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Market Update

Wholesale Inflation in India Eases for the Eighth Month

Author: Mukesh Buch
Last Update: 9:32 AM ET July 14 2015

6:00 PM Mumbai – The Wholesale price index declined for the eighth month in a row but on a monthly basis food prices are on the rise. JSW Steel said crude steel production in first-quarter advanced 10%. NIIT Technologies net surged 36%.

Stocks in Mumbai traded lower and the rupee edged higher after wholesale price index declined for the eight month in a row.

The latest wholesale price index decline was driven by the falling energy prices from a year ago, however, on a monthly basis prices have started rising.

Fuel prices declined 10.03% from a year ago month after 10.5% fall in May. And, food prices rise at a slower pace of 2.88% in the month compared to 3.8% rise in May.

However, food prices have been on the rise in the last two months on the late arrival of monsoon and the latest report on consumer inflation showed index rising at 5.4% in June.

The wholesale price index declined 2.4% in June compared to 2.36% fall in May and 5.66% rise from a year ago month, Ministry of Commerce & Industry said today.

Rupee strengthened 10 paisa to 63.41 against one U.S. dollar.

The Sensex Index fell 28.29 to close at 27,932.90. The CNX Nifty slid 5.55 to 8,454.10.

Gainers & Losers

IIFL Holdings Limited soared 10% to ₹207.05 after the company said Mauritius-based subsidiary and Fairfax India agreed to acquire 26% stake in the company.

Jay Bharat Maruti Limited declined 3.4% to ₹145.20 after the auto component maker said net in the first-quarter climbed 17.9% to ₹7.97 crore.

Net sales in the quarter increased 4.1% to ₹303.82 crore.

JSW Steel edged down 0.3% to ₹832.90 after the steel producer said crude steel production in first-quarter advanced 10% compared to the quarter a year ago to 3.40 million tons.

Kernex Microsystems India Ltd climbed 4.9% to ₹43.85 and the software developer plans to sell certain fixed assets of the company.

NIIT Technologies Limited soared 11.2% to ₹464.05 after net in the first-quarter surged 35.5% to ₹58.50 crore.

Net revenues in the quarter jumped 11% to ₹641.40 crore.

Ramco Systems surged 10.6% to ₹963.25 after the engineering software developer signed a “multi-million dollar” tech transformation deal with the U.S.-based Cobham Aviation Services.

Reliance Industrial Infrastructure Limited increased 1.3% to ₹394.15 after net in the first-quarter declined 20.8% to ₹4.44 crore.

Net revenues in the quarter jumped 13.9% to ₹26.54 crore.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc