods rose 3.4% in January 2013 and production of intermediate goods registered a growth of 2%. Capital goods production declined 1.8% in January 2013. The consumer non-durables sector registered a growth of 5.3% in January 2013. The production of consumer durables registered a decline of 0.9%.
India's merchandise exports rose 4.23% to $26.259 billion in February 2013, data released by the government on 11 March 2013, showed. Imports rose 2.65% to $41.181 billion in February 2013. Oil imports jumped 15.45% to $15.148 billion in February 2013, the data showed. Non-oil imports declined 3.57% to $26.033 billion in February 2013. The trade deficit stood at $14.922 billion in February 2013, lower than $14.924 billion in February 2012.
In his meeting with World Bank Group President Dr. Jim Yong Kim, Finance Minister P. Chidambaram on 11 March 2013, highlighted the need for continued and enhanced engagement of the World Bank Group with India given the huge investment requirements in the infrastructure, social and rural development sectors in India. Chidambaram further emphasized the need for enhancing the capital base of the World Bank to meet the challenges of poverty reduction and infrastructure development in the developing countries. Dr. Kim assured adequate support to India in meeting the developmental challenges being faced by the country. Chidambaram and Dr. Kim discussed on options for increasing external finance for infrastructure as well as for other development needs of India. Dr. Kim arrived in India on Monday, 11 March 2013, for a three day visit.
The Securities and Exchange Board of India (Sebi) on 8 March 2013 approved the SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 thereby providing a comprehensive regulatory framework for issuance and listing of non-convertible redeemable preference shares. The proposed regulations provide framework for public issuance of non-convertible redeemable preference shares and also listing of privately placed redeemable preference shares, Sebi said in a statement. Considering the risks involved in the instrument, certain requirements like the minimum tenure of the instruments of three years and minimum rating of "AA-" or equivalent etc. have been specified in case of public issuances, Sebi said. For listing of privately placed non-convertible redeemable preference shares, minimum application size for each investor is fixed at Rs 10 lakh.
As per Basel III norms, banks can issue non-equity instruments such as Perpetual Non-Cumulative Preference Shares and Innovative Perpetual Debt Instruments, which are in compliance with the specified criteria for inclusion in Additional Tier I Capital. The proposed regulations shall, mutatis mutandis, be applicable to these instruments issued by banks, subject to compliance with the provisions of Companies Act, 1956 or/and any other applicable laws and such other conditions that may be specified by SEBI and subject to making adequate disclosures and relevant risk factors in the offer document, Sebi said.
Finance minister P. Chidambaram on 8 March 2013 said that the government has delivered on its promise to narrow its fiscal deficit, throwing the ball back into the central bank's court which has often shown reluctance to cut interest rates. On fiscal consolidation, the government has walked the talk, Chidambaram said. Chidambaram said the government's market borrowing plan announced during the budget showed it was following a fiscally prudent path.
Chidambaram said the government's demand to spend a net Rs 40960 crore more this fiscal year had already been accounted for in budget projections and won't affect the 5.2% deficit target for 2012-13. The government on Friday, 8 March 2013, placed in parliament its demand for the extra spending that will mainly be used for providing subsidies on food, fuel and fertilizers.
At a customary post-Budget meeting of the Central Board of the Reserve Bank of India held in New Delhi on 8 March 2013, the Finance Minister reiterated that the government is committed to the fiscal deficit targets in the Budget. RBI governor Dr. D. Subbarao complimented the finance minister on the efforts towards fiscal consolidation in the Budget, which was formulated in difficult times.
It is expected that the move towards fiscal consolidation will impart confidence in the economy, support domestic and foreign investments and will boost supply side initiatives, Chidambaram said. The Finance Minister stated that 15% investment allowance has been given to give a boost to the manufacturing sector. The Finance Minister said that the Budget also focussed on infrastructure investment to restart the growth engine and that it has addressed divergent constraints in this regard.
To protect savings from inflation, especially those of the poor and middle classes, the Budget has announced various measures including the introduction of inflation indexed bonds, Chidambaram said. He hoped that these measures would also incentivise the household sector to save in financial instruments rather than purchase gold.
Prime Minister Dr. Manmohan Singh on 8 March 2013 said in Rajya Sabha that India's economy needs a growth rate of 8 to 9 per cent to get rid of chronic poverty and large scale unemployment of youth. This would require a rapid pace of industrialization, Dr. Singh said. He said that India needs economic reforms to realise its full developmental potential.
The Reserve Bank of India (RBI) on 5 March 2013 said that companies which are being investigated by law enforcement agencies no longer need to get its approval to raise money overseas. Previously, companies being investigated by the Directorate of Enforcement, for instance, needed to get their external commercial borrowing proposals cleared by the RBI.
The finance ministry on 1 March 2013 said that the Tax Residency Certificate (TRC) produced by a resident of a contracting state will be accepted as evidence that he is a resident of that contracting state and the Income Tax Authorities in India will not go behind the TRC and question his resident status. The finance ministry issued this clarification on 1 March 2013 after it said that concern has been expressed regarding the clause in the Finance Bill, 2013 that amends section 90 of the Income-tax Act that deals with Double Taxation Avoidance Agreements (DTAA). Since a concern has been expressed about the language of sub-section (5) of section 90, this concern will be addressed suitably when the Finance Bill is taken up for consideration, the finance ministry said. In the case of Mauritius, circular no. 789 dated 13 April 2000 continues to be in force, pending ongoing discussions between India and Mauritius, the finance ministry said.
Under the double taxation avoidance agreement India has with Mauritius, investors sending money into India can't be taxed by India if they pay capital-gains tax in Mauritius. Many foreign investors route their investments in India through Mauritius.
The Ministry of Finance and Economic Development, Mauritius on 5 March 2013 said that although there are still some prevailing uncertainties regarding how the GAAR will be implemented in 2016-17, the post budget declarations from the Indian Ministry of Finance contain some positive elements. It is with satisfaction that we note that the Indian Ministry of Finance has acted promptly to clarify the situation regarding the validity of the TRC, the Ministry of Finance and Economic Development, Mauritius said in a statement.
Mauritius said it is committed and willing to collaborate fully to address the concerns of the Indian side on the DTAA while ensuring that the treaty remains commercially viable. "We are optimistic that both sides can conclude a mutually acceptable package that would yield a win-win solution", the Ministry of Finance and Economic Development, Mauritius said. The India-Mauritius Joint Working Group (JWG) met in December 2011 and again in August 2012 to discuss concerns on the operation of the India-Mauritius DTAA. Mauritius has agreed with India on a Tax information Exchange Agreement, which incorporates provisions on assistance in the collection of taxes.
Finance Minister P. Chidambaram on 4 March 2013 said that the government will soon announce more measures -- including sops for exporters -- to boost economic growth. Some of these steps will be announced in parliament during the debate on the Budget, Chidambaram told industry representatives at a customary address held on Monday, 4 March 2013, after the budget announcement on 28 February 2013. The finance minister said that the fiscal deficit could turn out to be lower than the projected 5.2% of gross domestic product for the current fiscal year ending 31 March 2013. The government aims to reduce the fiscal deficit to 4.8% of GDP in the year ending 31 March 2014.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
The Budget Session of the Parliament which began on 21 February 2013 will conclude on 10 May 2013. In order to enable the Standing Committees to consider the Demands for Grants of Ministries/Departments and prepare their Reports, the two Houses will adjourn for recess on 22 March 2013 to meet again on 22 April 2013.
The government has lined up a number of key bills for consideration and passing during the ongoing Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008.
The government has set a target of Rs 40000 crore from divestment of government stake in state-run firms and Rs 14000 crore from divestment of stake in non-government companies for FY 2014. The target of divestment of government stake in state-run firms has been reduced to Rs 24000 crore for FY 2013 from the initial Rs 30000 crore.
The government expects to mop up Rs 40847 crore from the sale of telecom bandwidth and fees in FY 2014. The government has substantially pruned the expected mop up from the sale of telecom bandwidth and fees to Rs 19440 crore from an initial target of Rs 58217 crore for FY 2013.
On the political front, the DMK warned the UPA government on 9 March 2013 that it would not remain a mute spectator if the Centre continued to toe a soft line on the Sri Lanka issue. DMK chief M Karunanidhi said it was worrisome that the UPA government and the Congress were speaking in different voices. The issue in focus is whether India should vote against Sri Lanka on a US-sponsored resolution before the UN Human Rights Commission on the alleged war crimes against the Tamil Tiger rebels in 2009. The DMK is a key constituent of the Congress-led UPA government at the Centre which has already been reduced to a minority government after Trinamool Congress withdrew support to the government in September last year.
Asian stocks dropped on Monday to details of a bailout of Cyprus over the weekend as investors fretted about the potential implications of a decision to levy private bank deposits. Key benchmark indices in Hong Kong, Singapore, South Korea, Japan, China, Taiwan and Indonesia were down by 0.17% to 2.12%.
Cyprus announced plans to impose a one-time levy on bank deposits as part of a sovereign bailout. Over the weekend, international lenders agreed to provide a 10 billion euro ($12.9 billion) bailout for Cyprus, but demanded that the nation help pay for its rescue by taxing bank deposits, an unprecedented step in the long-running euro-zone crisis.
The tax on deposits, which is expected to raise 5.8 billion, sparked concern of a potential bank run in other indebted European nations, such as Italy and Spain.
US stocks ended lower on Friday as investors preferred to remain on sidelines after recent gains. The Dow Jones Industrial Average slipped 25.03 points, or 0.17%, to 14,514.11. The Standard & Poor's 500 index shed 2.53 points, or 0.16%, to 1,560.70. The Nasdaq Composite index dropped 9.86 points, or 0.30%, to 3,249.07.
The Federal Open Market Committee (FOMC) holds a two-day meeting on the interest rates in the United States on 19 and 20 March 2013.
The European Central Bank (ECB) on Thursday, 14 March 2013, said that Greece has made significant progress in rebuilding its challenged economy but more work must be done. Significant progress has been made, but a few issues remain outstanding, the euro-zone central bank said in a statement, after a two week review process conducted by staff teams from the European Commission, the ECB and the International Monetary Fund--known as the Troika. Additional "technical work" will be necessary to settle those issues, the ECB said, adding that the Troika mission to Greece intends to take a short break to allow this work to be completed. The mission plans to return to Athens in early April to continue its work, the statement said.
Powered by Capital Market - Live News