Economy Financial News

1] GDP of India: “In another pleasant surprise, India's real GDP grew 8.4% YoY in 3QFY24, compared to the market (and our) forecast of 6.5-7%. Further, the last two quarters' growth was also revised up to 8.1% (from 7.7% earlier). FY22 growth was revised up to 9.7% (from 9.1%) and FY23 was revised down to 7% (from 7.2%).

Stock market today: After the announcement of India's stellar gross domestic product (GDP) for the third quarter of the current fiscal year, auto stocks in India are witnessing strong demand since early morning deals on Friday. Tata Motors shares are up over 2 per cent, Mahindra & Mahindra (M&M) share price is up by around one per cent, Bajaj Auto share price gained to the tune of 2 per cent, Hero MotoCorp shares gained around 1.50 per cent, whereas Maruti Suzuki and Ashok Leyland shares gained nearly one per cent in early morning deals on Friday. According to stock market experts, auto stocks are in an uptrend today as the real GDP of India for Q3FY24 has come to 8.4 percent, which is much better than expected.

India's manufacturing industry enjoyed robust growth in February with activity expanding at its fastest pace in five months, led by accelerated global demand and lower inflationary pressures, a private survey showed. The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, rose to 56.9 in February from January's 56.5, beating a preliminary estimate of 56.7. India's manufacturing PMI has been above the 50-mark that separates growth from contraction for 32 months.

Indian equity indices traded with gains on Friday, as faster-than-expected domestic economic growth and in-line U.S. inflation data boosted sentiment. The BSE Sensex was trading 405 points or 0.56% lower at 72,905. Nifty50 was trading at 22,119, up 139 points or 0.63% at around 9.20 am.

With PSU stocks rallying non-stop amid heavy buying by retail investors, Anish Tawakley, Deputy CIO – Equity, ICICI Prudential AMC, says his team has turned cautious on the PSU space since the start of 2024 due to valuation concerns and have been gradually trimming PSU holdings. “Over the past three years, PSUs have moved from being one of the cheapest segments in the market to a situation where some of the PSUs are today overvalued. This has been largely possible owing to the good work done by the PSU managements coupled with the way the government has ensured that these companies worked in the interest of the shareholders,” Tawakley says. Edited excerpts from a chat with the fund manager: ICICI Prudential Business Cycle Fund has outperformed in the last 3 years by nearly doubling money. These 3 years have been very interesting because many cycles came and went. How did you manage to thrive in the shifting cyclical landscape? Anish Tawakley: Three years back the economy had spare capacity and was experiencing weak demand.

Read the full story here.)Sensex Today Live : India’s GDP data for the third quarter of Financial Year 2023-24, released by the Statistics Ministry on February 29, revealed an unexpected 8.4% growth in the economy during the October-December quarter of FY 24. Economists were taken aback by this surge as they had estimated lower growth due to a slight decrease in government expenditure, sluggish industrial output growth, and an irregular monsoon during the third quarter.

India’s official gross domestic product (GDP) growth data suggests the economy is on fire, even if not firing on all cylinders. At 7.6%, the latest growth estimate for 2023-24 is better than the 7.3% the government had earlier predicted, which itself was an upward surprise. At this rate, the current fiscal year will mark quite a pick-up from 2022-23, when the economy grew a revised 7% (down from 7.2%) and many had expected it to lose pace thereafter.

Also Read: Chicago Distressed Properties Lure Bargain-Hunting Buyers Feb. 18: Chinese Premier Li Qiang called for “pragmatic and forceful" action to boost the nation’s confidence in the economy. Officials should focus on solving practical problems faced by individuals and companies as the holiday ends, Li said, adding that they need to “win the trust of the people with real work and achievement." Feb.

Former Federal Reserve Bank of St. Louis President and CEO James Bullard analyzes latest inflation readings and the Fed's expected rate path.

Real estate agent Mauricio Umansky says high mortgage rates, high prices and low supply are creating difficulties for homebuyers, on 'The Claman Countdown.'

Last week, the European Union (EU) witnessed a surge in digital policy activity that could impact trade ties with India. On 17 February, the Digital Services Act (DSA), which mandates increased safety compliance for online platforms, took effect. Also, on 21 February, the EU brought out a white-paper on ‘How to master Europe’s digital infrastructure needs’ advocating economic protection for its communication industry.

By Emma Farge

(Updated — February 29, 2024 11:21 AM EST)

The national economy managed to skirt a technical recession in 2023, according to Statistics Canada.

MUMBAI : For a sure sign that domestic dealmaking is picking up in India, as is the economy, turn to the recruitment scene at the country’s premier management schools. Investment banks and private equity firms are handing out more domestic postings than international gigs to graduating students of the Indian Institutes of Management, in a sign that the persistent funding winter perhaps is finally thawing. Large domestic as well as global firms including DE Shaw, Goldman Sachs and Premji Invest are hiring graduates for functions across wealth management, institutional equities, asset management and investment banking profiles.

By Ankika Biswas and Khushi Singh

Hybrid sales overshadowed electric cars in India in 2023. This is in spite of the fact that hybrids do not get tax concessions or incentives—unlike battery-operated cars. Is this just a blip or a definitive shift in consumer preference? What is driving it? Mint explains: In 2023, sale of hybrid cars touched an all-time high of 82,607 units.

KPMG chief economist Diane Swonk reacts to the surprising January jobs report and discusses the impact of the Fed's next rate move on 'Making Money.'

Bank of Baroda. First crop advance estimates show a 4.6% decrease in major kharif crop production for the 2023-24 season to 148.5 million tonne. Although the rabi sowing season ended on 23 February with a slight increase in total acreage, there are concerns over a 6.5% decline in cereal cultivation.

The Nikkei stock index recorded last week its first new high in 34 years, a fitting tribute to Japan’s re-emergence as a genuinely exciting economy. It also comes amid mounting evidence that Japan has finally broken the hold of deflation. Inflation in January was 2.2%, the 22nd month above 2%.

Anant Ambani, a son of Reliance Industries Chairman Mukesh Ambani, and Radhika Merchant, daughter of industrialist Viren Merchant, has an important economic significance. The wedding celebrations will begin on March 1 in Jamnagar, Gujarat, while the couple will tie the knot on July 12. Anant has grown up in Jamnagar so the venue has significance for the Ambani family. But Anant has also said that he was inspired to choose Jamnagar by Prime Minister Narendra Modi's 'Wed in India' call. «It's a matter of pride and happiness when our PM said that one should get married in India,» he said.