SBI gains on improvement in IIP, Inflation data
Shares of State Bank of India (SBI) rose over 2% on the Bombay Stock Exchange (BSE) after the IIP numbers have given a positive surprise with a growth of 2% for the month of February 2016.
Retail inflation, measured by the Consumer Price Index (CPI), also eased to a six-month low of 4.83% in March from 5.26% in February, according to data released by the Central Statistics Office (CSO) on Tuesday after market hours.
Reliance Industries, BP, Niko start developing deep sea fields process
Reliance Industries and its partners BP, Niko have started the process of developing deep sea fields by inviting bids.
According to the new policy declared last month natural gas from difficult fields could avail price of $6.61 per unit as against $3.06 in regular gas fields with a condition that there should not be any arbitrations from the company.
The intention to develop deep sea fields signals to the fact that Reliance may withdraw arbitration and difficult fields price for natural gas.
Bajaj Auto surges as Nepal partner plans to set up Assembly Unit
Shares of Bajaj Auto surged over 5% to Rs2585 on NSE on reports that its distribution partner in Nepal plans to set up Assembly Unit.
As per media sources, Bajaj Auto distribution partner in Nepal will set up an assembly plant to manufacture motorcycles.
The initial capacity would be to produce around 3,500 units per month and around 7000 units per month would be exported from the plant as well.
CPI inflation for March 2016 cools down to 4.83%
CPI inflation for March 2016 cooled down to 4.83% versus 5.26% (revised number for Feb 2016) MoM and against an expectation of 5.0%
CPI inflation in food category declined to 5.2% versus 5.3% MoM
Core CPI inflation stood at 4.7% versus 4.9% MoM.
Mahindra & Mahindra on rising trend
Mahindra & Mahindra (M&M) surged over 7% to 1329.9, after India's weather department predicted above normal monsoon this year. After two consecutive droughts, the India Meteorological Department (IMD) on Tuesday said the monsoon this year is expected to be “above normal.
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