September 9: Snapshot for the day
September 9: Snapshot for the day
A woman walks to shop at a grocery store in Mumbai
India's food price index rose 11.47 per cent and the fuel price index climbed 12.71 per cent in the year to Aug. 28, government data released on Thursday showed.
Food inflation accelerated from the previous week's annual rise of 10.86 per cent while fuel inflation remained the same.
The primary articles price index was up 15.40 per cent, compared with week-ago's reading of 15.19 per cent.
The wholesale price index, the most closely watched inflation gauge in India, rose 9.97 per cent in July from a year earlier after remaining above 10 per cent for five months until June.
Sun sets behind a power tower near a building in New Delhi
The government plans to set up a Rs 50,000 crore debt fund for the power sector, Power Secretary P Uma Shankar said on Thursday.
"There are thoughts of setting up a debt fund. It is at a planning stage," Shankar said.
The fund would be the latest in a series of recent government measures to overhaul India's creaky infrastructure, long seen as a drag on growth in Asia's third-largest economy.
A separate $11 billion debt fund for infrastructure has already been announced.
Shankar said an investment of Rs 5 lakh crore was required to meet a target to build 100,000 mega watt (MW) generation capacity in 2012-2017.
A dock worker walks past a crane on a ship at the port in Mumbai
Indian port operator and developer Gujarat Pipavav Port Ltd on Thursday listed at Rs 56.25 on the BSE, a premium of 22.3 per cent to its issue price of Rs 46 a share.
The firm is majority-owned by APM Terminals, the port operating arm of Danish shipping and oil conglomerate A P Moller-Maersk.
The $106 million Gujarat Pipavav share sale was managed by Kotak Mahindra Capital, IDFC Capital and IDBI Capital.
At 9:02 am, shares of Gujarat Pipavav were trading at Rs 56.5 in a firm Mumbai market.
A shopkeeper displays gold jewellery inside his shop in Jammu
India's gold futures extended losses for the second consecutive day on Thursday, triggering bargain buying from physical traders, dealers said.
A stronger rupee also weighed on prices, they added.
\"There was buying yesterday and it's continuing today, I did about 200 kgs from yesterday mostly at around $1,250 (an ounce),\" said a dealer with a state-run bank in Mumbai, which deals in bullion. \"Appreciating rupee is helping.\"
A man walks past a display showing stock market prices inside a bank in Taipei
Asian stocks edged up and the yen held below a 15-year high on Thursday, after a small rally on Wall Street driven by successful European bond auctions gave investors an excuse to lighten up on their bets.
The two biggest issues on investors' minds -- European financial stability and the slowing US recovery -- held bargain hunting in check and risk taking to a minimum.
Australia was the exception, where rising equities led Asia on a solid labour market report, which also drove the Australian dollar to a four-month high.
With few major economic reports due, traders will probably focus on significant chart indicators for the rest of the day.
The 55-day moving average of the US dollar index has been capping moves higher for the last three weeks, while the 100-day moving average is the closest obstacle in front of US S&P 500 index gains.
A boy reacts to the camera during a monsoon shower at Tapovan village in Uttarakhand
India's vital monsoon rains were 26 per cent above normal in the week to Sept. 8, compared with 16 per cent above normal in the previous week, the weather office said on Thursday.
The weekly reading reflects above-average showers over most parts of the country, except in the eastern region.
Total rainfall since June 1 was 1 per cent above normal, it said.
The June-September monsoon rains, which deliver 75 per cent to 90 per cent of India's rainfall, is vital for its farm output and economic growth, as only 40 per cent of the country's farms are irrigated.
Congress party president Sonia Gandhi watched by Prime Minister Manmohan Singh fills nomination papers seeking to retain her post as the party chief at her residence in New Delhi
Ruling Congress party head Sonia Gandhi, the country's most powerful politician, has thrown her support behind greater land rights for farmers as the issue becomes a key political battleground for the government.
Gandhi's support comes just weeks after her influential son, Rahul Gandhi, called on Prime Minister Manmohan Singh to pass legislation to support farmers, as rows over land acquisition threaten development projects across the country.
Rapid urbanisation has led to disputes between authorities and farmers across India, where two-thirds of the 1.2 billion population is dependent on agriculture. The government is mulling a bill to quicken land purchases as well as help farmers.
India needs to spend $1.5 trillion on infrastructure by 2017. But con
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