Domestic passenger vehicle wholesales were down 0.8 per cent at 3,44,656 units in May this year as compared to 3,47,492 units in the same month last year, Society of Indian Automobile Manufacturers said on Monday.
Analysts expect Nifty to rise up by to 6 per cent in six months, with intermittent corrections likely due to global factors.
IMD director general K J Ramesh said the Met wasn't being conservative and weather patterns indicated that there was a possibility of rainfall being very near to the 50-year LPA of 89 cm.
Tata Motors on Friday reported a 62.2 per cent decline in consolidated net profit to Rs 4,003 crore in the June quarter, impacted by volume decline across segments, drop in JLR profits due to US tariffs and high base effect due to gain from sale of discontinued operations. The auto major had posted a consolidated net profit of Rs 10,587 crore in the April-June quarter of the previous fiscal, Tata Motors Ltd (TML) said in a regulatory filing.
Officials said good rain in August - though it might not improve acreages much for most crops except urad, moong, and paddy - would help in improving yields in the crops already planted.
While weather forecasters remain divided on how the monsoons will play out in India over the next few months, analysts believe the news at the current juncture - at best - can trigger a knee-jerk reaction in the markets. They believe it is too early to say whether the sub-par monsoon on account of El Nino can seriously dent the market sentiment in the short-to-medium term. "These are just initial forecasts and we will have another round / status update from the weather forecasters a month down the line.
This should augur well for the rabi crops as delayed withdrawal will leave enough moisture in the soil for early sowing.
Skymet is the first major Indian weather forecasting agency to have issued a monsoon forecast for 2016.
https://www.rediff.com/business/report/quality-control-orders-what-does-this-mean-for-domestic-industry/20240425.htm
The Reserve Bank of India's (RBI) Monetary Policy Committee's (MPC) decision to cut the repo rate by 50 basis points (bps) to 5.5% was contrary to the expectations of many economists. Firstly, most of the economists expected the MPC to cut the repo rate by 25 bps citing the weakening of inflation, prospects of economic growth, geopolitical uncertainty and comfortable system liquidity.
Moody's Investors Service on Friday raised India's growth projection for 2023 calendar year to 6.7 per cent on account of robust economic momentum. "Strong services expansion and capital expenditures propelled India's 7.8 per cent real GDP growth in the second (April-June) quarter from a year ago. "We have accordingly raised our 2023 calendar year growth forecast for India from 5.5 per cent to 6.7 per cent," Moody's said in its Global Macro Outlook. - el nino
Retail inflation dipped to an over six-year low of 2.82 per cent in May due to subdued food prices, remaining below the RBI's median target of 4 per cent for the fourth consecutive month, according to government data released on Thursday. Consumer Price Index (CPI)-based retail inflation was 3.16 per cent in April and 4.8 per cent in May 2024.
The central and western parts of India, which form the core monsoon zone, may face challenges in coping with the drying effects due to inadequate rainfall early in the season, Skymet Weather said.
Former BCCI president Sourav Ganguly on Saturday expressed optimism about the Eden Gardens keeping its date with the 2025 IPL final
Contrary to some predictions, rainfall is adequate so far.
The year 2024 was not only the hottest year on record but also the first to breach 1.5C above the 1850-1900 baseline.
From a few rain gauges in 1875 to rivalling the world's best weather agencies, the India Meteorological Department (IMD) has weathered its way to becoming a global leader in forecasting.
The NSE Nifty, after shuttling between 10,331.80 and 10,227.45, finally settled 196.75 points, or 1.94 points higher at 10,325.15.
Skymet says the IMD ignored the required criterion of two days of necessary rainfall to declare a proper onset of monsoon, reports Sanjeeb Mukherjee.
Bhavnagar was also one of the worst affected districts, they said, adding that more downpour is likely over the next four day in parts of the state.
IMD will present its month-wise and region-wise forecast in June.
El Nino is expected to occur in August-September, but it is unlikely to have any major impact on the monsoon, and the weatherman expects a positive Indian Ocean Dipole, which has a strong influence on rainfall in the country.
The IMD on its part is sticking to its forecast of July rainfall.
Citing the impact of the second wave of the pandemic over the economy and consumer sentiment, Swiss brokerage Credit Suisse has lowered its nominal GDP growth forecast by 150-300 bps to 13-14 per cent, but expects a stronger recovery in the second half as it sees the lockdowns having limited impact on tax collections. Last month, Neelkanth Mishra, the co-head of equity strategy for Credit Suisse Asia Pacific, and India equity strategist, had told PTI that he expected the real GDP to fall to 8.5-9 per cent in FY22 due to the more severe pandemic attack. The virus case load has crossed the 25-million mark, death toll from the same is nearing 2.9 lakh mark, which is one of the highest in the world as the test positivity rate has been around 15 per cent for long.
India Ratings and Research on Friday revised down India's FY22 real GDP growth forecast to 10.1 per cent, from earlier projection of 10.4 per cent, citing the second wave of COVID-19 infections and slower pace of vaccination. At a time when large parts of the country are experiencing tremendous pressure on medical infrastructure, the agency said it expects the second wave to start subsiding by mid-May. Earlier this month, the Reserve Bank maintained its 10.5 per cent GDP growth estimate, but Governor Shaktikanta Das has flagged the rising cases as the biggest impediment to recovery.
Pulses are most vulnerable to pests and diseases if the monsoon remains patchy for the rest of the season.
Meteorologists earlier said Cyclone 'Biparjoy' had been impacting the intensity of the monsoon and that its onset over Kerala would be 'mild'.
Fitch Ratings on Thursday retained India's growth forecast for the current fiscal at 6.3 per cent citing economic resilience despite tighter monetary policy and exports weakness, but upped year-end inflation projection on El Nino threat. The Indian economy grew 7.8 per cent in the April-June quarter of current fiscal on strong services sector activity and robust demand. "The Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, with growth outpacing other countries in the region," Fitch said, while projecting 6.3 per cent growth for current fiscal (April-March), and 6.5 per cent for next fiscal.
Fada estimates that global supply chain headwinds like scarce availability of rare earth elements for electric vehicle components and geopolitical tensions may affect urban consumer sentiment in June as well.
The southwest monsoon is expected to reach Kerala during the next two to three days, marking a sluggish start to the seasonal rains that are the lifeline of India's agri-based economy.
IMD has decided to increasingly use cutting-edge technology such as artificial intelligence (AI) and machine learning (ML) in forecasting, both to avoid such glitches and to counter the disruption of normal seasonal patterns as a result of climate change. It has formed various internal sub-groups of senior officials and meteorologists to decide on how best to use AI and ML in predicting cyclone intensity, and in making short-range weather forecasts (those valid for up to three hours) as well as long-range forecasts.
The India Meteorological Department said the southwest monsoon further advanced into Delhi, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmiri, some parts of Punjab, Haryana and Rajasthan on June 30.
Getaways near Mumbai, Nasik and Pune for memorable weekend day trips in the rains!
Kerala has been receiving rainfall since Saturday and 10 out of the 14 weather monitoring stations in the state have received more than 2.5 mm rains.
Trading sentiment in the equity market will largely be driven by domestic corporate quarterly earnings, any update related to US tariffs and foreign fund movements this week, analysts said. Investors would also focus on world market trends, movement of global oil benchmark Brent crude and the rupee-dollar trend for further cues, experts noted.
Market for localised weather forecasting in India offers immense scope; credibility of data a concern.
India will receive normal monsoon this season, country's meteorological department said on Wednesday in its forecast for the Southwest monsoon that covers 75 per cent of the country, and thereby may bring much-needed respite to the economy, which is reeling under the catastrophic effect of the Covid-19 pandemic.
The RBI chief was speaking to researchers at an analyst call.
'The intensity and frequency of heatwaves will be much higher than in previous years over Punjab, Haryana, Rajasthan, Gujarat, Madhya Pradesh and Odisha.'
The government will announce minimum support prices for kharif.
