News

         CAR manufacturers led by Maruti Suzuki and Hyundai Motors recorded their best-ever monthly performance in February 2010, with consumers flocking to showrooms to avoid all possibility of a price increase, expected in the Union Budget presented in the last month. Collectivel, sales of eight companies surged by 31 per cent to 1,60,297 units during February compared with 1,22,353 units sold in the same month a year earlier, The record growth for all the companies took place despite the month having two to three days less than the average one.

                   FOOD INFLATION NEARS 18 PC AGAIN

           Food inflation rose marginally to 17.87 per cent for the week ended February 20, 2010 on the back of higher prices of milk, wheat, rice and vegetables. On an annual basis, price of rice increased by 10 per cent, wheat by 14 per cent, pulses by 35 per cent, onions by 11 per cent and potatoes by 28 per cent. Inflation in fuel, power, light & lubricant group was 9.59 per cent. slightly lower than 9.89 per cent in the previous week. However, it is expected to surge significantly next week when the impact of the fuel price hike starts getting reflected in the Index.

                         FOREX RESERVES DOWN BY $315 MILLION

       Foreign exchange reserves declined by $ 315 million to $ 2,78,357 million for the week ended February 26,2010,  according to the Bank of India weekly Statistical Supplement. This is the second consecutive week that reserves have dropped.

    Foreign currency assets of the nation fell by $ 212 million to $2,53,991 million during the week under review, Gold reserves declined by $136 million to $ 17,920 million., while  SDRs increased by $26 million to $5,053 million and the reserve position in the IMF tranche increased by $7 million to $ 1,393 million during the week under review.

                      CRUDE OIL RISES TO 7 WEEK HIGH

      Crude oil surged to a seven week high after US employment declined less than forecast in February 2010, bolstering optimism that fuel demand will climb in the  World’s biggest energy consuming country. Crude oil for April 2010 delivery rose by $ 1.78 or 2.2 per cent, to $81.99 a barrel on the New York Mercantile Exchange Futures reached $82.07, the highest level sicne Janaury 12, 2010.