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The Mint Report for 23 June 2011

The Mint Report for 23 June 2011
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First Published: Thu, Jun 23 2011. 10 18 PM IST
Updated: Thu, Jun 23 2011. 10 18 PM IST
Unilever is setting up a venture capital fund to invest in India. Mint has learnt that the initial fund size is likely to be $150 to 200 mn. The company also hopes to raise money from third parties. The world’s 2nd largest soap and detergent manufacturer is also planning a similar fund in China. Unilevers’ plans indicate that consumer goods makers are warming up to the idea of setting up VC funds which so far were floated by technology firms.
Food inflation is on the rise again. India’s food price accelerated by 9.13% in the period to the 11th of June, the highest in ten weeks. The previous week it had gone up by 8.96%. With the met department downgrading the monsoon to below normal, food inflation could remain high in the coming weeks.
More travelers are taking to the skies in India. The number of passengers on domestic carriers grew by 17.6% to reach 24.5 mn in the period between January to May. The latest government data also shows that Jet Airways and its budget arm JetLite recorded market share of 26.1% for the month of May, while Kingfisher came in 2nd with 20%. IndiGo was next with 19.9 % while SpiceJet is 4th with 14.2%. Air traffic has been steadily rising in India, thanks to a booming economy.
Indian markets made significant gains on Thursday, backed by strong buying from FMCG, oil & gas and IT stocks. The Sensex surged 1% to gain 176.86 points and end the day at 17727.49.Nifty jumped 41.70 points to 5,320. ITC led the gains, advancing 3. 37% to Rs191.45. Reliance Industries also moved up 2.90% ending the day at Rs870.65.
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First Published: Thu, Jun 23 2011. 10 18 PM IST