Indian Economy-News & Updates
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IndoCarib
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India fastest growing enterprise software mkt: Gartner
Firm says the Indian market will grow at a compounded annual growth rate of 14.6% from 2011 to 2016
India will be the fourth largest enterprise software market in Asia Pacific region in 2012, with a share of 11.4% of the $30.30 billion market. This will be 1.24% of the total worldwide enterprise software market, which is expected to reach $278 billion in 2012.
Gartner says Indias share in the software market in the Asia Pacific region is expected to reach 12.68% by 2016, with the market touching $5.98 billion.
During that time, its share in the worldwide enterprise software market is expected to increase to 1.66%, says Gartner
India fastest growing enterprise software mkt: Gartner
Firm says the Indian market will grow at a compounded annual growth rate of 14.6% from 2011 to 2016
India will be the fourth largest enterprise software market in Asia Pacific region in 2012, with a share of 11.4% of the $30.30 billion market. This will be 1.24% of the total worldwide enterprise software market, which is expected to reach $278 billion in 2012.
Gartner says Indias share in the software market in the Asia Pacific region is expected to reach 12.68% by 2016, with the market touching $5.98 billion.
During that time, its share in the worldwide enterprise software market is expected to increase to 1.66%, says Gartner
India fastest growing enterprise software mkt: Gartner
Bhai Zakir
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Saudi-India trade surges to exceed SR 137 billion
RIYADH: GHAZANFAR ALI KHAN
Friday 28 September 2012
Saudi Arabia's trade with India has reached a new high with two-way commercial exchange exceeding SR 137 billion in the 2011-2012 financial year. Crude oil imports from the Kingdom form a major contribution in India's import trade basket as New Delhi set out a new vision to further broaden commercial cooperation, especially in agriculture, with renewed commitments to contribute to the global campaign to ensure food security.
This was disclosed at a roundtable press meeting organized on the sidelines of a reception on Wednesday night in Riyadh. The reception was hosted by the Indian Embassy in honor of senior visiting government officials and businessmen from India. The discussions with local newsmen focused on the progressively growing commercial relations between Riyadh and New Delhi with special reference to the participation of 38 leading companies in the Saudi Agriculture Exhibition.
The event was attended by a number of diplomats and businessmen, prominent among being Indian Ambassador Hamid Ali Rao; Ashok Warrier, first secretary at the Indian Embassy; Shamsher Singh Nayyar, general manager of Agriculture & Processed Food Products Export Development Authority of India; Pankaj Kumar, director of India's Ministry of Food Processing Industries; and J. Guna Sekaran, deputy general manager for India Trade Promotion Organization.
Sehim Mohammed Unni, regional director of Lulu Hypermarket; Shaikh Moahmmed Aziz, regional manager of Indian meat giant Al Kabeer; K. Hassan Rahim, general manager for Soroup Trading Company; and Balram Bhattacharya of Indian Herbs Specialities Co. also attended the reception.
Speaking on this occasion, Warrier said that "Saudi Arabia, once dubbed the seventh largest commercial partner until a few years back, now ranks as the fourth largest trading partner of India." The Kingdom, he said, is of enormous importance since it meets the bulk of India's energy needs. To this end, Warrier noted that Saudi exports, primarily composed of oil and petrochemicals, totaled SR 118.5 billion; while Saudi imports from India amounted to SR 21 billion during the last fiscal year.
Saudi-India trade surges to exceed SR 137 billion | ArabNews
RIYADH: GHAZANFAR ALI KHAN
Friday 28 September 2012
Saudi Arabia's trade with India has reached a new high with two-way commercial exchange exceeding SR 137 billion in the 2011-2012 financial year. Crude oil imports from the Kingdom form a major contribution in India's import trade basket as New Delhi set out a new vision to further broaden commercial cooperation, especially in agriculture, with renewed commitments to contribute to the global campaign to ensure food security.
This was disclosed at a roundtable press meeting organized on the sidelines of a reception on Wednesday night in Riyadh. The reception was hosted by the Indian Embassy in honor of senior visiting government officials and businessmen from India. The discussions with local newsmen focused on the progressively growing commercial relations between Riyadh and New Delhi with special reference to the participation of 38 leading companies in the Saudi Agriculture Exhibition.
The event was attended by a number of diplomats and businessmen, prominent among being Indian Ambassador Hamid Ali Rao; Ashok Warrier, first secretary at the Indian Embassy; Shamsher Singh Nayyar, general manager of Agriculture & Processed Food Products Export Development Authority of India; Pankaj Kumar, director of India's Ministry of Food Processing Industries; and J. Guna Sekaran, deputy general manager for India Trade Promotion Organization.
Sehim Mohammed Unni, regional director of Lulu Hypermarket; Shaikh Moahmmed Aziz, regional manager of Indian meat giant Al Kabeer; K. Hassan Rahim, general manager for Soroup Trading Company; and Balram Bhattacharya of Indian Herbs Specialities Co. also attended the reception.
Speaking on this occasion, Warrier said that "Saudi Arabia, once dubbed the seventh largest commercial partner until a few years back, now ranks as the fourth largest trading partner of India." The Kingdom, he said, is of enormous importance since it meets the bulk of India's energy needs. To this end, Warrier noted that Saudi exports, primarily composed of oil and petrochemicals, totaled SR 118.5 billion; while Saudi imports from India amounted to SR 21 billion during the last fiscal year.
Saudi-India trade surges to exceed SR 137 billion | ArabNews
Bhai Zakir
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Saudi-India trade surges to exceed SR 137 billion
RIYADH: GHAZANFAR ALI KHAN
Friday 28 September 2012
Saudi Arabia's trade with India has reached a new high with two-way commercial exchange exceeding SR 137 billion in the 2011-2012 financial year. Crude oil imports from the Kingdom form a major contribution in India's import trade basket as New Delhi set out a new vision to further broaden commercial cooperation, especially in agriculture, with renewed commitments to contribute to the global campaign to ensure food security.
This was disclosed at a roundtable press meeting organized on the sidelines of a reception on Wednesday night in Riyadh. The reception was hosted by the Indian Embassy in honor of senior visiting government officials and businessmen from India. The discussions with local newsmen focused on the progressively growing commercial relations between Riyadh and New Delhi with special reference to the participation of 38 leading companies in the Saudi Agriculture Exhibition.
The event was attended by a number of diplomats and businessmen, prominent among being Indian Ambassador Hamid Ali Rao; Ashok Warrier, first secretary at the Indian Embassy; Shamsher Singh Nayyar, general manager of Agriculture & Processed Food Products Export Development Authority of India; Pankaj Kumar, director of India's Ministry of Food Processing Industries; and J. Guna Sekaran, deputy general manager for India Trade Promotion Organization.
Sehim Mohammed Unni, regional director of Lulu Hypermarket; Shaikh Moahmmed Aziz, regional manager of Indian meat giant Al Kabeer; K. Hassan Rahim, general manager for Soroup Trading Company; and Balram Bhattacharya of Indian Herbs Specialities Co. also attended the reception.
Speaking on this occasion, Warrier said that "Saudi Arabia, once dubbed the seventh largest commercial partner until a few years back, now ranks as the fourth largest trading partner of India." The Kingdom, he said, is of enormous importance since it meets the bulk of India's energy needs. To this end, Warrier noted that Saudi exports, primarily composed of oil and petrochemicals, totaled SR 118.5 billion; while Saudi imports from India amounted to SR 21 billion during the last fiscal year.
Saudi-India trade surges to exceed SR 137 billion | ArabNews
RIYADH: GHAZANFAR ALI KHAN
Friday 28 September 2012
Saudi Arabia's trade with India has reached a new high with two-way commercial exchange exceeding SR 137 billion in the 2011-2012 financial year. Crude oil imports from the Kingdom form a major contribution in India's import trade basket as New Delhi set out a new vision to further broaden commercial cooperation, especially in agriculture, with renewed commitments to contribute to the global campaign to ensure food security.
This was disclosed at a roundtable press meeting organized on the sidelines of a reception on Wednesday night in Riyadh. The reception was hosted by the Indian Embassy in honor of senior visiting government officials and businessmen from India. The discussions with local newsmen focused on the progressively growing commercial relations between Riyadh and New Delhi with special reference to the participation of 38 leading companies in the Saudi Agriculture Exhibition.
The event was attended by a number of diplomats and businessmen, prominent among being Indian Ambassador Hamid Ali Rao; Ashok Warrier, first secretary at the Indian Embassy; Shamsher Singh Nayyar, general manager of Agriculture & Processed Food Products Export Development Authority of India; Pankaj Kumar, director of India's Ministry of Food Processing Industries; and J. Guna Sekaran, deputy general manager for India Trade Promotion Organization.
Sehim Mohammed Unni, regional director of Lulu Hypermarket; Shaikh Moahmmed Aziz, regional manager of Indian meat giant Al Kabeer; K. Hassan Rahim, general manager for Soroup Trading Company; and Balram Bhattacharya of Indian Herbs Specialities Co. also attended the reception.
Speaking on this occasion, Warrier said that "Saudi Arabia, once dubbed the seventh largest commercial partner until a few years back, now ranks as the fourth largest trading partner of India." The Kingdom, he said, is of enormous importance since it meets the bulk of India's energy needs. To this end, Warrier noted that Saudi exports, primarily composed of oil and petrochemicals, totaled SR 118.5 billion; while Saudi imports from India amounted to SR 21 billion during the last fiscal year.
Saudi-India trade surges to exceed SR 137 billion | ArabNews
Bhai Zakir
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China forced to source Indian leather
CHENNAI: From competitor to customer, from threat to opportunity - the leather trade between India and China has come a full circle. Rising production costs and labour issues are pushing the Chinese to look at sourcing products from other countries, including India since Indian products match the Chinese in quality. That's a complete role reversal from just a year ago when the country used to supply critical ingredients to the Indian leather industry.
"The first indication of this (trend) came during the Shanghai Leather Fair when Indian manufacturers managed to sell goods, especially leather garments, to China," said Rafeeque Ahmed, chairman, Council for Leather Exports. Indian leather companies have been participating in the fair for the last two years and have seen a clear increase in sales to their Chinese counterparts, he said.
While Indian exporters are also looking at other markets such as New Zealand, Australia, Africa and Latin America, China promises to be the biggest in terms of volume. "Indian companies are now focusing on getting a foothold in China because it is a huge market," Ahmed said.
Companies are, for instance, focusing on high-end fashion garments and accessories, and footwear manufacturers are diversifying into newer areas like manufacture of women's and children's shoes. "Indian products are good; what we need to develop is marketing," Ahmed said.
Mohan Sreenivas of Orient Express, a manufacturer and exporter of leather garments, said, "China is a very important market for us and we are working towards understanding it." According to him, about 25% of his finished products go to China.
India's interest in China comes in the context of the need for the Indian leather industry to look at newer markets since its largest market, Europe, is in crisis. Warm winters in the European region have also affected Indian exports. China has, for long, been a major competitor for the Indian leather industry with Indian exporters in the past complaining that Chinese companies were killing their industry.
Lately, however, the Indian industry has been doing well despite Chinese competition.
In 2011-2012, the Indian industry exported leather products worth $4.9 billion, the highest from the country ever. Though exports have slowed down in the last six months, the dip will be made good in the second half of the year which sees exports for the upcoming spring-summer 2013 season, according to Ahmed.
The issue for the industry, however, is availability of skilled manpower. The entire industry is reeling under shortage of skilled manpower and Tamil Nadu, one of India's largest leather producers, is facing manpower shortage of about 15%, Ahmed said.
China forced to source Indian leather - The Times of India
CHENNAI: From competitor to customer, from threat to opportunity - the leather trade between India and China has come a full circle. Rising production costs and labour issues are pushing the Chinese to look at sourcing products from other countries, including India since Indian products match the Chinese in quality. That's a complete role reversal from just a year ago when the country used to supply critical ingredients to the Indian leather industry.
"The first indication of this (trend) came during the Shanghai Leather Fair when Indian manufacturers managed to sell goods, especially leather garments, to China," said Rafeeque Ahmed, chairman, Council for Leather Exports. Indian leather companies have been participating in the fair for the last two years and have seen a clear increase in sales to their Chinese counterparts, he said.
While Indian exporters are also looking at other markets such as New Zealand, Australia, Africa and Latin America, China promises to be the biggest in terms of volume. "Indian companies are now focusing on getting a foothold in China because it is a huge market," Ahmed said.
Companies are, for instance, focusing on high-end fashion garments and accessories, and footwear manufacturers are diversifying into newer areas like manufacture of women's and children's shoes. "Indian products are good; what we need to develop is marketing," Ahmed said.
Mohan Sreenivas of Orient Express, a manufacturer and exporter of leather garments, said, "China is a very important market for us and we are working towards understanding it." According to him, about 25% of his finished products go to China.
India's interest in China comes in the context of the need for the Indian leather industry to look at newer markets since its largest market, Europe, is in crisis. Warm winters in the European region have also affected Indian exports. China has, for long, been a major competitor for the Indian leather industry with Indian exporters in the past complaining that Chinese companies were killing their industry.
Lately, however, the Indian industry has been doing well despite Chinese competition.
In 2011-2012, the Indian industry exported leather products worth $4.9 billion, the highest from the country ever. Though exports have slowed down in the last six months, the dip will be made good in the second half of the year which sees exports for the upcoming spring-summer 2013 season, according to Ahmed.
The issue for the industry, however, is availability of skilled manpower. The entire industry is reeling under shortage of skilled manpower and Tamil Nadu, one of India's largest leather producers, is facing manpower shortage of about 15%, Ahmed said.
China forced to source Indian leather - The Times of India
lepziboy
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Sensex closes at 15-month high; Nifty reclaims 5,700
Mumbai: The BSE benchmark Sensex on Friday jumped by 183 points to end at a 15-month high on buying in auto, FMCG and metal stocks amid strong global cues and a surging rupee.
After gaining 269 points at the outset, the Sensex closed up 183.24 points, or 0.99 percent, at 18,762.74, a level last seen on July 7. The 30-share barometer has gained 8.2 percent this month.
The broad-based National Stock Exchange index Nifty climbed to psychological 5,700 level by adding 53.80 points, to end at 5,703.30. It touched the day's high of 5,735.15.
A firming global trend and the rupee rising to five-month high against the dollar helped the market commence the new settlement in the derivatives segment on a promising note.
Brokers said the sentiment bolstered on sustained foreign funds inflow amid expectation that the government?s policy reforms will revive investments and economic growth.
The Sensex has risen 4.7 percent since September 13 when the government hiked diesel prices and opened retail and aviation sectors to foreign direct investments.
There were more supporting factors like firm foreign markets on optimism Spanish and French measures to reduce budget deficits might help in resolving the region?s debt crisis, brokers said.
In 30-BSE index components, 25 stocks closed with gains. Reliance Industries, HDFC Ltd, Hindustan Unilever, ITC, Maruti Suzuki, Mahindra and Mahindra and Tata Motors were among the major gainers.
The current rally was led by auto, consumer durables and FMCG stocks.
The auto sector index gained the most by 1.89 percent to 10,413.19 followed by consumer durables by 1.63 percent to 6,939.84. FMCG index rose by 1.42 percent to 5,507.46.
Sensex closes at 15-month high; Nifty reclaims 5,700
Rupee rises to 5-month high, ends at 52.85
Mumbai: The rupee on Friday rose to over five- month high of 52.49 against the dollar on strong capital inflows, advances in stock markets and hopes of more policy reforms.
The local currency, however, ended the day at 52.85 after poor core sector numbers dampened the sentiment.
Forex dealers said heavy dollar selling by exporters and banks amid weak dollar overseas helped the rupee to rally for the second day in a row.
At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed remarkably higher at 52.73 a dollar from previous close of 53.02.
Tracking stock market movements, the rupee touched a high of 52.49 in late morning deals, a gain of 53 paise from its last close.
However, sudden emergence of dollar demand from importers, mainly oil refiners, pulled down the rupee to 52.85, still showing a rise of 17 paise.
"Rupee appreciated in the morning session on the back of FII inflows and dollar selling by foreign banks. However, as the domestic currency strengthened, it gave a good opportunity for oil marketing companies to buy dollar due to attractive rates, which pulled rupee to the closing level," IDBI Bank Treasury Head N S Venkatesh said.
The last time rupee settled below this level was on April 30 this year, when it closed at 52.73.
Meanwhile, the BSE benchmark Sensex today shot up by 183.24 points, or 0.99 per cent, to a 14-month high of 18,762.74, partly supported by the rise in rupee.
On fund-flows front, foreign institutional investors (FIIs) injected USD 118.46 million yesterday, taking the total to USD 3.56 billion in the current month till September 27, as per Sebi data.
http://zeenews.india.com/business/news/finance/rupee-rises-to-5-month-high-ends-at-52-85_61247.html
Mumbai: The BSE benchmark Sensex on Friday jumped by 183 points to end at a 15-month high on buying in auto, FMCG and metal stocks amid strong global cues and a surging rupee.
After gaining 269 points at the outset, the Sensex closed up 183.24 points, or 0.99 percent, at 18,762.74, a level last seen on July 7. The 30-share barometer has gained 8.2 percent this month.
The broad-based National Stock Exchange index Nifty climbed to psychological 5,700 level by adding 53.80 points, to end at 5,703.30. It touched the day's high of 5,735.15.
A firming global trend and the rupee rising to five-month high against the dollar helped the market commence the new settlement in the derivatives segment on a promising note.
Brokers said the sentiment bolstered on sustained foreign funds inflow amid expectation that the government?s policy reforms will revive investments and economic growth.
The Sensex has risen 4.7 percent since September 13 when the government hiked diesel prices and opened retail and aviation sectors to foreign direct investments.
There were more supporting factors like firm foreign markets on optimism Spanish and French measures to reduce budget deficits might help in resolving the region?s debt crisis, brokers said.
In 30-BSE index components, 25 stocks closed with gains. Reliance Industries, HDFC Ltd, Hindustan Unilever, ITC, Maruti Suzuki, Mahindra and Mahindra and Tata Motors were among the major gainers.
The current rally was led by auto, consumer durables and FMCG stocks.
The auto sector index gained the most by 1.89 percent to 10,413.19 followed by consumer durables by 1.63 percent to 6,939.84. FMCG index rose by 1.42 percent to 5,507.46.
Sensex closes at 15-month high; Nifty reclaims 5,700
Rupee rises to 5-month high, ends at 52.85
Mumbai: The rupee on Friday rose to over five- month high of 52.49 against the dollar on strong capital inflows, advances in stock markets and hopes of more policy reforms.
The local currency, however, ended the day at 52.85 after poor core sector numbers dampened the sentiment.
Forex dealers said heavy dollar selling by exporters and banks amid weak dollar overseas helped the rupee to rally for the second day in a row.
At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed remarkably higher at 52.73 a dollar from previous close of 53.02.
Tracking stock market movements, the rupee touched a high of 52.49 in late morning deals, a gain of 53 paise from its last close.
However, sudden emergence of dollar demand from importers, mainly oil refiners, pulled down the rupee to 52.85, still showing a rise of 17 paise.
"Rupee appreciated in the morning session on the back of FII inflows and dollar selling by foreign banks. However, as the domestic currency strengthened, it gave a good opportunity for oil marketing companies to buy dollar due to attractive rates, which pulled rupee to the closing level," IDBI Bank Treasury Head N S Venkatesh said.
The last time rupee settled below this level was on April 30 this year, when it closed at 52.73.
Meanwhile, the BSE benchmark Sensex today shot up by 183.24 points, or 0.99 per cent, to a 14-month high of 18,762.74, partly supported by the rise in rupee.
On fund-flows front, foreign institutional investors (FIIs) injected USD 118.46 million yesterday, taking the total to USD 3.56 billion in the current month till September 27, as per Sebi data.
http://zeenews.india.com/business/news/finance/rupee-rises-to-5-month-high-ends-at-52-85_61247.html
Bhai Zakir
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India rated fifth best in the world for growing businesses: Grant Thornton Global Dynamism Index
KOLKATA: The Grant Thornton Global Dynamism Index indicates that India is the fifth best country in the world for dynamic growing businesses. According to the index, India sits ahead of Indonesia, Nigeria, Turkey, Singapore, Colombia, Russia. "The ratings go well beyond basic GDP data," said Vishesh Chandiok, national managing partner, Grant Thornton India LLP.
"Five areas were identified as holding the key drivers to an economy's dynamism - business operating environment, science and technology, labour and human capital, economics and growth and the financing environment. Within these groups, there were 22 key data points that were analyzed," Chandiok added.
Grant Thornton International CEO Ed Nusbaum feels by considering key fundamentals such as the legal and political risks associated with operating in a given economy, the index gives a much truer reflection of how suitable an environment it offers for dynamic businesses.
In fact, more than 400 senior executives from a broad range of countries and industries were interviewed to determine which aspects of these at-tributes they deemed most important for business growth.
This allowed for the weighting of each aspect according to its perceived relevance. Rather than provide a measure of an economy's success during a period of high economic turbulence, this iteration provides a true illustration of the strength of each economy as a place for dynamic businesses to flourish.
India rated fifth best in the world for growing businesses: Grant Thornton Global Dynamism Index - The Economic Times
http://profit.ndtv.com/news/economy/article-india-us-to-enhance-renewable-energy-cooperation-311464
KOLKATA: The Grant Thornton Global Dynamism Index indicates that India is the fifth best country in the world for dynamic growing businesses. According to the index, India sits ahead of Indonesia, Nigeria, Turkey, Singapore, Colombia, Russia. "The ratings go well beyond basic GDP data," said Vishesh Chandiok, national managing partner, Grant Thornton India LLP.
"Five areas were identified as holding the key drivers to an economy's dynamism - business operating environment, science and technology, labour and human capital, economics and growth and the financing environment. Within these groups, there were 22 key data points that were analyzed," Chandiok added.
Grant Thornton International CEO Ed Nusbaum feels by considering key fundamentals such as the legal and political risks associated with operating in a given economy, the index gives a much truer reflection of how suitable an environment it offers for dynamic businesses.
In fact, more than 400 senior executives from a broad range of countries and industries were interviewed to determine which aspects of these at-tributes they deemed most important for business growth.
This allowed for the weighting of each aspect according to its perceived relevance. Rather than provide a measure of an economy's success during a period of high economic turbulence, this iteration provides a true illustration of the strength of each economy as a place for dynamic businesses to flourish.
India rated fifth best in the world for growing businesses: Grant Thornton Global Dynamism Index - The Economic Times
http://profit.ndtv.com/news/economy/article-india-us-to-enhance-renewable-energy-cooperation-311464
black_jack
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MUMBAI Indian shares closed at a more than 14-month high Monday, led by gains in software stocks ahead of quarterly results, with Infosys to announce its second-quarter figures on Oct. 12.
However, shares in most other sectors were mixed and moved in a relatively tighter range as investors were cautious ahead of the Mahatma Gandhi Jayanti public holiday Tuesday.
On the Bombay Stock Exchange, the benchmark Sensitive Index, or Sensex, ended up 61.17 points, or 0.3%, at 18823.91 points. It last closed above this level on July 25, 2011, when it ended at 18871.29.
The 50-share Nifty index gained 15.50 points, or 0.3%, to close at 5718.80 points.
"The software shares are up on expectations of good results, as the majors are likely to show some currency gains on exports," said Rikesh Parikh, vice president of equities at Mumbai-based Motilal Oswal Securities.
Mr. Parikh said the stock markets are likely to see increased volatility if the Nifty nears its recent 52-week high of 5735.15 points. He expects the Nifty to be in a 5640 to 5750 band for the rest of the shortened trading week.
The benchmark Sensex rose nearly 8% in September after the government increased state-set diesel prices and allowed more foreign investment in retail, aviation and broadcasting as part of steps to rein in its wide fiscal deficit and boost growth.
Infosys closed up 3% at 2,609.10 rupees ($49.70), while Tata Consultancy Services ended 0.7% higher at 1,302.60 rupees.
Among automobile shares, Maruti Suzuki India rose 0.5% to 1,357.05 rupees after it said it sold 93,988 vehicles in September, up nearly 10% from a year earlier.
Kingfisher Airlines was down 4.8% at 15.35 rupees as the carrier said it has canceled several flights because of a strike by some employees.
Bank shares also ended lower on profit-taking after recent one-year highs last week.
ICICI Bank fell 0.6% to close at 1,050.60 rupees, while HDFC Bank lost 0.9% to end at 623.20 rupees.
India Shares Close at Over 14-Month High - WSJ.com
However, shares in most other sectors were mixed and moved in a relatively tighter range as investors were cautious ahead of the Mahatma Gandhi Jayanti public holiday Tuesday.
On the Bombay Stock Exchange, the benchmark Sensitive Index, or Sensex, ended up 61.17 points, or 0.3%, at 18823.91 points. It last closed above this level on July 25, 2011, when it ended at 18871.29.
The 50-share Nifty index gained 15.50 points, or 0.3%, to close at 5718.80 points.
"The software shares are up on expectations of good results, as the majors are likely to show some currency gains on exports," said Rikesh Parikh, vice president of equities at Mumbai-based Motilal Oswal Securities.
Mr. Parikh said the stock markets are likely to see increased volatility if the Nifty nears its recent 52-week high of 5735.15 points. He expects the Nifty to be in a 5640 to 5750 band for the rest of the shortened trading week.
The benchmark Sensex rose nearly 8% in September after the government increased state-set diesel prices and allowed more foreign investment in retail, aviation and broadcasting as part of steps to rein in its wide fiscal deficit and boost growth.
Infosys closed up 3% at 2,609.10 rupees ($49.70), while Tata Consultancy Services ended 0.7% higher at 1,302.60 rupees.
Among automobile shares, Maruti Suzuki India rose 0.5% to 1,357.05 rupees after it said it sold 93,988 vehicles in September, up nearly 10% from a year earlier.
Kingfisher Airlines was down 4.8% at 15.35 rupees as the carrier said it has canceled several flights because of a strike by some employees.
Bank shares also ended lower on profit-taking after recent one-year highs last week.
ICICI Bank fell 0.6% to close at 1,050.60 rupees, while HDFC Bank lost 0.9% to end at 623.20 rupees.
India Shares Close at Over 14-Month High - WSJ.com
cirr
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India's exports dip 10% in August
October 01, 2012 15:31 IST
Slowdown in western economies pulled down India [ Images ] exports for the fourth month in a row in August to 9.74 per cent, making the task of achieving $360 billion target in the current fiscal difficult.
Besides, reflecting slowdown in the domestic economy, imports too dipped by 5.08 per cent to $37.95 billion, from $40 billion in August 2011, resulting in a trade deficit of $15.7 billion for the month.
The decline in the country's shipments comes amid India's economic growth slipping to 5.5 per cent in the first quarter of this fiscal and subdued industrial output.
However, the decline in exports in August is lower than that of the previous month, when the exports contracted by 15 per cent.
Commerce Secretary S R Rao had recently said the incentives announced in the foreign trade policy was the reason for the reduced decline. The government had extended 2 per cent interest subsidy to exports in the policy besides other benefits.
In April-August, too, the shipment dipped by about six per cent to $120 billion from $127.5 billion in the same period last year.
During the first five months of the fiscal, imports contracted by 6.2 per cent to $191.1 billion. Trade deficit during the period stood at $71.1 billion.
India's apex exporters body FIEO said given the global scenario, meeting the exports target of $360 billion for this fiscal looks difficult.
"Contraction in global demand and deceleration in manufacturing sector are primary reasons for the decline in exports. However, exports may take off by October," Federation of Indian Export Organisations (FIEO) President M Rafeeque Ahmed said.
India's exports dip 10% in August - Rediff.com Business
October 01, 2012 15:31 IST
Slowdown in western economies pulled down India [ Images ] exports for the fourth month in a row in August to 9.74 per cent, making the task of achieving $360 billion target in the current fiscal difficult.
Besides, reflecting slowdown in the domestic economy, imports too dipped by 5.08 per cent to $37.95 billion, from $40 billion in August 2011, resulting in a trade deficit of $15.7 billion for the month.
The decline in the country's shipments comes amid India's economic growth slipping to 5.5 per cent in the first quarter of this fiscal and subdued industrial output.
However, the decline in exports in August is lower than that of the previous month, when the exports contracted by 15 per cent.
Commerce Secretary S R Rao had recently said the incentives announced in the foreign trade policy was the reason for the reduced decline. The government had extended 2 per cent interest subsidy to exports in the policy besides other benefits.
In April-August, too, the shipment dipped by about six per cent to $120 billion from $127.5 billion in the same period last year.
During the first five months of the fiscal, imports contracted by 6.2 per cent to $191.1 billion. Trade deficit during the period stood at $71.1 billion.
India's apex exporters body FIEO said given the global scenario, meeting the exports target of $360 billion for this fiscal looks difficult.
"Contraction in global demand and deceleration in manufacturing sector are primary reasons for the decline in exports. However, exports may take off by October," Federation of Indian Export Organisations (FIEO) President M Rafeeque Ahmed said.
India's exports dip 10% in August - Rediff.com Business
IndoCarib
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From the article:
However, the decline in exports in August is lower than that of the previous month, when the exports contracted by 15 per cent.
"Contraction in global demand and deceleration in manufacturing sector are primary reasons for the decline in exports. However, exports may take off by October," Federation of Indian Export Organisations (FIEO) President M Rafeeque Ahmed said.
So things are not bad and no need to worry
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Rupee at over 5-mth high vs US dollar, gains 45 paise on inflows
The rupee today staged a strong recovery by washing out initial losses to close 45 paise higher at 52.40, an over five-month high, on sustained capital inflows and heavy dollar sales by exporters and banks.
A weak performance by the American currency in overseas markets also helped the rupee rise for the third straight day, said forex dealers.
At the Interbank Foreign Exchange (Forex) market, the local unit resumed lower at 53.00 a dollar compared to last Friday's close of 52.85.
The sentiment reversed on dollar selling by exporters and some banks along with foreign funds inflow worth over Rs 200 crore in local shares.
The rupee finally settled near the day's high levels of 52.40, a rise of 45 paise or 0.85 per cent. This is the highest since rupee had settled at 52.08 on April 20, 2012.
"The rupee made a five month high against the dollar. The gain in the rupee was on the back of improved current account deficit which was seen a major worry by the investors," said Abhishek Goenka, Founder & CEO, India Forex Advisors.
Alongwith domestic factors, the dollar index -- a gauge of six major global rivals -- was down by 0.11 per cent. The euro advanced from a three-week low against the dollar on reports of favourable stress-test results bolstered confidence in Spain's banking system.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, "The rupee reversed initial weakness into sharp gains on rising capital inflows."
Meanwhile, the Indian stock market benchmark Sensex today rose by another 61.17 points. Foreign institutional investors bought a net Rs 19,300 crore in Indian stocks in September, their strongest purchases this year since February.
We expect rupee to trade in the 52.50-54 range in the next few months amidst favourable sentiments, although a sharper than expected slowdown of US, China and more uncertainty on the European debt crisis may pose risk to this range, said Upasna Bhardwaj, Chief Economist, ING Vysya Bank.
The premium for the forward dollar closed lower on fresh receipts by exporters.
The benchmark six-month forward dollar premium payable in March settled weak at 162-164 paise from last weekend's close of 165-167 paise.
The premium for far-forward contracts maturing in September ended down at 305-307 paise from 311-313 paise.
The RBI has fixed the reference rate for the US dollar at 52.7845 and for euro at 67.7850.
The rupee continued it upward march against the pound sterling to end at 84.58 from last Friday's close of 85.59 and shot up further against the Japanese yen to 67.19 per 100 yen from 68.10.
It, however, bounced back against the euro to 67.53 from previous close of 68.32.
The rupee today staged a strong recovery by washing out initial losses to close 45 paise higher at 52.40, an over five-month high, on sustained capital inflows and heavy dollar sales by exporters and banks.
A weak performance by the American currency in overseas markets also helped the rupee rise for the third straight day, said forex dealers.
At the Interbank Foreign Exchange (Forex) market, the local unit resumed lower at 53.00 a dollar compared to last Friday's close of 52.85.
The sentiment reversed on dollar selling by exporters and some banks along with foreign funds inflow worth over Rs 200 crore in local shares.
The rupee finally settled near the day's high levels of 52.40, a rise of 45 paise or 0.85 per cent. This is the highest since rupee had settled at 52.08 on April 20, 2012.
"The rupee made a five month high against the dollar. The gain in the rupee was on the back of improved current account deficit which was seen a major worry by the investors," said Abhishek Goenka, Founder & CEO, India Forex Advisors.
Alongwith domestic factors, the dollar index -- a gauge of six major global rivals -- was down by 0.11 per cent. The euro advanced from a three-week low against the dollar on reports of favourable stress-test results bolstered confidence in Spain's banking system.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, "The rupee reversed initial weakness into sharp gains on rising capital inflows."
Meanwhile, the Indian stock market benchmark Sensex today rose by another 61.17 points. Foreign institutional investors bought a net Rs 19,300 crore in Indian stocks in September, their strongest purchases this year since February.
We expect rupee to trade in the 52.50-54 range in the next few months amidst favourable sentiments, although a sharper than expected slowdown of US, China and more uncertainty on the European debt crisis may pose risk to this range, said Upasna Bhardwaj, Chief Economist, ING Vysya Bank.
The premium for the forward dollar closed lower on fresh receipts by exporters.
The benchmark six-month forward dollar premium payable in March settled weak at 162-164 paise from last weekend's close of 165-167 paise.
The premium for far-forward contracts maturing in September ended down at 305-307 paise from 311-313 paise.
The RBI has fixed the reference rate for the US dollar at 52.7845 and for euro at 67.7850.
The rupee continued it upward march against the pound sterling to end at 84.58 from last Friday's close of 85.59 and shot up further against the Japanese yen to 67.19 per 100 yen from 68.10.
It, however, bounced back against the euro to 67.53 from previous close of 68.32.
IndoCarib
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Mumbai: Leading brokerage house Nomura today said the manufacturing PMI, which in September remained stable at 52.8, shows the worst for Indian economy is over, but warned that a V-shaped recovery is way off.
According to the latest data released by HSBC's purchasing managers' index (PMI), the manufacturing PMI growth held steady in September at 52.8, supported by faster output growth and rising export orders.
The September manufacturing PMI - a measure of factory production - at 52.8, same as in August, points to a significant improvement in the key sector which witnessed the weakest growth rate in nine months in August. An index reading below 50 indicates contraction.
"The manufacturing PMI has been consolidating at the 52.8/52.9 level for three months now. This is in line with our proprietary composite leading index for India, which suggests that the economy is bottoming out and should begin to improve.
India GDP growth bottomed out: Nomura
According to the latest data released by HSBC's purchasing managers' index (PMI), the manufacturing PMI growth held steady in September at 52.8, supported by faster output growth and rising export orders.
The September manufacturing PMI - a measure of factory production - at 52.8, same as in August, points to a significant improvement in the key sector which witnessed the weakest growth rate in nine months in August. An index reading below 50 indicates contraction.
"The manufacturing PMI has been consolidating at the 52.8/52.9 level for three months now. This is in line with our proprietary composite leading index for India, which suggests that the economy is bottoming out and should begin to improve.
India GDP growth bottomed out: Nomura
IndoCarib
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India among top FDI countries into Dubai in 2012
The UK and India accounted for 29% of the FDI projects, mainly in business services
India has emerged among the top FDI countries into Dubai in the first half of 2012, according to official data.
India was listed alongside USA, UK, Saudi Arabia, Qatar, Germany, Switzerland and France among the top 10 countries.
They accounted for 83 projects, or 72% of the total, and their combined investment of $4.2 billion (15.5 billion dirhams) was 94% of the January-June 2012 foreign direct investment (FDI) into Dubai.
The UK and India accounted for 29% of the FDI projects, mainly in business services.
India among top FDI countries into Dubai in 2012
The UK and India accounted for 29% of the FDI projects, mainly in business services
India has emerged among the top FDI countries into Dubai in the first half of 2012, according to official data.
India was listed alongside USA, UK, Saudi Arabia, Qatar, Germany, Switzerland and France among the top 10 countries.
They accounted for 83 projects, or 72% of the total, and their combined investment of $4.2 billion (15.5 billion dirhams) was 94% of the January-June 2012 foreign direct investment (FDI) into Dubai.
The UK and India accounted for 29% of the FDI projects, mainly in business services.
India among top FDI countries into Dubai in 2012
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