India-Russia target USD 15 billibn trade by 2012
Sensex closes flat, up 7.71 points
1 October 2009, MUMBAI: The Bombay Stock Exchange benchmark Sensex on Thursday closed flat after alternate bouts of buying and selling ahead of a long weekend.
The 30-share barometer, which breached the 17,000 points mark on Wednesday, added 7.71 points to close at 17,134.55 points.
The wide-based National Stock Exchange index Nifty tested the crucial 5,100-point level at the outset before ending lower by 0.55 points at 5,083.40 points.
Brokers said investors were seen booking profits ahead of a long weekend, as the market will be closed on Friday for 'Gandhi Jayanti'.
They added that initial gains were also wiped off due to profit selling by foreign funds triggered by reports of increasing inflation, a fall in August month exports and a weak US manufacturing data.
However, interested buying in heavyweight stocks averted the market from ending in negative zone.
Bharti, the country's largest private telecom operator, climbed four per cent to Rs 435.35 after jumping 12 per cent earlier.
Infosys rose by 0.75 per cent to Rs 2,325.75 on expectations. The two stocks carry nearly 15 per cent weightage on the Sensex.
Inflation rises to 0.83% on higher food prices
1 October 2009, NEW DELHI: Inflation rose to 0.83 per cent for the week ended September 19 from 0.37 per cent in the previous week on account of higher food and
fuel prices.
The wholesale price-based inflation stood at 12.13 per cent during the corresponding week a year ago.
The items that got costlier during the week include fish, spices, pulses, butter and coconut oil.
On the annual basis, prices of potatoes were up by a whopping 81 per cent, vegetables by about 50 per cent, sugar by 44 per cent, pulses by 20 per cent and rice by 19 per cent.
Although inflation continues to remain below 1 per cent, the 52-week average inflation for the week ended September 12 was at 3.03 per cent.
Inflation for the week ended July 25 has been revised upward to (-)0.71 per cent from (-)1.58 per cent estimated provisionally.
5.5 crore new LPG connections in 5 years: Deora
Thursday, October 01, 2009, Vadodara: The government is planning to release about 5.5 crore new LPG connections over the next five years, Petroleum and Natural Gas Minister Murli Deora said.
Currently, oil marketing companies supply domestic LPG cylinders to nearly 11 crore households covering about half the population of the country, he said at a function here.
The highest priority of the central government is to enhance energy security of the country and making petroleum products available to common man at affordable prices, the minister said.
Deora promised to consider demand of the Gujarat government on providing piped gas supply to 2.85 lakhs small and medium scale units in the state as suggested by the Minister of State for Power and Industries Saurabh Patel.
Patel wanted allocation of natural gas from the Godawari fields of eastern India discovered by Reliance Industries to these units in the state.
Rupee ends near two-month high of 47.74
Thursday, October 01, 2009: The Indian rupee on Thursday closed at almost two-month high of Rs 47.74 by gaining 36 paise against the US currency amid sustained capital inflows into the stock markets and exporters selling the dollar.
In volatile trade at the Interbank Foreign Exchange (forex) market, the domestic currency closed at 47.74 a dollar, a level not seen since August 6.
The rupee moved in a range of 47.70 to 47.91 during day after resuming firm at 47.85 a dollar against its previous close of 48.10 a dollar.
Dealers said exporters sold the dollar on the first day of month in the face of increased capital inflows into equity during September.
Foreign Institutional Investors bought shares worth $3.81 billion in September 2009 raising hopes of more portfolio investments into Indian equity market.
The domestic currency was also supported by absence of dollar demand and stability in local stocks, marketmen added.
The dollar weakened against the major global currencies, which supported the rupee, they added.
Indian benchmark Sensex gained 442 points or 2.64 per cent during the week.
India-Russia target USD 15 billibn trade by 2012
Wednesday 30 September, 2009: India and Russia on Wednesday set a target to increase the bilateral trade to USD 15 billion by 2012, diversifying the trade basket.
Commerce and Industry Minister Anand Sharma who is visiting Russia said the two countries need to diversify the bilateral trade and move away from "just commodity" trading to high level investments in sectors like pharmaceuticals, energy, information technology and agro processing.
The two countries agreed that the bilateral trade needs to have an ambitious agenda and set a target of USD 15 billion by 2012, an official statement said.
The two-way trade between the countries was estimated at USD 7 billion in 2008.
During his meeting with Russian Prime Minister Vladmir Putin, Sharma reaffirmed India's commitment to consolidate the strategic partnership with Russia.
Sharma also had meetings with Russian Minister for Economic Development E Nabiullina and Industry and Trade Minister V Khristenko.
The two sides agreed to intensify cooperation in defence and high technology sectors and move towards an engagement based on partnership.
Khristenko indicated that he would visit India by December 2009, the statement said.
