The Reserve Bank is unlikely to cut the benchmark interest rate in its forthcoming bi-monthly monetary policy review later in the week as retail inflation is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts.
The Union ministry of coal, while acknowledging that domestic coal stock is not enough to meet the power demand, asked state governments and the power generating companies (gencos) to import coal before monsoon season sets in. The ministry has warned the gencos if they do not import coal for 10 per cent blending in their fuel demand by the end of this month, blending benchmark would be increased to 15 per cent. The order pertains to all - central, state and independent power producers (IPPs)/privately owned units.
The bounteous monsoon this year has already dumped 1159.4 mm of rainfall in Delhi till Thursday afternoon, the highest since 1964 and the third-highest ever, according to the IMD data
Generally, before adjourning the house sine die the chair reads out the statistics about the business transacted in the house in detail.
Agriculture activity, according to recent channel checks by Prabhudas Lilladher, is expected to continue at a strong pace in FY22.
According to latest data, crops have been sown in around 72.13 million hectares, which is 8.90 per cent less than the same period last year.
GST collections in July rose 10.3 per cent to over Rs 1.82 lakh crore, mainly driven by domestic transactions in goods and services, according to official data released on Thursday. This is the third-highest-ever monthly collection recorded since the indirect tax regime was rolled out 7 years ago on July 1, 2017. According to the data, total refunds stood at Rs 16,283 crore in July.
A red alert indicates heavy to extremely heavy rains of over 20 cm in 24 hours, while an orange alert means very heavy rains of 6 cm to 20 cm of rain.
Dr Nagesh Kumar, one of the three new MPC members, wanted the MPC to reduce the repo rate by 25 basis points to 6.25%.
Domestic macroeconomic data announcements, global trends and trading activity of foreign investors would guide market sentiments this week, analysts said. After a record rally, markets may face volatile trends this week amid elevated valuations and investors would also keep a track of global oil benchmark Brent crude and rupee-dollar movement for further cues. "Potential volatility in the stock market is anticipated this week. Elevated valuations remain a concern, with investors now focusing on monsoon progress and its impact on the rural economy.
With rainfall and monsoons becoming highly unpredictable partly due to climate change and partly due to usual changes in weather patterns, it is such innovations by IMD which will help in planning better, reports Sanjeeb Mukherjee.
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Temperatures remained above 45 degrees Celsius in large parts of Rajasthan, Haryana, Delhi, Chandigarh and Uttar Pradesh, affecting daily life as many chose to remain indoors in the afternoon.
Most brokerages are betting that the new government will shift to a policy focussing on boosting rural incomes and consumption since that has clearly been a pain point.
An official said that a South African delegation will visit India in February for an assessment of the preparations at the Gandhi Sagar Wildlife Sanctuary.
Between June 1 and July 28, about 32 per cent of the 685 districts in the country did not receive adequate rainfall.
Pre-monsoon rainfall, colloquial referred to as "mango showers", is vital to many parts of the country.
The Reserve Bank of India on Friday retained its projection for retail inflation at 4.5 per cent for the current fiscal assuming a normal monsoon, while emphasising that uncertainties related to food price outlook warrant a close monitoring. Consumer Price Index (CPI)-based retail inflation has been projected at 4.5 per cent with quarter-wise projections at 4.9 per cent in Q1 (April-June), 3.8 per cent in Q2, 4.6 per cent in Q3, and 4.5 per cent in Q4.
Reserve Bank of India (RBI) is unlikely to cut the benchmark interest rate at its upcoming monetary policy review meeting, taking place soon after the announcement of the Lok Sabha election results, amid inflation challenges, said experts. The Monetary Policy Committee (MPC) may also refrain from rate cut as economic growth is picking up, notwithstanding the elevated interest rate of 6.5 per cent (repo) prevailing since February 2023. The meeting of the Reserve Bank Governor Shaktikanta Das headed MPC is scheduled for June 5 to 7.
Kumar also hinted that the Maharashtra elections could be held after Diwali.
Equity markets will take cues from global trends and trading activity of foreign investors, while in the latter part of the week the first quarter earnings from IT majors TCS and HCL Technologies would guide investor sentiments, analysts said. Markets may consolidate after the record rally last week, experts added. "On the domestic front, the Q1 earnings season begins this week. Key companies such as TCS and HCL Technologies will release their earnings on July 11 and 12, 2024, respectively.
It has also predicted a below normal monsoon for the season with a Long Period Average of 93 per cent, subject to the error margin of 5 per cent.
By June 14, the monsoon should have reached central India. But this year it hasn't even covered Karnataka properly or entered the Northeast.
Cement manufacturers have hiked prices after a challenging Q1FY25, and Q2FY25 (so far) when general elections and seasonal factors cut down on construction activity. The August prices are currently around 3-6 per cent above July 2024 but may not be sustainable in the face of weak demand. H2FY25 may see realisation growth which, if it happens, would drive average operating profit/tonne improvements in H2FY25 over a muted H1FY25.
A total of 435 people died in the country due to extreme weather events during the last three months of the southwest monsoon, according to the data compiled by the India meteorological department.
'There's deep-seated revenge and at the same time, longing.'
Automobile, apparel and electronics are among sectors that see a sales boost during the festival season, a time when investors expect gains in related stocks. This year could be different: Analysts have factored in all positives and do not expect such stocks to deliver lucrative returns. "Indian households spend across sectors like automobiles, consumer durables, and consumer staples during the festival season.
Big, listed FMCG (fast-moving consumer goods) companies such as Hindustan Unilever, ITC, Nestl, and Britannia have been top-performing stocks on the bourses in recent weeks. The Nifty FMCG index, which tracks the share prices of the country's top 15 listed FMCG companies, is up 1.9 per cent month-to-date in May compared to a 2.4 per cent decline in the benchmark Nifty 50 in the period.
The monsoon session of Parliament got off to a stormy start on Monday leading to adjournment of the two Houses without transacting much business following an opposition uproar over issues ranging from price rise to the Agnipath scheme.
The IMD, in its onset date forecast on May 15, had said the monsoon is likely to hit the southern state on June 5, four days after its normal arrival.
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The high court said the defence, if any, needs to be considered by the trial court on the basis of evidence.
Readers share their monsoon pics. You can share yours too!
Time to pack your bags and pamper the wanderlust in you.
'Hopefully, things will improve and give us more variables which we can control and accordingly take the decision.'
Road awards were muted in Q1FY25. But the pace will accelerate with a bidding pipeline of Rs 1.1 trillion (September 2024), mostly dominated by HAM (Hybrid Annuity Model) projects, which contribute 47 per cent and engineering procurement and construction or EPC projects, which have about 36 per cent share. Hence, infrastructure companies mostly reported revenue decline on a year-on-year (Y-o-Y) basis in Q1FY25.
'Southwest Monsoon has advanced into remaining parts of Rajasthan, Haryana and Punjab and thus it has covered the entire country today, the 26th June 2020,' the IMD said in its special Daily Weather Report.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
The government on Wednesday raised the minimum support price (MSP) for paddy by 5.35 per cent to Rs 2,300 per quintal for the 2024-25 kharif marketing season. The hike in paddy support price comes despite the government sitting on surplus rice stocks, but it is significant ahead of elections in states like Haryana, Maharashtra, Jharkhand, and Delhi.
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