Mumbai Economy
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Stock markets and economy of Mumbai
[br]Latest news on Mumbai economy has confirmed that BSE Sensex 30 index, which is a benchmark index of Bombay Stock Exchange, has increased at a rate of 17 percent on 18th May 2009. This indeed is good news for Mumbai’s economy and portrays a bright future for Mumbai economic system.New Mumbai economy reports have also confirmed that Nifty index, which is a broader based index compared to BSE Sensex 30, has increased at a rate that is in excess of 17 percent.
Stock markets and economy of Mumbai
[br]Latest news on Mumbai economy has confirmed that BSE Sensex 30 index, which is a benchmark index of Bombay Stock Exchange, has increased at a rate of 17 percent on 18th May 2009. This indeed is good news for Mumbai’s economy and portrays a bright future for Mumbai economic system.New Mumbai economy reports have also confirmed that Nifty index, which is a broader based index compared to BSE Sensex 30, has increased at a rate that is in excess of 17 percent.
However, there is another side to share trading statistics for Mumbai economy for 18th May that reveals different propositions as far as Mumbai economy is concerned. On that day aggregate amount of shares traded was just over 13 million. This was a smallish amount when one takes into view that average trading volume in Bombay Stock Exchange is three times more than this number.
According to latest data received from Bombay Stock Exchange 10 year bonds have done pretty well. Yield on these bonds has jumped up to 6.50 percent from 6.05 percent, which is equivalent to an increase of seven basis points. These bonds are supposed to mature by February 2019.
Present condition of Indian rupee
[br]Further information from Mumbai economy sector has also revealed that rupee has increased in value. At present it stands at 47.9 for every US dollar. It was previously placed at 49.4 for every US dollar. This was an increase of 3.2 percent.Special economic zone in Mumbai
Larsen and Toubro has asked for permission from Board of Approval in order to extend time that has been provided to them for setting up an information technology centric special economic zone in Mumbai. However, they are not only ones to seek time extension from authorities. There are other companies like Gulf Oil Corporation that have applied to Board of Approval regarding time extension for a tax free zone in Bangalore.
Importance of Mumbai economy
Mumbai is known as commercial capital of India. On an average it accounts for 10 percent of aggregate employment provided in factories in India as well as 40 percent of entire income taxes collected out of India.
