Sri Lankans were on the edge on Tuesday as they waited whether embattled Gotabaya Rajapaksa will honour his offer to resign as president, amid signs that key members of the erstwhile powerful ruling family were attempting to flee in the face of massive public anger against them for mishandling the economy that has bankrupt the country.
It will be difficult for the Indian equity to outperform overall growth to the extent bullish observers expect.
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The broader consensus was that the Fed would cut the monthly stimulus of $85 billion by $10-15 billion.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
The letter shared with the media on Saturday comes amid Maharashtra losing several big-ticket projects to neighbouring Gujarat.
The company has also advised power firms to use trucks to carry coal from remote mines, like the Amrapali open cast pit in eastern Jharkhand state.
COVID-19 forced people to work from home turned into the fuel for new demat accounts, observes Debashis Basu.
'The government will take proactive steps to see that their participation in the equity market, especially in PSU stocks, is rewarding.'
Better-than-expected financial results in Q3 due to higher revenue growth and margins in key markets fuel the rally
'Returns can be very variable in equity markets.' 'That is why I tell small investors don't put 100 per cent of your money in equities, even if you are young.'
Corrective actions are required in the sector but it will only happen if things get really desperate
Rating agencies Crisil and Icra on Monday revised down their India growth projections for the current fiscal and the second quarter mainly due to the ripple effect of slowdown in global growth and mixed crop output. Crisil downgraded the India growth forecast by 30 bps to 7 per cent while Icra pegged the economic expansion at 6.5 per cent for the second quarter of FY2022-23. "We have revised down our forecast for real gross domestic product growth to 7 per cent for fiscal 2023 from 7.3 per cent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity.
Reliance Industries Ltd on Friday reported a 15 per cent drop in its net profit to Rs 15,792 crore for the third quarter, according to a company's stock exchange filing. The net profit of Rs 15,792 crore in October-December 2022 compares to Rs 18,549 crore a year back.
'In FY23, PV sales are expected to end the year at a record 3.8 million units, up 26 per cent. In FY24, however, the industry is expecting 5-7 per cent volume growth'
After Rajasthan, Madhya Pradesh and Maharashtra, petrol price has crossed the Rs 100-per-litre mark in Leh, in almost all districts of Andhra Pradesh and parts of Telangana after fuel prices were again hiked on Friday. Petrol price was increased by 27 paise per litre and diesel by 28 paise a litre, according to a price notification of state-owned fuel retailers. The hike - 18th in the last one month - took fuel prices across the country to a historic high. In Delhi, petrol hit an all-time high of Rs 94.76 a litre, while diesel is now priced at Rs 85.66 per litre.
India suffers from peak power deficit of three per cent.
Sri Lankan police on Saturday fired tear gas and water cannons to disperse anti-government protestors here as the ongoing agitation demanding the resignation of President Gotabaya Rajapaksa over the worst economic crisis intensified as it entered its 50th day.
Looking into the current situation on the China boarder, IOC has stocked up enough winter-grade fuel for the region. With army movements increasing, the demand for this fuel is expected to increase multifold from the 350 metric tonnes last winter.
Investors widened their bets on optimism that upcoming general budget -- to be unveiled next month - would contain incentives for corporates, which will help boost the economy
The faster-than-expected rise in interest rates by the US Federal Reserve (US Fed) shook global financial markets in early 2022. And now the ongoing war between Russia and Ukraine has lifted commodity prices, with Brent crude oil hitting a 14-year high of $139 a barrel in intraday trade. All these developments have sent the equity markets across the world into a tailspin.
Markets continued firm trades with buying interest seen in realty, metal and banking shares. The BSE Sensex has gained 386 points (over 2 per cent) at 18,407, after touching a high of 18,456. Nifty is up 118 points at 5,553.
If the central banks act harshly now, the markets will crash and then rally. If they are hesitant, the pain will be prolonged, predicts Debashis Basu.
'The decision to supply free food grains is not an economically sound decision because the government will find it very difficult in future to charge anything for food grains.'
Protests for and against the hijab had intensified in different parts of Karnataka and turned violent in some places on Tuesday.
Adani Wilmar Ltd (AWL) on Tuesday announced the acquisition of several brands, including the renowned 'Kohinoor' brand from McCormick Switzerland GMBH to strengthen its leadership in food business. The deal size was not disclosed. The acquisition would give AWL exclusive rights over the brand 'Kohinoor' basmati rice along with 'Ready to Cook', 'Ready to Eat' curries and meals portfolio under the Kohinoor brand umbrella in India, the company said in a statement.
India's manufacturing sector activities improved in September as companies benefited from strengthening demand conditions amid the easing of COVID-19 restrictions, a monthly survey said on Friday. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) improved from 52.3 in August to 53.7 in September, indicating a stronger expansion in overall business conditions across the sector. The September PMI data pointed to an improvement in overall operating conditions for the third straight month. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Eleven bidders, including Adani Enterprises, have shown interest in the first-ever coal import tender issued by national miner Coal India (CIL). Recently, state-owned NTPC awarded 6.25 million tonnes (mt) of imported coal tender worth Rs 8,300 crore to Adani Enterprises. CIL, in a public statement on Tuesday, said: "The prominent Indian agencies among them (11 coal importers) were Adani Enterprises, Mohit Minerals, and Chettinad Logistics. "A couple of coal exporting agencies from abroad, including one from Indonesia, have also shown interest," it said.
Spiralling prices pinched the pocket of consumer as edible oil, fuel and many other commodities turned dearer this year amid pandemic-induced disruptions but the inflationary pressure is anticipated to ease, though marginally, in the coming months. As consumers, at retail as well as wholesale levels, are willy-nilly learning to live with the new normal of curbs to contain the spread of coronavirus infections, experts are of the view that elevated inflation is likely to stay longer. After dealing with the devastating blows from the second COVID wave, especially during the April-June period, the economy is well on the revival path but the emergence of Omicron might unsettle the recovery trajectory in the short term.
Sri Lanka's Acting President Ranil Wickremesinghe on Monday imposed emergency giving him sweeping powers ahead of the key election on July 20 to pick a new President as he urged the political parties to put aside differences and form an all-party government, with the Opposition dubbing his decision as an 'undemocratic draconian act'.
After a very weak December quarter and a poor year-to-date fiscal year volumes-when sales plunged to the lowest in nine years, the signs in the first 15 days of January haven't been encouraging either. "Though the severity of the current wave is not as high as the previous one, it has hit the sentiments hard impacting conversion of enquiries into sales," said Vinkesh Gulati, president, Federation of Automobile Dealers Association (FADA).
Investment push by the Modi govt and draw-down of UPA's welfare schemes to put pressure on demand.
The statement comes in the wake of reports that warned of power crisis looming large due to the coal shortage in the country.
Investors cheered a sharp decline in the Current Account Deficit, which stands at a 4 year low as exports picked up and gold imports reduced.
A greater payment security mechanism for power generation companies to ensure timely payouts for supply of electricity will be in focus in 2022 as stricter rules are on the anvil for 24x7 power supply amid discoms' outstanding dues at a whopping Rs 1.56 lakh crore. Mounting outstanding dues of distribution companies (discoms) to electricity generation companies (gencos) have been a perennial issue affecting the entire value chain in the power sector and are also a hindrance for the ambitious goal of 24x7 power supply across the country even when the payment for coal is made in advance. The situation persists despite the fact that discoms' dues become overdue after 45 days of generating bills and they also have to pay penal interest on the overdue amount in most of the cases to gencos.
The Reserve Bank is expected to go for another rate hike of 0.40 per cent at the scheduled review of the monetary policy next week, a foreign brokerage said on Friday. The central bank's rate setting panel will follow it up with a 0.35 per cent hike in rates at the next review in August, or make it into a 0.50 per cent hike next week and a 0.25 per cent increase in August, to make the total quantum of rate hikes at 0.75 per cent, the report by Bofa Securities said. On May 4, the Reserve Bank of India (RBI) hiked rates by 0.40 per cent, and Governor Shaktikanta Das has already called a rate hike at the forthcoming review as a "no brainer" given the pressure to maintain its core mandate of inflation in the targeted band of under 6 per cent.
A lot of gains have been driven by foreign portfolio investors. Lower interest rates globally have forced foreign investors to seek avenues for growth. They have been net buyers to the tune of Rs 2.5 trillion over the trailing 12 months, including May, reports Sachin P Mampatta.
At least 10 persons were admitted to the National Hospital after the confrontation between protesters who have currently been staying inside the prime minister's official residence, the Colombo Post news portal reported.
TCS was the top gainer in the Sensex pack, rising over 3 per cent, followed by HUL, UltraTech Cement, Nestle India, Kotak Bank, Dr Reddy's and Titan. NSE Nifty surged 157.90 points to 17,234.15.
Earlier this year, the Union Cabinet gave the management of state-run companies the freedom to decide on divesting their subsidiaries. However, the very next day a meeting was held at the top level of the Government of India, for the presentation of proposals for more autonomy for state-run companies. Interestingly, no chiefs of any of these companies were invited. It is a problem that will stare the government in the face with the state-owned banks too, as talks have again begun for inviting strategic investments in these companies.
In the last 24 hours, eight people have died after drowning in flood waters -- two each in Barpeta and Karimganj districts, one each in Darrang, Hailakandi, Nalbari and Sonitpur districts and eight people are still missing.
