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Market Update : 
Slower Growth in Industrial Output in India Drags Sensex Down
Author: Chandrasekhar Atreya
123jump.com
Last Update: 8:29 AM ET October 12 2010


 
5:00 PM Mumbai – Stocks in Mumbai fell after the industrial output increased sharply lower. Rupee closed lower. Industrial production index increased 5.6% in August and in the first five months the index was up 10.6% compared to a year ago. Coal India is expected to raise as much as $35 billion.

Stocks in Mumbai trading fell sharply after the release of weak industrial output data. Rupee closed lower.

The BSE Sensex fell 0.67% or 136.55 to close at 20,203.34 and the rupee declined to close at 44.66 to a dollar and 61.71 to a euro.

India is looking for rail and other infrastructure projects in Saudi Arabia. E. Ahmed, Minister of State for Railways said India is looking to operate mineral rail link that will join the country’s northern Jalamid region with Ras Azzour, near the industrial city of Jubail.

Ahmed said at a community reception in Riyadh, said that projects are still in the early stage of negotiations.

Tecpro Systems Ltd listed the company in its public offering on the National Stock Exchange at Rs 380, a premium of Rs 25 or 7.04% to the issue price of Rs 355. The stock closed at Rs 407.85.

The slower growth in industrial output in August was disappointing said Finance Minister on Tuesday. The annual output of India plummeted to 5.6% compared with a revised increase of 15.2% in July.

Industrial production index in India increased 5.6% in August and in the first five months the index was up 10.6% compared to a year ago. Manufacturing index advanced 5.9% and electricity output rose 1.0% in the month.

Coal India’s IPO is likely to fetch $35 billion, more than initially estimated.

According to a poll, potential investors in the state-run Coal India’s IPO expect the issue to be priced at around Rs 250 a share, or 16 times earnings, valuing it at $35 billion and placing it among the top Indian firms by market value.

Japanese steel maker JFE Steel acquired nearly 14.61% stake in JSW Steel as part of about Rs 4,800 crore deal between the two firms.

In a regulatory filing to the Bombay Stock Exchange JSW Steel informed Tuesday that JFE has acquired 32,00,000 shares through conversion of convertible debentures on preferential basis.

India will begin rolling out hundreds of megawatts of solar power by December next year, ahead of an initial target for an ambitious plan that seeks to zoom production from near zero to 20 gigawatts by 2022.

Under its Solar Mission plan issued last year, India is to produce 1,300 megawatts of power by 2013, an addition of 10 gigawatt by 2017 and the rest by 2022 at an overall investment of about $70 billion.

The consumer fixed line services market is on pace to reach Rs 24,500 crore in 2010, a 5.45% increase from 2009 revenue of Rs 23,200 crore, research firm Gartner said Tuesday.

However, voice revenue is forecast to decline by 2% to Rs 18,300 crore in 2010 from 2009. The primary reason for this decline is shift to mobile connections from fixed connections, Gartner senior analyst Neha Gupta said.

Equity fund investors are exiting the mutual fund sector at a faster clip. In September, over 600,000 accounts were redeemed following a surge in the equity markets.

This roughly translates to 100,000 unique investors, given that every investor, on an average today holds six folios. According to latest data from Association of Mutual Funds in India, in September, total equity aconuts stood at 3.94 crore compared to approximately 4 crore in August.

Gainers & Losers

Agro Dutch Industries Limited rose 0.3% to Rs 30.20 after the mushroom producer won the approved supplier status from US-based General Mills Inc for supplying its mushrooms.




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