Business News Highlights: Investors To Clock Economic Data, Fund Flows, GDP Figures For US
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.
Investors will be clocking movements in macroeconomic indicators globally. The quarterly GDP data for the US is scheduled to be released in the latter half of the week on Thursday. Notably, the second estimate revealed that the American economy grew at a rate of 3.2 per cent in the October-December quarter in 2023, against advance estimates of growth of 3.3 per cent.
US Federal Reserve Chair Jerome Powell is set to deliver his speech on March 29 and the dialogue will focus on interest rate cuts and inflation outlook. Further, other data such as new home sales, durable goods orders, personal income and spending numbers, etc will also be released in the week.
The Bank of Japan will also release its monetary policy meeting minutes in the week, along with the unemployment data and retail sales figures. The final GDP growth number for the United Kingdom will also be shared towards the end of the week.
Domestically, investors will keenly be on the lookout for economic data such as current account and external debt numbers for the third quarter of the current fiscal year, to be released on Thursday.
Fiscal deficit and infrastructure output data for February will also be revealed in the week. The foreign exchange reserves data for the week ended March 22 will be out on March 29.
Further, fiscal deficit and infrastructure output data for February, and foreign exchange reserves for the week ended March 22 will be released on March 29.
Foreign institutional investors dumped Indian equities worth Rs 8,365.53 crore in the week ended March 22, 2024, however, domestic institutional investors (DIIs) bought shares worth Rs 19,351.62 crore during the period.
PSBs Likely To Disburse Dividend Of Over Rs 15,000 Crore For FY24
Public sector banks (PSBs) are expected to pay out dividend over Rs 15,000 crore for the fiscal year ending March 2024, owing to profitability, reported PTI citing sources. All 12 PSBs collectively earned a profit of Rs 98,000 crore, lower by only Rs 7,000 crore than the entire 2022-23 fiscal year.
FPIs Continue To Remain Positive On Indian Equities
Foreign Portfolio Investors (FPIs) bought Indian equities worth over Rs 38,000 crore in the month so far, as of March 22, official data from the depositories revealed. The investors continued to remain bullish and infused Rs 13,223 crore in the period under review.
Read More | FPIs Pour In Over Rs 38,000 Crore In Equities In March Till Now, Adds Rs 13,223 Crore In Debt Market
Central Bank Of Sri Lanka Pauses Pay Hike Implementation On Parliamentary Committee Suggestion
The Central Bank of Sri Lanka on Sunday agreed to change the steep pay hike after a parliamentary committee recommended the banking authority to pause its hike implementation. The Commission on Public Finance (COPF) urged the central bank to stop the execution of pay rises, which would have increased salaries from 29 to 76 per cent across Central Bank staff of all grades. The committee called for an independent renumeration body to conduct a review of the hike.
RBI To Conduct Special Audits In Investigation In IIFL Finance, JM Financial
IIFL Finance Ltd and JM Financial Products Ltd (JMFPL) are set to undergo special audits to take ahead the investigation into their regulatory violations, the Reserve Bank of India said via an official document. The banking regulator started the appointment process for auditors. It floated two separate tenders to appoint auditors for special audits for these two non-banking finance firms, reported PTI. The last date to submit bids is April 8.
Mother Dairy To Launch 30 New Products, Demand To Rise 25-30 Per Cent, Says MD Manish Bandlish
Mother Dairy is planning to introduce 30 new products this summer, primarily focusing on ice cream and yogurt categories, anticipating a surge in consumer demand by 25-30 per cent, MD Manish Bandlish said. "Summer is the most anticipated season for our business, especially for categories like ice creams, curd, and beverages. With the Indian Meteorological Department's (IMD) prediction of above-normal temperatures and a hot summer this year, we are expecting a multifold surge in demand for these categories," he added.
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