The Laal Street Journal
To cut a Long story Short
Richest Indian Worried
(TLSJ reporter)
According to inside information from unreliable sources, the richest Indian who has interests in Oil, Gas, Refinery, Retail, Life Sciences and allied sectors is a worried man..
The reasons he's worried are plenty:
-
Yen carry trade
-
Sub-prime & credit market crunch in USA
-
Rupee volatility
-
P. Notes issue, FII pull-out
-
Nifty likely to breach 20-DMA and even test 200-DMA
So, because of these factors, he is believed to be planning to sell some of his businesses. He would soon order the Refineries to stop processing & is also mulling asking 32.8 % of his staff to go on leave. The plant can always be re-started when Nifty holds crucial support levels.
In a unrelated development, CEO of a leading Pvt bank in India is rumoured to be considering closing down of 40% of branches because of global turmoil.
Edited by kulman - 21/Oct/2007 at 10:14am