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.
India's industrial production rose 3.1 per cent in September, according to official data released on Friday. As per the Index of Industrial Production (IIP) data by the National Statistical Office (NSO), the manufacturing sector's output surged 2.7 per cent in September 2021.
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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Investors became poorer by over Rs 4.47 lakh crore on Friday as markets faced severe drubbing, mirroring weak trends in global equities. The 30-share BSE benchmark dived 866.65 points or 1.56 per cent to settle at 54,835.58. During the day, it tumbled 1,115.48 points or 2 per cent to 54,586.75.
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.
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