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Weekly News: IIP grew more-than-expected in April - IndiaNotes.com
Weekly News: IIP grew more-than-expected in April
SMC | Published: 19 Jun, 2017  | Source : IndiaNotes.com

Economy


- India's industrial production grew more-than-expected in April. The industrial production index rose 3.1 percent year-on-year after a revised 3.8 percent in March. Economists had forecast 2.7 percent growth.


- India's Wholesale prices rose 2.17 percent year-over-year in May, slower than the 3.85 percent climb in April. Economists had expected the inflation to moderate to 2.90 percent.


- India's trade deficit further widened to $13.84 billion in May, it's highest in two-and-a-half years, on higher gold imports. The deficit was $13.25 billion in April. Gold imports surged to nearly $5 billion from $3.85 billion a month ago. Year-on-year, the import of the precious metal more than trebled.


Oil & Gas


- Reliance Industries Ltd and BP Plc. will invest a combined `40,000 crore in the D6 gas field in the Krishna-Godavari (KG) basin, off India's eastern coast, to boost production over the next 3-5 years. The project is expected to produce up to 12 million cubic metres (425 million cubic feet) of gas a day, coming on stream in 2020.


Information Technology


- Siemens has bagged a contract from CLP India Pvt Lt to implement a cyber security solution for power plant automation at the latter's Paguthan power plant in Gujarat. The cyber security solution being implemented by Siemens Limited will support CLP India by detecting threats and minimising the risk of advanced cyber attacks. The solution detects, analyzes and raises alarms of the threats that move laterally from Information Technology (IT) to Operational Tech.


- Wipro has increased its holding to 26.1 per cent in US-based cloud solution company, Drivestream. The company has paid $8,09,690 in cash to buy additional stocks issued by Drivestream, including 19,679 Series B preferred stocks and 27,865 common stocks.


Pharmaceutical


- Aurobindo Pharma has received USFDA nod to make oral suspension used for controlling serum phosphorus in patients with chronic kidney disease on dialysis. The company's drug is a therapeutic equivalent generic version of Genzyme's Renvela oral suspension.


- Lupin has received final approval from the US health regulator for its Oxycodone Hydrochloride tablets used in case of severe pain.


- Sun Pharmaceutical Industries has received nod from the US health regulator for its generic version of ezetimibe tablets used to reduce high cholesterol levels.


Automobile / Auto Ancillaries


- Maruti Suzuki has overtaken Mahindra & Mahindra (M&M) to become India's largest utility vehicle (UV) maker. The manufacturer of Brezza and SCross vehicles has overcome the sustained dominance from the maker of Scorpio and Bolero for the second successive month, underscoring the shifting trends on the utility vehicle leader board.


- Bosch has lined up capex of over 900 crore for this fiscal with plans to invest in developing future technologies, including connected business solutions. The Bengaluru-based company, which has been developing local solutions that specifically cater to Indian market, is driving for transition to the internet of things (IoT) era.


Chemicals


- Aarti Industries Ltd (AIL), a speciality chemicals company, has entered into a Rs 4,000 crore multi-year contract with a global agriculture company for supply of high value agro-chemical intermediary. As per the contract, the company will supply high value agro-chemical intermediary for use in herbicides over a period of 10 years.


Paint


- Berger Paints is planning to foray into the home decor business vertical and launch a basket of products other than paints — which has so far been its sole focus area since the company's inception in India. The company is "considering the business opportunities available in various areas relating to the home decor and construction industry as well as adhesives and other related materials".



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.