Business News Highlights: Inflation, GDP Numbers, Upcoming IPOs To Drive Markets Ahead
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
Demand for chartered planes and helicopters is expected to climb 40 per cent, as compared to the previous general elections as political parties gear up for battle in the Lok Sabha polls. In a conversation with PTI, Club One Air CEO, Rajan Mehra, said "There will be an exponential demand for private jets and the demand is expected to outstrip the availability of chartered planes and helicopters. There is a limited supply of chartered planes and helicopters."
Stone Sapphire India plans to invest Rs 1,000 crore to establish a manufacturing facility for homewares like dinnerware, sippers, etc. In a conversation with PTI, Vick Rana, chairman of the toys and stationery manufacturer, said, "Homeware products available in India are either for the lower class or very high-end for the elite and leave a huge vacuum for middle-class consumers. Our work on new plant and capacity expansion has already begun in Baroda which is focused on the homeware segment. We are investing Rs.1000 crore on this expansion."
India clocked a 21-fold gain in mobile phone manufacturing in value terms to Rs 4.1 lakh crore in the last decade, the India Cellular and Electronics Association said. The industry body revealed that government policy initiatives like PLI helped make the industry a lucrative avenue for global players. The production value stood at Rs 18,900 crore in 2014-25, and touched approximately Rs 4,10,000 crore in the current fiscal year.
Indian Oil to start producing fuel for Formula One racing after three months. The firm's Chairman, Shrikant Madhav Vaidya, said that the company expects to receive certification for its F1 fuel in about three months, after which it will compete with firms like Shell to supply fuel to the F1 teams. He added that the refinery in Paradip, Odisha would start manufacturing the F1 fuel soon.
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Signature Global announced that it will invest Rs 1,000-1,200 crore annually to acquire land for developing housing projects and cater to the robust consumer demand. The realty firm's CEO, Pradeep Aggarwal, in an interview with PTI said, "Housing demand has been very strong in the past two years across all segments, be it affordable, mid-income, premium, luxury or super luxury. We will be investing Rs 1,000-1200 crore every year for outright purchase of land to achieve our growth plan." He said that he expects the 'demand momentum to sustain on better economic growth'.
Prime Minister Narendra Modi launched several developmental projects worth over Rs 34,700 crore in Uttar Pradesh. The PM inaugurated four airports, namely Azamgarh, Shravasti, Chitrakoot, and Aligarh, also a new terminal at the Chaudhary Charan Singh International Airport in Lucknow.
Foreign Portfolio Investors (FPIs) poured in Rs 6,139 crore in Indian equities in March so far, driven by a robust economic growth and a fall in US bond yields. The inflow in the debt market stood at Rs 1,025 crore in the period under review.
India signed the free trade agreement with the European bloc, EFTA, on Sunday. The signing of the trade pact was termed a 'win-win' situation for all by Prime Minister Narendra Modi. The EFTA bloc includes Norway, Switzerland, Iceland, and Liechtenstein.
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The cumulative market value of seven of the top ten most valued firms gained Rs 71,301.34 crore last week. The gains were dominated by Bharti Airtel, along with TCS, HDFC Bank, ICICI Bank, SBI, HUL, and ITC in the green. At the same time, Reliance Industries, Infosys, and LIC saw an erosion in their valuation during the trading sessions last week.
Petrol pumps across Rajasthan shut down on Sunday as the Rajasthan Petroleum Dealers Association (RPDA) announced a strike from Sunday 6 AM to continue till March 12. The strike was announced in protest of high VAT rates in the state, seeking a reduction, along with other demands.
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 the corporate world.
Stock markets observed a holiday on Friday to celebrate the festival of Mahashivratri. In the last trading session on Thursday, the markets ended trading on a muted note after experiencing massive highs during the day. The Sensex closed at 74,119.39, while the Nifty settled at 22,493.50.
In the week, investors will keenly observe the macroeconomic data to be released. On the domestic end, the consumer price index-based (CPI) inflation or retail inflation data for February is scheduled to be released on Tuesday, along with the index of industrial production (IIP) data for the month. The wholesale price index (WPI)-based inflation data is also set to be revealed in the latter half of the week.
Globally, inflation data for several countries is expected to be released soon. The United States is set to unveil its inflation figures in the first half of the week and also release its Producer Price Index (PPI) numbers on Thursday. Other major macroeconomic data will be released in the week from Japan, UK, and the Euro Zone. Japan will release its GDP numbers along with the unemployment rate in the week. The United Kingdom will also reveal its GDP figure. Further, the ECB interest rate meeting will also be concluded in the week.
Among the major initial public offerings (IPOs) expected in the week are Popular Vehicles & Services IPO, opening on March 12, and Krystal Integrated Services IPO, to start accepting bids from March 14. Gopal Snacks IPO will also close on March 11.
Share debuts in the week will include Bharat Highways InvIT and RK Swamy, set to start trading on March 12. JG Chemicals will mark its debut in the market on March 13.
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