Sensex in India 3-Day Rally; Auto Sales Surge

Chandrasekhar Atreya
02 Dec, 2010
New York City

Stocks in Mumbai closed higher for the third day in a row tracking the gains in Asia and international markets. Whole price index showed a decline and food price inflation dropped to 18-month low. Azim Premji, the founder of Wipro Ltd set up a philanthropic trust with his personal assets of $1.9 billion.

[R]6:00 PM Mumbai – Stocks in Mumbai closed higher for the third day in a row tracking the gains in Asia and international markets. Whole price index showed a decline and food price inflation dropped to 18-month low. Azim Premji, the founder of Wipro Ltd set up a philanthropic trust with his personal assets of $1.9 billion.[/R]

The BSE Sensex increased 0.7% or 142.70 to close at 19,992.70. The CNX Nifty on the National Stock Exchange gained 50.80 to close at 6,011.70.

Rupee closed at 45.34 to a dollar in Mumbai trading.

The wholesale price index in India increased 0.7% to 183.4 from 182.2 for the previous week. For the year to the week calculated on point to point basis inflation increase declined to 12.72% compared to 13.38% for the previous week.

India’s food inflation rate fell to the lowest level in 18 months after good monsoon rains boosted crop but prices have yet to drop to the level a year ago.

The index measuring wholesale prices of agricultural products including lentils, rise and vegetables complied by the Commerce Ministry rose 8.6% in the week ended November 20, from a year earlier after rising 10.15% in the previous week, according to a report by the ministry released in New Delhi today.

Azim Premji, Chairman of Wipro Ltd, plans to transfer shares in different entities held by him valued at Rs 8,830 crore to a trust and use the dividends to fund philanthropic work in India.

Bharat Heavy Electrical Ltd confirmed on Wednesday it received Rs 2,665 crore order for supply and installation of a two units of 600 megawatt power plant in Raigarh, Chattisgarh. The order is placed by Visa Power Ltd.

The World Bank approved a $45 million technical assistance loan for the National Highway Authority of India.

The loan from the International Bank for Reconstruction and Development approved on Wednesday, with a five year grace period, will finance actions to strengthen the institutional capacity of NHAI to efficiently manage and operate its growing program, a statement from the bank said.

The government of India made available 1,708,000 tons of sugar for sale in the open market through ration shops for the current month, which is about 93,000 tons more than the previous month’s quota.

“The quantity is sufficient to meet the internal demand for sugar in December,” an official release said.