Business News Highlights: India's GDP Grows By 7.8 Per Cent In April-June Period Of 2023-24
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India's GDP grew by 7.8 per cent in Q1 of 2023-24, compared to 13.1 per cent in the year-ago quarter, the highest in four quarters, according to NSO data on Thursday. The country's GDP had grown by 6.1 per cent in January-March and 13.1 per cent in April-June 2022. In 2022-23, the economy had expanded by 7.2 per cent.
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India's GDP grew by 7.8 per cent in Q1 of 2023-24, compared to 13.1 per cent in the year-ago quarter, the highest in four quarters, according to NSO data on Thursday. The country's GDP had grown by 6.1 per cent in January-March and 13.1 per cent in April-June 2022. In 2022-23, the economy had expanded by 7.2 per cent.
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The growth of eight key infrastructure sectors has increased to 8 per cent in July 2023, up from 4.8 per cent in the same month last year, showed the government data on Thursday. As per the data from the Ministry of Commerce and Ministry, the April-July core sector growth stands at 6.4 per cent as against 11.5 per cent in April-July 2022.
During the April-July quarter of the financial year 2022-23, India's fiscal deficit reached Rs 6.06 lakh crore, widening 33.9 per cent of the fiscal year 2024 target. In the same period, India's capital expenditure amounted to Rs 3.17 lakh crore, representing 31.7 per cent of the fiscal year 2024 target.
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The benchmark indices snapped a three-day winning streak and closed lower on August F&O expiry day, with the Nifty slipping below 19,300. At close, the Sensex slipped 256 points or 0.39 per cent at 64,831.41, and the Nifty down 93.70 points or 0.48 per cent at 19,253.80.
Among the top losers on the Nifty were Adani Enterprises, BPCL, Adani Ports, Eicher Motors, and Britannia Industries, while Maruti Suzuki, Cipla, HDFC Life, Titan Company, and Hindalco Industries emerged as gainers.
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The Rishabh Instruments IPO has received a good response from investors, with bids placed for 1.15 crore equity shares against the offer size of 77.90 lakh shares on Thursday, the second day of bidding, reported Moneycontrol. Notably, robust demand has emerged in the retail and High Net Worth Individuals (HNIs) categories.
Retail investors have subscribed to 1.93 times their allotted quota, while HNIs have bid for 2.38 times their allocated portion, the report said. Additionally, qualified institutional buyers have exhibited interest, subscribing to 1 per cent of the reserved portion, which constitutes 50 per cent of the total offer size.
Jaya Verma Sinha, a member of the Indian Railway Management Services (IRMS) with the portfolio of Operations and Business Development at the Railway Board, has been designated as the Chairman and Chief Executive Officer (CEO) of the Railway Board by the Government of India.
National Statistical Office (NSO) is scheduled to release the GDP data for the April-June quarter of the current financial year 2023-24 (Q1 FY24) on Thursday. Economists polled by various agencies have estimated that India's first-quarter economic growth could surpass the RBI's forecasts. In its monetary policy review earlier this month, the RBI estimated a 6.5 per cent GDP growth for the fiscal year 2023-24 and an 8.0 per cent Q1 growth.
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Market At 1 AM: The Sensex was down 70 points or 0.11 percent at 65,017, and the Nifty was down 31.30 points or 0.16 percent at 19,3156.
On the 30-share platform, JioFin, Maruti Suzuki, Tech Mahindra, Titan, HCL Tech, and Infosys were among the gainers. On the flip side, Nestle India (1.85 per cent), IndusInd Bank, L&T, and Bajaj Finance were among the losers.
Adani Enterprises' share price lost to the tune of 2.50 per cent while Adani Green Energy and Adani Total Gas lost to the tune of 2.25 per cent during Thursday deals.
Adani Power shares lost over 3 per cent during morning deals whereas Adani Transmission share price tumbled to the tune of 3.3 per cent in the early morning session.
Adani Group "categorically" denied allegations of accounting fraud, stock price manipulation, and misuse of tax havens leveled by Organised Crime and Corruption Reporting Project (OCCRP) on Thursday. The company called OCCRP allegations “recycled” and “ bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report.”
On Thursday, OCCRP alleged that partners of the Adani promoter family invested hundreds of millions of dollars in Adani Group stocks through opaque investment funds based in Mauritius. OCCRP, backed by funding from entities like George Soros and Rockefeller Brothers Fund, report follows previous claims of accounting fraud, stock price manipulation, and misuse of tax havens by the Adani conglomerate.
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Indian indices saw opening gains on Thursday, with the Nifty surpassing 19,350. Nifty Banks Futures and Options (F&O) is set to expiry today. At 9.20, the Sensex showed a rise of 94.42 points or 0.15 per cent, reaching 65,181.67, and the Nifty rsoe 11.00 points or 0.06 per cent, standing at 19,358.50.
Among the Nifty's major gainers were Hindalco Industries, HCL Technologies, Tata Motors, Divis Labs, and Maruti Suzuki. On the flip side, Adani Ports, Adani Enterprises, Bharti Airtel, HDFC Bank, and Axis Bank were among the losers.
Early trade on Thursday saw a rise in global oil prices, supported by tighter US supply. The focus remained on China's PMI data following recent weak economic data.
Brent crude for October, expiring Thursday, increased by 14 cents to $86 per barrel, while the November contract rose by 10 cents to $85.34. US West Texas Intermediate crude gained 10 cents to reach $81.74.
Asian markets showed mixed trends, with China's factory activity contracting for a fifth consecutive month in August. The Hang Seng index increased by 0.6 per cent, Japan's Nikkei 225 rose by 0.5 per cent, and South Korea's Kospi declined by 0.3 per cent due to an 8 per cent year-on-year decrease in industrial production for July.
The S&P 500 and Nasdaq closed higher due to weaker economic data hinting at a slower US economy, boosting expectations of a Fed rate hike pause in September. ADP's employment report showed fewer job gains, and GDP growth for Q2 was revised down to 2.1 per cent. The S&P 500 rose 0.38 per cent to 4,514.87, the Nasdaq gained 0.54 per cent to 14,019.31, and the Dow Jones Industrial Average increased 0.11 per cent to 34,890.24.
In the pre-opening session, benchmark indices showed an upward movement. The Sensex gained 122.21 points, or 0.19 per cent, reaching 65,209.46, at 9.00 am. Meanwhile, the Nifty rose by 40.40 points or 0.21 per cent, to stand at 19,387.90.
Background
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 corporate. Here are some important events will be keeping an eye on August 31.
India’s Macroeconomic Data
Some crucial economic data for India are expected to be released on August 31, including, India's first-quarter GDP growth, fiscal deficit and core sector output for the month of July.
After experiencing a decline for three consecutive quarters, the Gross Domestic Product (GDP) growth rate rebounded, reaching 6.1 per cent in the January-March period surpassing expectations. For the entire FY23, the growth rate came in at 7.2 per cent.
The Controller General of Accounts (CGA) is expected to post the fiscal deficit figures. The current fiscal deficit stood at Rs 4.51 lakh crore against the annual fiscal deficit target of Rs 17.87 lakh crore, in the first three months (April-June) of FY2023-24. For the first quarter of FY23 (2022-23), the fiscal deficit stood at 21.2 per cent of the Budget Estimates (BE). Notably, the fiscal deficit for the first quarter of the current fiscal year accounts for 25.3 percent of the full-year target of Rs 17.87 lakh crore.
Turning to the core sector, the output of eight key industries - coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas - displayed a notable growth rate of 8.2 per cent in June, marking the highest growth in five months.
Additionally, the US unemployment rate for August month and Manufacturing PMI for the same period will also be released on Thursday.
Stock Market Ahead
On Wednesday, the equity markets closed with marginal gains after a range-bound session. The S&P BSE Sensex closed at 65,087, up 11 points or 0.02 per cent. On the other hand, the Nifty concluded the session at 19,347, up 5 points or 0.02 per cent.
Vinod Nair, Head of Research at Geojit Financial Services, in a note as per The Economic Times, said that in the early trading hours, positive sentiment propelled domestic equities, driven by softer US labor market data that caused a retreat in US bond yields. This development alleviated concerns about potential rate hikes. The positive outlook gained further support when Chinese banks opted to lower existing mortgage rates, which in turn had a favorable impact on Indian metal stocks.
However, as the day progressed, these gains were moderated, largely attributed to global market weakness stemming from lackluster economic data originating from Europe, Nair noted. This downturn had a particularly noticeable effect on banking stocks. On the other hand, mid- and small-cap segments exhibited resilience amid the evolving market dynamics.
Jateen Trivedi, VP Research Analyst at LKP Securities, as per the ET, said that Market participants were closely monitoring the data releases and subsequent market sentiment in order to anticipate potential movements in the dollar-rupee pair.
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