5:00 PM Mumbai – Stocks in Mumbai rallied on the gains in Asian and international markets. India plans to triple port capacity in a decade. Apparel exports falls in July for the third month in a row. India was the biggest loan recipient from World Bank in the last fiscal year.
Indian stocks rallied after sentiments turned bullish on global and Asian markets post U.S. GDP data. Market breadth was positive on the BSE with as many as 1787 names advancing against 438 declines. The Sensex Index fluctuated in the later session but closed marginally higher after the government introduced a tax bill that may lead to lower levies.
The Sensex Index gained 0.19% or 33.70 points to close at 18,032.11. The CNX Nifty Index on the National Stock Exchange rose 0.2% to 5,417.25.
India plans to triple port capacity within a decade as it tackles infrastructure deficiencies that threaten to damp growth. The government intends to open new harbors and sell stakes in ports to help annual capacity reach 3.2 billion tons under a 10-year plan that will be released next month, said Secretary of Shipping K. Mohandas in an interview on August 25th in his office in New Delhi.
“The country needs urgent action and ports are very important to India’s economic growth. Indian ports will likely handle more than 2.5 billion tons of cargo by 2020,” he said. Throughput in the fiscal year ending in March 2010 rose 14% to 844.9 million tons.
Tata Steel’s European arm Corus on Friday entered into a pact with Thailand-based Sahviriya Steel Industries to sell its Teesside Cast Products plant in the U.K. for about $500 million.
Government said Friday it would block some BlackBerry services next week if the smartphone maker did not address security concerns, and government officials said they were hopeful of a solution soon.
The Foundation Board of the World Economic Forum elected Reliance Industries Chairman and Managing Director, Mukesh Ambani to its board.
The Indian auto components sector is expected to grow five times in size to $110 billion in the next decade with investments of more than $35 billion, an industry body said Friday.
Of that target sales about $80 billion will be from domestic sales and the remaining from exports, the Automotive Components Manufacturers’ Association of India said in a statement.
India’s apparel exports declined in July for a third straight month, a 22.5% drop in direct contrast to the nation’s overall exports increase of 13.2% in the same month.
The garments exports fell to $816 million in July on lesser demand from Europe and U.S., according to the Apparel Export Promotion Council.
Coal output in the April-July period was 156.7 million tons just short of the official target of 164.6 set by the government, according to data collected by mjunction Services Ltd, a trader backed by Tata Steel Ltd and Steel Authority of India Ltd.
The corresponding production for a year earlier period was 155.4 million tons.
Amid a weak broader market, four of India’s top 10 companies witnessed a wealth erosion of Rs 65,000 crore in August, with Reliance Industries leading the decliners.
However, even after losing a whopping Rs 19,578.40 crore in its market capitalization, Mukesh Ambani-led RIL managed to maintain its position as the number one with a valuation of Rs 310,000 crore.
Mumbai-based Pantaloon Retail (India) Ltd, the largest publicly-traded retailer, recorded a 170% jump in net profit for the quarter ended June, to Rs 98.9 crore from a year ago on higher sales. The company reported a core retail turnover of Rs 2,493.70 crore in the quarter up 49.98% from a year earlier.
India was the largest recipient of World Bank loans in 2009-10. The World Bank through its lending arms IBRD and IDA committed $9.3 billion in financial assistance to India in 2009-10 more than the aid committed by the U.S. and the European Union.
The International Bank for Reconstruction and Development committed $6.7 billion and The International Development Association, committed $2.6 billion making the total of $9.3 billion. IBRD’s commitment was 15.1% of its total lending and IDA’s was 17.7% of its total aid for the year.
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