President Obama presented his outline for health care reform on Monday.

President Obama presented his outline for health care reform on Monday, ahead of the bipartisan health care summit later this week. The 10-year, nearly $1 trillion plan would purportedly cover more than 31 million Americans currently not insured without adding to the budget deficit. The National Association for Business Economics echoed a similar tone that the economy is getting better, but at a sluggish pace. It reaffirmed in its latest outlook that an economic recovery remains on track, though it will be slow. Asian stocks fell, led by mining companies and automakers, following a rally that drove the MSCI Asia Pacific Index’s valuations to a three-week high yesterday. Ending suspense over 3G spectrum auction, the government has said it will start the process by this week-end by issuing bid document, as all issues with the Law and the Finance ministries stand resolved. RBI has decided to reduce the risk weight on loans to power sector projects guaranteed by state governments, thereby unlocking Rs. 30,000 cr for the sector. India has imposed anti-dumping duty of up to $2,254 per tonne on import of certain stainless steel products, used by consumer durables and auto industries, from the US, EU, China and other countries. The government has expressed its resolve to divest stake in PSUs and said that all profitable public sector enterprises would be listed on the stock exchanges with at least 10 per cent public holding. Reliance Industries Ltd has raised its bid for bankrupt chemicals maker LyondellBasell to an offer which values the company at $14.5 billion. State Bank of India, has said that banks' lending rates are expected to remain stable in the next five-six months as credit pick-up is still muted. ICICI Bank, has said its loan growth in the next financial year could go up to around 15 per cent on the back of a strong revival in demand in key-segments. The devastating fire at Indian Oil Corp's (IOC) Jaipur fuel depot, in October 2009, has delayed commissioning of Cairn India's pipeline for transporting crude from its Rajasthan oil fields. The government has approved 12 FDI proposals worth over Rs 1,000 crore, including that of Walt Disney and Zee Entertainment.
The government has cleared a proposal of Max India to raise Rs 529 crore, from global investment bank Goldman Sachs, through issue of convertible debentures.
Banco Products (India) Ltd will acquire the Netherlands-based Nederlandse Radiateuren Fabroiek BV and its subsidiaries for 17.70 million euros (about Rs 106 crore). Sterlite Technologies has bagged a Rs 800-crore mega transmission project from Power Finance Corporation (PFC). Religare Enterprises is set to acquire a US venture capital and private equity company, Northgate, for $200 million. Government may approach state owned banks and institutions to bail out REC’s equity issue if investors choose to stay away. ITC to launch Sunfeast noodles to mark an entry into the Rs. 1000 cr market for instant noodles in India. Power Grid plans to raise Rs. 3500 cr, by September, by selling shares to fund its grid expansion plans. Nifty near contracts ends the Day up by 10.65 points at a marginal premium of 0.20 points adding OI by 0.4%. Nifty OI PCR at 1.038 compared to 1.047 at the close of last Day.Nifty puts sees addition of 2.06 Lakhs and calls sees addition of 8.0 Lakhs over the day. Highest OI in Nifty calls seen at 4700 Feb strike and puts at 4600 Feb strike. Nifty VIX at 32.13 from 31.90 last day. Long build up over the Day seen in IOC, HINDUNILVR & RENUKA. Short build up seen in MCLEODRUSS, AREVAT&D, FORTIS, ONMOBILE, CUMMINSIND, ROLTA, UNITECH, BAJAJHIND, DLF & CHAMBLFERT. Nifty sees 28.91% rollover compared to 35.06% in January. Nifty rollover is lower by 48736 no of contracts compared to January expiry. Market wide rollover at 31.2% compared to 35.82% in Jan expiry. FII side over the Day saws short covering in Nifty futures and Nifty options was bought . Long build up was seen in stock futures during the Day.