Indias economy grows 6.3% in Q2 this fiscal
The Dollar Business Bureau India’s economy grew in line with the expectations in the second quarter of the current fiscal, supported by growth in manufacturing, electricity, gas, trade, transport & communication. India’s gross domestic product rose 6.3% during the period July-September, according to the estimates released by Central Statistics Office (CSO) on Thursday. The growth in the second quarter was predicted by the economists to be little better compared to 5.7% in the previous quarter, will factor in the disruptions caused by the rollout of GST from July 1. “GDP at constant (2011-12) prices in Q2 of 2017-18 is estimated at Rs.31.66 lakh crore, as against Rs.29.79 lakh crore in Q2 of 2016-17, showing a growth rate of 6.3%,” said a statement issued by the Ministry of Statistics & ...
Royal Enfield to bid nearly $2bn for Ducati India
The Dollar Business Bureau The Royal Enfield’s maker in India, Eicher Motors is bidding $1.8 billion-$2 billion for the Italian motorcycle manufacturer Ducati, according to a Reuters India news on Thursday. This led to the shares of Eicher Motors spiraling to a record high. Eicher Motors is the only Asian company in the auction, finalising the terms with advisers before the bidding deadline at the end of September, the media agency reported. German carmaker Volkswagen(VW) is also considering options for Ducati, including a sale of the brand, wholly controlled by VW's Audi division. But internal rifts and resistance from the German trade unions, have put the company’s plans on hold. It should be recalled that Reuters had reported earlier that Hero Motor Corp ...
Indias bauxite production is likely to reach to 49 MT by 2021: BMI report
The Dollar Business Bureau Bauxite production in India is likely to increase to 49.4 million tonnes by 2021 from 22.08 million tonnes in 2016, according to a report. The production of bauxite in the country is estimated to be 26.1 million tonnes in 2017, an increase of 18 compared to last year 2016, the report by BMI Research said. The production of the metal is likely to reach to 49.4 million tonnes in 2021, the report said. “We forecast Indian bauxite production to grow from 26.1 million tonnes in 2017 to 49.4 million tonnes in 2021, averaging an annual growth rate of 17.5% during 2017-2021, significantly higher than the annual average 3.9% growth over 2012-2016,” the Research report said. The growth of bauxite production in ...
Tata Steels strategic priorities will be to focus on India, Chandrasekharan
The Dollar Business Bureau N Chandrasekharan, the Chairman of Tata Steel in his address to the shareholders in the company’s Annual Report for 2016-17 said, Tata Steel’s strategic priorities going forward will be to focus on India while pursuing pension restructuring programme in the UK, which is likely to conclude soon. Speaking about the steel demand in India which is likely to witness growth soon in the near future, Chandrasekharan said, "While the steel sector in India is financially stressed currently, the government of India has outlined its intent for ensuring long-term viability of the sector through the recently announced National Steel Policy 2017.” Chandrasekharan who had taken over as Chairman of the company in February after the departure of Cyrus Mistry said, ...
US durable goods shipments increased in June suggesting increase in business spending
The Dollar Business Bureau Key US-made consumer durable goods shipments showed an increase in June for the 5th consecutive month indicating that business spending on equipment has increased boosting the economic growth in the second quarter. That the US economy is bettering gained weight as data gathered showed a sharp narrowing of the trade deficit in goods while there has been an increase in retail and wholesale inventories. Government reports on the second quarter GDP estimates on Friday prompted economists to raise growth forecasts to 3.5% annual rate. Voicing cautioned optimism, Chris Rupkey, the Chief economist at Mitsubishi UFJ Financial Group (MUFG), New York told reporters that, ‘the economy still has legs in this long expansion from the end of the recession. The ...
Grasim Industries divests its arm GBTL to Donear group
The Dollar Business Bureau Grasim Industries Ltd, a company of Aditya Birla Group, will sell its fully-owned arm Grasim Bhiwani Textiles Ltd (GBTL) to Donear Group’s Rajendra Synthetics. However, the amount of the deal has not been disclosed. “We are divesting our 100% holding of Grasim Bhiwani Textiles Ltd (GBTL), a wholly owned subsidiary, to Donear group,” the company said in a statement. The move is part of our time-to-time business portfolio review exercise and our strategy to consolidate the focus on our core business, it said. The company’s board, in a meeting held on Monday, cleared the agreement for transferring 100% stake in GBTL to Donear Group. “The company has entered into a definitive agreement for divesting the company's total investment in GBTL to Rajendra ...
Nikkei India PMI says services sector grew fastest in May
The Dollar Business Bureau The Nikkei India Services Purchasing Managers’ Index (PMI) which tracks the services sector output monthly, said that India’s services sector activity increased at the fastest pace in May 2017. This is because of the increased work orders that prompted companies to employ more workforce to handle the workloads. PMI said the Index rose to 52.2 in May compared to 50.2 in April. Although the job growth rate was moderate, it was fastest in almost 4 years. The author of the report, Pollyana De Lima commenting on it said, “The pick-up in service sector growth seen mid-way through the first quarter (FY) suggests that GDP could expand at a faster rate should growth momentum be maintained in June, though ...
Trump urges India to reduce obstacles to trade
The Dollar Business Bureau The US President urged the Indian Prime Minister to relax the trade barriers in order to reduce their trade deficit. Speaking to the media at the historic Rose Gardens in the White House both the leaders appeared to be at ease with one another and read out statements that portrayed the importance of a strong US-India relationship. Watched by the world media, both the leaders stressed the strong commitment being made towards bilateral relations. Prime Minister Modi said, “I deeply appreciate your strong commitment to the enhancement of our bilateral relations. I am sure that under your leadership a mutually beneficial strategic partnership will gain new strength, new positivity, and will reach new heights." President Trump during his address made it ...
