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.
JIK Industries opens retail outlet in South Mumbai
JIK Industries has informed that it has opened a retail outlet in South Mumbai of crystal and glassware products which form a part of Luxury Goods segment, inspired by world art glass designs and combining them with Indian traditional craft. JIK is the single largest and sole producer and distributor of branded, hand-made, lead-free crystal … Read more JIK Industries opens retail outlet in South Mumbai
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.
Suzlon’s Australian arm bags 42 MW order from Infigen Energy
Suzlon Energy’s Australian operation arm — Suzlon Energy Australia Pty Limited — has entered into agreement with Infigen Energy, a leading specialist renewable energy business for delivery of wind turbine generators (WTGs). As per agreement, Suzlon will deliver 20 units of its S88-2.1 MW WTGs that will be installed at one of the wind farms … Read more Suzlon’s Australian arm bags 42 MW order from Infigen Energy