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Week in review

Week in review
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First Published: Sat, Jul 18 2009. 12 03 AM IST
Updated: Sat, Jul 18 2009. 12 03 AM IST
On Tuesday, the finance minister Pranab Mukherjee told the Lok Sabha that if rains cooperates the Indian economy would soon revive. He mentioned the 13% rise in cement production and that auto sales went up by over 14%. He also defended the heavy spending in this year’s Budget, saying it was necessary to spur growth.
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Next day, the finance secretary Ashok Chawla said he would soon finalize a plan for disinvesting stakes in public sector undertakings. The Budget has set a target of raising Rs1,100 crore through disinvestments by the end of this fiscal year.
The India Meteorological Department shared the finance minister’s optimism on the monsoons. On Tuesday, the department said rains are likely to improve in states like Punjab, Haryana and Uttar Pradesh, often called the rice bowls of the country. In the midst of an erratic monsoon season, the department predicted the rains would be 93% of the normal level.
On Wednesday, Sterlite Industries, part of the London-listed Vedanta Resources, raised $1.5 billion or Rs7200 crore through an American Depository Share issue.
There were more hopes on Thursday when in the domestic market the timeshare company Mahindra Holidays debuted on the National Stock Exchange. The company’s scrip was listed 5% above the initial public offer price.
Stockists and analysts predicted sunny days for the Sensex. On Monday, the Sensex fell to a two-month low only to shoot up on Tuesday and Wednesday by more than 850 points. On Thursday, markets were flat, and on Friday it shot up by 495 points.
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First Published: Sat, Jul 18 2009. 12 03 AM IST
More Topics: Pranab Mukherjee | Monsoon | Rains | Sensex | Markets |