June 29 (Bloomberg) -- India’s Economic Survey for the year ended March 31 will be presented in parliament on July 2 as the government prepares to unveil the budget for this fiscal year next week.
India’s Finance Minister Pranab Mukherjee will present the survey, which states the nation’s economic performance during the last fiscal year, in parliament.
The railway budget for the fiscal year ending March 31 will be presented on July 3. The budget session of parliament will be held from July 2 to Aug. 7.
India will announce May trade figures on July 1 in New Delhi as the worst global recession since the Great Depression hurts demand for the nation’s jewelry, clothing and other products.
Exports fell the most in at least 14 years in April. Overseas shipments dropped 33.2 percent from a year earlier to $10.74 billion. That was the biggest decline since at least April 1995, when Bloomberg data began. Exports slid 33 percent in March. The nation’s exports, which account for about 15 percent of the economy, grew 3.4 percent to $168.7 billion in the year ended March 31, missing a $200 billion target.
India’s new Trade Minister Anand Sharma said in May that the government is likely to announce steps to help exporters in the budget.
Hindalco Industries Ltd., India’s biggest aluminum producer, will announce tomorrow earnings for the quarter ended March 31. The company may post a profit, excluding unit Novelis, of 2.03 billion rupees ($42 million) in the three-month period, according to a median estimate in a Bloomberg survey of analysts. Hindalco posted a profit of 10.8 billion rupees, which includes a one-time gain, in the year-earlier quarter.
Stocks
India’s benchmark Bombay Stock Exchange Sensitive Index, or Sensex, rose 1.7 percent, its highest in two weeks, in the week ended June 26. The Sensex gained on optimism increased state spending and the economic recovery may spur demand.
Jaiprakash Associates Ltd., the biggest builder of dams, and Larsen & Toubro Ltd., the largest engineering company, were among the biggest gainers. Jaiprakash advanced 11 percent, while Larsen & Toubro added 7.6 percent.
The rupee posted a fourth week of losses on speculation local importers sold the currency to buy foreign exchange required to settle month-end payments. The currency was poised for the first monthly drop since February as the nation’s refiners may have stepped up dollar purchases to pay for shipments of crude oil, which is set for a fifth month of gains.
Rupee, Bonds
The rupee declined 0.1 percent last week to 48.12 per dollar in Mumbai, according to data compiled by Bloomberg. The currency is Asia’s second-worst performer this month, with a 2.2 percent loss that trimmed this quarter’s gains to 5.2 percent.
Indian bonds rose for a second week, their best run in two months, on speculation borrowing costs around the world will remain low after the U.S. Federal Reserve held interest rates near zero earlier last week.
The yield on the most traded securities fell to the lowest since June 10 as banks, the biggest buyers of government debt, invested surplus cash in fixed-income securities.
The yield on the 6.07 percent note due May 2014 slid 14 basis points last week to 6.50 percent in Mumbai, according to the central bank’s trading system. A basis point is 0.01 percentage point.
Source : bloomberg.com