Morning Alert… *WPI inflation accelerates to 14.23% on high oi | Equity99

Morning Alert…
*WPI inflation accelerates to 14.23% on high oil, food prices*
Wholesale inflation accelerated to an all time high of 14.23% in November, fuelled by increases in food prices and fuel, complicating the central bank`s efforts to spur growth by keeping interest rates at a record low. Price increases in products such as mineral oils, fuels and food products from a year ago contributed to galloping inflation according to data from economic advisor.

*Omicron cases rise amid WHO alert on community transmission*
Fears heightened in India after the World Health Organization (WTO) confirmed community transmission of omicron, the mutant coronavirus variant, in other countries. Energence of fresh Omicron cases in Delhi, Maharashtra and Gujarat, took the tally to 61.

*India to challenge WTO ruling on domestic sugar subsidy*
India said it will appeal a WTO finding in a dispute raised by Brazil, Australia and Guatemala that New Delhi offered support to sugarcane producers in excess of permitted levels. India said the WTO finding do not impact any of its ongoing policy measures in the sugar sector.

*Commodity play*
Gold – Rs 48071/10gm, Silver – Rs 60885/kg, Brcrude – Rs 5562/Barrel, Degumsyoil – Rs 1152/10kg, Copper – Rs 738/kg.

*Corporate News*
DB Realty – Co says it decided to abandon issue of convertible warrants on preferential basis.

HDFC – Co says it invoked pledge on 5M shares of Ansal Housing to recover part outstanding dues by cerain borrowers.

NATCO – Co acquires dash pharma LLC, USA through one of its subsidiary co for cash consideration of 18M USD.

Sector in Focus – Sugar, Pharma, Banks & Chemicals.