Business News Highlights: TCS To Kick Off Q4 Earnings Season, US To Reveal Inflation Data In Week Ahead
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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 markets last week exhibited major volatility amidst mixed global cues, however, ended the last trading session on a marginally positive note. The S&P BSE Sensex closed the session at 74,248, up by about 21 points, while the NSE Nifty50 settled trading over the 22,500 mark at 22,514, inching higher by 1 per cent.
The Reserve Bank of India (RBI) announced the first monetary policy of the 2024-25 fiscal year last week. The RBI MPC maintained the status quo on key rates.
Notably, the BoB Essential Commodity Index (BoB ECI) clocked the fastest growth momentum since August 2023 in March 2024 by 5.9 per cent on a year-on-year (YoY) basis, Dipanwita Mazumdar, Economist, Bank of Baroda, revealed last week. Sequentially, the growth stood at 0.4 per cent.
In the week ahead, on the global level, the United States will reveal its inflation rate on Wednesday. Several Fed officials will also deliver their speeches in the week. The European Central Bank (ECB) is scheduled to announce its interest rate decision in the week ahead.
Domestically, the Indian market will enter the earnings season for the last week of the previous fiscal year in the week. Tata Consultancy Services (TCS) will begin the season and reveal its results of Q4FY24 on Friday.
Amongst other major macroeconomic data, India is expected to release its consumer price index (CPI)-based inflation or retail inflation rate for March in the latter half of the week. The country’s index of industrial production (IIP) data will also be unveiled in the week.
For IPOs, the SME segment will see DCG Cables and Wires IPO and Teerth Gopicon IPO begin accepting bids for subscription on Monday. Greenhitech Ventures IPO will also open for subscription on Friday. Bharti Hexacom is set to make its debut listing in the market on Friday.
India's Coal Imports Surge 13 Per Cent To 21.64 MT In Feb
The coal imports in India climbed 13 per cent to 21.64 million tonne (MT) in February, against 19.15 MT imports in the same month in the 2022-23 fiscal year (FY23). The data compiled by online marketplace, mjunction, revealed that non-coking coal imports surged to 13.77 MT in the period under review, against 11.68 MT a year earlier, while coking coal imports stood at 4.56 MT, against 4.40 MT imported in the same period last year.
BlackRock, AIDA, Mutual Funds Grow Stake In Vedanta By About 2 Per Cent
BlackRock, Abu Dhabi Investment Authority (AIDA), domestic mutual funds like ICICI Mutual Fund and Nippon India Mutual Fund raised their holdings in Vedanta by nearly 2 per cent in the last four months, market participants said. Foreign institutional investors (FIIs) also increased their stake in the firm by 1.2 per cent during the same period, reported PTI.
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