But signs of a broader recovery are harder to spot in sectors such as
automotive, where carmakers are cutting back output in the face of dismal
sales figures, the latest of which this week saw the market contract by
about a quarter during February compared with the year before.
Such reductions are, in turn, having a knock-on effect in sectors including
steel, with large producers such as Tata Steel and Steel Authority of India, the nation’s two largest by
sales, unveiling unexpectedly disappointing
results during the past quarter.
Tuesday’s data also showed further declines for companies in the country’s
battered extractive industries, where recent production bans in big mining
states have forced operations at companies such as the iron ore arm of
London-listed Vedanta Resources to all but stop completely, pending legal
reviews.
Susanna Keung on 20 May 09The London Stock Exchange listed Indian company, Vedanta, will build a US$15M (Dh55M) continuous copper rod plant with annual capacity of 100,000 tonnes in Fujairah, UAE, which will be operational by December to capture the strong demand from regional infrastructure projects. Copper rods manufactured by the plant will be used in cables for power grids for the region and the company is expecting more demand coming from not only the UAE and the GCC but the whole Middle East.
