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Belying predictions, the Indian economy grew by a significant 7.9 per cent in the second quarter of this fiscal, up from 6.1 per cent in the previous quarter, essentially due to a good showing by the industry and the services sector. The growth compares favourably with 7.7 per cent recorded in the July-September quarter in the previous year. Consequently, the economy rose 7 per cent in the first half ending September 30 of the current fiscal on the back of stimulus packages and revival of domestic demand, giving hopes that final figures for the year could be much higher. The Finance Minister, Mr Pranab Mukherjee, the Reserve Bank and the Planning Commission had predicted a growth of about 6-7 per cent, while global agencies and analysts forecast it to be even lower. Analysts were expecting a growth rate of 6.1-6.6 per cent in the second quarter. The economic growth of close to eight per cent in the second quarter is also remarkable in the context of just 0.9 per cent expansion in farm

Grasim Industries Ltd has informed BSE that the board of directors of Samruddhi Cement Ltd, an unlisted subsidiary of Grasim Industries, at its meeting held on November 15, has approved the merger of Samruddhi with UltraTech Cement, a listed subs idiary of the company. The merger is proposed to be undertaken through a scheme of amalgamation under Sections 391-394 of the Companies Act, 1956. As per the deal, Samruddhi shareholders will be entitled to receive four shares of UltraTech for every seven shares held in Samruddhi. On completion of the merger, Samruddhi shareholders will get direct participation in the largest domestic cement company. The merger will result in UltraTech emerging as the largest cement company in India and the tenth largest in the world. The merged entity will have a capacity of 48.8 million tonnes per annum of grey cement across 22 plants; 504-MW of captive thermal power plants; and 11.7-million cubic metres of ready mix concrete across 68 plants.

Suzlon Energy on Monday said its US-based arm Suzlon Wind Energy Corporation has received order for the supply of 10 wind turbines. A step-down wholly owned subsidiary of the company has bagged an order to supply 10 Suzlon S88 2.1 MW wind turbines that would generate 21 MW of energy for the Grant County Wind Farm, in Minnesota, USA, Suzlon said in a filing to the Bombay Stock Exchang e. However, the company has not disclosed the financial details of the project. Construction on the site has already begun and the wind farm is expected to be in commercial operation in the first quarter of 2010, the filing added.

Larsen & Toubro on Tuesday said it has bagged an order worth Rs 6,897 crore from Maharashtra State Power Generation (Mahagenco) for manufacturing turbine generator units. The company has received the order for manufacturing 3x 660 MW super-critical turbine generator units, L&T said in a filing to the Bombay Stock Exchange. The scope of work includes design, engineering, manufacture, supply, commissioning of super-critical boilers and civil and architectural work, the filing added.

Maruti Suzuki India today reported a 32.45 per cent jump in total sales, at 85,415 units, in October compared to the same period last year. Sales in the domestic market grew 21.01 per cent to 71,551 units in the last month from 59,127 units in the same month last year, while exports rose over two-fold to 13,864 units compared with 5,363 units in the year-ago period. [so far I remember Depawali was in Nov last year, so this growth might be due to festival sell and comparison with a lower number last year]