Category: Market

India's inflation rate based on the Wholesale Price Index (WPI) eased to 0.2 per cent in February, from 0.27 per cent in January, data released by the Commerce and Industry Ministry on Thursday showed.

There was a sharp decline in cooking oil prices during February which came down by as much as 11.67 per cent. The price rise in spices slowed to 13.51 per cent compared to 16.36 per cent in January.

Coal sector PSUs such as Coal India Ltd and NLCIL have surpassed the annual target of 21,030 crore capital expenditure (CAPEX) fixed for the current financial year ending on March 31, 2024 with a total investment of Rs 22,448.24 crore at the end of February, the Coal Ministry said on Saturday.

A sharp recovery was seen in the Nifty post noon on Wednesday. At close, Nifty was up 118 points, or 0.53 per cent, to close at 22,474.05 levels, said Deepak Jasani, Head of Retail Research at HDFC Securities.

BSE Sensex jumped more than 1,000 points on Friday reacting to India’s impressive GDP numbers. Sensex was trading up by 1045.99 points up by 1.44 per cent at 73,549.64 points.

The Adani Portfolio of companies on Thursday reported a record quarterly profit growth of 63.6 per cent (year-on-year), as trailing 12-month EBITDA (as of December 2023) stood at Rs 78,823 crore ($9.5 billion), which is 2.5 times the EBITDA in FY21 and 37.8 per cent higher than FY23 EBITDA.

The high growth rate of 8.4 per cent in the October-December quarter has been driven by a double-digit growth in manufacturing sector of 11.6 per cent, followed by a good growth rate of construction sector (9.5 per cent).

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved the establishment of three semiconductor fabrication (fab) units that will start construction within the next 100 days and generate direct employment of 20,000 advanced technology jobs and nearly 60,000 indirect jobs.

The Food Safety and Standards Authority of India (FSSAI) has certified 150 railway stations across the country as Eat Right Stations, as part of its initiative to ensure safe, hygienic, and nutritious food options for millions of passengers who traverse the country's vast railway network, according to an official statement issued on Thursday.

The meeting, which took place in the backdrop of the RBI action against Paytm Payments Bank, was attended by representatives of fintech firms such as Google Pay, PhonePe, Amazon Pay and RazorPay, as well as top officials of the National Payments Corporation of India (NPCI).

In a volatile session, Nifty ended in the green on Thursday, touching a fresh record high helped by positive global cues, said Deepak Jasani, Head Retail Research at HDFC Securities.

The government’s strategy to reach the $300 billion level in production of electronics from the current level of about $75 billion is built on broadening and deepening electronics manufacturing in the country.

The growth rate in India’s business activity accelerated to a 7-month high in February driven by a strong demand for both manufacturing and services, according to a private economic survey released on Thursday.

Nifty extended its gains for the sixth consecutive session on Tuesday, once again touching a fresh record high in the last hour of trade, said Deepak Jasani, Head of Retail Research at HDFC Securities.

The Ministry of Coal is planning to hold an interaction with industry leaders in Mumbai on Wednesday as part of a roadshow for the promotion of coal/lignite gasification projects nationwide.

It said that to support the rubber industry, planting of rubber will be undertaken in 12,000 hectares (ha) in traditional areas during 2024-25 and 2025-26 with an outlay of Rs 43.50 crore.

Nifty ended higher for the fifth straight session on Monday after hitting an all-time high on the intra-day charts, said Deepak Jasani, Head of Retail Research at HDFC Securities.

Fresh fruits have emerged as a standout performer in India's agri export basket with a robust growth of 29 per cent in the nine-month period from April to Dec 2023, according to the latest data compiled by the Agricultural and Processed Food Products Export Development Authority (APEDA).

Domestic equities gained for the fourth consecutive day on Friday, recovering more than 500 points or 2.3 per cent, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

Addressing the first-ever 'Digital India Future Skills Summit' in Guwahati, the minister said that youth from the state will now have jobs in the semiconductor industry at their doorstep.

The country’s merchandise imports also increased by 3.0 per cent in January 2024 to $54.41 billion but were lower than $58.25 billion in December 2023.

India’s retail inflation slowed to 5.1 per cent in January this year from 5.69 per cent in December 2023, bringing some relief to household budgets, according to official figures released on Monday.

In early 2010, the Shanghai composite index was around 3,000. Now it is below that level at around 2,865: No return during the last 14 years. In sharp contrast, Nifty was around 5,000 in early 2010 and is now above 21,500, multiplying more than four times during 14 years, he said.

The White Paper on Indian Economy tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman on Thursday enumerates about 15 cases of corruption and scams that happened during the 10-year rule of the Congress-led UPA government.

The telecom licenses issued in FY09 were cancelled by the Supreme Court due to a lack of transparency in the allocation process. In this period, the telecom sector went into a seizure as the government was caught out by the top court judgement.