Posts Tagged ‘engineering’

India’s Exports Rise to the Highest in the Past 15 Months

India's exports rise to the highest in the past 15 months

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Growing for the second straight month, India’s exports touched $14.6 billion in December.

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This is the highest in the past 15 months, helped by an uptick in demand for merchandise in the western markets.

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“We have registered exports of $14.6 billion in December,” commerce and industry minister Anand Sharma told.

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The December growth is about 16% from a year ago, while the expansion is about 10% compared to shipments in November this fiscal.

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The two straight months of growth comes after exports fell for 13 months in a row since October 2008.

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Sharma said going ahead the momentum would be maintained.

He, however, added that exporters are yet to recover from the setback of the past 13 months.

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Sectors like engineering, auto components and pharma helped exports rise again.

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Analysts said December growth has come about on a low base last year when the global demand dropped sharply due to the global recession.

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The December figure reflects the best ever performance since August 2008 when exporters shipped goods worth $16 billion.

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Demand for the Indian products seems to be reviving in the western markets. πŸ™‚

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NEWS ROUND UP – ECONOMY & INDUSTRIAL SECTORS

Hello Friends here we come up with the Latest News round up from Indian Economy and various industrial Sectors of the country.

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NEWS ROUND UP

Economy

Β·India’s industrial output rose at a faster-than-expected 9.1 percent in September from a year earlier. Manufacturing production rose 9.3 percent in September from a year earlier.

Β· The green shoots visible in the economy failed to enhance government revenue with indirect tax collections β€” comprising customs, excise and service tax β€” falling almost 22 per cent to Rs 1,26,903 crore in the April- October period this year.

It stood at Rs 1,61,954 crore in the corresponding seven months of 2008-09. The overall decline was led by a 32 per cent fall in customs revenue.

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Oil & Gas

Β·Reliance Industries Ltd. found oil in a block in the western state of Gujarat and is assessing the commercial viability of the discovery, which may help increase domestic fuel supplies.

Five wells were drilled in the 635 square kilometer area located in the Cambay basin, about 130 kilometers (80 miles) from Ahmedabad

Β·Oil and Natural Gas Corporation (ONGC) has decided to merge its energy trading joint venture with steel tycoon Lakshmi Mittal with their exploration tie-up.

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Metals

Β·Tata Steel has approved an exchange offer for an existing $875 million of securities into foreign currency convertible bonds (FCCBs), in a move to reduce costs and ease repayment.Β  The move gives an option to extend the repayment schedule by two years.

Β·Hindalco Industries plans to raise about Rs 2,900 crore in the next three to four weeks.
In July, it had announced plans to raise Rs 2,400 crore through Qualified Institutional Placement (QIP).

The issue could not take place due to the volatility in the stock markets.

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Capital Goods

Β· Larsen & Toubro Limited (L&T) has secured a contract worth Rs 1,635 crore to build a coal-fired plant for Madhya Pradesh Power Generation Co. Ltd.

The project will be executed on turnkey basis and L&T’s scope includes design, engineering, manufacture, supply, erection and commissioning of balance of Plant Package (BoP) systems.

Β·L&T one of the failed suitors for scam-hit Satyam Computer, sold 2.32 per cent stake in the IT company (now Mahindra Satyam) for over Rs 306 crore, exactly a month after the lock-in perid on sale of its holding ended.

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Refineries

Β· MRPL is planning to invest Rs 6,000-8,000 crore starting from early 2011.

The company is looking at raising around Rs 5,000 crore to support its expansion plan, for setting up a polypropylene plant and installing a single buoy mooring (SBM) at the Mangalore port.

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FMCG

Β· Emami is diversifying into the cement business and will invest Rs 1,750 crore to set up production units in the next three years.

As part of the new plan, group company Emami Cement will set up a fully integrated cement plant in Chhattisgarh with an installed capacity to produce 3.1 million tonnes.

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Finance

Β· Power Finance Corporation has decided to lend Rs 50,000 crore, over two third of its total asset base, to fund various proposed power projects in the country.

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Indian Export to Register 10% Growth during 2010-11 :)

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With all sectors including textile showing recovery, the total export from India is likely to register 10% increase during 2010-11.

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However, the growth during this fiscal (2009-10) would be either flat or marginally negative, although export observed a marginal decrease during the last financial year due to global recession.

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While, it is said that almost all the sectors in India were showing a stimulation or plus-growth, including automobile, plantation and engineering.

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On the other hand, it is said that the economic situation is not really that bad and there is a sign of revival during the last two to three months whereas the year 2010-11 is said to be good for all the sectors, particularly textile, which was feeling the ”cyclic pinch” and that would be back to business in the year.

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Though textile would continue to remain weak in 2009, there could be recovery in the year 2010 and once the demand from the USA and EU improves, it is expected to achieve a reasonable growth πŸ™‚

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However, though there was a steep export growth in textiles and clothing in the first half of 2008-09, there had been slowdown in demand from major markets, USA and EU, due to the global economic crisis.

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