Passenger 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 TimesAIIMS Delhi reverses decision to shut OPD for half-day on Ram temple consecration day
AIIMS had earlier issued a memorandum saying OPD services would remain closed until 2.30 pm on 22 January, although critical and emergency services would be operational. Key Points
ThePrintAIIMS Delhi decides to remain open on Jan 22 after announcing half day closing
All India Institute of Medical Sciences (AIIMS), New Delhi has reversed its decision of remaining closed till 2.30 pm on January 22 for Ram Mandir 'Pran Pratishtha' ceremony. Key Points
Economic TimesShibani Sircar Kurian on 4 sectors one can be positive about now
Within banks, if you look at the way the entire segment has played out, the larger private banks, despite the fact that they have seen improvement in terms of profitability, have not seen multiples re-rate. Therefore, their multiples remain at long-term average levels, despite seeing significant improvement over the last couple of years where return ratios are concerned. Key Points
Economic TimesTech Mahindra Q2 Preview: Profit to fall 42% YoY; deal wins seen muted
The communications vertical is expected to be the weakest during the September quarter. Deal wins are likely to remain soft similar to the previous two quarters, due to weak macro environment and slow decision-making of businesses. Key Points
Economic Times
Earnings season held up well; positive on Cipla and Sun Pharma: Mayuresh Joshi
The BFSI space has held up well. Midcap IT has produced another quarter of stupendous earnings and management commentaries are pointing out towards no damage to probably come from either the pricing action or demand dynamics at least at this juncture. A few of the capital good companies obviously have reported a strong set of numbers and though cement companies have disappointed, the reason is obvious. Q2 is expected to be weak for monsoons. Key Points
Economic TimesETMarkets Smart Talk: Microcap space looks a little overvalued; auto, pharma, banks likely to lead next le
Sushant Bhansali, CEO of Ambit Asset Management, states that the microcap space appears overvalued and could experience a significant correction. He remains positive on sectors such as autos, pharma, banks, discretionary consumption, and chemicals. Bhansali believes that the Indian economy's fundamentals are strong, with expectations of continued double-digit growth for the Nifty index. He mentions that rising crude oil prices may delay rate cuts but is not overly concerned due to stable currency and strong economic fundamentals. Key Points
Economic TimesAyodhya Ram Mandir Pran Pratistha: What remains open and shut on 22 January | 5 key points to know
Ayodhya Ram Mandir Pran Pratistha: Preparations are in full swing for the Pran Pratishtha ceremony of the Ram Temple in Ayodhya. The consecration ceremony will be held tomorrow. PM Modi will be performing the rituals with several known personalities in attendance. Key Points
mintLending rates to start easing only in second half of FY'25: Report
Bank deposit rates are unlikely to rise further. But the structural shift in the system will keep downward rigidity intact. Hence, banks lending rate is expected to remain high in FY25 with some modest softening towards the end. Key Points
Economic TimesHoliday Calendar: Equity markets to remain shut on these 14 days in 2024. Check dates
The exchanges may alter any of the above holidays, for which a separate circular will be issued in advance. Both Sensex and Nifty have delivered high teen returns in the year 2023, which was marked by monetary tightening and high inflation. In the year 2023, markets were closed for 15 annual holidays. Key Points
Economic Times
Top Adani stocks may appreciate by 15-20% from current levels: Deven Choksey
A Sebi inquiry on the Adani Group has left investors watchful of Adani Enterprises. KRChoksey Holdings' Deven Choksey is confident about the firm's current valuations and believes it may appreciate from current levels by 15% to 20%. However, Choksey said he would like to remain cautious, as apart from the foreign portfolio investors, no big investors from the domestic turf have invested in the company. Key Points
Economic TimesRam Temple consecration in Ayodhya: From schools- colleges, banks to govt offices, what all will remain shut tomorrow?
Ahead of Pran Pratishtha ceremony of Ram Lalla idol in Ram Mandir in Ayodhya, the central government has declared half-day on Monday. Several state governments have also declared a half-day of government offices and educational institutions. Key Points
mintChristmas Bank Holidays 2023: Banks will remain shut for next three days in THESE cities
Banks will be closed on December 25 across India for Christmas celebrations. Some states will also have additional bank holidays on December 26 and 27. Key Points
mintIf market gives up 1,000 points in Oct-Nov, one can start fresh allocations: Sandip Sabharwal
In the near term, my personal view was that the market should remain fine till September. Market moved up from 16,800 to 20,000, a 3200-point move. In October-November, if we get a deeper correction and if the markets give up around 1,000 points of gains, then we could be looking to start buying in terms of fresh allocations. Key Points
Economic TimesIndia GDP to grow 6-6.3% in FY24, economic prospects brighten: Deloitte India
India is likely to grow 6-6.3 per cent in FY24, Deloitte India said in its economic outlook, forecasting growth surpassing 7 per cent over the next two years if global uncertainties recede. There remain significant uncertainties around the actions of the central banks of major economies and the oil price movements, the economic outlook said. Key Points
Economic Times
People need to remain vigilant against new COVID strain: Official
A new COVID-19 variant has been isolated and studied in India, with a top Union Health Ministry official saying it poses less of a risk of hospitalisations. However, he urged people to remain vigilant. The official suggested the current surge in cases can be attributed to the spread of the XBB 1.16 variant, as the country recorded a single-day jump of 3,641 fresh cases taking the total number of cases to 4.47 crore. The daily positivity rate was recorded at 6.12%, while the weekly positivity rate dropped to 2.45%. Key Points
Economic TimesStock markets closed for trading today on account of Good Friday
Equity markets will remain closed on two occasions in April, once each in May, June, July, August, October, December, and twice in November. November 1, Friday will be Diwali (Laxmi Pujan) and Muhurat Trading will be conducted by the exchanges, the timings for which will be notified later. Key Points
Economic TimesBank profitability to remain healthy despite some moderation: Moody’s
NIMs will decline marginally as banks reprice maturing deposits at higher rates to fully reflect previous increases in interest rates. A slowdown of growth in higher-yielding loans after the Reserve Bank of India (RBI) increased risk weights for riskier loans to NBFCs and unsecured retail loans will also contribute to falls in NIMs, the ratings firm said. Key Points
Economic TimesPM Modi to visit Assam: Elephant safaris at Kaziranga park to remain shut on THESE days
Jeep and elephant rides in Kaziranga Range, Kohora, will be closed from March 7 to 9 due to PM Modi's visit. PM Modi to visit Kaziranga National Park on March 8 and 9 for jungle safari and statue unveiling. Key Points
mintShaktikanta Das: Disinflation process likely to be slow, but economy remains among fastest growing in 2023
RBI Governor Shaktikanta Das has said that India's disinflation process is likely to be slow and protracted, despite CPI inflation reaching a two-year low of 4.25%. He believes India will remain among the fastest growing large economies in 2023. Key Points
mint
Telcos free to take a call on shutting down 2G services, says DoT
Experts feel that 2G technology is likely to remain mainstream in India at least for the next two-three years as a good number of people still use it, particularly those who can't afford a smartphone. As per industry data, around 50 million 2G phones are sold in a year while there are over 500,000 2G base tower stations in the country, majority owned by Bharti Airtel, followed by Vodafone Idea and state-run BSNL/MTNL. Key Points
Economic TimesFrom 'raashan' to artisanal: Embracing the diversity of Indian farmers' sustainable ingredients
Chef Satish Arora launched his book Sweets and Bitters: Tales from a Chef's Life in Kolkata, sharing anecdotes of his culinary journey. He discusses whipping up toothsome delights for VIPs and creating dishes that remain favorites in Mumbai's Taj hotels. The book highlights the standardization of Indian and foreign favorites for desi palates during Arora's heyday. Additionally, it touches on the depletion of diversity caused by the Green Revolution and the decrease in production of Dehradun basmati rice. The article also mentions the changing food philosophy in India, with a focus on celebrating diverse resources and reintroducing traditional produce. Key Points
Economic TimesCoal will remain an important part of India's energy needs: govt official
Coal will remain India's main source of energy for years to come, a top government official said on Thursday, underscoring its commitment to the use of the fossil fuel as the U.N.'s COP28 climate summit opens in Dubai. Key Points
ReutersCloudflare forecasts weak fourth-quarter revenue, shares fall
Cloud services provider Cloudflare (NET.N) on Thursday forecast current-quarter revenue below Wall Street estimates on worries that corporate spending will remain tight triggered by economic uncertainty. Key Points
ReutersLyonnais president Jean-Michel Aulas steps down after three decades
Aulas will remain honorary president, the club said, adding that Textor will be interim CEO until they find someone new. The decision was taken during a meeting held on Friday. Key Points
The Indian Express
Forest dept building set on fire in violence-hit Manipur district, Congress blames BJP
Churachandpur in Manipur has witnessed violence in the past few days amid a protest by tribals against a drive to evict villagers from reserve forest areas. The situation continues to remain grim. Key Points
India TodayAnalysts hold mixed views on RIL after a record Q4
Shares of the oil-to-telecom conglomerate advanced for the second day in a row on Monday to settle at ₹2,360.5 apiece on the NSE, up 0.5% from the previous close. Key Points
Economic TimesMarket to remain volatile, better to be in these 4 sectors: Shibani Sircar Kurian
“The domestic facing companies and sectors continue to be better placed in this volatile market. So, banks, industrials, automobiles, cement are some of the segments where we continue to remain positive as compared to the global cyclicals. We have to be pretty much stock specific in FY24 as a whole.” Key Points
Economic TimesKotak Mahindra Bank Q4 preview: NII seen rising 31% YoY, profit growth to be muted
Kotak Mahindra Bank is expected to report high double-digit growth in net interest income for the quarter ended March, with improvement in profitability. However, growth in the bottomline is expected to be in single digits due to high base effect. Key Points
Economic TimesIs it time to lock in money for a longer term in fixed income? Dhawal Dalal answers
“We like the 5-10-year part of the maturity bucket on the yield curve. We believe that the long end is likely to remain stickier depending on the demand-supply dynamic that evolves as we discussed. But at this point of time, the 5-10-year segment looks very attractive from relative liquidity as well as risk-adjusted return perspective.” Key Points
Economic Times
RBI keeps key repo rate unchanged at 6.5%, expects robust growth but inflation above 4% target
Repo rate was raised by 250 basis points between May 2022 and February 2023. Robust growth to provide space for monetary policy to remain focused on bringing inflation down to 4% target. Key Points
ThePrintReliance net debt continues to rise from YoY perspective despite capex declining sharply QoQ: Probal Sen
Reliance Q3 numbers were fairly strong with performance in several segments offsetting weakness in the gas exploration and O2C segments. Net debt continues to rise despite declining capex. Retail showed a 23% YoY growth in revenue and a 30% improvement in EBITDA, but return ratios remain below 10% due to increased capital allocation. Optimism remains for Jio's ARPUs with traction expected from enterprise and fiber to home business, 5G investments, and tariff monetization. Stock price outlook is neutral with a fair price of Rs 2600-2700. Key Points
Economic TimesIndian inflation seen easing to 5.50% in September on softening food price rises: Poll
The RBI kept monetary policy unchanged on Oct. 6 for a fourth consecutive meeting and signalled interest rates would remain high until inflation was closer to 4%, the midpoint of the central bank's 2-6% target range. Key Points
Economic TimesHimachal rains: 3 more bodies recovered, death toll reaches 56
Heavy rains in Himachal Pradesh led to the deaths of at least 56 people as homes collapsed, landslides occurred and cloudbursts were reported locally. Two people died in Shimla in a fresh incident while two were extracted alive from the rubble on Tuesday morning. A total of 19 bodies have now been recovered since Monday. The region has had a challenging monsoon season this year, with losses to the tune of INR7,171 crore ($1.1bn). Most roads remain blocked, making it difficult for rescue teams to reach the affected areas. Key Points
Economic TimesSchools in these states to remain closed on Monday due to rains
Heavy rains and strong winds pounded several parts of north India, with many states announcing closure of schools on Monday. Railway services have also been hit. Key Points
Economic Times
Smartphone sales to remain subdued this year: Experts
India’s smartphone market is expected to remain subdued in the current year. According to the industry, challenging economic conditions, increasing lifecycle of smartphones and stable 5G handset prices are the major reasons that would impact the sales. Key Points
The Tribune IndiaSGX Nifty down 60 points; here's what changed for market while you were sleeping
FPIs continue to remain net buyers, investing Rs 837.21 crore on Thursday. DIIs sold shares worth Rs 200 crore. Key Points
Economic TimesAbhishek Agarwal sees Nifty trading in 17,000-18,500 range in FY24; PSU could be dark horse
Rockstud Capital Managing Partner Abhishek Agarwal predicts that Indian markets will remain range-bound between 17,000 and 18,500 due to factors such as inflation and foreign investors moving out of emerging markets. However, he believes that PSU banks will perform well due to NPAs falling on a quarterly basis and a higher share of the marginal cost of funds based lending rates. Key Points
Economic Times