Morning Alert.. *April exports drop to five-month low on geopo | Equity99
Morning Alert..
*April exports drop to five-month low on geopolitical woes, shows data*
Disruptions caused by geopolitical tensions, such as the Red Sea crisis, and softer commodity prices dragged down the value of India’s goods exports to a five-month low in April. Data released by the commerce department showed that the country’s merchandise exports grew merely 1.07 per cent year-on-year (Y-o-Y) to $34.99 billion during the first month of the current financial year (FY25), while merchandise imports rose sharply by 10.25 per cent to $54.09 billion in this period, leading to the widening of the trade deficit to a five-month high of $19.1 billion. The surge in inbound shipments was mainly driven by petroleum products, which grew by a fifth to $16.64 billion. The category constitutes more than 30 per cent of the total imports. This was followed by the trebling of gold imports to $3.1 billion. Electronic imports grew by 10 per cent to $7.05 billion. Non-petroleum, non-gems and jewellery imports grew by nearly 2 per cent Y-o-Y to $32.72 billion. Non-petroleum and non-gems and jewellery exports, an indication of exports’ health, saw a moderate growth of 1.32 per cent at $26.77 billion.
*Urban jobless rate reaches four quarter high in Q4FY24: PLFS data*
Urban unemployment rate increased to touch 6.7 per cent in Q4 (January-March) of FY24, up sequentially from 6.5 per cent in the preceding quarter, according to the Periodic Labour Force Survey (PLFS) data, released by the National Statistical Office (NSO) on Wednesday. The headline unemployment rate in the current weekly status (CWS) terms for those above 15 years is the highest since the January-March 2023 quarter, when the unemployment rate touched 6.8 per cent. In CWS, the activity status is determined on the reference period over the past seven days preceding the date of the survey. Previously, the jobless rate in urban areas has been steadily declining since the high of 12.6 per cent reported during the April-June quarter of FY22 during the peak of the pandemic, the PLFS data showed. Data showed that while the unemployment rate among women declined slightly to 8.5 per cent during the quarter, the jobless rate among men shot up to 6.1 per cent from 5.8 per cent in the preceding quarter.
* Global market action*
Dow Jones – Up by 0.09% or 35.18 points
FTSE – Up by 0.21% or 17.67 points
CAC – Up by 0.17% or 14.19 points
DAX – Up by 0.82% or 152.94 points
Gift Nifty – Up by 0.54% or 119.50 points
*FII/DII activities*
FII – Sold 2832.83Cr worth of shares
DII – Bought 3788.38Cr worth of shares.
*Stocks with high delivery Percentage*
Eris Lifesciences Ltd – 90.3%
RHI Magnesita India Ltd – 88.1%
Star Health and Allied Insurance Co Ltd – 87%
Westlife Foodworld Ltd – 86.4%
CCL Products Ltd – 82.9%
*Primary market activities*
IPOs opening today
Rulka Electricals Ltd (NSE SME) – Issue size 26.40Cr
HOAC Foods India Ltd (NSE SME) – Issue size 5.54Cr
Listing today
Energy-Mission Machineries (India) Ltd (NSE SME) – Subscribed 320.67x
*Commodities updates*
Gold – Rs 75070/10gm, Silver – Rs 86964/kg, Brcrude – Rs 6551/barrel, Copper – Rs 891.45/kg.
*Corporate News*
Cipla promoters sell 2.53% stake worth Rs 2,637 cr to fund philanthropy.
IIFL Finance raises Rs 1,271 crore through rights issue to fund biz growth.
Berger Paints India Q4 results: Net profit rises 19.68% to Rs 222.62 crore.
