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The Mint Report for 30 August 2011

The Mint Report for 30 August 2011
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First Published: Tue, Aug 30 2011. 10 25 PM IST
Updated: Tue, Aug 30 2011. 10 25 PM IST
On Tuesday the government released new data on India’s growth during the three months to June. And while the figures met most estimates, they’re also the lowest in six quarters. The country’s economy expanded 7.7 % in the first quarter. In the previous quarter it grew 7.8%.
Broken up by sector, manufacturing went up 7.2% during the first quarter and agricultural output grew 3.9%. But construction showed an increase of just 1.2%, thanks to high interest rates.
Maruti Suzuki is standing its ground in its face off with unhappy workers. On Tuesday the company hired 200 temporary workers to speed up production. It also suspended 28 workers at its plant in Manesar, near Delhi. Production at that factory has stopped since Monday because of a dispute over a bond management wants employees to sign.
And finally, Indian markets have surged for a second day in a row, with the Sensex finishing at its best level in two weeks. A rally in global bourses and encouraging consumer data from the US spurred Tuesday’s gains. The Sensex jumped 260 points to 16,677. And the Nifty climbed 81 to finish at 5001.
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First Published: Tue, Aug 30 2011. 10 25 PM IST
More Topics: The Mint Report | GDP | Growth | Maruti | Manesar Plant |