Morning Alert..
Sensex hits highest level since Feb 10 on hopes of Russia-Ukraine truce
The country’s benchmark indices surged over 1% on Wednesday as investor sentiment was lifted on the optimism around progress in talks between Russia and Ukraine. The Sensex rose 740 points, or 1.3 per cent, to end the day at 58,684, the highest since February 10. It was also the highest single-day gain for the index in two weeks. Meanwhile, the Nifty 50 ended the session at 17,498, a gain of 173 points, or 1 per cent. On Wednesday, both foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) were net buyers. The former purchased shares worth Rs 1,216, while the latter pumped in Rs 1,357 crore.
iPhone production under PLI scheme may hit Rs 25,000 crore in FY23
In what could give a big boost to the production-linked incentive (PLI) scheme, Apple’s vendors have made a commitment of a minimum incremental production of Rs 25,000 crore of mobile devices in FY23 beginning from April 1. The threefold jump in the commitment of minimum incremental production over FY22, in addition to a huge push in exports, will be possible thanks to the entry of Apple’s third contract manufacturer, Pegatron, which kicks off commercial production for the first time this financial year.
RBI's MPC to meet 6 times next fiscal; first meeting scheduled for Apr 6-8
The Reserve Bank's Monetary Policy Committee (MPC) will meet six times during the next financial year. The Reserve Bank of India (RBI) Governor-headed rate setting panel will be holding its first meeting of the next fiscal from April 6-8. The MPC announces the bi-monthly monetary policy after deliberations on the prevailing domestic and economic situations. The central government has tasked the RBI to ensure that inflation remains at 4 per cent with a margin of 2 per cent on the either side.
Commodity play
Gold – Rs 51316/10gm, Silver – Rs 66722/kg, Brcrude – Rs 8320/barrel, Degumsyoil – Rs 1435/10kg, Copper – Rs 828/kg.
Corporate News
Axis Bank - Bank acquires Citi's consumer business in India for $1.6 bn.
Bharti Airtel - Jio, Vodafone lose subscribers, Airtel gains in Jan, shows Trai data.
Sector in focus - Banks, IT, Real-Estate and Fertilizers.
Sensex hits highest level since Feb 10 on hopes of Russia-Ukraine truce
The country’s benchmark indices surged over 1% on Wednesday as investor sentiment was lifted on the optimism around progress in talks between Russia and Ukraine. The Sensex rose 740 points, or 1.3 per cent, to end the day at 58,684, the highest since February 10. It was also the highest single-day gain for the index in two weeks. Meanwhile, the Nifty 50 ended the session at 17,498, a gain of 173 points, or 1 per cent. On Wednesday, both foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) were net buyers. The former purchased shares worth Rs 1,216, while the latter pumped in Rs 1,357 crore.
iPhone production under PLI scheme may hit Rs 25,000 crore in FY23
In what could give a big boost to the production-linked incentive (PLI) scheme, Apple’s vendors have made a commitment of a minimum incremental production of Rs 25,000 crore of mobile devices in FY23 beginning from April 1. The threefold jump in the commitment of minimum incremental production over FY22, in addition to a huge push in exports, will be possible thanks to the entry of Apple’s third contract manufacturer, Pegatron, which kicks off commercial production for the first time this financial year.
RBI's MPC to meet 6 times next fiscal; first meeting scheduled for Apr 6-8
The Reserve Bank's Monetary Policy Committee (MPC) will meet six times during the next financial year. The Reserve Bank of India (RBI) Governor-headed rate setting panel will be holding its first meeting of the next fiscal from April 6-8. The MPC announces the bi-monthly monetary policy after deliberations on the prevailing domestic and economic situations. The central government has tasked the RBI to ensure that inflation remains at 4 per cent with a margin of 2 per cent on the either side.
Commodity play
Gold – Rs 51316/10gm, Silver – Rs 66722/kg, Brcrude – Rs 8320/barrel, Degumsyoil – Rs 1435/10kg, Copper – Rs 828/kg.
Corporate News
Axis Bank - Bank acquires Citi's consumer business in India for $1.6 bn.
Bharti Airtel - Jio, Vodafone lose subscribers, Airtel gains in Jan, shows Trai data.
Sector in focus - Banks, IT, Real-Estate and Fertilizers.