BUOYANT ECONOMY
Stable economy boosts India's housing market to new heights, scales 11-year peak
The housing property market across India is seeing substantial growth in sales volumes, driven by stable economic conditions and continued confidence, even amidst higher mortgage rates. This uptrend is led by the top eight cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad, propelling the country’s residential real estate market to an 11-year high in sales volumes during the first half of the year.
ETMarkets Smart Talk: FII ownership at probably its lowest, but trend is changing: Ajit Banerjee
The market participants are convinced that the macro fundamentals and the fiscal condition of the country is very strong and India is poised to grow as the fastest-growing economy of the world for the next few years.
India's April-May steel imports hit five-year high on buoyant domestic demand
The surge in imports has raised concerns among Indian steel mills, prompting calls for government intervention and safeguard measures. However, the Ministry of Steel has refrained from such actions, emphasizing the strong local demand for steel. Notably, China and South Korea emerged as top exporters of steel to India in recent months, with Indian steel producers like Tata Steel expressing apprehensions about the growing influx of Chinese imports.
New govt to inherit strong economy, focus on making India developed nation by 2047
India's record-breaking economic growth rate and strong tax revenues provide a foundation for future reforms aimed at transforming the country into a developed nation by 2047. The new government must address challenges such as unemployment and rural distress, while also focusing on controlling inflation. Despite potential obstacles, experts expect continued infrastructure-led growth, investor-friendly policies, and reforms to maintain India's economic momentum and attract investment.
GST collection in May moderates from record high to Rs 1.73 lakh crore
In May, the Centre collected Rs 1.73 lakh crore in GST, a 10% annual increase. This is down from April's record Rs 2.1 lakh crore. The growth stemmed from a 15.3% rise in domestic transactions and a 4.3% decline in imports. Net GST revenue, after refunds, was Rs 1.44 lakh crore.
Economy expands 7.8% in Q4, lifting FY24 growth to 8.2%
This is the highest annual growth since FY17, excluding the 9.7% post-Covid rebound in gross domestic product (GDP) in FY22 after the 5.8% contraction in FY21. The advance estimate released in February had pegged FY24 growth at 7.6%. Economists and government expect the high growth to continue though tepid private consumption remains a concern.
Growth momentum to continue in Modi 3.0: FM Sitharaman
India's Finance Minister, Nirmala Sitharaman, has praised the country's 8.2% GDP growth in 2023-24, stating that the growth momentum will continue in the third term of the Modi government. The manufacturing sector saw a 9.9% growth, indicating the country's resilience despite global challenges. The final phase of Lok Sabha elections is set for Saturday, with results expected on June 4.
Slow spending by India government may prompt more cash infusion
India's federal government spending is expected to remain sluggish for several more months, leading to potential measures to inject liquidity into the banking system. Recent actions include three short-term securities buybacks and alterations in treasury bill borrowings. Slower spending is attributed to the ongoing national election.
Green shoots seen in IT hiring; 99acres turned cash positive in Q4: Hitesh Oberoi, Info Edge
Hitesh Oberoi, Co-Promoter, MD & CEO of Info Edge, discusses the growth in IT hiring, positive Naukri JobSpeak index movement, and real estate success. He also addresses EBITDA margins, recruitment trends, and global market influences, including exceptional losses and FY25 projections. Oberoi says IT hiring is more indexed to what happens in the US and the global economies than to what happens in the Indian economy and it has to be seen how that plays out over the next few quarters.
Manufacturing activity eases slightly to 58.8 in April; optimism improves
Buoyant domestic demand ensured a strong start for the fiscal, with the manufacturing activity easing slightly to 58.8 in April compared with 59.1 in the previous month, according to results of a private survey released Thursday.
Charting the global economy: BOJ holds; US inflation won’t let up
The US data this week indicated inflation accelerated in the first quarter, reinforcing expectations the Federal Reserve is likely to keep interest rates higher for longer.
Indian economy stands out with strong show: Finance Ministry
India's finance ministry highlighted the country's "promising economic performance," citing resilient growth, stable prices, and a strong external sector in its monthly economic report for March. Despite global uncertainties, India's economy remains robust, driven by factors like domestic demand, investment, and manufacturing momentum. The report also noted favorable monsoon forecasts, which are expected to boost agricultural output and ease inflation concerns. Additionally, India's trade deficit is projected to improve, supported by initiatives like the production-linked incentive schemes and recent trade agreements.
India's economic performance strong, despite global hurdles: Economic Review
India's economy showed strength amid global challenges and geopolitical issues, according to the March Economic Review. Strong domestic and rural demand, robust investments, and steady manufacturing growth have been credited for this resilience. Price pressures were seen easing in the country. Globally, managing inflation remains a top priority, as per the government release.
When will Fed cut rates? As US economy flexes its muscles, maybe later or not at all
But now, with the U.S. economy showing surprising vigor, a different question has arisen: Will the central bank really cut rates three times this year, as the Fed itself has predicted - or even cut at all? The Fed typically cuts only when the economy appears to be weakening and needs help.
Lower free float=higher returns & more companies doubling share price in last 9 months: Jigar Mistry
Jigar Mistry of Buoyant Capital highlights how flows outweigh fundamentals in the market. Caution needed due to smallcap rally driven by new money from retail and mutual funds. PSU side is questionable. We need to take a step back, look at the businesses which are underlying and not just go for PSU as a theme Consumption sector underperforming. Uncertain market outlook with possible correction.
Dollar nears 150 yen ahead of US inflation test; Bitcoin buoyant
Trading was largely subdued early in Asia with markets in China and Hong Kong still closed for the Lunar New Year holidays and as traders stayed on guard ahead of Tuesday's release of consumer prices data in the world's largest economy.
Buoyant residential realty drives land deals; non-metros too catch momentum
During the 22-month period from January 2022 to October 2023, real estate developers purchased about 3,294 acres of land. A substantial proportion, or 44.4%, of these land deals was transacted in tiers II and III locations, with 1,461 acres being acquired in 17 land deals, according to a JLL India study.
Gold's fall continues on resurgent US dollar and buoyant yields
The US Federal Reserve officials seem to be leaning towards a skip in September, though they are open to a hike later this year, thus November rate hike probability stands above 50% currently.
Gold rises on hopes of Fed pause; buoyant dollar caps gains
A downturn in euro-zone manufacturing eased last month, suggesting the worst might be over for the bloc's beleaguered factories, while an unexpected rebound in China offered some hope for export-reliant economies, private surveys showed.
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