June1: Auto demand slows
June1: Auto demand slows
Mobile cranes prepare to stack containers at Thar Dry Port in Sanand in Gujarat
India's exports in April rose an annual 34% to $23.8 billion, while imports for the month rose 14% on the year to $32.8 billion, government data released on Wednesday showed.
India's trade deficit in April was at $9 billion, while its oil imports rose 7.7% to $10.2 billion.
India's exports grew a record 37.6% in the 2010/11 fiscal year that ended in March, as demand soared for engineering goods, oil products and gems manufactured in Asia's third-largest economy.
Oil storage tanks are seen at a refinery in Mumbai
Output at Indian refiners rose an annual 6.6% in April, its fifth consecutive monthly rise but the pace of growth slowed from March as crude processing at private refineries dipped.
Domestic refiners processed 1.4 million tonnes or 3.42 million barrels per day (bpd) oil in April, when combined crude throughput of private refineries was down 1.7% from a year ago, government data showed on Wednesday.
A labourer cleans a Bharti Airtel advertisement billboard installed on a truck in Kolkata
Indian mobile carrier Bharti Airtel said on Wednesday it has signed a contract with Huawei Technologies to modernise and expand its second-and-third-generation (2G and 3G) mobile networks in Africa.
Close sources say the deal is likely to be for about $400 mn.
Bharti last year acquired mobile operations in 15 African countries from Kuwait's Zain in a $9 billion deal.
Workers assemble cars at a plant on the outskirts of New Delhi
Growth in India's manufacturing sector eased slightly in May as the pace of new orders slowed, but factories' input and output prices continued to rise sharply, reinforcing expectations of further policy tightening by the central bank.
The HSBC Markit Purchasing Managers' Index , based on a survey of around 500 companies, edged down to 57.5 in May from 58.0 in April, weighed down by a slower expansion rate for new orders and a labour shortage.
Even so, the level of activity in India's manufacturing sector maintained its strong momentum and the index has now stayed above the 50 that divides growth from contraction for the 26th consecutive month. Backlogs of work also continued to increase, though capacity pressures are leading to longer delivery times.
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