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Economy Update 2-8 July 2012 - CII

Economy Update 2-8 July 2012 - CII


INDUSTRY NEWSSteelSteel Authority of India will invest Rs 3,000crore to quadruple capacity of its Gua iron oremine in Jharkhand to 10 million tonnes perannum (mtpa). This will cost Rs. 2,087 crore tothe company. Besides, a 4 mtpa pellet plantwill be set up with an investment of Rs. 865crore.Space ResearchTeaISRO to develop its third launch pad at itsspaceport at Sriharikota in Andhra Pradesh,which will be used to fulfill 60 missions in nextfive years. In next two years, ISRO is planningto launch 24 missions, which include launchingof communication satellites and some foreignpayloads. This new launching pad could alsobe used for launching GeosynchronousSatellite Launch Vehicle Mark III. In addition,a dedicated ‘Space Park’ will be developednext to the space port at Sriharikota.The Tea Board of India is planning to come upwith two regulatory councils – one each inNorth India and South India in next sixmonths, which would be entrusted to monitorthe quality of tea. However, these bodies willremain under the control of Tea Board ofIndia.BSE IndicesClosing Value ason 6July, 2012Week's %ChangeAUTO INDEX 9,487.7 0.3BANKEX 12,265.4 3.0BSE CAPITALGOODSBSE CONSUMERDURABLE10,151.8 1.36,448.9 3.9BSE FMCG 4,910.2 -1.6BSEHEALTHCARE6,942.0 0.8BSE INFOTECH 5,654.9 -1.9BSE MID CAP 6,313.9 2.6BSE SMALL CAP 6,822.5 4.3BSE TECK INDEX 3,338.5 -0.2METAL INDEX 11,001.9 2.0OIL & GAS INDEX 8,060.7 -0.2Source: BSECNX SegmentIndicesCNX NIFTYJuniorClosing Value ason 6July, 2012Week's %Change10,334.7 2.3CNX MIDCAP 7,512.7 2.2BANK NIFTY 10,655.4 3.0CNX IT 6,027.3 -1.9CNX Realty 233.1 4.5CNXInfrastructureSource: NSE2,471.1 2.3

USAGLOBAL NEWSEuropeIn the week ending June 30, the advancefigure for seasonally adjusted initialclaims of unemployment benefits was374,000 a decrease of 14,000 from theprevious week's revised figure of 388,000.The 4-week moving average was 385,750,a decrease of 1,500 from the previousweek's revised average of 387,250.The European Central Bank has cut its maininterest rate by a quarter-point to a record-low0.75%, first time in its history after taking stockof weak economic outlook and absence ofinflation threat. Whereas, Bank of Englandboosted its quantitative easing program by GBP50 billion to GBP 375 billion, while keptinterest rates unchanged.Markit US Manufacturing PurchasingManagers` Index (PMI) reported theweakest improvement in businessconditions in last 18 months during June2012 at 52.5. It is marginally lower than theearlier projected estimate of 52.9 and downfrom 54.0 in May 2012.ChinaIn order to bolster slowing economic growth,People’s Bank of China has slashed benchmarklending rate by 31 basis points to 6.0%, secondtime in a months. While, deposit rate has beenreduced by 25 basis points to 3.0%DISCLAIMERCopyright © 2011 by Confederation of Indian Industry (CII), All rights reserved.No part of this publication may be reproduced, stored in, or introduced into a retrieval system, or transmitted in any form or by anymeans (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of the copyright owner. CIIhas made every effort to ensure the accuracy of information presented in this document. However, neither CII nor any of its office bearersor analysts or employees can be held responsible for any financial consequences arising out of the use of information provided herein.CII Economy Update is a weekly report prepared by the CII Economic Research Group. Reach us at: ecopolicy@cii.inThe Mantosh Sondhi Centre23, Institutional Area, Lodi Road, New Delhi – 110 003 (India)T: 91 11 24629994-7 • F: 91 11 24626149 • E: • W: www.cii.inReach us via our Membership Helpline: 00-91-11-435 46244 / 00-91-99104 46244CII Helpline Toll free No: 1800-103-1244

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