6.9 magnitude earthquake strikes Kermadec Islands in New Zealand
The European Mediterranean Seismological Centre earlier estimated the magnitude at 6.6 and a depth at 183 km. | World News Key Points
Hindustan TimesFoodgrain output seen at record 330.5 MT in 2022-23
India's foodgrain production is estimated to increase to 330.5 million tonnes in 2022-23, setting a new record compared to the previous year's 315.6 million tonnes. The Ministry of Agriculture & Farmers Welfare's third advance estimate projected a record production of wheat, rice, maize, nutri, and coarse cereals, sugarcane, and oilseeds. Key Points
Economic TimesIndia needs 8% growth to topple China as global driver, Barclays says
Barclays estimates that India's economy needs to grow at a rate of 8% per year in order to surpass China as the largest contributor to the global economy. To achieve this, the country should focus on investing in traditional sectors such as mining, utilities, transport, and storage, which have stronger spillover effects on the broader economy. The government needs to increase investment in these sectors, which have been neglected in favor of newer industries. Higher investment in traditional sectors can also have a positive impact on employment and household income. Key Points
Economic TimesCan India’s demographic dividend help it overtake the Chinese economy?
By July 1, India’s population will be an estimated 1.429 billion, 2.96 million more than China’s estimated population. | Latest News India Key Points
Hindustan TimesRetail margin on diesel turns positive for the first time in five quarters
Oil marketing companies are estimated to have made a profit of 50 paise per litre on the retail sale of each litre of diesel in the fourth quarter, compared to a loss of Rs 6.5 per litre in the third quarter. In the second and third quarters, the losses were Rs 10 and Rs 12.5 per litre respectively. In the January-March period of 2022, the loss was Rs 2.6 on each litre of diesel. Key Points
Economic Times
Fuel retail turns profitable for oil marketing companies
Indian Oil, Hindustan Petroleum and Bharat Petroleum are estimated to have made an average margin of ₹1.2 per litre on the retail sale of petrol and diesel in the current quarter so far compared to a loss of ₹3 per litre in the October-December quarter and a loss of ₹8.9 per litre in the April-December period, according to ICICI Securities. In the third week of February, the average marketing margin on petrol and diesel is estimated to be ₹3.4 per litre. Key Points
Economic TimesQuake death toll nears 48,000 in Turkiye, 6,000 in Syria
The Feb. 6 quake affected 11 Turkish provinces and parts of neighbouring Syria. The United Nations has estimated Syria's death toll at 6,000. Key Points
Economic TimesCAI maintains cotton crop estimate at 311.18 lakh bales for 2022-23 season
The total cotton supply for October 2022 to July 2023 is estimated at 332.30 lakh bales, which consists of arrivals of 296.80 lakh bales, imports of 11.50 lakh bales and the opening stock estimated by the CAI at 24 lakh bales at the beginning of the season. Key Points
Economic TimesGovernment will adhere to fiscal deficit target of 5.9 pc for FY'24
The government will stick to the fiscal deficit target of 5.9 per cent of the GDP as robust tax, non-tax collections will help meet the spending requirement and make up for any shortfall in disinvestment proceeds, Finance Secretary T V Somanathan said on Friday. Key Points
Economic TimesShould you buy, sell or hold Maruti Suzuki shares post Q1 earnings?
Automaker Maruti Suzuki's net profit for the quarter ended June 2023 surged more than 2-fold YoY to Rs 2,485 crore, and was slightly higher than the ET Now poll estimate of Rs 2,444 crore. The revenue from operations rose 22% on year to Rs 32,327 crore and was higher than the estimated Rs 31,778 crore. Key Points
Economic Times
Thermax directed to repair, reinstate Gas Turbo Generator at the customer’s plant at own expense
The Arbitrator dismissed other claims and counter claims made in the matter. Thus, the award would have an estimated total financial impact of approximately ₹250 crore on Thermax, it added. Key Points
mintIndia approves $3.9 billion hydropower project near China border
The government approved the estimated investment of 319 billion rupees ($3.9 billion) for the 2,880-megawatt Dibang project in Arunachal Pradesh, state-run hydropower producer NHPC Ltd. said Monday. The project is estimated to take nine years to build. Key Points
Economic TimesPM GatiShakti: Eight infra projects worth ₹13,000 crore evaluated
During the meeting, all projects were evaluated for their integrated planning and conformity with the PM GatiShakti principles. Emphasis was placed on the socio-economic benefits, improved connectivity, reduced transit costs and enhanced efficiency. The railways project, from Manmad to Jalgaon, involved an estimated investment of Rs 2,594 crore. The other project (from Bhusawal to Burhanpur) involve investments of Rs 3,285 crore. Key Points
Economic TimesUltra rich drive super-luxe cars in the fast lane
This comes as luxury cars, priced above Rs 40 lakh, are collectively headed for record sales in 2023, having sold an estimated 48,000 units between January and September, surpassing the previous high of 40,000 units sold in the entire 2018. The likes of Lexus, Rolls Royce, Lamborghini, Maybach and Ferrari together sold an estimated 6,800 units between January and September, higher than sales of 6,500 units of cars priced between Rs 75-99 lakh. Key Points
Economic TimesTimely implementation of market reforms key to improve financial viability of PSP: ICRA
According to the report, the levelised tariff for pumped storage hydro projects in the base case (capital cost of ₹6.5 crore per MW and 16.5% return on equity) is estimated at ₹4.98 per unit while the landed tariff including cost of energy required for pumping is estimated at Rs. 8.92 per unit Key Points
mint
Godrej Properties acquires 3-acre land in Ahmedabad to build housing project worth Rs 1,300 cr
New Delhi, Oct 21 (PTI) Realty firm Godrej Properties Ltd (GPL) has acquired around 3 acres of land in Vastrapur, Ahmedabad to develop a housing project having an estimated sales of Rs 1,300 crore. The company did not disclose the deal value and the name of the seller. “The development on this land is estimated […] Key Points
ThePrintISMA pegs 9 pc fall in gross sugar output for 2023-24; says sufficient to meet local demand
In August, ISMA had estimated gross sugar production at 369 lakh tonnes, while the net sugar output was projected at 328 lakh tonnes after a diversion of 41 lakh tonnes for ethanol. With India's domestic consumption average of 278.5 lac tons, the production estimates assure sufficient sugar for domestic consumption, ISMA said. Key Points
Economic TimesLandmark Group CEO Renuka Jagtiani among Forbes' 265 ‘New Billionaires’
From India, Renuka Jagtiani, the CEO of e-commerce conglomerate Landmark Group, joins the Billionaires list with a net worth of $4.8 billion. Key Points
Hindustan TimesChatGPT consumes 17,000 times more electricity than an average US household daily
Artificial Intelligence (AI) is becoming a huge electricity guzzler, raising concerns about its environmental impact. OpenAI's popular generative AI - ChatGPT - alone is estimated to consume over half a million kilowatt-hours daily in order for it to respond to about 200 million user requests daily, as per a report. Key Points
India TodayPassenger vehicles industry to grow up to nine percent this fiscal, says ICRA
The report said that dealer inventories remain high despite strong retail sales, and the pace of growth is expected to taper off in the coming financial year. ICRA said that during the recently concluded festive season, retail sales grew six percent year-on-year. Key Points
Economic Times
Nifty Auto index stocks: Festive season is a test for EV inflection point
In some segments like cars and two wheelers do have witnessing rising sales in festive season. But this time in case of even in these two segments, what would be more interesting to watch would be the fact how much sales the EV segment is able to get. If there is a sharp jump in EV numbers then it would mean that the final inflection point as far as the price is concerned will be higher than what has been estimated earlier. Which means early adoption. So when companies announce their sales numbers for the following months, October, November and December, it would throw a light on possible winners for next year. Key Points
Economic TimesChina’s lithium battery industry detrimental for its economy
China's investment in the lithium battery industry has led to an oversupply of batteries, causing smaller manufacturers to face closures. By 2025, China's battery manufacturers are expected to produce quadruple the demand from EV makers, resulting in an estimated production capacity twice the demand levels. Key Points
Economic TimesMega Millions Jackpot mounts to $1.25 billion, no winners in Tuesday's draw
The record-breaking Powerball prize remains the largest in U.S. history at $2.04 billion. Participants eagerly await the next draw, hoping to become the fortunate winner of this life-changing sum. Key Points
Economic TimesMassive $10 quintillion metal-rich asteroid draws closer to US reach: Report
NASA is less than 100 days away from launching a spacecraft to study asteroid 16 Psyche, estimated to be worth $10 quintillion. The spacecraft will launch in October using a SpaceX Falcon Heavy rocket and spend 26 months in orbit around the asteroid. Key Points
mintHealthy refining, retail margins in Apr-Jun qtr set to boost oil marketing companies' profits
The retail margins on petrol and diesel jumped sharply in the April-June quarter over the previous quarter. This coupled with gross refining margins of $7.7-9 per barrel (net of windfall tax, estimated inventory loss and Russian crude cost-benefit) would help boost the profit of the three state-run oil marketing companies (OMCs), ICICI Securities said. Key Points
Economic Times
Elon Musk, Sergey Brin reportedly taking ketamine, magic mushroom, Tesla CEO says, ‘better option than…’
Drug use, particularly psychedelics, is becoming more common among public figures and tech executives in Silicon Valley. The global psychedelics market is estimated to reach $8 billion by 2029. Key Points
mintIndia's economy grew 6.1% in the January-March quarter. 10 points
India's economy grew 6.1% in the January-March quarter from a year earlier, accelerating from 4.4% in the previous quarter, helped by a pickup in manufacturing activity, government data showed Key Points
mint5 logistics & transportation companies with 'strong buy' and 'buy' ratings that can offer up to 48% return
Decline in oil prices, increased economic activity are tailwinds. Will the step taken by RBI to control inflation show an impact on overall economic growth this quarter and that is what may turn out to be a headwind. The list of the logistic companies is based on upside estimated by the analysts, with the highest potential stock coming on the top of the list. Key Points
Economic TimesMetal stocks: Will they shine again? 6 counters can deliver over 32% returns, say analysts
The focus of analysts is back on metal stocks. Unlike 2021 and early 2022 when the outlook was bullish across the board. This time around it is not secularly bullish. It is selected stocks which are getting attention, companies either with large capacity, fully integrated or in any area where they are literally monopolies. For the purpose of this report, where the average stock report plus score is a minimum of 7. The list is based on upside estimated by the analysts, with the highest potential stock coming on the top of the list. Key Points
Economic TimesStatus quo is not an option for Tata Steel UK: MD, TV Narendran
The Rishi Sunak-led government's earlier proposal barely covered a fifth of the estimated capital cost required at Port Talbot Steelworks, Narendran said. The company's European operations continued to be a drag on its consolidated financials. Edited excerpts: Key Points
Economic Times
‘Adapting to climate change to cost India ₹85.6 lakh crore by 2030’
Climate change adaptation to cost ₹85.6 lakh cr. by 2030 Key Points
The HinduHoliday and party time; QSR stocks can deliver over 56 % returns, say analysts
We take a look at Quick restaurant space ( QSR ) except the two stocks which would come on top of your mind. Jubilant Food Works and Westlife. These are other 4 companies which have got listed in the last few years and have been getting analyst attention. But there is a dichotomy, while scores are not so good, expected price performance is reasonably good. The list is based on upside estimated by the analysts, with the highest potential stock coming on the top of the list. Key Points
Economic TimesIndian economy in relatively better position but need to remain overly cautious in this precarious environment
In the midst of all this global turmoil, India is in a relatively sweet spot. While India’s GDP growth is expected to moderate from an estimated 7% in FY23, it would still be at around 6.1% in FY24. Key Points
FinancialexpressCementing portfolio; 5 mid and small cap cement stocks which can deliver over 36 % returns, say analysts
While the focus of news stays ACC and Ambuja, it would be better to look at many other players, some of them in mid and small cap space. Some of them have improved their performance in terms of operational efficiency. The list is based on upside estimated by the analysts, with the highest potential stock coming on the top of the list. Key Points
Economic TimesIndia to harvest record mustard crop in 2022-23, finds SEA’s crop survey
Total nine states including Assam, Bihar, Chhattisgarh, Gujarat, Haryana, Madhya Pradesh, Rajasthan, Uttar Pradesh and West Bengal were surveyed. “Based on the primary survey of nine major states and secondary survey of rest of the states, India's rapeseed-mustard acreage for 2022-23 is estimated at 95.77 lakh hectares, which is lower than the Ministry of Agriculture's estimate of 98.02 lakh hectares,” said SEA. Key Points
Economic Times