India's economy: Riding high on budgetary hopes
The domestic economy has performed robustly in FY2024 and there is strong optimism about India maintaining the growth momentum in FY2025 as well
The domestic economy has performed robustly in FY2024 and there is strong optimism about India maintaining the growth momentum in FY2025 as well
Budget 2024: Prime Minister Narendra Modi, beginning his third term, prioritized the release of the 17th instalment of the PM Kisan Nidhi scheme, indicating his government's emphasis on agriculture. In its first cabinet session, the NDA government approved new Minimum Support Prices (MSP) for 14 kharif crops, focusing particularly on increasing support for oilseeds and pulses to reduce imports.
HDFC Bank's MD, Sashidhar Jagdishan, expressed disappointment over deposit growth for the June quarter, attributing shortfalls to unexpected current account outflows. Despite deposits growing 24.4% YoY to Rs 23.79 lakh crore, gross advances surged 52.6%, causing a regulatory concern on credit-deposit imbalance. The bank aims to slow advance growth and reduce the credit-deposit ratio.
Indian garment players, backed by AEPC, will leverage the Indo-Japan trade agreement during ITTF in Tokyo from July 23, featuring 200 exhibitors like Sumitomo and Mitsubishi.
The contest between Yogi Adityanath and deputy CM Keshav Prasad Maurya, who has been vocal about his disenchantment and not hidden his ambitions, goes back to the 2017 Vidhan Sabha elections. A strong OBC leader and the then BJP unit president, Maurya played a key role in BJP’s impressive performance where it won 312 seats.
Consumers are shifting from gold jewellery to gold bars and coins due to rising gold prices, as reported by the World Gold Council (WGC). Despite high prices dampening jewelry demand, gold bars and coins remain popular. The domestic gold price discount to the international price widened significantly in July. Indian gold ETFs saw strong inflows, with assets under management growing by 54% year-on-year. The Reserve Bank of India increased its gold purchases in June, marking the highest monthly procurement in nearly two years... Читать дальше...
The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman, reviews India's economic performance and outlines future fiscal policies. Key highlights include sectoral performance, global macro trends, and banking evolution. Chief Economic Adviser V. Anantha Nageswaran will present detailed findings. The Union Budget 2024-25, Sitharaman’s seventh consecutive budget, follows on July 23. The Survey's insights will shape the budget's focus and priorities.
Experts forecast Apple's revenue from Mac PCs in India to almost double this year, driven by growing acceptance in enterprise and educational segments. Mac PC sales may grow 14%+ in 2024 on rising acceptance in enterprise, educational segments.
Last week, speaking at the Defense News Conclave: Stories of US-India Defense and Security Partnership in New Delhi, the US envoy to India, Eric Garcetti invoking the qualities of “trusted friends” remarked that the bilateral relationship is still “not yet deep enough” to be taken for granted and emphasised that “there is no such thing as strategic autonomy” during a conflict.
A recent spate of data from China's government, as well as reports by energy analysts, have provided positive signs that while China's emissions may not decrease significantly, they also may not grow.
ICICI Lombard General Insurance Company Ltd. key Products/Revenue Segments include Miscellaneous Insurance, Other Operating Revenue, Fire Insurance and Marine Insurance for the year ending 31-Mar-2024.
According to technical scan data from stockedge.com, on July 19, three stocks listed on the NSE with market capitalizations exceeding Rs 1000 crore saw their closing prices rise above their 200 DMA.
Polycab India Ltd., incorporated in the year 1996, is a Mid Cap company (having a market cap of Rs 95469.26 Crore) operating in Consumer Durables sector.
Ahead of the budget, Indian markets fell. Sensex dropped 355 points, Nifty50 by 148 points. Reliance fell 2.5% from lower fuel margins; HDFC Bank, the country's top private lender, rose 1% after beating profit forecasts; Wipro dropped 8% due to weak demand in Europe and Asia-Pacific. Mixed performance among key stocks in early trading.
Union Bank of India, incorporated in the year 1919, is a banking company (having a market cap of Rs 103549.86 Crore).
President Joe Biden announced on Sunday that he will not seek re-election, endorsing Vice President Kamala Harris as the Democratic Party's likely presidential nominee. This news has been welcomed by all five Indian-American lawmakers, who displayed their support for Harris.
JSW Steel Ltd., incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 217510.90 Crore) operating in Metals - Ferrous sector.
UltraTech Cement Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 325024.10 Crore) operating in Cement sector.
Persistent Systems Ltd., incorporated in the year 1990, is a Mid Cap company (having a market cap of Rs 70608.05 Crore) operating in IT Software sector.
Nuvama advises holding Kotak Bank with a target of Rs 1,650. Despite a NIM decline from higher CoF and less unsecured loans, PAT rose 51% QoQ with a post-tax gain. RBI gaps are being addressed, and the CEO aims for mid-teens growth in unsecured loans.
HDFC Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 1222853.50 Crore).
The Jammu and Kashmir unit of Janata Dal (United) has urged party president Nitish Kumar to reassess alliance with BJP at the Centre due to alleged obstacles created by BJP in efforts to integrate Islamic scholars in Kashmir back to mainstream. JD(U) emphasizes importance of including scholars for nation-building despite challenges posed by BJP.
Volatility is expected to elevate again as we approach the Union Budget 2024. India is in for a major event this week, the Budget, which has been crucial given the kind of spending the government of India is doing in certain sectors and which has a direct impact on the stock market, discounting every single statement and reflected in prices.
The U.S. Air Force's Next Generation Air Dominance (NGAD) program, initially aimed at a cutting-edge sixth-generation fighter jet, may see reductions due to budget constraints and shifting priorities. Originally envisioned to replace the F-22 Raptor with advanced stealth, laser weapons, and AI capabilities, the program's budget of $28.5 billion over five years might be stretched or reduced. Potential changes include opting for a single-engine design or increasing focus on unmanned drones under the Collaborative Combat Aircraft initiative. Читать дальше...