Industrial Production and Inflation Gather Momentum in India

Sarla Buch
13 Nov, 2015
New York City

Industrial production increased at a faster pace in September and the consumer price index gathered momentum in October. National Aluminium said quarterly profit plunged 33%. CESC net rose 7%. Indiabulls acquired 40% stake in U.K.-based bank. Shipping Corporation quarterly net soared 767%.

[R]6:00 PM Mumbai, India – Industrial production increased at a faster pace in September and the consumer price index gathered momentum in October. National Aluminium said quarterly profit plunged 33%. CESC net rose 7%. Indiabulls acquired 40% stake in U.K.-based bank. Shipping Corporation quarterly net soared 767%.[/R]

Sensex in Mumbai traded lower and for the week the widely followed index declined 2.6% as the nation celebrated Hindu festival Diwali and the welcomed the New Year 2072.

The index of industrial production in September increased 3.6% compared to 2.6% increase in the month a year ago, the Ministry of Central Statistics Office said.

In the first-half of April-September, the index of industrial production jumped 4% from 2.9% in the year-ago period, the Ministry of Central Statistics Office said.

The consumer price index in October soared 5% from 4.4% in September and 4.6% in the same period a year ago, the Ministry of Central Statistics Office said.

Rupee strengthened 21 paisa to 66.09 against one U.S. dollar.

The Sensex Index dropped 256.42 or 0.9% to close at 25,610.53. The CNX Nifty decreased 62.75 or 0.8% to 7,762.25.

For the week, Sensex Index declined 2.6% and CNX Nifty plunged 2.5%.

Gainers & Losers

CESC Limited soared 5.6% to ₹558.15 after the power distributor reported net in the second-quarter rose 1.6% from a year ago to ₹195 crore.

Net revenues in the quarter gained 7.1% to ₹1,795 crore.

Indiabulls Housing Finance Limited plunged 10% to ₹643.85 after the housing loans provider agreed to acquire 40% stake in the U.K.-based OakNorth Bank for $100 million.

National Aluminium Company Limited dropped 3.6% to ₹35.95 after the aluminum products maker said net in the second-quarter tumbled 33.7% from a year ago to ₹226.14 crore.

Total sales in the quarter slipped 10.3% to ₹1,941.11 crore.

NTPC Limited fell 0.8% to ₹130.65 after the power distributor rejected the offer to purchase natural gas from GAIL (India) Limited. NTPC said that the purchase price is “too expensive.”

SpiceJet Limited dropped 2.9% to ₹48.45 after the air transportation services provider reported net in the second-quarter swung to profit from a year ago to ₹23.77 crore.

Net sales in the quarter plunged 27.4% to ₹1,029.12 crore.

The Shipping Corporation of India Limited jumped 3.3% to ₹81.40 after the Offshore services company said net in the second-quarter soared 767.2% from a year ago to ₹161.21 crore.

Net sales in the quarter added 1% to ₹1,138.57 crore.

Vivimed Labs Limited increased 0.9% to ₹371.50 after the health care products maker said net in the second-quarter surged 45.5% from a year ago to ₹23.88 crore.

Net sales in the quarter gained 7.5% to ₹337.03 crore.