Morning Alert.. *Inflation still high and focus on minimising | Equity99

Morning Alert..
*Inflation still high and focus on minimising risk, says RBI report*
With retail inflation gaining momentum in February, the monetary policy must remain in a risk-minimising mode to guide the trajectory towards the 4 per cent target, stated the Reserve Bank of India's State of the Economy report. It also underscored an upward trend in per capita income, citing data from the Household Consumption Expenditure Survey. The report noted that the recurring incidence of short-amplitude food price pressures is hindering a more rapid decline in headline inflation towards the 4 per cent target. “Inflation is on the ebb; the steady decline in core inflation would have taken down headline inflation towards the target of 4 per cent even sooner and faster, but for the repetitive incidence of short amplitude food price pressures,” stated the report, which is authored by RBI staffers, including Deputy Governor M D Patra. The views of the report do not reflect the views of the central bank. “The CPI readings for January and February 2024 show that the winter easing of vegetable prices turned out to be shallow and short-lived. Cereal prices maintained strong momentum, and prices of meat and fish have registered a surge,” it said.

*Global market action*
Dow Jones – Up by 0.92% or 357.14 points
FTSE – Up by 0.20% or 15.75 points
CAC – Up by 0.65% or 52.91 points
DAX – Up by 0.31% or 54.81 points
Gift Nifty – Up by 0.31% or 67.00 points

*FII/DII activities*
FII – Bought 1421.48 Cr worth of shares
DII – Bought 7449.48 Cr worth of shares.

*Primary market activities*
P&G Health Ltd – 96.3%
Route Mobile Ltd – 93.7%
Timken India Ltd – 93.4%
Blue Dart Express Ltd – 93.2%
Go Fashion (India) Ltd – 90%

*Primary market activities*
IPO opening today
Omfurn India Ltd (NSE SME) – Issue size 27Cr

Listing today
AVP Infracon Ltd (NSE SME) – Subscribed 21.45x

*Commodities updates*
Gold – Rs 67430/10gm, Silver – Rs 75295/kg, Brcrude – Rs 6883/barrel, Copper – Rs 756.55/kg.

*Corporate News*
HDFC Bank raises Rs 2,910 cr via infrastructure bonds for funding projects.

ATC opts to convert Rs 1,440 crore Voda Idea debt bonds into equity.

SC asks Ramdev, Balkrishna to appear personally in misleading ads case.