Morning Alert. *India to be fastest growing economy among G-20 | Equity99

Morning Alert.
*India to be fastest growing economy among G-20 nations in 2024, all big rating agencies revised country's growth upwards*

India will be the fastest growing economy among the G-20 nations in 2024. In the previous three quarters, India's economy expanded at 7.8 per cent in Q1, 7.6 per cent in Q2 and 8.4 per cent in Q3. On Saturday, finance minister Nirmala Sitharaman said in an event at Mumbai that India will grow over 8 per cent in the January-March quarter of 2024. The country has become the 5th largest economy of the world and the Modi government has pledged to make it the 3rd largest by 2027. The 8.4 per cent growth in Q3 has surpassed expectations, post that various institutions have upgraded their GDP growth forecast for India. The most recent upgrade came from Goldman Sachs, which has raised India's 2024 growth projections to 6.6 per cent, a 10 basis point improvement from its previous forecast. Earlier this month S&P, Morgan Stanley and Moody's too have revised India's growth projections upwards. S&P revises India's growth projections from 6.4 per cent to 6.8 per cent, Morgan Stanley from 6.1 per cent to 6.8 per cent and Moody's from 6.6 per cent to 8 per cent for the current fiscal. The growth projections were revised upward by rating agencies, reflecting both global and domestic optimism in the country's economy on the back of robust manufacturing activity and infrastructure spending.

*India's GDP set to grow 8% or more in Jan-March quarter, finance minister says*

India’s gross domestic product (GDP) is on track to grow by 8% or more in the quarter ending March 31, Finance Minister Nirmala Sitharaman said on Saturday. The economy is expected to show the same rate of year-on-year expansion for the 2023/24 financial year, Sitharaman added, citing the impact of improved inflation management and macroeconomic stability. "Hopefully the fourth quarter … will also have (growth) of 8% or above 8% resulting in 2023/24 having an average growth in GDP of 8% or over 8%," Sitharaman said during an event in the financial hub of Mumbai. India’s GDP data for the Jan-March quarter is due to be released on May 31. Asia’s third-largest economy grew 8.4% in the October-December quarter year-on-year, outpacing the 7.6% growth recorded for the previous quarter. India’s economy is projected to grow at 7.6% in the current fiscal year to March 31, according to the latest government estimates.

*Global market action*
Dow Jones – Up by 0.34% or 135.39 points
FTSE – Up by 0.26% or 20.64 points
CAC – Up by 0.01% or 1.00 points
DAX – Up by 0.08% or 15.40 points
Gift Nifty – Up by 0.23% or 51.50 points

*FII/DII activities*
FII – Bought 188.31 Cr worth of shares
DII – Bought 2,691.52 Cr worth of shares.

*Stocks with high delivery percentage*
Grasim – 96.58%
Interglobe Aviation – 89.53%
IDFC First Bank- 81.31%
Tata Consumer Products – 78.79%
Britannia– 68.22%

*Commodities updates*
Gold – Rs 67,800.00/10gm, Silver – Rs 75,044/kg, Brcrude – Rs 6,915/barrel, Copper – Rs 760.75/kg.

*Corporate News*
Infosys to get windfall tax refund of Rs 6,329 crore

PG Electroplast’s arm gets approval for disbursement of PLI incentives for AC Components

Kalpataru Projects International’s arm gets nod to acquire additional stake in Fasttel

Standard Capital Markets gets nod to acquire entire stake in KRV Brooms

Adani Total Gas commences production at Barsana Biogas Project