Updates…

So guys, as I posted yesterday about boosting our moral here is the some news which may be cheerful for us as management graduates and for country’s economy.

Inflation plunges to 8.98% as compared to 10.72%

Inflation for the week-ended November 1 has reached single-digit and come in at 8.98% compared with 10.72% the week earlier. The rate came down by 1.74% points from 10.72 per cent in the previous week.

The main reasons for inflation to come down so drastically are Naptha & Aviation fuel.

Internals ---> % week-on-week
Manufacturing WPI ---> Down 0.7
Fuel and power ---> Down 3.4
Naphtha ---> Down 33
Aviation turbine fuel price ---> Down 18


September IIP (Index Industrial Production) up @ 4.8% as compared to 1.3% of August

The September IIP, or index industrial production, has come in at 4.8% up from 1.3% during August and 6.98% year-on-year.

The manufacturing output is up at 4.8% compared to 7.45% year-on-year. The capital goods output is up at 18.8% against 20.9%; mining output is up at 5.7% against 4.9%.

The consumer durable output is up 13.1% compared to a fall of 7.3% year-on-year. The August industrial output is revised to 1.4% from 1.3%, on provisional basis

P Chidambaram, Finance Minister, said September IIP numbers are encouraging and growth in capital goods sector has been impressive and satisfactory. However, data collection must be improved and made more relevant, he added.

Oil plunges to 22-month low of $55 a barrel

Oil fell for a third straight day on Thursday to hit a 22-month low of $55 a barrel as there fear of recession in world economy.

US light crude for December delivery was down 81 cents at $55.35 a barrel by 0259 GMT, after having fallen earlier to $55.03 -- the lowest since Jan. 29, 2007. London Brent crude fell 41 cents to $51.96 in early Asian trade. "Oil prices continue to be pressured by fears that weaker international economic growth will depress oil consumption," said David Moore, an analyst at the Commonwealth Bank of Australia.

Oil fell 5% overnight, along with a big drop in US stock markets, after the US government shifted its position on how it planned to use its $700 billion bailout fund, which added uncertainty to financial markets and renewed fears of a protracted global recession.

Oil has lost about $91, or 62%, from its record high of above $147 struck in mid-July, on growing evidence that recent high energy prices and the financial crisis have dented energy demand in the United States and other industrialized nations.

Demand in the United States, the world's biggest consumer of oil, was expected to fall by more than 1 million barrels per day (bpd) for the first time since 1980 this year, the EIA said. The EIA also forecast world oil demand to rise by only just 100,000 bpd in 2008 and will be virtually flat in 2009, as it cut its 2009 oil price forecast to average around $63.50 a barrel.




Resources…

Moneycontrol.com
Rediffmail.com
TOI