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Market Update : 
Weak Industrial Production
Author: 123jump.com Staff
123jump.com
Last Update: 1:04 PM EDT March 12 2008

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Morning rally on the back of a rise in global stocks quickly faded on the release of weaker than expected industrial prodution data. January industrial production growth declined to 5.3% from 11.6% a year ago on weak growth in manufacturing, mining, and utilities. Rural Electrification priced its IPO at 125 rupees and closed at 121.30 rupees.

 
DLF fell 5.5% to 708 rupees.

HDFC Bank rose 2.4% to 1,364.10 rupees. State Bank of India slipped 5.7% to 1,783.90 rupees.

IPO Update

Rural Electrification Corporation settled at 121.30 rupees on BSE, a premium of 15.52% compared to IPO price of 105 rupees. The stock debuted at 125 rupees, a premium of 19.04% to issue price of 105 rupees.

Reliance Update

Reliance Communications dropped 2.3% to 538.80 rupees and Reliance Industries gained 0.6% to 2,360.25 rupees. Reliance Energy gained 2.9% to 1,325 rupees.

Earnings News

Tata Steel dropped 6.5% to 766 rupees. The company reported 34.22% rise in consolidated net profit to 1,415.54 crore rupees on 428.61% spurt in total income to 32,096.03 crore rupees in third quarter 2007 compared to a year ago on the recent acquisition of UK steel company Corus.
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