Oil prices rise after US interest rate cut
By Colleen Howe BEIJING (Reuters) -Oil prices rose on Thursday after a large interest rate cut from the U.S. Federal Reserve, but concerns over global demand lingered and capped gains. Brent crude Key Points
ThePrintdemand under rural jobs scheme eases again in May
Demand for work under India's rural job guarantee scheme, MGNREGS, dropped for a seventh consecutive month in May, signaling improved economic conditions at the start of the fiscal year. About 37.46 million individuals sought work, down 12.1% from the previous year, with 27.18 million households seeking work, a 14.3% drop. The trend is attributed to better-paying job opportunities and the impact of heat waves across the country, although the data is subject to revision. Key Points
Economic TimesExport orders rise 10% in six months on demand from US, EU
Export orders up 10% in EU, West Asia, US driven by leather goods, footwear, apparel demand in India. Challenges for engineering goods due to geopolitical tensions. Increase in apparel orders from UK and demand for non-leather footwear. Positive impact of trade pacts with Australia and Mauritius. Market recalibration after inventory decline, logistics issues, and geopolitical tensions. Key Points
Economic TimesOil holds near one-week high on rising demand hopes after China, US data
By Scott DiSavino NEW YORK (Reuters) - Oil prices held near a one-week high on Thursday as data from China and the U.S. that signalled demand in the world's two biggest crude-consuming nations could Key Points
ThePrintHero MotoCorp gets Rs 605 cr demand notice from I-T Dept
The country’s largest two-wheeler maker Hero MotoCorp on Thursday said it had received demand notices from the Income Tax department for around Rs... Key Points
The Tribune India
demand under rural jobs scheme seen 27% lower in FY25
The rural development ministry has pegged the 2024-25 person-day generation target (called labour budget) at 2.21 billion under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), down 27% from the actual level in the previous fiscal. Key Points
Economic TimesCrude price likely to be $90-95 a barrel by end of this year; next year, maybe a little lower at $75-85: D
Dr Fereidun Fesharaki forecasts continued gasoline sector growth for a decade, with EV impact in 2030s. Oil complex peaks in mid-2030s, then stabilizes. Global demand remains steady by 2045 despite evolving factors like technology and geopolitics. Dr Fesharaki says: We are looking at $90 to $95 a barrel by the end of this year. And next year, maybe a little bit lower, $75, $85. Key Points
Economic TimesEV market going to broaden; Maruti Suzuki top pick for 2024: Kumar Rakesh
Kumar Rakesh of BNP Paribas discusses strong demand for electric two-wheelers, caution in two-wheeler segment, impact of FAME II end on EV demand, tractor industry cyclicality, and top pick for 2024 being Maruti Suzuki. In case of EVs. we have seen a very strong demand for electric two-wheelers in March. April will be much weaker adjusting for this pre-buying, but May onwards, penetration expected to start inching back. Key Points
Economic TimesIs outperformance returning to the broader market? Kunj Bansal answers
NISM's Kunj Bansal foresees rural demand growth after elections or government aid. Sectors with attractive valuations lure long-term investors. Short-term traders focus on trading patterns. Recent market movement, crop arrival, smallcaps, midcaps, stock corrections, and equity risks influence investments. Key Points
Economic TimesBig poll spends unlikely to lift rural demand
Economists suggest that rural consumption in India needs further government support and sustained capital expenditure to become broad-based in the coming quarters. The upcoming general election is unlikely to provide a significant boost to consumption. Instead, broader economic growth, easing inflation pressures, and government measures such as rationalizing GST rates and increasing allocations to rural schemes could support demand. Automakers also do not expect a huge sales boost from the elections, as historical data shows no real correlation between election years and sales. Key Points
Economic Times
Oil prices fall on China demand worries
International Business News: Brent futures fell 12 cents, or 0.2%, to $81.96 a barrel as at 07.23 GMT, while US West Texas Intermediate (WTI) dropped 21 cents, or 0.2%, to $77.8. Key Points
Times Of IndiaOffice lease tenures at record high as occupiers show stronger India commitment
The Indian office market is experiencing a surge in demand, with the longest weighted average lease term of 62 months in the last 14 months, marking the highest in the segment. This is due to the growing commercial prowess of India's commercial segment and a robust supply of grade A and A+ offices. The demand and supply for office spaces are expected to expand beyond tier-1 cities and into tier-2 and -3 cities. Key Points
Economic TimesPankaj Kumar on 3 real estate stocks to buy on dips
Real estate demand in India has been on an uptrend due to structural reforms and improving affordability. The inventory is low, and there is strong demand from real buyers. Recommended stocks are DLF, Macrotech Developers, and Prestige Estates. Key Points
Economic TimesOil gains over $1 on possible shipping disruptions
HOUSTON (Reuters) -Oil prices gained more than $1 by midday on Monday on expectations of higher demand and the risk of disruptions to shipping, analysts said. Brent crude futures were up $1.06, or Key Points
ThePrintOil ends lower, posts weekly decline as US rate cut hopes dim
By Nicole Jao NEW YORK (Reuters) -Oil prices fell nearly 3% lower on Friday and posted a weekly decline after a U.S. central bank policymaker indicated interest rate cuts could be delayed by at least Key Points
ThePrintOil set for weekly decline with Fed in no rush to cut rates
By Noah Browning LONDON (Reuters) -Oil prices fell on Friday and were on track for a weekly decline after the U.S. central bank indicated that interest rate cuts could be delayed by at least two more Key Points
ThePrintOil set for weekly decline with Fed in no rush to cut interest rates
By Noah Browning LONDON (Reuters) -Oil prices fell on Friday and were on track for a weekly decline after the U.S. central bank indicated that interest rate cuts could be delayed by at least two more Key Points
ThePrintYou may get waiver above Rs 1 lakh on your income tax demand notice in these cases
Income tax demand waiver: The Central Board of Direct Taxes (CBDT) has stated in a circular dated February 13, 2024 that the tax department would waive off all eligible tax demands up to an aggregate limit of Rs 1 lakh per taxpayer. Experts opine that if the tax dept waives off both tax demand and interest on such demand, the quantum of demand waived can be much more than Rs 1 lakh. Key Points
Economic TimesOil settles lower, demand worries offset geopolitical price support
By Laura Sanicola (Reuters) -Oil prices settled lower on Tuesday, with worries about global demand offsetting price support from the Israel-Hamas conflict. Brent futures settled down $1.22, or 1.5%, Key Points
ThePrintConsumer goods giants like Nestle, Dabur, Coca-Cola ready capex war chest
While demand for mainstream products has been tepid, demand for premium categories in urban markets has remained steady. Large consumer goods companies are investing in India, expecting a demand revival in the new fiscal. Key Points
Economic Times
India's diesel demand to rise rapidly in 6 years: IEA
Domestic diesel demand is projected to rise from 1.8 million barrels per day (mbd) in 2023 to 2.3 mbd in 2030, an increase of 4.5% annually, IEA said in its India Oil Market Outlook. By comparison, petrol demand is estimated to rise a modest 0.7% every year to 1 mbd in 2030 from 0.9 mbd in 2023. For the last many years, diesel consumption has grown at a much slower pace than petrol as preference for petrol cars grew after deregulation eroded diesel's price advantage. Key Points
Economic TimesV-Gaurd share price down 2%: Should you Buy, Sell or Hold the stock?
Stock Market Today: V-Guard Industries share price declined 2% on Tuesday. Though V-Guard's Q3 performance saw impact of weak consumer demand, nevertheless the demand improved by end of the quarter. Operating margins improved and net profit grew 48.3% y-o-y. Should you Buy, Sell or Hold the stock? Key Points
mintCBDT says 56 lakh updated ITRs filed, Rs 4,600 cr taxes mopped up in 2 years
The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes. There are about 1.11 crore such disputed demand entries and the aggregate tax demand involved is Rs 3,500-3,600 crore. Key Points
Economic TimesSUV mania: Car companies poised for bumper January sales
Maruti Suzuki and Hyundai, the leading carmakers in the country, are set to achieve their best January sales driven by strong consumer demand, particularly for SUVs. Industry estimates suggest that over 375,000 vehicles will be dispatched this month, an increase of more than 8% compared to January 2023. The share of SUVs in the domestic market is expected to grow to 52-53% this year. The preference for SUVs has led to an increase in the average selling price of passenger vehicles in India. Maruti Suzuki and Hyundai are confident about the continued demand for the rest of the quarter. Key Points
Economic TimesIndia's JSW Energy posts higher Q3 profit on demand boost, lower fuel costs
BENGALURU (Reuters) - India's JSW Energy reported a jump in third-quarter profit on Tuesday, helped by greater power demand and lower fuel costs. India's electricity generation rose 8.7% year-on-year Key Points
ThePrint
Work demand under rural job scheme declines again in December
The individuals who sought work under MNREGS in December represented 19.97 million households, down 5.7% from 21.18 million households a year earlier. demand for work under the MGNREGS moderated for a second straight month in December from a year before. Most of the demand came from Tamil Nadu (3.35 million), Rajasthan (2.60 million), Madhya Pradesh (2.38 million), Uttar Pradesh (2.34 million) and Bihar (1.59 million). Key Points
Economic TimesPeak power demand likely to be 230 GW in January
Peak demand in January 2024 is projected at 230 GW, higher than 210.6 GW maximum demand met in January this year ago, while February 2024 is expected to see 222 GW peak power demand, against about 210 GW in February this year. The December peak is projected at 220 GW, likely in the second half of the month. So far in the month, maximum demand met has reached 203 GW in the solar hours. A year ago the peak was 205 GW. Key Points
Economic TimesOil demand growth in India to taper in 2024 after bumper years
Consumption will expand 150,000 barrels a day in 2024, down from about 290,000 barrels a day seen from 2021 to 2023, according to Rystad Energy Head of Oil Trading Mukesh Sahdev. The drop will return growth near the pace seen from 2011 to 2019, he said. The International Energy Agency, meanwhile, sees growth halving to 100,000 barrels a day, as per its November report. Key Points
Economic TimesOil prices hold steady, propped up by US purchases
By Paul Carsten LONDON (Reuters) -Oil prices held steady on Monday as U.S. efforts to replenish strategic reserves provided support, though concerns persist about oversupply and softer fuel demand Key Points
ThePrintFestive season lights up consumer durables sector
The preference for premium products continued, with more demand for, say, double-door refrigerators than single-door ones. Washing machines, TVs and fans also saw higher demand at the top end. Key Points
mintOil extends gains on US strategic reserve purchases
By Mohi Narayan and Florence Tan NEW DELHI (Reuters) -Oil prices rose on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although Key Points
ThePrintOil gains over 2% but records seventh weekly decline
By Shariq Khan BENGALURU (Reuters) -Oil prices rose more than 2% on Friday after U.S. data supported expectations of demand growth, but both benchmarks fell for a seventh straight week, their longest Key Points
ThePrintAuto sector: A vroom story with room for more
High festive-season demand helped November notch up India’s largest monthly vehicle sales on record. Not just cars, two-wheelers too. Key Points
mintOil falls 4% as build in gasoline stocks fuel demand concerns
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices fell about 4% on Wednesday to their lowest settlements since June, as a larger-than-expected rise in U.S. gasoline inventories exacerbated worries Key Points
ThePrintIndia’s November manufacturing PMI rises to 56.0 from 55.5 in October
The findings were positive for Asia's third-largest economy, which grew a surprisingly strong 7.6% last quarter, slightly slower than the 7.8% growth seen in the April-June quarter but remaining on track to be the fastest growing major economy this fiscal year. Key Points
Business Today
India to remain fastest-growing major economy, but demand uneven: Poll
India Business News: India's Q3 GDP growth likely moderated to 6.8% from 7.8%, supported by strong service activity and solid urban demand despite a global export slowdown Key Points
Times Of IndiaPower demand up 16% in Aug-Oct
August saw a 16.3% year-on-year increase in electricity consumption, while September recorded a 10.3% increase. Peak demand in October was 221.6 GW, up 18.5% from 187 GW a year ago. As per the Central Electricity Authority's report in November 2022, peak demand for 2024-25 is likely to be 244.56 GW. However, peak demand in 2023-24 so far has been 240 GW, against the authority's initial projection of 230.1 GW. Key Points
Economic TimesOnce IREDA, Tata Tech list, could unmet demand take them higher? Mahantesh Sabarad answers
“In a situation where the overall market is not doing really well is, there could be a sense of follow-up buying coming up or follow up demand coming up on some of these names. Both IREDA and Tata Tech are quality companies in terms of businesses. Therefore, they would have a bit of a follow up demand coming in. But given the subscription that we have seen, a lot of demand will just evaporate on the IPO listing date.” Key Points
Economic TimesCement prices moderate in November as demand slows during festive period
Cement prices in India have corrected by an average of 2% in November due to slowed demand amid the festive season and elections in some states. The average cement price in India is about ₹382 for a 50 kg bag, almost unchanged from November last year but down marginally from ₹386 a bag in the current quarter. Key Points
Economic TimesHP forecasts downbeat first-quarter profit amid slow PC market recovery
HP Inc (HPQ.N) on Tuesday forecast first-quarter profit below Wall Street estimates but maintained its annual earnings outlook, a sign that demand in the personal computers market is still recovering. Key Points
Reuters
We hope to launch the 11-month contracts by January: Rohit Bajaj, IEX
“Last year was flat. This year we are expecting more than 15% increase in volume on an overall or annual basis. H1 was already 12% up; in Q2, particularly October, it was more than 20% up, and we hope that this trend will continue. We are working to ensure that this trend will continue for the coming months also.” Key Points
Economic TimesIT stocks' rally overdone, says Jefferies; Infosys among 3 top picks
Jefferies has taken a 'Hold' view on Tata Consultancy Services (TCS), HCL Technologies and LTI MIndTree while an 'Underperform' stance on Wipro and Tech Mahindra. Jefferies' estimates on the IT sector hinge upon the takeaways from its conversations with managements of seven domestic IT firms who have acknowledged that the demand uncertainty will linger, going forward. Key Points
Economic TimesIndia vs Australia: Airfares surge eightfold, hotels 29X as cricket excitement reaches fever pitch in Ahme
The highly anticipated ICC World Cup final between India and Australia at the Narendra Modi Stadium in Ahmedabad is causing a surge in demand across various industries. Over 100 charter flights have been booked, leading to skyrocketing airfares and hotel tariffs. Car rental companies and liquor permit applications are thriving. The surge in demand has affected flight prices, with the cheapest one-way fare from Hyderabad to Ahmedabad costing Rs 40,000. Key Points
Economic TimesDomestic demand to sustain India’s growth, says Moody’s
Global ratings agency retains forecast at 6.7% for the current year. Moody’s Investors Service on Thursday retained India’s economic growth forecast for 2023 at 6.7% and said strong domestic demand will likely sustain the growth in the near term. Key Points
The Tribune IndiaCummins India posts 23% rise in Q2 profit on lower costs
Diesel and natural gas engine maker Cummins India (CUMM.NS) reported a 23% rise in second-quarter profit on Tuesday as lower expenses helped offset slowing engine demand. Key Points
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Chipmaker NXP forecasts profit above estimates on resilient auto, industrial
Chipmaker NXP Semiconductors (NXPI.O) forecast fourth-quarter profit above Wall Street targets on Monday, expecting a resilient automotive market and stable industrial demand to offset weakness in other key markets. Key Points
ReutersIndia's Tribhovandas Bhimji Zaveri posts higher Q2 profit as diamond outshines
Indian jeweller Tribhovandas Bhimji Zaveri (TBZL.NS) reported a near 65% rise in second-quarter profit on Monday, buoyed by lower expenses and strong diamond demand. Key Points
ReutersTwo fuels that power the global economy flash red in Europe
The continents demand is still critically important even in a world where traders are intently focused on the potential for supply disruptions emanating from war in the Middle East. The expected consumption drop in the two fuel types this year is well over half a million barrels-a-day versus pre-pandemic levels — not far off a Belgiums worth of overall oil usage. Key Points
Economic TimesIndian tyremaker MRF posts quarterly profit in line with estimates
India's MRF (MRF.NS) reported quarterly profit broadly in line with expectations on Friday, as the tyremaker benefited from softer raw material prices and steady demand for commercial vehicles. Key Points
ReutersIndia's Orient Electric posts Q2 profit on one-time gain, steady demand
Appliances maker Orient Electric (ONTE.NS) on Friday reported a second-quarter profit, aided primarily by a one time gain from land sale and buoyed by steady demand for its consumer durables business. Key Points
Reuters
Manufacturing PMI falls to an eight-month low
The purchasing managers index (PMI) fell to 55.5 in October from 57.5 in September, according to S&P Global Market Intelligence. Key Points
mintTesla erases $145 billion in valuation on demand woes
The selloff started earlier this month when the electric-vehicle giant dialled back growth expectations during its third quarter earnings call. That was followed by grim commentary from several global automakers, as well as Wall Street analysts. This week, battery-maker Panasonic Holdings Corp. and chipmaker ON Semiconductor Corp. also sounded alarms for the EV industry. Key Points
Economic TimesIndia's manufacturing growth slows for 2nd straight month, PMI data shows
India's manufacturing growth slowed for the second consecutive month in October, with the S&P Global Manufacturing Purchasing Managers' Index dropping to an eight-month low of 55.5 from 57.5 in September. Consumer goods and international demand declined, impacting business confidence due to rising costs and concerns about future inflation, data showed. Key Points
Economic TimesZebra Technologies beats quarterly profit expectations, sees soft demand
Barcode scanner maker Zebra Technologies Corp (ZBRA.O) beat third-quarter profit and revenue estimates on Tuesday but forecast a bigger-than-expected drop in the fourth-quarter net sales due to slowing tech spending in a tough economy. Key Points
ReutersBio-Techne's quarterly profit misses estimates as biotech funding woes persist
Bio-Techne (TECH.O) missed Wall Street expectations for first-quarter profit on Tuesday, as a persisting funding crunch among its biotech clients weighed on demand for its diagnostic products and compounds used in developing drugs. Key Points
Reuters
India's Arvind Q2 profit falls as textiles drag despite low costs
Indian textiles and leather goods maker Arvind (ARVN.NS) on Tuesday reported a 36% fall in second-quarter profit, hurt by slow demand pickup in fabrics amidst inflationary pressure. Key Points
ReutersGoods demand fades, services holds out hope
Overall consumer demand is also expected to come under pressure from tighter monetary conditions and lesser pull from rural India. However, high-end consumption is expected to provide some support. Inequality is playing out. Wherever there has been recovery, it's either been heavily biased towards the more affluent and upper-middle tiers or where it has been mass-based, there has been downtrading, said Abheek Barua, chief economist, HDFC Bank. Key Points
Economic TimesGlobal chip shortage eases, offering hope for automobile supply chains: CRISIL
The global chip shortage, which had a significant impact on the automobile industry in India, is gradually improving. Supply-chain challenges are being addressed, and improved predictive demand forecasts are enabling more stable production schedules. The scarcity of semiconductors caused production delays and reduced sales in India. However, the situation is expected to normalize by fiscal 2026, thanks to new global manufacturing capacities. Key Points
Economic TimesTesla joins GM, Ford in slowing EV factory ramp as demand fears spread
Tesla, along with General Motors and Ford, has expressed caution about expanding electric vehicle (EV) production due to economic uncertainties and concerns about a slowdown in demand. CEO Elon Musk cited worries about higher borrowing costs affecting customers' ability to afford Tesla vehicles, despite significant price cuts. Musk also mentioned the impact of economic uncertainty on consumer purchasing decisions. These cautious remarks have led to a decline in Tesla's shares and those of other EV makers. Key Points
Economic TimesAgrochemicals sector to witness 3% dip in revenue in FY24 on tepid demand: Report
The Indian agrochemicals sector is expected to face a 3% decline in revenue this year due to falling prices, weak demand, and lower reservoir levels, according to a report by Crisil. This decline is attributed to a supply deluge from China, reduced demand for exports, and the impact of lower reservoir levels on rabi sowing. Key Points
Economic Times