Industrial output of India rises 2.7%, market investors take news in stride
October 13, 2012, 12:06 am TWN
MUMBAI -- Industrial production in India rose 2.7 percent in August, more than expected on a rebound in mining activity, though investment still appears weak.
Markets took the news in stride Friday, suggesting that investors believe the numbers will do little to convince the central back to cut interest rates when it meets later this month.
Mining output rose 2 percent, a bounce for the troubled sector, which posted a 5.5 percent contraction a year earlier. Manufacturing rose 2.9 percent and electricity output increased 1.9 percent from the year before.