1. Trading in the Bombay Stock Exchange (BSE) was volatile, and the sensex rose by 125 points to close at 16,861. As the rupee weakened sharply, 42 rupees a dollar, there was buying support for IT stocks. Among sensex stocks, Ranbaxy was the top gainer, over 5%. In the bullion market, due to demand, gold prices bounced back to close at Rs.11,995/10gm and silver closed at Rs.23,415/kg.
2. The sluggish industrial growth of 3% (a six-year low) in March will compound the government’s problem of fighting inflation, which is hovering above 7.5%.
3. Bajaj Auto Limited, the country’s second largest two-wheeler maker has announced a joint venture with Renault-Nissan to produce a US$2500-car by 2011 that will compete with Nano from Tata Motors.
4. China has become a world leader in the carbon credit business with a market share of 73% in volume of credits traded in 2007 as compared to India’s 6% - as per a World Bank report.
5. Fertilizer paucity to hit south Indian states. The deficit of fertilizers is projected at 20 lakh tonnes in AP, TN and Karnataka states. Industry sources blame the centre’s fertilizer pricing policy for the current situation. The MRP has not been revised by the centre since 2002.
6. Indian government has plans to spend US$34 billion on power, to increase transmission capacity to 37,700megawatts by 2012 from 17,000 megawatts.
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