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Gold price surge on weaker-than-expected US jobs report
The US services sector faced an unexpected contraction in the last quarter, with the ISM services gauge dropping to 48.80, marking the fastest pace of decline in four years. This contrasts with the S&P Global US Services Index, which reached its highest level since April 2022 at 55.30.
Budget 2024: Will Budget remove the ‘killer’ angel for the sake of Indian startups?
Budget expectations for startups: Ahead of the Budget 2024, the DPIIT has proposed eliminating the Angel Tax for startups to boost capital formation. The department also aims to address the inverted duty structure and high tariffs on electronics inputs. The 'angel tax' issue has sparked political debates, with industry leaders and organizations urging its removal to facilitate startup investments. Startups will await Budget announcements with hopes for measures on angel tax.
Budget 2024: Tax cuts and lower rates top developers’ Budget wishlist
Budget Expectations: As the Union Budget 2024 nears, real estate developers eagerly await tax rationalisation and interest rate cuts for financial viability and growth. The CREDAI and Colliers survey underscores the need for GST input tax concessions and lower interest rates to boost project feasibility. Developers anticipate strong demand in Tier I and II cities, with hopes of sustaining momentum in 2024. Expectations include cost management solutions, price increases, and exploring new residential models. Developers and stakeholders look to Budget 2024 for crucial support in driving sector growth.
Sitharaman may focus on affordable housing in Union Budget: Former HDFC CEO Keki Mistry
BUDGET 2024: Finance Minister Nirmala Sitharaman is expected to prioritize affordable housing in the upcoming Union Budget, former HDFC CEO Keki Mistry stated. Real estate developers are advocating for tax rationalization, more funds for the SWAMIH scheme, and continued government backing to sustain sector growth and stimulate demand
Budget 2024: DPIIT seeks Angel tax, inverted duty removal in Budget
The Department for Promotion of Industry and Internal Trade (DPIIT) has proposed eliminating the Angel Tax for startups ahead of Budget 2024, said Secretary Rajesh Kumar Singh. Introduced in 2012 under Section 56(2)(viib) as an anti-abuse measure to prevent tax evasion, the tax is levied above 30%. DPIIT asserts this removal could enhance capital formation in India.
Oil prices on track for fourth straight week of gains
Oil prices stabilized in Asian trade, set for a fourth week of gains amid strong U.S. summer demand and supply concerns. Brent and WTI prices rose. Russia's Rosneft and Lukoil to cut July exports. Saudi Aramco lowered Asian prices. Sentiment boosted by geopolitical tensions, a 12.2 million barrels draw, potential Fed rate cuts, and the Gaza conflict.
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Market can only go up now irrespective of Budget. Here's why
The Street has discounted the defence manufacturing stocks too much into the future. Even the earning visibility has been discounted. It is a fast-moving train; it does not make sense to get onto that train at this point. There are many choices when it comes to rural play – two-wheelers, fertilisers, pesticides and M&M, says Dipan Mehta.
Can the bull run continue or should you be concerned? Ajay Khandelwal explains
Ajay Khandelwal says expecting between 5% and 7% earning growth in large-cap IT companies, but certain businesses in midcap IT will grow even more than 15% to 20%. At this point, we have allocation in our large and midcap and our multi-cap. But in terms of smallcap, we do not have IT allocation.
India's high input tariffs stifle smartphone export growth, industry calls for reductions & policy changes in Budget 2024
Union Budget: India's efforts to increase smartphone exports through the production-linked incentive (PLI) scheme face challenges due to high tariffs on input parts and barriers for global firms entering its value chains. Despite the PLI scheme's success in boosting smartphone production beyond domestic demand, these tariffs, averaging 7.4%, are significantly higher than in competitor countries like China's bonded zones where tariffs are 0%.
India bond yields may see further uptick as US peers jump
Indian bond yields expected to increase amidst renewed Treasuries selloff. Benchmark 10-year yield likely to stay within 6.99%-7.03% range. U.S. yields rising, with expectations of a 46 bps rate cut by the Fed in 2024.
Vodafone Idea, 5 other stocks expected to enter MSCI index
India’s weight in MSCI EM now stands at 19.2%, and it is gradually expected to cross the 20% mark.The street eagerly awaits HDFC Bank’s June 2024 shareholding, which should be out anytime this week. The critical number to monitor would be the FII holding dropping below the 55% mark. The August review cut-off will be between June 18 to 30 while the official announcement will be on August 13 with the adjustment taking place on August 30, 2024.
Expect 8-10% industry volume growth for FY-25: Mohan Bangur, Shree Cement
So, in the next three quarters, the demand has to meet around 9% to 10% to make up for the lost time. In the first quarter, there were elections, there were water shortage, uncertainty of election results were there, now all those is over.
Gold holds ground on US rate-cut expectations
Amidst shifting economic indicators, precious metal prices reflect market uncertainties and investor sentiments influenced by global economic trends and policy decisions. The intricate balance between supply, demand, and macroeconomic factors drives strategic investment choices in the ever-changing financial landscape.
India gold buyers postpone their purchasing plans, keenly waiting to see if Modi government cuts import duty in Union Budget
BUDGET NEWS: Indian gold demand remains subdued due to high prices, with expectations of an import duty cut in the upcoming budget. Meanwhile, Chinese demand also declined. Domestic gold prices hovered near Rs 71,600 per 10 grams, down from a peak of Rs 74,442 last month. Dealers offered discounts up to $9 per ounce on official prices, including taxes. The market anticipates increased activity closer to the festival season in Q3
Govt buys 71,000 tonnes of onion for buffer stock; expects retail prices to ease with normal monsoon
The Indian government has procured nearly 71,000 tonnes of onion this year for buffer stock, out of a total target of 5 lakh tonnes for price stabilisation. The all-India average onion retail price is Rs 38.67 per kg, while the modal price is Rs 40 per kg. The government is on course to achieve targeted procurement of 5 lakh tonnes for price stabilisation. The procurement price is dynamic and linked to prevailing market prices.
Inflation expected to average 4.5% this fiscal: Crisil
CRISIL forecasts inflation at 4.5% this fiscal year, anticipating softer food inflation and higher non-food inflation. The report flags worries about food categories like cereals and pulses.
Gold tumbles on solid US nonfarm payroll report, China slowing down gold buying
Gold prices rose on rate cut expectations but fell due to a strong US nonfarm payroll report. The Dollar Index strengthened. Traders shifted rate cut expectations. Market awaits the US Federal Reserve's decision. China's Central Bank paused gold buying due to high prices.
After a 5% rally in 2 days, ITC earns a downgrade. Here's why
Emkay Global downgraded ITC to 'add' at Rs 460 citing near-term pressures like margin stress. Analysts' recommendations from Trendlyne data show 31 buy, 2 hold, and 1 sell. ITC shares yielded negative returns recently.
US inflation rises in line with expectations in April
U.S. inflation tracked sideways in April, a worrying sign for the U.S. central bank that suggests the elevated pace of price increases could last longer than expected and casts doubt on how soon it will be able to cut interest rates. The personal consumption expenditures (PCE) price index increased 0.3% last month, the Commerce Department's Bureau of Economic Analysis said on Friday, matching the unrevised gain in March.
Dollar ebbs as markets await key global inflation reports
The dollar weakened on Tuesday awaiting key inflation data for global interest rate guidance. Euro held steady despite dovish ECB comments. GBP and NZD gained, with focus on US PCE price index report on Friday.
Gold records its worst weekly fall this year on hawkish Fed minutes
April's preliminary US economic data shows unexpected strength in durable goods orders, rising 0.70% against a predicted -0.80% decline. Even excluding transportation, the sector grew 0.4%, surpassing the 0.20% forecast. Consumer sentiment, measured by the University of Michigan, also improved to 69.10 from 67.70. However, inflation expectations for the next year and five to ten years fell slightly below predictions, at 3.30% and 3.00%, respectively.
Gold prices back in limelight after mild correction
Gold prices have surged both globally and domestically, nearing the significant psychological level of $2,500 per ounce on the London spot market, representing a year-to-date increase of almost 17%. This momentum is reflected in the Indian market as well, with MCX futures prices exceeding ₹74,000 per ten grams.
Go Digit to debut at the bourses today; here's what GMP signals ahead of listing
The Go Digit IPO garnered a robust reception, with the company's shares commanding a premium of Rs 25 in the unlisted market. Demand for the issue surged nearly 10 times by the close, fueled by strong interest from both retail and institutional investors.
ITC Q4 Preview: Revenue to grow around 3% YoY; margins to contract
Brokerage firms expect that ITC will announce subdued revenue growth for the fourth quarter when it declares its results on May 23. Based on projections from different brokerages, it's anticipated that profits will see a modest 3% year-on-year increase, with the hotels segment expected to perform strongly. In the previous December quarter, ITC recorded a 6% rise in consolidated net profit, amounting to Rs 5,335 crore.
IndiGo Q4 Preview: PAT may double YoY on robust demand; healthy revenue growth likely
Brokerages anticipate robust earnings from India’s premier airline in the fourth quarter. The results, slated for release on May 23, are expected to reveal a 16% year-on-year growth in revenue for the period. According to Motilal Oswal, Revenue Passenger Kilometers (RPK) is projected at 30 billion, marking a 16% increase from the previous year, while Passenger Load Factor (PLF) is anticipated to rise to 87.5%, up from 85.8% in 3QFY24. Additionally, Available Seat Kilometers (ASK) are forecasted to reach 34 billion, reflecting a 12% year-on-year uptick.
Gold rallies on rate cut expectations amid US economy slowdown
Spot gold rose on Friday despite US inflation data, anticipating rate cuts amid a weakening US economy. US CPI and PPI Final demand were below forecasts. US Fed Chair Powell remains optimistic about inflation. US Philadelphia Fed business outlook was below expectations. Fed officials hold varying views on rate adjustments.
Fed officials mull whether rates high enough as inflation expectations jump
In an interview with Reuters, Atlanta Fed President Raphael Bostic said he still thought inflation was likely to slow under the current monetary policy and allow the central bank to begin reducing its policy rate in 2024 - though perhaps by only a quarter of a percentage point and not until the final months of the year.
Maruti Suzuki Swift 2024 Launch: Expected Price, features, mileage, design and other details in EPIC new Swift
Maruti Suzuki Swift Launch: Maruti Suzuki India is gearing up to launch the highly anticipated next-generation Swift, featuring a revamped design, new engine, and updated interior. Pre-bookings have begun at an initial payment of ₹11,000, with deliveries expected to commence in June 2024. The hatchback will hit the Indian market today, May 9, 2024, and the epic new swift promises to be a blend of sporty design and enhanced driving experience.
Asian Paints Q4 Preview: PAT may jump 5.5% YoY to Rs 1,317 crore, revenue may see 4.3% uptick
Profit after tax (PAT) is forecasted to fall within the range of Rs 1,287 crore to Rs 1,900 crore. Axis Securities projects the lower end of this range, while Anand Rathi predicts the higher end. Regarding revenue, the estimate spans from Rs 8,921 crore as anticipated by Axis to Rs 9,402.5 crore as outlined by Anand Rathi.
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