January IIP at 6.8% vs 2.1% in December, fastest growth in 7 months




Dated:March 12,2012



Market Round-up
SENSEX 17587.67 84.43
NIFTY 5359.55 26.00
NASDAQ 2141.54 17.78
DJIA 10060.06 19.61
RS/$ 46.79 -0.14

NSE Gainers
Scrip Price(Rs.) %Change
United Breweries Ltd. 541.85 + 18.27
UB Engineering Ltd. 50.05 + 12.85
Shriram EPC Ltd. 93.30 + 12.75
GSL Nova Petrochemicals L 2.90 + 11.54
Paramount Communications 2.60 + 10.64

NSE Losers
Scrip Price(Rs.) %Change
Abhishek Corporation Ltd. 7.70 -9.94
Nagreeka Capital & Infras 18.65 -8.35
Surana Telecom and Power 15.70 -7.92
Thomas Scott (India) Ltd. 23.45 -7.13
Indo Count Industries Ltd 6.05 -6.20



Admitting that the IIP data has surprised analysts positively, Standard Chartered Bank said that it expects the productivity to improve going forward.

US recovery faces asignificant hurdle and that is interest rates signal from the central bank which is left close to zero, says Jim Walker, Asianomics.

The report said that Brian Cornell and John Compton, along with Zein Abdalla, may be the top three internal candidates to succeed Nooyi.


Most Read Story
A comparison of DLF's alleged weak points with 5 competitors that reveals fissures across the sector but confirms that the deepest cracks are in DLF.

Most E-mailed Story
By asking Mr Naik to continue as the executive chairman, the board has signalled its lack of preparedness for a change which is inevitable for anyone.


Most Commented Story
China has said its military spending will cross the $100-billion mark for the first time this year. What does this mean for India?


Latest Updates





Populism May Trump Reforms In India, IATA Suspends Kingfisher, Int`l Travellers Hit, Govt May Give Limited Nod For Cotton Exports, Sensex Down 27 Pts As Reform Gloom Sets In

Wednesday, Mar 07, 2012


POPULISM MAY TRUMP REFORMS IN INDIA  
The Congress party's drubbing in assembly elections proved beyond doubt that its populist politics failed to resonate with voters, and yet investors and consumers alike are bracing for more of the same from the besieged ruling party. Some reforms, such as to land acquisition and foreign investment rules, and the sensitive issue of subsidies on fuel, are crucial to lifting investment and spending in an economy headed for its slowest growth in three years. Tuesday's poll results, showing Congress fared badly in four of five states, altered the odds of any such push for reforms in the budget. read more  
LEAD STORIES
IATA SUSPENDS KINGFISHER, INT'L TRAVELLERS HIT  
The IATA suspended Kingfisher Airlines over non-payment of dues. Meanwhile, the airline expects bank accounts to be reactivated soon. read more
GOVT MAY GIVE LIMITED NOD FOR COTTON EXPORTS  
Govt could allow limited exports of cotton to cover existing sales commitments as exporters sought permission for 2.5 mn bales to be released. read more
SENSEX DOWN 27 PTS AS REFORM GLOOM SETS IN  
Markets fell as Congress' poor poll result appeared to pour cold water on the reform agenda.Sensex ended 17145.52. Nifty closed 5220.45 down 1.95 pts. read more
TOP STORIES
TOP VIDEOS
AT A GLANCE
BSE 17145.52 -27.77
NSE 5220.45 -1.95
TURNOVER
Rs. 138,497 cr
BSE CASH
Rs. 2,600 cr
NSE CASH
Rs. 12,335 cr
NSE F&O
Rs. 115,195 cr
BULLION
GOLD 27848 +1
SILVER 57950 +242
CRUDE
NYMEX 104.71 +0.01
BRENT 122.35 +0.37
FOREX
$ / Re 50.28 -0.08
£ / Re 79.061 -0.11
€ / Re 65.97 -0.08
EVENTS TO WATCH
9 March
Session On "Driving Growth Through Manufacturing In Maharashtra" On CII Maharashtra Annual Day, Taj Mahal Palace, Mumbai
14 March
Railway Minister Dinesh Trivedi To Present Railway Budget 2012
15 March
RBI Monetary Policy
Budget 2012: Economic Survey
16 March
Finance Minister Pranab Mukherjee To Present Union Budget 2012, New Delhi
20 March
Greece Re-payment Of Bond Worth Euro 14.5 Bn

EXPERT VIEWS
"Due to the accounts getting attached by the tax authorities, we were not able to make a payment to ICH which resulted in a temporary suspension. We are working with the tax authorities and expect the accounts to be un-attached shortly. As soon as this is done, we will pay our dues to IATA and get reinstated."

Prakash Mirpuri
VP - Corporate Communications, Kingfisher Airlines
"Every election is a lesson for us, whether we win or lose, there is a lesson for us. I would say rather than lack of leadership, [there are] too many leaders... That is our problem."

Sonia Gandhi
President Congress
"We could not countenance a situation where the country which is a major cotton producer is forced to import at much higher prices to meet the domestic demand of the industry. That is why, it was a judicious and considered view taken."

Anand Sharma
Commerce Minister
WATCH OUT  
Budget 2012: Gloom to Growth  
India's monetary policy has stretched industry to its limit. The government's purse is strained to provide for food, infrastructure and other social sector needs. We explore how untapped opportunities like sovereign wealth fund, tax revenues, debt funds etc. can bring in new investment in India.
SHOW TIMINGS
Thur 6:30 pm

IBU Mobile version India Business Update

Assembly Results: Samajwadi Party Storms To Power In Uttar Pradesh, Blow For Cong; Sensex Falls 189 Pts As Poll Results Cool Reform Hopes

Tuesday, Mar 06, 2012


SP STORMS TO POWER IN UP; BLOW FOR BSP, CONG  
It was a thumping majority for the Mulayam Singh-led Samajwadi Party in Uttar Pradesh Assembly polls. Rahul Gandhi failed spectacularly to deliver a promised comeback for his Congress party in crucial state elections, casting fresh doubt on his capacity to become the next member of a storied dynasty to lead the country. The Congress party flop in UP, India's most politically vital state, was also a blow to the already-tottering government of Prime Minister Manmohan Singh, reducing his scope to re-launch reforms and reverse a slowdown in economic growth. In Punjab, SAD-BJP combined created history by retaining power. In Goa BJP swept Congress out of power while in Uttarakhand BJP, Congress were neck-to-neck. It was only in Manipur Congress stormed back to power. (SEE CHART BELOW FOR RESULTS TALLY) read more  
CONG'S UP MISS MIFFS MKT, SENSEX SKIDS 189 PTS  
Up, down and crash that in essence sums up the mood at the Dalal Street on Tuesday as results of 5 States poured in. The fear that the Assembly poll results, particularly UP, may cool reform hopes saw markets swinging swing from heavy buying to heavy selling with Sensex oscillating 500 points to finally the close the day in red. The big losers were ADAG and sugar stocks. Nifty lost 57.95 points at 5,222.40 while Sensex closed at 17,173.29 points. read more  
TOP STORIES

TOP VIDEOS

AT A GLANCE
BSE 17173.29 -189.58
NSE 5222.4 -57.95
TURNOVER
Rs. 190,240 cr
BSE CASH
Rs. 2,904 cr
NSE CASH
Rs. 14,612 cr
NSE F&O
Rs. 164,752 cr
BULLION
GOLD 27780 -168
SILVER 57520 -910
CRUDE
NYMEX 105.22 -1.5
BRENT 122.06 -1.74
FOREX
$ / Re 50.36 +0.52
£ / Re 79.347 +0.33
€ / Re 66.062 +0.22
ASSEMBLY RESULTS : LEADS/WIN

UTTAR PRADESH/403 SEATS
SP - Leads: 8, Win: 216
BSP - Leads: 5, Win: 75
BJP - Leads: 4, Win: 43
INC - Leads: 1, Win: 37
OTH - Leads: 4, Win: 10


PUNJAB/117 SEATS
SAD+BJP - 68
INC - 46
OTH - 3


UTTARAKHAND/70 SEATS
BJP - Leads: 3, Win: 28
INC - Leads: 3, Win: 29
OTH - 10


MANIPUR/60 SEATS
INC - 42
TMC - 7
NPF - 4
PDF - 1
OTH - 6


GOA/40 SEATS
BJP - 24
INC - 9
UGDP - 2
OTH - 5


EXPERT VIEWS

"We are very glad that the people of Uttar Pradesh have trusted us. We will improve the law and order situation in the state. I knew the results of Congress. They owed an answer for eight years of corruption."

Akhilesh Yadav
Leader, Samajwadi Party
"If a sugar incentive policy was put in place by the Samajwadi government, one should definitely see a revival of that. All of us had invested based on the policy. So, one is hopeful of that cash coming in."

Vivek Saraogi
Managing Director, Balrampur Chini
"This is a very serious issue. I was kept in dark on the issue and have requested the Prime Minister for revocation of the ban as our production is higher this year and farmers are complaining of falling prices."

Sharad Pawar
Agriculture Minister

WATCH OUT  
Taxing Times - Service Tax: Negative? List!  
India is a services led economy and over the past few years the government has been adding to the number of services covered by service tax. Now as we migrate (slowly!!!) to a GST it will be important to see how the services sector deals with issues like the proposed negative list, excise credits, place of supply, point of taxation and service tax disputes.
SHOW TIMINGS
Tue 7 pm


IBU Mobile version India Business Update