New Delhi: The government on Monday said the country’s economy is expected to rise to 7.2% in 2009-2010, making it a possibility that the RBI could raise interest rates to control inflation even before their next policy review meeting in April. Analysts say this could mean a withdrawal from the stimulus package or a roadmap for an exit, which they say could be announced during the budget. One of the main drivers of GDP growth has been manufacturing, which is forecasted at growing 8.9% in 2009-2010.
Shares of Jubilant Foodworks, which is the exclusive franchisee for Domino’s Pizza chain in India and listed on the BSE on Monday saw a premium of almost 58% over its IPO price of Rs145 per share. Shares ended the day at Rs229. The company also reported a surge in October-December profits to Rs113.7 million, compared to Rs17.1 million a year ago.
The increase was led by new store openings and a rise in orders in the stores due to higher penetration levels.
In auto news, India’s largest carmaker Maruti Suzuki, says it plans to double it exports this fiscal to about 160,000 units while aiming for over 20% growth in overall sales. The company’s overseas sales growth was primarily driven by the export of its model the A-Star which launched a little over a year ago.
State-run company Bhel bagged an order worth over a Rs1,000 crores for supplying equipment to a hydro power project in Bhutan. The contract includes manufacturing, supplying, and erecting electro-mechanical equipment for a 1,200 megawatt hydro electric project in the country.
And finally markets nudged up slightly on Monday, following a recovery in European markets. The Sensex went up almost 20 points to end the day at 15,936 and the Nifty went up 3 points to end the day at 4,760.