Business News Highlights: GDP Data, Auto Sales, Economic Growth Numbers Among Major Market Movers This Week
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The stock markets continued to rally last week after exhibiting some volatility in between. The key equity benchmark, Nifty50, hit new highs during the week, however, markets continued to oscillate.
The market would focus on the quarterly GDP numbers to be released by India and the US in the coming week, along with auto sales scheduled to be revealed by month end. In the last week, both benchmark indices ended trading nearly flat. The Nifty50 settled at 22,213, while the BSE Sensex closed at 73,143.
Commenting on the market movements, Vinod Nair, Head of Research, Geojit Financial Services said, “The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets.” Helped by advancements in manufacturing and services, the capital goods and industrial sectors showcased strength.
Domestically, investors will keenly observe the quarterly GDP numbers for the October-December period scheduled to be released on the last day of the month. Further, the second estimate for the economic growth of the 2023-24 fiscal year is also set to be announced on Thursday.
Official fiscal deficit and infrastructure output data for January will also be released in the latter half of the week. Additionally, the HSBC Manufacturing PMI data for February is scheduled to be released on the first day of March. The PMI for January stood at 56.5, marking a four-month high. Foreign exchange reserves data for last week would also be released on Friday. Auto sales statistics for February will also be revealed in March beginning.
On the global front, the US will be releasing its economic data for the fourth quarter ended December 2023. The GDP numbers, along with new home sales, personal income and spending, pending home sales data for January are also scheduled for the week.
Stock Exchanges Slap Fines Worth Rs 32.5 Lakh On Public Oil And Gas Firms Including ONGC, GAIL
State-owned oil and gas firms like IndianOil, ONGC, and GAIl (India) have recieved fines from the stock exchanges for the third consecutive quarter for the firms' failure to meet listing norm requirements, the companies revealed via regulatory filing. The stock exchanges have imposed fines worth Rs 32.5 lakh on IOC, ONGC, OIL, GAIL, HPCL, and MRPL, for either failing on having the required number of independent directors or the compulsory women director on board in the October-December quarter in the current fiscal year. The firms, however, stated that director appointmens were conducted by the government and the companies had no role to play in the process, reported PTI.
Pakistan Meets IMF Conditions For Next Tranche Of $1.2 Billion
Pakistan has achieved the benchmarks required by the IMF for maintaining the status quo in the energy sector, in an effort to receive the next tranche of $1.2 billion from the global lending body, the Ministry of Energy officials said. The officials revealed that they have managed to fulfil the end-December targets regarding the flow of circular debt below Pakistani Rs 385 billion, reported The Express Tribune.
India Logs 10 Per Cent Drop In M&A Deals In 2023: PwC India
India saw a fall in merger and acquisition (M&A) deals in 2023 on an annual basis, a report by PwC India revealed on Sunday. The report, 'Deals at a glance', stated that the number of M&A deals in 2023 declined by 10 per cent to 793, on an annual basis, while the overall disclosed deal value for M&A plunged by 38 per cent during the year.
While the private equity (PE) investments slipped 36 per cent to $36 billion from a year earlier, the average investment size per deal climbed to $46 million in 2023 from $42 million in 2022, reported PTI.
Over 4,000 Job Aspirants Receive Employment In Namo Maharojgar Melava In Latur
Over 4,000 job seekers from facross Marathwada were recruited by companies during the two-day long Namo Maharojgar Melava in Latur, Maharashtra, reported PTI citing an official. About 12,945 individuals participated in the fair, while 4,548 aspirants received job confirmation letters in the event.
DLF To Launch Properties Worth Rs 80,000 Crore In 3-4 Years
DLF is planning to launch properties worth about Rs 80,000 crore in the next three to four years to cater to the increasing demand for housing and commercial properties, the company said. During the 2022-23 fiscal year, the real estate firm sold properties worth Rs 15,000 crore and projects that it will bypass this number in the 2023-24 fiscal year, owing to robust sales logged in the first three quarters of the fiscal.
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