India Inc's net profit as a percentage of the country's gross domestic product (GDP) is just shy of reaching 5 per cent, bolstered by strong earnings growth in the second quarter of 2023-24. Analysts interpret this as an indication that a corporate profit upcycle is in progress, with projections suggesting that this share could exceed 8 per cent within the next five years, driven by bullish earnings growth expectations. "We believe we are only halfway through a profit cycle, with the profit share in GDP rising from a low of 2 per cent in 2020 to about 5 per cent currently, and likely heading to 8 per cent in the coming four to five years. "This implies about 20 per cent compounding of earnings growth. "Underscoring this forecast is the start of a new private capex cycle, under-geared balance sheets, a healthy banking system, lower corporate tax rates, improving terms of trade, and structural consumption demand outlook albeit somewhat offset by likely consolidation in government deficit," said Ridham Desai, managing director, head of research, Morgan Stanley India in a note.
The broader NSE Nifty climbed 61.60 points, or 0.58 per cent, to close at 10,772.05.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
Atletico Madrid secured a hard-fought 2-1 home victory over Real Betis in La Liga on Sunday thanks to an own-goal by Rui Silva and a header by Alvaro Morata as Diego Simeone's side ended a three-game winless run in all competitions.
This is despite the fact that total FDI into India has fallen by 22 per cent from $58 billion in FY22 to $46 billion in FY23, according to the Reserve Bank of India.
Bajaj Finance was the biggest gainer in the Sensex pack, rising 2.70 per cent, followed by Power Grid, IndusInd Bank, NTPC, Bharti Airtel, ITC, Bajaj Finserv, Infosys, Nestle, Tata Steel, Tata Consultancy Services, Titan and Axis Bank. Reliance Industries, Mahindra & Mahindra, Maruti and State Bank of India were among the laggards.
Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than 1 per cent on value buying in auto, IT, financial and energy stocks. Better than expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts. In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points.
For Napoli, the match highlighted their struggling form, marking three consecutive defeats across all competitions for the first time since October 2016. They are fifth with 24 points.
India beat Japan 4-0 to win women's Asian Champions Trophy hockey title
Rupee rebounds from one-week low, up 9 paise against dollar.
Traders said apart from increased buying by jewellers and retailers to meet seasonal demand, a firming trend in global markets on increased tensions in Ukraine and weakening dollar mainly influenced precious metal prices.
Mukesh Ambani has reclaimed the top position on the 2023 Forbes list of India's 100 Richest with a net worth of $92 billion. The fortune of infrastructure magnate Gautam Adani, who rose meteorically to overtake Ambani as India's richest person for the first time last year, has slipped to the second position. Adani's net worth, which includes that of his family, fell by a whopping $82 billion to $68 billion, after a report by US short-seller Hindenburg Research in January sent his group's shares tumbling.
Traders said increased buying by jewellers and retailers, triggered by upcoming festive season, led to recovery in prices of the precious metal.
A day after Novak Djokovic won his 23rd Grand Slam title, Serbia's Nikola Jokic was named Most Valuable Player of the NBA Finals
Gold prices rebounded by Rs 190 to Rs 31,000 per ten grams in the national capital today on pick up in festive season demand.
Silver maintained its rising streak for the fourth consecutive day and advanced Rs 100 to Rs 42,400 per kg on sustained buying by industrial units.
'The CEA suggested that could be as high as 19 per cent.'
Images from the Premier League matches played on Saturday, March 9.
India's leading capital goods and engineering firms are in the midst of one of their busiest seasons, with the combined orderbook surging past Rs 8 trillion in value. As on September 30, 2023, 13 of India's top 15 listed capital goods and engineering firms, for which data for the September 2023 quarter was available, had a total orderbook worth Rs 8.45 trillion - a number unseen at least since 2018-19. "This intuitively looks like an all-time high factoring in inflation," said Anupama Arora, a senior independent analyst who tracks the capital goods sector.
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