Connect with us

Businesses

Small and midcap indices down for second straight day

Published

on

Mumbai, Feb 29 (IANS) Nifty swung between gains and losses on Thursday amid the monthly expiry.

The index finally closed with gains of 32 points at 21,983 levels, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

Broader markets witnessed the brunt of SEBI’s cautious stance on the midcap and smallcap funds. Both the indices were down for the second consecutive day, Khemka said.

Sector-wise, it was a mixed bag with buying seen in banking, financials, and metals.

Recent global economic data releases pushed investors back after a rally that was seen recently, he said.

Further, the US Fed’s preferred inflation gauge, personal consumption expenditures (PCE) due on Thursday holds key importance from an interest rate perspective.

Markets will also react to India’s Q3 GDP data to be released later on Thursday.

The auto sector is expected to be in focus as monthly sales numbers will be published over the weekend, Khemka added.

ALSO READ:  Housing sales created new peaks in previous two election years

Vinod Nair, Head of Research at Geojit Financial Services, said the domestic benchmark traded near a flat-line trend throughout the session, but some buoyancy emerged by the end of the day.

Investors adopted a cautious wait & watch approach on the verge of a heavy economic data week. India’s Q3 GDP has a moderate outlook on a QoQ basis.

The US personal consumption expenditure (PCE) price index is due to provide a clue on the future interest rate cut path while China’s PMI index is scheduled to be released on Friday.

–IANS

san

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Businesses

India's industrial production clocks 5 pc growth in April

Published

on

By

New Delhi, June 12 (IANS) India’s Index of Industrial Production (IIP) recorded a 5 per cent year-on-year growth during April this year compared to the corresponding figure of 4.6 per cent in April 2023, according to the latest data released by the Ministry of Statistics on Wednesday.

The growth rates of the Mining, Manufacturing and Electricity sectors in April 2024 are 6.7 per cent, 3.9 per cent and 10.2 per cent respectively over the same month last year.

Within the manufacturing sector, the growth rates of the top three positive contributors to the growth of IIP for April 2024 are — ‘Manufacture of basic metals’ (8.1 per cent), ‘Manufacture of coke and refined petroleum products’ (4.9 per cent), and ‘Manufacture of motor vehicles, trailers and semi-trailers’ (11.4 per cent), the figures showed.

Data on use-based classification shows that the output of consumer durables such as refrigerators, washing machines and TVs grew by 9.8 per cent which appears to be a positive sign of demand for these goods picking up in a growing economy.

ALSO READ:  India's inclusion in Bloomberg Bond Index likely to attract investment exceeding $5 bn

The output of construction goods also grew by a robust 8 per cent indicating the investments being made in the infrastructure structure.

The production of capital goods, which comprise machines that produce goods and thus reflect the real investment taking place in the economy, grew at 3.1 per cent.

–IANS

sps/sha

Continue Reading

Businesses

India's 500 GW renewable energy target to require investment up to $215 bn in 7 years

Published

on

By

Mumbai, June 12 (IANS) India’s target of 500 gigawatts (GW) of renewable energy capacity by 2030 will require $190 billion-$215 billion of investment over the next seven years, a Moody’s report said on Wednesday, adding that solid growth in India’s renewable energy capacity will continue.

Another $150 billion-$170 billion of investment will be required for electricity transmission and distribution as well as energy storage, the report stated.

Government policies and stable regulatory frameworks will support credit quality.

“The sizeable pipeline of announced projects will keep the financial leverage of renewable power companies rated by Moody’s high over the next 2-3 years – a credit negative – but the leverage of government-related issuers will remain moderate over the same period, given their relatively strong balance sheets,” said Abhishek Tyagi, a Vice President and Senior Credit Officer with Moody’s.

Strong policy support has helped India increase the share of renewable energy in its power capacity mix to around 43 per cent in fiscal 2023 (which ended March 2023) and fiscal 2024. Continued policy support will help the country make significant progress toward its 2030 transition targets and 2070 net-zero goals, the report mentioned.

ALSO READ:  Govt hardsells coal gasification projects at Mumbai roadshow

“We expect the strong growth in India’s renewable energy capacity to continue, although coal will remain a major source of electricity generation over the next 8-10 years,” Tyagi said.

Union Minister for New and Renewable Energy and Consumer Affairs, Food and Public Distribution Pralhad Joshi said on Tuesday the government is committed to advancing renewable energy initiatives to meet the country’s rising energy demands and environmental goals. “Achieving self-reliance in terms of fuel and energy by 2047 is our conviction,” he said.

–IANS

na/vd

Continue Reading

Businesses

India's CPI inflation eases to 12-month low of 4.75 per cent in May

Published

on

By

New Delhi, June 12 (IANS) India’s consumer price inflation eased to a 12-month low of 4.75 per cent in May, compared to the same month of the previous year as declining fuel and cooking oil prices helped to bring down the burden on household budgets, figures released by the Ministry of Statistics on Wednesday showed.

CPI inflation had come down to 4.83 per cent in April, which was an 11-month low and the declining trend is continuing.

“Spices has shown a considerable decline at sub-group level in year-on-year inflation as compared to April 2024. Among the groups, inflation corresponding to ‘Clothing & Footwear’, ‘Housing’, and ‘Miscellaneous’ has decreased since last month,” the Ministry said.

The declining trend in cooking oil prices continued in May with a 6.7 per cent fall during the month. The price rise in spices slowed to 4.27 per cent from 11.4 per cent in April.

The inflation in pulses, however, stayed high at 17.14 per cent.

ALSO READ:  Housing sales created new peaks in previous two election years

Vegetable prices, too, shot up by as much as 27.33 per cent, albeit a tad lower than 27.8 per cent in April which remains a pain point for consumers. The prices of cereals also increased by 8.65 per cent during the month.

Food inflation, which accounts for nearly half of the overall consumer price basket, rose 7.87 per cent in April, compared with an 8.52 per cent rise in the previous month.

The country’s CPI inflation has been showing a declining trend in recent months as it fell to 4.85 per cent in March from 5.09 per cent in February and 5.1 per cent in January this year.

However, it is still above the RBI’s mid-term target of 4 per cent and is the main reason why the central bank has not gone in for a cut in interest rates to rev up growth.

The RBI is keen to keep inflation under control to ensure growth with stability and held the repo rate steady at 6.5 per cent for the eighth consecutive time in a row in its bi-monthly monetary policy review on Friday.

ALSO READ:  Valuations of PSU banks turning less attractive, says brokerage

While the RBI has raised its projected GDP growth estimate to 7.2 per cent for 2024-25 from 7 per cent earlier, it has kept its projection for retail inflation at 4.5 per cent.

RBI Governor Shaktikanta Das said the forecast above-normalmal monsoon bodes well for the kharif season and could bring respite to food inflation pressures, particularly in cereals and pulses. However, the outlook on crude oil prices remains uncertain due to geo-political tensions. Assuming a normal monsoon, CPI inflation for 2024-25 is projected at 4.5 per cent as the risks are evenly balanced, he added while making the monetary policy announcement last week.

“At the current juncture, the uncertainties related to the food price outlook warrant close monitoring, especially their spillover risks to headline inflation. In parallel, the behaviour of the core component also needs to be watched carefully. We need a descent of inflation to the 4 per cent target on a durable basis, while supporting growth,” Das said.

ALSO READ:  Byju Raveendran tells staff not to sell courses but counsel parents; cuts course prices

–IANS

sps/vd

Continue Reading

Businesses

Musk had sex with two of his employees, asked another woman to have his babies: Report

Published

on

By

San Francisco, June 12 (IANS) Tesla and SpaceX CEO Elon Musk has been accused of having sexual relationships with two of his employees, including an intern, and approaching another worker to have his babies, a media report revealed on Wednesday.

According to The Wall Street Journal, Musk in his companies — Tesla and SpaceX, created a culture which made the women staff uncomfortable.

Women employees at Tesla claimed that they were shown “an unusual amount of attention or pursued” by Musk. A SpaceX flight attendant had alleged that the tech billionaire exposed himself to her and offered to buy her a horse in exchange for sex in 2016.

A former female employee who left SpaceX in 2013 claimed that Musk repeatedly asked her to have his children. Tesla CEO, who has at least 10 children, has expressed concerns about underpopulation and has stated that individuals with high IQs should have children, the report mentioned.

In addition, the report claimed that a woman who worked at SpaceX received repeated invitations from Musk to come to his house at night.

ALSO READ:  Byju Raveendran tells staff not to sell courses but counsel parents; cuts course prices

This is the latest in a series of allegations against Musk, who has previously been accused of regularly using drugs such as LSD, cocaine, ecstasy, mushrooms, and ketamine, sometimes even at work with board members.

Meanwhile, Musk has threatened to ban iPhones from all his companies over the integration of ChatGPT into iPhones and other Apple devices.

–IANS

shs/uk

Continue Reading

Businesses

India’s toy exports expand to more than 100 countries

Published

on

By

New Delhi, June 12 (IANS) The Indian toy industry has expanded its global presence to more than 100 countries including the US, the UK, Germany, the Netherlands, Denmark and even China and the next step for the toy manufacturers is to reach international consumers through the effective use of online mediums, a senior official of the Department for Promotion of Industry and Internal Trade (DPIIT) said here on Monday.

In line with the objective of providing an impetus to the growing Indian toy sector, DPIIT organised a “Workshop with Flipkart and Indian Toy Industry” on Wednesday in New Delhi, which played a pivotal role in laying the roadmap for enabling further growth of the toy sector, scaling domestic consumption and upskilling/reskilling workforce.

Addressing a joint workshop of Indian toy manufacturers and e-retail giant Flipkart, Joint Secretary, DPIIT, Sanjiv said: “The success of the Indian toy industry reflects in the enhanced exports, increasing robustness of the manufacturing ecosystem and reduced import dependence.”

ALSO READ:  Decline in volatility index indicates low downside risk to market

The deliberations laid special focus on how the emerging opportunities from the e-commerce marketplace can be leveraged to bolster the growth of the Indian Toy Industry.

Secretary, (DPIIT), Rajesh Kumar Singh while addressing the participants said: “As part of its strong commitment to create a better ecosystem for the toy industry, the government has identified the sector as one of the champion sectors, with a long-term vision to create a global market for ‘Made in India’ toys. A cohesive approach is being followed by breaking the silos and working with industry in all aspects for enhancing the robustness of the sector.”

The workshop organised in collaboration with Flipkart and the Indian Toy Industry helped the domestic toy manufacturers to understand the nuances of online selling, thereby enabling a step further towards building a “Toyconomy”.

According to industry estimates, Indian exports of Toys, Games, and sports articles between 2014-15 to 2022-23 increased by 239 per cent whereas the imports fell by 52 per cent.

ALSO READ:  Housing sales created new peaks in previous two election years

Further, the report presented the current market size of the industry is USD 1.7 billion, and expected to reach USD 4 Billion by 2032 with a 10.5 per cent annual growth rate.

–IANS

sps/dan

Continue Reading

Trending