Index of industrial production (IIP) slowed
down to 2% in April from 3.4% in the previous month. Manufacturing growth
remained weak at 2.8% in April and output of top 5 industries grew by 22.3%
compared to a year ago, while output of the remaining 17 industries fell by 3.7%.
Output of the eight core infra industries, having 38% weight in IIP,
decelerated to 2.3% in April from 3.2% in the previous month.
Apollo Tyres Ltd said it would buy U.S based
Cooper Tire & Rubber Co., world's 11th biggest tyre company by sales, for
about $2.5 billion in a deal that would make it the world's seventh largest tyre
maker. Apollo Tyres currently does not operate in the United States. The
acquisition of Cooper will give Apollo access to the U.S market for replacement
tyres for cars and light and medium trucks.
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