The prospect of a mid-month price increase in cold rolled (CR) and galvanised steel--used by automobile and consumer durables makers--has abated with the government deferring a decision to impose a safeguard duty on the intermediate product, hot rolled coils.
India will have to wait till the third quarter of this fiscal to witness the rebound in manufacturing, triggered by low-end consumer durables growth in semi-urban areas, says research firm Deloitte.
The market has remained in an upbeat state of mind, has come off its intra-day low and has finally ended the day in positive territory.
However, Misra added that Vodafone will need to follow this transition up with a highly visible multimedia campaign in the initial two months. "This will instill confidence among consumers that their brand is in the right hands," he said.
The market has remained in a mixed state of mind, has come off its intra-day high and has finally ended the day sharply in negative territory.
G P Birla, noted industrialist and the second most eldest member of the Birla clan, passed away after a brief illness in Kolkata on Friday evening. Birla, 86, was younger to his cousin B K Birla, who is now 90. His father, late B M Birla, was the founder of the GP-CK Birla group which has interests in automobiles, bearings, earthmoving, power transmission equipment, cement, fan, IT and consumer durables among others.
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Videocon Industries surged 6.3%, Blue Star rose 6% and Titan Industries rallied 3.5% by close of trade on Friday.
Consumer durables major Videocon Industries has firmed up its telecom plans and is making an initial investment of Rs 6,000 crore for rolling out GSM services, notwithstanding spectrum and legal issues besieging the sector. The services will be launched through its subsidiary, Datacom Solutions, by May. In case of a delay in spectrum allocation, the company may opt for taking spectrum on lease.
Banks, Capital Goods, Auto, Realty, Metal, PSU, Consumer Durables, IT, FMCG & Healthcare have ended negative in varying degrees while no sector has ended in positive territory.
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