Morning Alert.. *Economy expands 8.4% in Q3; FY24 growth proje | Equity99

Morning Alert..
*Economy expands 8.4% in Q3; FY24 growth projection now up at 7.6%*
Defying expectations by a considerable margin, India’s economy witnessed a six-quarter high growth rate of 8.4 per cent in Q3FY24, largely due to extraordinarily high tax collections and control over subsidies, amid significant revisions in earlier gross domestic product (GDP) estimates. A Bloomberg poll of economists had estimated GDP growth of 6.6 per cent for the December quarter, while the Reserve Bank of India had projected slightly slower growth at 6.5 per cent for the same period. The National Statistical Office (NSO), in its second advance estimates data released on Thursday, revised the FY24 growth estimate upward to 7.6 per cent, from the 7.3 per cent projected in January. This upward revision was aided by a downward adjustment of the FY23 growth estimate to 7 per cent, from the previously projected 7.2 per cent. The average GDP growth for the first three quarters of FY24 stands at 8.2 per cent, implying that the fourth quarter growth is assumed at 5.9 per cent.

*Core sector growth hits 15-month low of 3.6% in January: Govt data*
India’s core sector output, which measures production by eight key industries, grew by 3.6 per cent in January, a 15-month low, as per a government data update. A lower growth of 0.7 per cent was recorded in October 2022. The base effect combined with a single digit growth in five industries and a negative growth in two, slowed down production in the first month of this year. In January last year, the core sector had grown by 9.7 per cent. Figures for December were revised upwards from 3.8 per cent to 4.9 per cent.Madan Sabnavis, chief economist, Bank of Baroda says the January figures were a “mixed bag.” Coal output grew by 10.2 per cent, the only sector to retain a double-digit growth in January, compared to 10.7 per cent previously. Sabnavis said the growth in coal is a reflection of a “steady demand for power from business and households.”

*Global market action*
Dow Jones –Up by 0.05% or 19.43 points
FTSE – Up by 0.07% or 5.04 points
CAC – Down by 0.34% or 26.96 points
DAX – Up by 0.44% or 76.97 points
Gift Nifty – Down by 0.09% or 20.00 points

*FII/DII activities*
FII – Bought 3568.11 Cr worth of shares
DII – Sold 230.21 Cr worth of shares.

*Primary market activities*
Zydus Wellness – 88.9%
Eric Lifesciences – 88.3%
Vardhaman Textiles – 85.5%
Schaeffler India – 84.5%
MMTC – 82.6%

*Primary market activities*
Listing today
Sadhav Shipping Ltd (NSE SME) – Subscribed 135.69x

*Commodities updates*
Gold – Rs 64040/10gm, Silver – Rs 69949/kg, Brcrude – Rs 6465/barrel, Copper – Rs 730.50/kg.

*Corporate News*
Supreme Court junks Vedanta plea for copper plant reopening in Tamil Nadu.

Biocon Biologics signs agreement with Janssen Biotech for psoriasis drug.

One97 Communications: The Board of Directors of the Company have approved the discontinuation of various inter-company agreements with its associate entity, Paytm Payments Bank Limited.