Business News Highlights: Markets To Observe PMI Data, Political Developments, Global Trends In The Week
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
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Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
The stock market experienced a volatile trading week ultimately ending in green. The key equity benchmarks touched fresh peaks in the special trading session on Saturday. This growth was driven by the strong GDP growth of 8.4 per cent clocked by India in the third quarter of the current fiscal year 2023-24. This GDP number beat market expectations of 6.7 per cent growth.
Investors will keenly be on the lookout for macroeconomic data at the domestic level in the week. India is expected to reveal statistics like trade balance, S&P Global Services PMI, and forex reserves in the week. Further, the market experts would also observe the political developments in the country as the General Elections approach.
In IPOs, RK Swamy, JG Chemicals, and Gopal Namkeen are some of the issues expected in the week. Mukka Proteins IPO will close for bidding on Monday. Amongst listing debuts, Platinum Industries is scheduled to list on the exchanges on Tuesday. Another debut expected in the week is that of Mukka Proteins, set to list on March 7. Owais Metal and Mineral Processing would also get listed on Monday, followed by Purv Flexipack making its debut in the market on Tuesday.
Globally, investors would keenly observe the testimony of the US Federal Reserve Chair, Jerome Powell, expected on March 6 and 7. Powell is scheduled to present the semi-annual monetary policy report of the country before the Senate Committee on issues such as banking, housing, and urban affairs.
Services PMI numbers for the Euro Zone, China, and the United States are also expected in the first half of the week. China will also release its inflation and PPI numbers toward the end of the week.
J&K LG Manoj Sinha Launches New Start-Up Policy
Jammu and Kashmir LG, Manoj Sinha, launched a new start-up policy on Sunday, intended to set up 2,000 start-ups in the Union Territory by 2027. The official noted, "The 'New Jammu & Kashmir Start-up Policy- 2024-27' will also provide patent-related assistance, financial assistance for mentorship to recognised startups, facilitation for department for the promotion of industry and internal trade (DPIIT) registration and additional need-based support to startups working in diverse fields," reported PTI.
LIC Housing Finance To Raise Financing For Sustainable Housing Projects
LIC Housing Finance is looking to raise funds via green bonds in the upcoming fiscal years to finance environmentally-sustainable housing projects. The firm will be holding its board meeting on March 7 and look into approving the borrowing plan for the 2024-25 fiscal year via loans, redeemable non-convertible debentures, zero couponed bonds, or any other means approved by the authorities, reported PTI.
Punjab's GST Collection Rises Over 15 Per Cent To Rs 19,222 Crore In FY24 So Far
Punjab clocked a rise in the Goods and Services Tax (GST) collection in the current fiscal year, Finance Minister Harpal Singh Cheema, revealed on Sunday. The state saw GST collection rise 15.69 per cent to Rs 19,222 crore in FY24 so far, while the tax collected during the corresponding period in FY23 stood at Rs 16,615.52 crore. The state's excise revenue also jumped 11.71 per cent to Rs 8,093.59 crore, against a collection of Rs 7,244.87 crore recorded in the same period a year earlier, reported PTI.
FM Sitharaman To Launch GST Conference On Monday
Finance Minister Nirmala Sitharaman is scheduled to inaugurate a conference of enforcement chiefs from all states and central GST officers on Monday. The conference will hold discussions about handling tax evasion, managing fake invoicing, and using technology and data to foster development in the GST norms. The Union FM will also be delivering a keynote address, a statement from the ministry revealed.
Rooftop Solar Capacity Addition Climbs 6.25 Per Cent In 2023: Mercom Capital
Rooftop solar capacity addition gained 6.25 per cent to touch 1.7 gigawatt (GW) in 2023, helped by a reduction in installation cost along with other factors, Mercom Capital revealed in its latest report. The study titled, the 'Mercom India Rooftop Solar Market Report', noted that about 406 megawatts (MW) of rooftop solar was added in the October-December period in 2023, lower by almost 16 per cent against 483 MW added in the last quarter of the preceding year, reported PTI. The net addition in 2022 sttod at 1.6 GW.
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