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Weekly News: Food inflation accelerated to 2.01 percent from 0.53 percent - IndiaNotes.com
Weekly News: Food inflation accelerated to 2.01 percent from 0.53 percent
SMC | Published: 20 Mar, 2017  | Source : IndiaNotes.com

Economy


- Indian Consumer prices in India increased 3.65 percent year-on-year in February of 2017, following a record low rise of 3.17 percent in January. Food inflation accelerated to 2.01 percent from 0.53 percent.


- Indian wholesale prices rose 6.55 percent year-on-year in February of 2017, following a 5.25 percent gain in January while markets expected a 5.90 percent rise, driven by a surge in prices of food while cost of manufactured products and petrol rose further.


- The trade deficit in India widened to USD 8.9 billion in February of 2017 from a USD 6.5 billion gap a year earlier and slightly higher than market expectations of a USD 8.8 billion shortfall. Exports jumped 17.5 percent year-on-year to USD 24.5 billion, the biggest gain since October of 2011.


Oil & Gas


- ONGC will invest over `21,500 crore to develop India's deepest gas discovery, helping it more than double output from its prime KG basin block. ONGC had last year firmed up an investment of 34,012 crore (USD 5.076.37 billion) in bringing to production 10 oil and gas discoveries in its Bay of Bengal block.


Capital Goods


- Bharat Heavy Electricals has commenced commercial operations of its first 800 MW - highest rating coal based supercritical thermal power plant. The milestone was achieved for the first unit of the 2x800 MW Yeramarus thermal power station of Raichur Power Corporation, in Raichur district of Karnataka.


Engineering


- McNally Bharat Engineering Company has received an order for Design, Engineering, manufacturing, supply, commissioning and operation & maintenance of 500MW grid connected Solar PV power project including civil works in Andhra Pradesh on EPC Basis for Andhra Pradesh Power Generation Corporation for a value of 415.29 crore (approx).


Gems & Jewellery


- Rajesh Exports has secured an order worth 783 crore for supply of designer range of gold and diamond studded jewellery and medallions from UAE. The said order is to be completed by July 2017. With this current order, order book at consolidated level stands at 37241 crore which is to be executed by June 2017.


Realty


- Godrej Properties announced that it will develop a 7.5 acre land parcel in Bellary road (NH-7) in North Bangalore. Godrej Properties plans to develop a residential housing project of approximately 75000 square metres (800000 square feet).


Infrastructure


- Larsen &Toubro's electrical and automation unit has bagged an order worth 500 crore Qatar Rail Company (QRAIL) for Phase 1 of Doha Metro. The order will be executed by L&T Electrical &Automation FZE (LTEAFZE), the competency centre forL&TElectrical&Automation'sautomationbusiness inUAE.


Telecom


- Reliance Communications has got the approval of capital markets regulator Securities and Exchange Board of India and stock exchanges, BSE and National Stock Exchange (NSE), for the proposed demerger of its wireless operations into Aircel Ltd.


- Bharti Airtel has shelved plans to sell controlling stake in its mobile tower arm Bharti Infratel but has decided to monetise 21.63 percent equity in the company.

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About SMC
SMC Research, founded in 1990, is India’s leading share and stock broker, provides a wide range of financial services and investment solutions. A blend of extensive experience, diverse talent and client focus has made us the 4th largest broking house in India(Source: Dun and Bradstreet, 2008). Over the years, SMC has expanded its operations domestically as well as internationally. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Cochin, Ahmedabad, Jaipur, Hyderabad, Bangalore plus a growing network of 2100+ offices spread across 425 cities/towns in India.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.