The Mint report for 11 July 2012

The Mint report for 11 July 2012

Earnings season has kicked off, with India’s biggest mortgage lender, HDFC, posting its results for the June quarter. Net profit rose 18.6% year-on-year to Rs1,002 crore. And its overall loan book climbed to Rs1.24 trillion, a rise of 19.3%. Despite the growth, some indicators did slow down., with consumers putting big purchases on hold. Loan approvals for the quarter were at 17% compared to 21% in the three months to March.

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Moving on, agriculture minister Sharad Pawar has made it clear India will continue to export farm products this year despite the poor monsoon. Pawar added that rains had picked up in the last 10 days, allowing farmers to sow crops like rice and cotton. While a deficient monsoon has already delayed the sowing of crops, the government has vast stockpiles of rice and wheat in its warehouses.

Indian markets closed in the red on Wednesday, one day after they soared to highest close since March. The Sensex dropped 129 points to 17,489. And the Nifty dropped 39 to 5,306.

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