Management has indicated that the global agrochemical demand is still sluggish. Currently, the global agrochemical prices, though stable QoQ, are still lower YoY. In India, the rabi crop is promising because it is dependent mainly on water reservoirs. Management
has guided that water reservoir levels across the country are reasonably good, including North-east India which has been the most badly hit by poor monsoon.
Editor's Desk
Asian copper at 15-month high in morning trades
Copper prices gained for the fourth day to its 15 month high in morning trades in Shanghai on sings that the global recovery would renew demand for the industrial metal.
Copper for March delivery on the Shanghai Futures Exchange was trading at 56,070 yuan per tonne at 9:47 am Singapore time, after earlier touching 56,170 yuan a tonne, the highest level since September 5, 2008.
MSCI India gained 8% in November – Review
MSCI India (US$) gained a meaningful 8% over the month outperforming the MSCI Emerging markets index by 4%. Materials,
Consumer Discretionary and Health care sectors were relative outperformers, while Telecom, Staples and Utilities underperformed.
Mid caps outperformed the large caps marginally, for the seventh consecutive month.
Maruti Suzuki – Nov’09 unit sales at record levels
Maruti Suzuki’s Unit sales at 87,807 units (+67% yoy & 3% mom) came in at a record high over November. Growth continues to be driven by both segments – exports (+129% yoy) and domestic (+60% yoy).
Domestic retail demand has sustained post the festive season. Currently, the dealer inventory remains comfortable at c.3 weeks of sales. Moreover, certain models such as the diesel variants of the Swift and the Dzire have waiting periods.
Epicenter of Financial Crisis shifts to Dubai – Bloodbath in Asian Equities
The Epicenter of Financial crisis has now shifted to Dubai as the Dubwai World congolmerate has defaulted on loans and $60 bn loans are vulenrable which could send banks profitablity knocking down. [None of the Indian Banks have exposure to Dubai World]
Cautious investors continued to unwind their positions in the late afternoon trades to avoid a big hole in their investment portfolios. The selling pressure was evident across the board with leadership from realty, metal and banking counters. It was looking like a free fall in the benchmark indices as they were not responding to any crucial support.
Read moreEpicenter of Financial Crisis shifts to Dubai – Bloodbath in Asian Equities
Core sector growth slows to 3.5% in October
India’s infrastructure growth slowed down in October, hinting a possible slowdown in overall industrial activity as well. The Index of six core industries having a combined weight of 26.7 per cent in the Index of Industrial Production (IIP) with base 1993-94 stood at 254.8 (provisional) in October 2009, up 3.5% compared with the same month last year.
The growth was higher than the 2.0% expansion that the core sector registered in October 2008, but lower than 4.1% growth in the previous month. Cumulative growth during the April-October 2009-10 period stood at 4.7% (provisional) as against 3.3% growth achieved during the corresponding period of the previous fiscal.