India Dr. Reddy's Q1 net up 30.5 pct, lags forecast

(Reuters) - By Himangshu Watts



MUMBAI, July 23 - Indian drug maker Dr. Reddy's Laboratories Ltd. on Monday missed expectations with a 30.5 percent rise in first quarter net profit, although demand for cheaper generic drugs was strong as countries look to cut healthcare costs.


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Zanzibar to privatise clove industry

(Reuters) - Zanzibar will soon privatise its clove industry in a bid to revive what was once the Indian Ocean Islands' main foreign exchange earner, the archipelago's finance minister said on Thursday.

Cloves were once the main foreign exchange earner on the so called "spice islands", but the industry collapsed in the 1980's after international prices tumbled.


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Oil Falls on Report BP Is Starting Unit at Refinery in Whiting, Indiana

(Bloomberg) -- Crude oil fell on a report BP Plc
will begin startup today of a unit at its Whiting, Indiana,
refinery, the biggest in the Midwest.

The 235,000 barrel-a-day crude unit, which was shut July 9
for unplanned maintenance after a crack was discovered on a
piece of equipment, is expected to be at full rates by next
week, a person familiar with the plant's status said. The
refinery can normally process more than 400,000 barrels of oil a
day. Prices were higher until gasoline plunged on the Whiting
headlines.


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Oil Trades Near 11-Month High After Gaining on Higher U.S. Gasoline Price

(Bloomberg) -- Crude oil was little changed near an
11-month high in New York, after rising yesterday as gasoline
prices climbed on speculation U.S. output of the fuel may slow
because of unplanned refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said July 9. The refinery, the biggest in the Midwest, supplies
consumers in the Chicago area. Refineries in Texas and Kansas
shut units last week. Refinery operating rates rose to 90 percent
of capacity in the week ended June 29 to meet demand.


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Asian Stocks Fall in U.S. Trading as Infosys Shares Drop; LG.Philips Rises

(Bloomberg) -- Asian stocks trading in the U.S.
slipped, led by Infosys Technologies Ltd., on expectation the
Indian software company will report the slowest profit growth in
more than a year.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, fell 1.1 percent to 171.16,
the biggest drop since June 22.


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DLF Shares May Rise on Debut After Record India Initial Sale Last Month

(Bloomberg) -- Shares of DLF Ltd., the Indian
property developer that raised $2.3 billion last month, may rise
on demand from investors who missed out on the country's biggest
initial stock sale.

The company controlled by billionaire Kushal Pal Singh may
debut today at 555 rupees ($13.72), 30 rupees higher than its IPO
price, according to the median estimate from five analysts and
investors surveyed by Bloomberg. The New Delhi-based developer
received orders for more than three times the shares offered.


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Starbucks to file fresh application for India: report

(Reuters) - This arrangement was not acceptable as Sharma was a non-resident Indian, the official told the paper.




"We have not send the proposal to the Foreign Investment Promotion Board, which will take the final decision on the matter. We don't know how the company will draft its new proposal and the route it will take," the official said.


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Mauritius 2007/08 growth seen rising to 5.5 pct

(Reuters) - Mauritian economic growth will rise to 5.5 percent in the 2007/08 fiscal year from just under 5 percent this year, the Indian Ocean nation's finance minister said in his annual budget speech on Friday.

"We are taming the twin beasts of budget deficit and public debt to create fiscal space for development," Rama Sithanen told parliament. "Growth will accelerate from just under 5 percent in 2006/07 to almost five and a half percent in 2007/08."


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Chicago Corn Rises on Concern About Hot Weather; Soybeans Up; Wheat Down

(Bloomberg) -- Chicago corn futures rose for the
first day in five on speculation hot and dry weather in the U.S.
Midwest may damage yields for the biggest U.S. crop. Soybean
futures also gained. Wheat futures fell.

Rainfall was less-than-expected yesterday and the National
Weather Service's 6 to 10 day forecast showed above normal
temperatures in the U.S. Midwest, including Indiana, Ohio and
Illinois, said Kenji Kobayashi, an analyst at Kanetsu Asset
Management in Tokyo.


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Global sugar prices set for further falls - ISO

(Reuters) - Global sugar prices are likely to fall as strong Brazilian and Indian crops come on to the market, a senior economist with the London-based International Sugar Organization (ISO) said on Thursday.

Indian sugar harvest estimates were frequently being revised upwards, which would lead to the 2006/07 world sugar surplus swelling beyond the ISO's latest estimate of 9.1 million tonnes, the body's Sergey Gudoshnikov said.


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Indian buyers of S.Africa coal wait for lower freight

(Reuters) - Indian trading companies are trying to delay the purchase of more prompt-loading South African coal cargoes until freight rates fall $2-$3 a tonne lower, they said on Monday.

Indian importers of South African coal have been trying to juggle FOB coal costs and freight rates since January, aiming for a combined cost close to $80 a tonne, often without success, they said.


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Indian coal buyers struggle to find S.Africa partners

Indian industrial users are keen to invest in South Africa's coal mining sector but say they have been frustrated by the struggle to find suitable partners.

India imported just over three million tonnes of coal from South Africa in 2006 and is likely to take double that if it is available this year, Indian buyers attending an industry conference said.
Speaking on condition of anonymity, a number of would-be Indian investors said forming links with black-owned or black-controlled Black Economic Empowerment (BEE) producers was part of their frustration.

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