As per a leading financial daily, the index of industrial production (IIP) bounced back recording a growth of 0.1% in January. Backed by higher power generation and increased mining output, IIP returned to the growth track after contracting for three straight months. However, the manufacturing sector remained dismal recording a contraction of 0.7% in January as compared to a 2.7% growth in the year-ago period. For the cumulative period April 2013- January 2014, IIP remained static vis-a-vis a 1% growth clocked in the corresponding period last year.
Most of the large IT stocks are trading in the green with Moser Baer and Tech Mahindra being the biggest gainers whereas Infosys is the biggest loser. As per a leading financial daily, both BSE and NSE have approved the merger of Mahindra Engineering Services with Tech Mahindra, saying that the amalgamation does not violate securities laws norm. The Boards of the two companies had given a go-ahead for the amalgamation in November 2013 itself. The no-objection approval has a validity period of six months and in this stipulated time-frame; the company would have to file the scheme with the High Court for further clearance. Tech Mahindra's stock is trading up by 0.9%.