GDP Growth in India Accelerates to 7.4%, Bharti to Expand Network

Sarla Buch
30 Nov, 2015
New York City

GDP growth in India accelerated to 7.4% in the fiscal second quarter. Amtek Auto said quarterly net swung to a loss. Bharti Airtel plans to invest $900 million in the next three years to expand coverage in India. Siemens India quarterly profit jumped 14% on 11% increase in revenues.

[R]6:00 PM Mumbai, India – GDP growth in India accelerated to 7.4% in the fiscal second quarter. Amtek Auto said quarterly net swung to a loss. Bharti Airtel plans to invest $900 million in the next three years to expand coverage in India. Siemens India quarterly profit jumped 14% on 11% increase in revenues.[/R]

Stocks in Mumbai traded higher ahead of the rate decision from The Reserve Bank of India this week and the GDP report.

Economic growth rate in the fiscal second quarter ending in September increased to 7.4% after 7% rate in the previous quarter.

Economy expanded at an annual pace of 7.3% in the fiscal year ending in March 2015.

The government agency held out for fiscal year March 2016 rate at 7.5% on the hopes of faster industrial production and increase electricity output.

The intermediate goods sector increased at the fastest pace of 16% from the previous quarter and services sector expanded at 8.8%.

Rupee strengthened 10 paisa to 66.66 against one U.S. dollar.

The Sensex Index rose 17.47 to close at 26,145.67. The CNX Nifty slid 7.45 to 7,935.25.

For the month, Sensex Index declined 1.9% and CNX Nifty dropped 1.6%.

Gainers & Losers

Amtek Auto Limited advanced 4.2% to ₹40.90 after the vehicle components maker reported net in the fourth-quarter from a year ago to a loss of ₹158.62 crore.

Net sales in the quarter dropped 17% to ₹810.30 crore.

Bharti Airtel Limited slipped 2.1% to ₹334.50 and the largest wireless carrier plans to invest ₹60,000 crore in the next three years on the network expansion in India.

BF Utilities Limited jumped 4.8% to ₹602.10 after the infrastructure developer said net in the fourth-quarter soared 90.6% from a year ago to ₹8.12 crore.

Net sales in the quarter increased 3.1% to ₹9.89 crore.

IDBI Bank Limited soared 8.2% to ₹93.45 and the central government is in talks with International Finance Corporation to sell 15% stake in the lender.

Rajesh Exports Limited soared 4.2% to ₹708.05 after the gold products maker won an export order worth ₹1,122 crore from United Arab Emirates.

Siemens Limited increased 1.3% to ₹1,245.85 after the company said net in the fourth-quarter jumped 13.5% from a year ago to ₹173 crore.

Net revenues in the quarter advanced 10.9% to ₹3,231.30 crore.

SpiceJet Limited gained 3.3% to ₹67.70 after the transportation services provider plans to buy 150 planes by the fiscal year end in March.