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India is open for biz; to expand global footprint, says Piyush Goyal
Since February, India has inked two key trade pacts — with the United Arab Emirates and Australia — in line with its revamped foreign trade strategy. Piyush Goyal, Union minister for commerce and industry, says this indicates India’s openness to business, and that the country wants to expand its international footprint. He also said the government will soon find a solution to payments-related challenges being faced by exporters amid the Russia-Ukraine war.
Weight of FMCG companies in Nifty50 lowest in a decade, shows data
Consumer stocks remain the biggest laggard on the bourses. The Nify50 weighting of FMCG stocks declined to a decade low of 9.9 per cent at the end of March this year, down 150 basis points from 11.4 per cent a year ago. At their peak in March 2013, major FMCG stocks, such as Hindustan Unilever, ITC, and Asian Paints, together accounted for 15 per cent of the Nifty50. But now together with automobile stocks, the consumer goods sector accounts for only 14.7 per cent of the index, down 200 basis points in the past 12 months and 37 per cent from the record high weighting of 23.4 per cent.
India's FY23 GDP growth estimated at 7.4%, RBI rate hike by year end: Ficci
India's GDP is estimated to grow at 7.4 per cent in the financial year 2022-23 with rising prices triggered by the Russia-Ukraine conflict posing as the biggest challenge to the global economic recovery, Ficci's Economic Outlook Survey released on Sunday said. According to the survey, the Reserve Bank of India (RBI) is likely to start a rate hike cycle in the second half of 2022, while a repo rate hike of 50-75 bps is expected by the end of the current fiscal.
Commodity play
Gold – Rs 51639/10gm, Silver – Rs 66822/kg, Brcrude – Rs 8320/Barrel, Degumsyoil – Rs 1410/10kg, Copper – Rs 818/kg.
Corporate News
Indian Oil - Co to invest Rs 840 crore to set up plant, raise storage capacity.
ONGC – Co to see $3 bn rise in earnings, Reliance $1.5 bn from gas price hike.
Maruti Suzuki – Co aims to sell 600,000 CNG units in current fiscal year.
Sector in focus - Oil & Gas, IT, Fertilizers and Metals.
India is open for biz; to expand global footprint, says Piyush Goyal
Since February, India has inked two key trade pacts — with the United Arab Emirates and Australia — in line with its revamped foreign trade strategy. Piyush Goyal, Union minister for commerce and industry, says this indicates India’s openness to business, and that the country wants to expand its international footprint. He also said the government will soon find a solution to payments-related challenges being faced by exporters amid the Russia-Ukraine war.
Weight of FMCG companies in Nifty50 lowest in a decade, shows data
Consumer stocks remain the biggest laggard on the bourses. The Nify50 weighting of FMCG stocks declined to a decade low of 9.9 per cent at the end of March this year, down 150 basis points from 11.4 per cent a year ago. At their peak in March 2013, major FMCG stocks, such as Hindustan Unilever, ITC, and Asian Paints, together accounted for 15 per cent of the Nifty50. But now together with automobile stocks, the consumer goods sector accounts for only 14.7 per cent of the index, down 200 basis points in the past 12 months and 37 per cent from the record high weighting of 23.4 per cent.
India's FY23 GDP growth estimated at 7.4%, RBI rate hike by year end: Ficci
India's GDP is estimated to grow at 7.4 per cent in the financial year 2022-23 with rising prices triggered by the Russia-Ukraine conflict posing as the biggest challenge to the global economic recovery, Ficci's Economic Outlook Survey released on Sunday said. According to the survey, the Reserve Bank of India (RBI) is likely to start a rate hike cycle in the second half of 2022, while a repo rate hike of 50-75 bps is expected by the end of the current fiscal.
Commodity play
Gold – Rs 51639/10gm, Silver – Rs 66822/kg, Brcrude – Rs 8320/Barrel, Degumsyoil – Rs 1410/10kg, Copper – Rs 818/kg.
Corporate News
Indian Oil - Co to invest Rs 840 crore to set up plant, raise storage capacity.
ONGC – Co to see $3 bn rise in earnings, Reliance $1.5 bn from gas price hike.
Maruti Suzuki – Co aims to sell 600,000 CNG units in current fiscal year.
Sector in focus - Oil & Gas, IT, Fertilizers and Metals.