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UNCTAD sees cause for concern in sluggish trade growth
Dec 23,2016

Unusual trends in international trade statistics, such as the falling value of world trade in goods and services even as the global economy grew in 2015, give cause for concern, said an UNCTAD report released on 22 December 2016. Last year, 2015, was the first time since 2001 that the value of trade has fallen during a period of economic expansion, according to the report - Key Indicators and Trends in International Trade 2016 - which noted that the volume of trade still grew about 1.5%.

In other words, while many exporters had to cope with lower prices, they saw no decline in export volumes, the report said. Although positive growth is consistent with the overall economic trends, there are still reasons to be concerned.

To start with, the growth of trade volume has been below the overall growth of the world economy, something that has seldom happened in the last few decades and only during economic downturns as in 2001 and 2009, the report said.

Second, trade volumes have been rather unstable, showing substantial volatility during 2015 across quarters and across countries. Trade volumes have increased for the world as a whole, but for many countries trade volumes have in fact decreased.

Finally, it is arguable whether the physical growth in international trade can continue in a deflationary economic environment, the report said. The concern is that many exporters may not be able to maintain their position in the markets for long when facing reduced financial returns.

The sharp decline in international trade results from several factors, both nominal and structural.

Falling commodity prices and the appreciating US Dollar contributed most to the nominal fall in world trade, with oil prices going from an average of more than $100 per barrel in 2014 to about $50 per barrel in 2015. The trade weighted US dollar index appreciated by almost 15% between 2014 and 2015.

But deflationary factors can explain only some of the trade collapse in 2015. In fact, falling commodity prices explain only half of the 2015 decline in world trade.

The sluggish growth of 2012-2014 and the magnitude of the decline in trade of goods and services in 2015 suggest a change in the dynamics behind the international integration process, the report said.

Indeed, the most commonly used index to gauge globalization trends - the ratio of the value of world trade over global GDP - indicate a decline in economic interdependence, it added.

Part of the reason for this is that global value chains are shortening. Many countries, including those in East Asia, are reshoring and consolidating manufacturing production processes.

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Better access to G20 markets could boost exports from poorest countries by 15%: UNCTAD
Dec 23,2016

The worlds poorest countries are barely engaging in the global economy, but fully liberalising trade for these countries into G20 markets could boost their exports by about 15%, according to an UNCTAD report released on 22 December 2016. While least developed countries (LDCs) account for about 12% of the worlds population, their share in global exports stands at about 1%, the report - Key Indicators and Trends in Trade Policy 2016 - says.

Boosting exports from LDCs could help accelerate economic growth, generate jobs, and provide financial resources for sustainable and inclusive development. Recognising the importance of trade for LDCs, the sustainable development goals (SDGs) include Target 17.11 to Increase significantly the exports of developing countries, in particular with a view to doubling the least developing countries share of global exports by 2020.

Weve seen some progress in the last decade, but the participation of least developing countries in the global economy remains marginal, says Guillermo Valles, Director of UNCTADs Division on International Trade in goods and services and Commodities.

To double the LDC share of global exports - and achieve the SDG target - the trick will be not just to fix the issue of tariffs but to do the non-tariff measures too, he said.

The report finds that LDCs generally trade much less than the size of their economies would suggest. The export-to-GDP ratios of the 48 LDCs are on average about 25%, substantially less than the average for other developing countries of about 35%.

This indicator has been on a clear downward trend since 2011 and it shows the LDC struggle to integrate into the global economy, Valles said.

Generally speaking, G20 countries support LDCs through a range of mechanisms to facilitate trade, such as duty-free and quota-free access. But removing all tariffs could boost LDC exports to G20 countries by about $10 billion per year.

Similarly, reducing the distortionary effects of non-tariff measures (NTMs) could boost LDC exports by about $23 billion per year. But this requires a more complex approach. NTMs such as quality standards serve public policy objectives and cannot be removed without disrupting these objectives.

Therefore, the report says, reducing the distortionary effects of NTMs comes not from removing them, but from helping LDCs to comply.

Taken together, fully liberalising market access for LDCs and eliminating the negative trade effect of NTMs on LDCs would increase their exports by about 15%, the report says.

The textile and apparel sectors - as well as some agricultural categories - would benefit most, it says.

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Indias natural gas production declines 1.7% in November 2016
Dec 22,2016

Indias natural gas production declined -1.7% to 2.67 billion cubic meters (bcm) in November 2016 over a year ago. Natural gas output of ONGC rose 5.1% to 1.87 bcm, but that of private and JV companies dipped -18.4% to 0.56 bcm. Meanwhile, the natural gas production of Oil India also fell -4.2% to 0.24 bcm in November 2016.

Natural gas output declined -3.7% to 21.15 bcm in April-November 2016 over April-November 2015.

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Indias crude oil refinery output falls 0.6% in November 2016
Dec 22,2016

Indias crude oil refinery output declined 0.6% to 19.36 million tonnes (mt) in November 2016 over November 2015. The output of public sector refineries improved 8.2% to 10.96 mt, but the output of private refineries dipped 6.8% to 7.50 mt. Further, the refinery output of public-private JV refiners plunged 30.5% to 0.90 mt in November 2016.

Among public refineries, the output of Indian Oil Corporation increased 7.4% to 5.00 mt, while the output of Bharat Petroleum Corporation moved up 11.2% to 2.16 mt and Hindustan Petroleum Corporation 1.5% to 1.45 mt in November 2016 over November 2015. The output of Chennai Petroleum Corporation also inched up 17.0% to 0.79 mt, while that of Numaligarh Refineries moved up 22.4% to 0.27 mt, and Mangalore Refineries 7.2% to 1.30 mt in November 2016.

Among private refiners, the output of Reliance Petroleum fell 8.0% to 5.82 mt, while that of Essar Oil declined 2.7% to 1.68 mt in November 2016 over November 2015. Among JV refineries, the output of Bharat Oman dipped 70.7% to 0.13 mt, while the output of HPCL Mittal also fell 9.4% to 0.77 mt in November 2015.

The cumulative refinery output increased 6.9% to 157.86 mt in April-November 2016. The output of public refineries increased 10.9% to 85.06 mt, while that of private refineries moved up 3.7% to 62.42 mt. The refinery output of JV refineries declined 3.2% to 10.37 mt in April-November 2016. Among public refineries, the output of Indian Oil Corporation improved 13.0%, Bharat Petroleum Corporation 7.9%, Hindustan Petroleum Corporation 5.0%, Chennai Petroleum Corporation 19.0%, Numaligarh Refineries 5.9% and Mangalore Refineries 9.4%.

The overall capacity utilization was lower at 105.3% in November 2016 compared with 110.8% in November 2015, while it was higher at 105.6% in April-November 2016 compared with 104.9% in April-November 2015.

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Indias crude oil production declines 5.4% in November 2016
Dec 22,2016

Indias crude oil production declined 5.4% to 2.88 million tonnes (mt) in November 2016 over November 2015, recording fall for ninth straight month. Crude oil output of ONGC fell 0.7% to 1.82 mt, while that of private and joint venture (JV) companies dipped 16.5% to 0.78 mt. However, the crude oil production of Oil India improved 1.7% to 0.27 mt in November 2016. ONGCs offshore output declined 1.9% to 1.33 mt, while onshore production rose 2.4% to 0.49 mt.

Crude oil output fell 3.5% to 23.99 mt in April-November period of the fiscal year ending March 2017 (April-November 2016), in addition to 0.4% fall recorded in the corresponding period of last year. Output of ONGC eased 1.7% to 14.72 mt, while that of Oil India declined 1.4% to 2.15 mt and private companies dipped 7.6% to 7.12 mt in April-November 2016 over April-November 2015.

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Cabinet approves doubling of Rajpura-Bhatinda railway line
Dec 21,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister has given its approval for doubling of Rajpura-Bhatinda railway line at an estimated cost of Rs 1251.25 crore and expected completion cost of Rs 1465.59 crore.

The 172.64 km long railway line is expected to be completed in five years.

The present utilization of this section is nearly 100%. Enhancement of capacity of power plants and planned freight terminals will generate additional freight traffic on this route. The doubling will ease the traffic bottlenecks and will bring more revenue to Indian Railways by capacity enhancement of the route. The districts of Patiala, Sangrur, Barnala and Bathinda would also be benefitted through this project.

The Rajpura-Bathinda section falls in Ambala Division of Northern Railway. At present traffic utilization of the section is nearing saturation. This line is strategically important as several military specials are routed on this line connecting the Western border. The main objective for doubling between Rajpura-Bathinda is to remove capacity constraint and to cater for future growth of traffic on the important route of Indian Railways.

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Cabinet approves creation of Indian Enterprise Development Service (IEDS)
Dec 21,2016

The Union Cabinet chaired by the Prime Minister has given its approval to the Cadre review and formation of a new service in the name of n++ndian Enterprise Development Service (IEDS) in the Office of Development Commissioner (MSME), Ministry of Micro, Small and Medium Enterprises(MSME). The creation of the new cadre and change in structure will not only strengthen the organization but will also help to achieve the vision of Startup India, Stand-up India and Make in India.

The measure will enhance the capacity and efficiency of the organization and also help in achieving growth in MSME sector through a focussed and dedicated cadre of technical officers.

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Cabinet approves sale of part of surplus and vacant land of Hindustan Anti-biotics
Dec 21,2016

The Union Cabinet chaired by the Prime Minister has approved the sale of part of surplus and vacant land at Pimpri in Pune, Maharashtra for meeting the liabilities of Hindustan Anti-biotics (HAL).

The proposal entails:

(i) Sale of surplus and vacant land of about 87.70 acres of HAL (actual area of land to be sold would depend upon the rates received in bids, as per guidelines of BIFR) to meet the net liabilities of Rs 821.17 crore after waiver and deferment, through an open competitive bid from Central /State Government Departments, Govt. Agencies, Central/State PSUs, Autonomous Bodies, Urban Development Authorities etc.

(ii) Waivers of Govt. of India loans and interest amounting to Rs 307.23 crore (principal amount of Rs 186.96 crore and interest approximately Rs 120.27 crore thereon calculated as on 30.9.2017) and deferment of various dues amounting to Rs 128.68 crore.

(iii) Sanction of an immediate loan of Rs 100 crore to meet the wages, salaries and other critical expenses of immediate nature. The loan will be repaid to the Government from sale proceeds of the HAL land.

The approval will help the Government in optimum utilization of the Companys assets and to take further decisions in respect of the Company for:

(i) Rehabilitation; (ii) Strategic Sale; or (iii) Closure

On implementation of the scheme/proposal, HAL will be lean with no liabilities and clean balance-sheet, so that the implementation of recommendations of the Ministers Committee is facilitated.

Sale of HAL land at Pimpri in Pune, Maharashtra will facilitate mitigation of sufferings and critical condition of the employees and if the liabilities are met and the balance sheet is cleaned, the implementation of recommendations of the Ministers Committee will be facilitated.

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Indias services export declines 1.7% in October 2016
Dec 16,2016

As per the data released by the Reserve Bank of India, Indias services exports declined 1.7% to US$ 13.11 billion in October 2016 over October 2015. Meanwhile, Indias services imports moved up 9.5% to US$ 7.68 billion in October 2016. Indias services trade surplus narrowed 14.2% to US$ 5.43 billion in October 2016 from US$ 6.33 billion in October 2015.

Indias services trade surplus fell 6.4% to US$ 37.79 billion in April-October 2016 over a year ago, with 7.9% rise in services imports to US$ 54.94 billion. Indias services exports rose mere 1.6% to US$ 92.73 billion in April-October 2016.

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Indias trade deficit widens to 16-months high in November 2016
Dec 16,2016

Indias merchandise exports increased 2.3% to US$ 20.01 billion in November 2016 over a year ago. Meanwhile, merchandise imports surged 10.4% to US$ 33.02 billion. The trade deficit jumped 25.9% to 16-months high of US$ 13.01 billion in November 2016 from US$ 10.34 billion in November 2015.

Oil imports rose 5.9% to US$ 6.84 billion, while the non-oil imports gained 11.7% to US$ 26.18 billion in November 2016 over November 2015. The share of oil imports in total imports was 20.7% in November 2016, compared with 21.6% in November 2015. Indias basket of crude oil increased 4.6% to US$ 44.46 per barrel in November 2016 over November 2015.

Among the non-oil imports, the major contributors to the overall rise in imports were gold imports rising 23.2% to US$ 4.36 billion, pearls, precious & semi-precious stones 60.9% to US$ 1.57 billion, crude petroleum & products 5.9% to US$ 6.84 billion, coal 32.5% to US$ 1.28 billion, pulses 53.6% to US$ 0.61 billion, electronic goods 5.4% to US$ 3.54 billion, electrical & non-electrical machinery 8.3% to US$ 2.23 billion and chemical material & products 23.6% to US$ 0.46 billion. The imports also improved for vegetable oil by 9.6% to US$ 0.91 billion, metaliferrous ores & minerals 10.9% to US$ 0.54 billion, project goods 30.8% to US$ 0.21 billion, wood & products 12.4% to US$ 0.44 billion and artificial resins 4.9% to US$ 0.98 billion.

On the other hand, the imports have declined for transport equipment 37.9% to US$ 1.19 billion, iron & steel 16.2% to US$ 0.93 billion, silver 36.3% to US$ 0.18 billion, medicinal & pharmaceutical products 8.4% to US$ 0.39 billion, organic & inorganic chemicals 2.5% to US$ 1.21 billion, fruits & vegetables 9.8% to US$ 0.16 billion, pulp and waste paper 16.4% to US$ 0.06 billion and textile yarn fabric, made-up articles 9.3% to US$ 0.12 billion in November 2016.

On exports front, the engineering goods recorded an increase in exports by 11.6% to US$ 4.96 billion, followed by iron ore 1012.8% to US$ 0.19 billion, marine products 27.9% to US$ 0.57 billion, petroleum products 3.4% to US$ 2.41 billion, fruits & vegetables 43.6% to US$ 0.25 billion, drugs & pharmaceuticals 5.8% to US$ 1.27 billion, organic & inorganic chemicals 5.9% to US$ 1.07 billion, and leather & leather products 6.4% to US$ 0.42 billion.

However, the exports declined for, gems & jewellery 12.8% to US$ 2.53 billion, rice 18.2% to US$ 0.35 billion, man-made yarn/fabrics/made-ups 11.0% to US$ 0.30 billion, RMG of all textiles 2.9% to US$ 1.15 billion, coal & other ores, minerals 8.1% to US$ 0.24 billion, plastic & linoleum 2.2% to US$ 0.43 billion, tea 6.9% to US$ 0.06 billion, in November 2016.

Merchandise exports in rupees increased 4.6% to Rs 135316 crore, while imports moved up 13.0% to Rs 223290 crore in November 2016 over November 2015. The trade deficit widened to Rs 87973 crore in November 2016 compared with Rs 68335 crore in November 2015.

Indias merchandise exports rose 0.3% to US$ 174.92 billion, while merchandise imports fell 8.1% to US$ 241.10 billion in April-November 2016. The decline in imports was driven by a 13.4% plunge in oil imports to US$ 53.28 billion. Indias merchandise trade deficit declined to US$ 66.18 billion in April-November 2016 from US$ 87.91 billion in April-November 2015.

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NITI Aayog announces schemes for incentivising digital payment
Dec 15,2016

Government of India has initiated numerous steps to combat the scourge of Corruption and Black Money in the last two and a half years. Demonetization of 500 and 1000 Rs notes was important milestone in this endeavour. Following demonetization, there has been a spurt in the digital payments across the country and both the volume and amount of money transacted through digital methods has seen manifold increase since 09 November 2016.

Yet, as on date, nearly 95% of Indias personal consumption expenditure transactions are cash-based giving rise to a very large informal economy limiting the ability of State to levy and raise taxes. The Government of India had recently on 08 December announced a slew of measures to promote digital payments.

NITI Aayog has announced the launch of the schemes Lucky Grahak Yojana and the Digi-Dhan Vyapar Yojana to give cash awards to consumers and merchants who utilize digital payment instruments for personal consumption expenditures. The scheme specially focuses on bringing the poor, lower middle class and small businesses into the digital payment fold. It has been decided that National Payment Corporation of India (NPCI) shall be the implementing agency for this scheme. It would be useful to reiterate that NPCI is a not for profit company which is charged with a responsibility of guiding India towards being a cashless society.

The primary aim of these schemes is to incentivize digital transactions so that electronic payments are adopted by all sections of the society, especially the poor and the middle class. It has been designed keeping in mind all sections of the society and their usage patterns. For instance, the poorest of poor will be eligible for rewards by using USSD. People in village and rural areas can participate in this scheme through AEPS. The scheme will become operational with the first draw on 25 December 2016 (as a Christmas gift to the nation) leading up to a Mega Draw on Babasaheb Ambedkar Jayanti on 14 April 2017. It will comprise of two major components, one for the Consumers and the other for the Merchants:

a) Lucky Grahak Yojana [Consumers]:

i. Daily reward of Rs 1000 to be given to 15,000 lucky Consumers for a period of 100 days;

ii. Weekly prizes worth Rs 1 lakh, Rs 10,000 and Rs 5000 for Consumers who use the alternate modes of digital Payments

This will include all forms of transactions viz. UPI, USSD, AEPS and RuPay Cards but will for the time being exclude transactions through Private Credit Cards and Digital Wallets.

b) Digi-Dhan Vyapar Yojana [Merchants]:

i. Prizes for Merchants for all digital transactions conducted at Merchant establishments

ii. Weekly prizes worth Rs 50,000, Rs 5,000 and Rs 2,500

c) Mega Draw on 14 of April - Ambedkar Jayanti

i) 3 Mega Prizes for consumers worth Rs 1 crore, 50 lakh, 25 lakh for digital transactions between 8 November 2016 to 13 April 2017 to be announced on 14 April 2017

ii) 3 Mega Prizes for merchants worth Rs 50 lakh, 25 lakh, 12 lakh for digital transactions between 8 November 2016 to 13 April 2017 to be announced on 14 April 2017.

To ensure that the focus of the scheme is on small transactions (entered into by common people), incentives shall be restricted to transactions within the range of Rs 50 and Rs 3000. All transactions between consumers and merchants; consumers and government agencies and all AEPS transactions will be considered for the incentive scheme.

The winners shall be identified through a random draw of the eligible Transaction IDs [which are generated automatically as soon as the transaction is completed] by software to be especially developed by NPCI for this purpose. NPCI has been directed to ensure a technical and security audit of the same to ensure that the technical integrity of the process is maintained.

The estimated expenditure on the first phase of the scheme (up to 14 April 2017) is likely to be Rs 340 crore. The Government will simultaneously carry out a review for further implementation. India is transitioning at a rapid rate from a cash-user society to a cashless society. This is a historic moment in our nations history when our nation is shedding old habits and rapidly adopting new means which shall propel us into a truly modern age.

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e-Tourist visa issuance jumps 63.9% in November 2016
Dec 15,2016

A total of 1,36,876 foreign tourists arrived in November 2016 on e-Tourist Visa as compared to 83,501 during the month of November 2015 registering a growth of 63.9%. UK (22.3%) continues to occupy top slot followed by USA (12.9%) and Russian Fed (8.7%) amongst countries availing e-tourist visa facility During November 2016.

The facility of e-Tourist Visa has been made available by the Government of India to the citizens of 155 countries, arriving at 16 International Airports in India. The number of e-Tourist Visa availed by foreign tourists visiting India during the month of November, 2016 has registered a substantial growth rate over the corresponding month of 2015.

During January- November 2016, a total of 9,17,446 tourist arrived on e-Tourist Visa as compared to 3,41,683 during January-November 2015, registering a growth of 168.5%. This high growth may be attributed to introduction of e-Tourist Visa for 155 countries as against the earlier coverage of 113 countries.

The percentage shares of top 10 source countries availing e-Tourist Visa facilities during November, 2016 were as follows: UK (22.3%), USA (12.9%), Russian Fed (8.7%), France (6.3%), China (6.1%), Germany (4.6%), Australia (4.1%), Canada (3.6%), Netherlands (1.8%) and Ukraine (1.8%).

The percentage shares of top 10 ports in tourist arrivals on e-Tourist Visa during November, 2016 were as follows: New Delhi Airport (44.99%), Mumbai Airport (18.53%), Dabolim (Goa) Airport (14.19%), Chennai Airport (5.26%), Bengaluru Airport (5.23%), Kochi Airport (2.99%), Kolkata Airport (2.32%), Hyderabad Airport (1.94%), Trivandrum Airport (1.32%) and Amritsar Airport (1.11%).

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Railway revenue rises 6.1% in November 2016
Dec 14,2016

The Indian Railway (IR) has recorded 6.1% growth in its revenues to Rs 13953.85 crore in November 2016 over November 2015, while snapping 4.1% decline to Rs 13146.91 crore in November 2015. The passenger earnings surged 11.3% to Rs 3887.50 crore in November 2016, against 10.3% growth recorded in November 2015. The earnings from freight traffic, accounting for 65.5% of the total revenue rose 1.1% to Rs 9137.62 crore in November 2016, after consistent decline for last 12 straight months. The other coaching revenue dipped 17.8% to Rs 333.09 crore, while the revenue from sundry activities zoomed 179.2% to Rs 595.64 crore in November 2016.

In April-November FY2017, the revenue earnings of IR declined 2.7% to Rs 104834.55 crore, while snapping 7.3% surge recorded in April-November FY2016. Further, the IR revenues have been below the budget target of Rs 117731.23 crore for the above mentioned period.

The goods revenue dipped 7.3% to Rs 66953.90 crore, while the passenger revenue rose at moderated pace of 4.4% to Rs 31492.70 crore in April-November FY2017. The other coaching revenue increased 2.4% to Rs 2956.49 crore, while the sundry earnings surged 44.5% to Rs 3431.46 crore in April-November FY2017.

The passenger traffic of IR increased 7.0% to 709.66 million in November 2016. Passenger traffic rose 1.0% to 5507.62 million in April-November FY2017. The passenger traffic is marginally higher than the budget estimate of 5472.07 million for April-November FY2017.

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Indias fuel product consumption jumps 12.3% in November 2016
Dec 14,2016

Indias fuel product consumption or sales increased 12.3% to 16.64 mt in November 2016 over a year ago. Diesel sales increased 10.6% to 6.75 mt, while petcoke sales moved up 38.3% to 1.91 mt, LPG 15.9% to 1.88 mt and petrol 14.2% to 2.03 mt. Consumption of bitumen also gained 23.6% to 0.53 mt, fuel oil 11.5% to 0.57 mt, and ATF 8.2% to 0.58 mt. Further, the consumption of lubes/greases increased 14.4% to 0.29 mt, naphtha 3.3% to 1.08 mt, others 4.8% to 0.58 mt, and LDO 51.5% to 0.04 mt. However, the consumption of kerosene dipped 31.8% to 0.39 mt in November 2016.

Consumption or sales of fuel product increased 9.7% to 130.00 mt in April-November 2016 over April-November 2015. Sales of petcoke increased 44.0%, diesel 4.1%, petrol 11.7%, and LPG 11.6%. Consumption of fuel oil also moved up 17.0%, ATF 12.0%, naphtha 3.0% and bitumen 7.1%. Further, the consumption of lubes/greases inched up 9.2%, others 3.5% and LDO 18.4%, but declined for kerosene 15.8% in April-November 2016.

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WPI inflation eases to 3.2% in November 2016
Dec 14,2016

The Wholesale Price Index (WPI)-based inflation eased for the third straight month to 3.2% in November 2016 from 3.4% in October 2016. The decline in WPI inflation was entirely driven by a dip in inflation for primary articles, while fuel and power and manufactured products group inflation continued to rise in November 2016. Further, the unfavourable base effect restricted sharp decline in inflation in November 2016.

Inflation of primary articles dipped to 1.2% in November 2016 from 3.3% in October 2016. The inflation for manufactured products rose to 3.2% in November 2016. Further, the inflation for fuel items accelerated further to 7.1% in November 2016 from 6.2% in October 2016.

As per major commodity group-wise, inflation eased for fruits, vegetables, egg, fish, spices, fibres, oilseeds, flowers, edible oils, oilcakes, tea, beverages and tobacco products, wood and products, non-metallic mineral products and automotives in November 2016. On the other hand, inflation of foodgrains, coffee, sugarcane, iron ore, crude petroleum, mineral oils, grain mill products, sugar, textiles, paper products, leather products, rubber products, chemical products, and basic metals rose in November 2016.

Inflation of food items (food articles and food products) eased to 4.4% in November 2016 from 6.3% in October 2016. Meanwhile, inflation of non-food items (all commodities excluding food items) moved up to 2.6% in November 2016 from 2.1% in October 2016.

Core inflation (manufactured products excluding foods products) rose to 24-months high of 1.5% in November 2016 from 1.1% in October 2016.

The contribution of primary articles to the overall inflation, at 3.15%, was 36 basis points (bps) in November 2016 compared with 96 bps in October 2016. The contribution of manufactured products was 179 bps compared with 151 bps, while that of fuel product group was 106 bps against 92 bps in October 2016.

The contribution of food items (food articles and food products) to inflation fell to 140 bps in 3.39% in November 2016 compared with 197 bps to 3.39% in October 2016. Meanwhile, the contribution of non-food items (all commodities excluding food items) was 179 bps in November 2016 compared with 144 bps in October 2016.

As per the revised data, the inflation figure for September 2016 was revised up to 3.8% compared with 3.6% reported provisionally.

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