Inflation soars to fresh 13-yr high of 12.44%

Showing no sign of reversing its rising graph, inflation soared to a fresh 13-year high of 12.44 per cent for the week ended August 2, on the back of rising food and fuel prices.
While the index for fuel items, for instance, rose by 0.9 per cent, the index for food items was also up by 0.9 per cent. Raw rubber rose by 5 per cent and maize 4 per cent. WPI for all commodities was up by 0.3 per cent.
Earlier during the day a strong wave of selling towards end of session saw the Sensex end at day’s lows. The market was abuzz that inflation numbers would be above 12.4 per cent against media expectations of 12.16 per cent. Traders also squared off positions ahead of an extended weekend.
Annual inflation based on wholesale prices crossed the 12 per cent mark during the week ended July 26, fuelled by costlier manufactured products, fuel and food items other than vegetables. Vegetable prices showed a decline of 8 per cent from the year-ago period. However food products rose by 0.1 per cent, non-food articles 0.4 per cent and textiles by 0.4 per cent. Similarly, primary articles were up 0.1 per cent and chemical and chemical products 0.5 per cent. Fuel and petroleum remained unchanged. For more
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June 2008 Industrial Growth figure pull the market down

June industrial growth figure came out today and it stands at 5.4% versus 8.9% (YoY) versus 4.1% in May so when compared to may this year it was increase of 1 percent or so . While infrastructure output number stands at 3.4% versus 5.2% (YoY).
Sector Growth Figure
Capital goods growth has come out at 5.6 percent (YoY).
Manufacturing growth is at 5.9 percent versus 9.7 percent (YoY).
Consumer goods growth is at 10 percent
while mining growth is at 2.9 percent (YoY).
Electricity growth is at 2.6 percent (YoY).
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Finally inflation is above 12 percent

Inflation for the week ending july 26th has come to 12.01 percent for the past 4 or 3 weeks inflation was sticking below 12 and finally it has passed 12 percent , i just saw someone was looking for inflation data sorry this is late for the day .
Avdhoot Investment

India to remain economic powerhouse: CEO, HSBC worldwide

Despite warnings that the momentum of growth in emerging markets is slowing down, Michael Geoghegan, CEO of HSBC worldwide, is still betting on India as a high growth story. "Let's face it, many other countries would love to have growth in the high single digits. Yes, stock markets have fallen, so growth may slow down a bit, because if people don't have confidence they stand back. But India and China are economic powerhouses, and that is not changing," he says. HSBC's first half results and warnings about the future hit Asian markets earlier on Tuesday. HSBC just turned in first half results where its emerging markets performance, especially in the Middle East and Asia, to some extent offset the dismal showing in North America - and Mr Geoghegan believes the bank will stay 'very focused on emerging markets'. Emerging markets contributed to about 78% of HSBC's first half profits this year, given the losses in North America. Speaking to ET just before taking off on his annual 68,000 mile pilgrimage to meet up with employees wordwide, Mr Geoghegan said that the current credit crisis is likely to leave Asia largely untouched. "What is happening in the developed world, you may say it needed to happen, a slowdown was necessary, because poor quality of credit had spread through the market.
In Asia, and India, the quality of credit is better. Asia is far more conservative in giving and taking credit. We see, in India, even more conservatism creeping in, in consumer finance, for instance. We see the quality of credit in Asia improving," he says. HSBC, which calls itself the world's largest emerging markets global bank, is targeting to ensure that 60% of its business comes from emerging markets; and not only because America is making losses. Global banking and cross border presence is a focus area for the bank: "We're able to give our customers the benefit of being present in multiple markets." Mr Geoghegan, who's due for a 'routine' visit to India soon, is looking for significant growth in all areas. "We have a strong presence on the ground, we employ about 30,000 people in India. We're now in all sectors including insurance, and we believe we'll be doing a lot more business in all income streams," he says.
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