Macro Wrap: IIP, CPI to be released today
CPI inflation data for June 2016 would be released today by the government and as per the consensus estimates it is expected to come in at 5.79% versus 5.76% in the previous month.
Industrial production data for May 2016 would be announced today and as per the consensus estimates IIP is expected to decline by 0.4% versus a fall of 0.8% MoM.
RBI Governor: NITI Aayog Panagariya top contender for RBI chief's post
As per media news, NITI Aayog's Vice-Chairman Arvind Panagariya is the top contender for the post of next governor of the Reserve Bank of India, a finance ministry official said.
As per the news piece, the name of the next governor will be announced after Prime Minister Narendra Modi's returns from his Africa tour. Panagariya, a PhD from Princeton, was a professor of economics and Jagdish Bhagwati Professor of the Indian Political Economy at the Columbia University before taking over as vice chairman of NITI Aayog in 2014. He was also the chief economist of Asian Development Bank.
Hindalco up after strong Q2 nos from Alcoa
Hindalco Industries surged over 5%, touching to Rs136.15, after Alcoa Inc, the largest US aluminum producer, after market hours in US yesterday, July 11, 2016, reported better-than-expected Q2 June 2016 results.
Hindalco Industries' US subsidiary Novelis is in the similar line of business as Alcoa.
IFB buys stake in Trishan Metals
Home appliances maker IFB Industries has announced that it has acquired 51.12% shareholding of Trishan Metals Pvt Ltd.
The Company, on July 11, 2016, participated in Equity issue of 120,00,000 equity shares of Rs10 each of Trishan Metals Pvt. Ltd and thereby acquired 51.12% shareholding of Trishan Metals Pvt. Ltd.
Igarashi drops as promoter sells 33 lakhs shares via OFS
Shares of Igarashi Motors India dropped over 3% to Rs683 on NSE on reports that the promoters have sold 33 lakhs shares via OFS route at Rs650 per share (8.2% discount to last closing price of Rs708)
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