Morning Alert.. *Reserve Bank of India net dollar purchases in | Equity99
Morning Alert..
*Reserve Bank of India net dollar purchases in FY24 highest since FY21*
The Reserve Bank of India (RBI) recorded its highest net dollar purchase in the last three years, acquiring $41.27 billion in the financial year 2023-24. This marks the largest amount bought since the financial year 2020-21 (FY21). In FY21, the RBI had bought $68.3 billion on a net basis. The central bank net bought $13.2 billion in March alone, marking the highest monthly net purchase since June 2021. In June 2021, the RBI had net bought $18.6 billion worth of dollars. India’s foreign exchange reserve expanded by $68 billion over FY24. At the end of the financial year, total reserves stood at $646 billion. Notably, the stance comes after a challenging 2022, during which the RBI net sold $25.5 billion worth of dollars. The Indian rupee experienced a 7.5 per cent depreciation against the US dollar over the financial year. However, in FY24, the Indian currency depreciated by 1.5 per cent. In the current financial year so far, the rupee has appreciated by 0.1 per cent. The central bank absorbed a significant portion of the active inflows resulting from India’s inclusion in the JP Morgan bond index in order to contain volatility in the exchange rate.
*Laptop, tablet imports from China surged 47% to $273.6 million in March*
Five months after India started monitoring imports of major electronic hardware products, inbound shipments of personal computers (PCs), including laptops and tablets, from China surged by 47.1 per cent to $273.6 million in March. The month also saw a decline in the import of personal computers from Singapore by 63.9 per cent to $12.2 million, while inbound shipments from other marginal players, such as Hong Kong ($33.65 million) and Taiwan ($8.21 million), during the month rose 39.1 per cent and 61.3 per cent, respectively. In November, when the government’s online monitoring system for the import of electronic hardware items became operational, imports from China contracted by 14 per cent, while the overall decline was 17.2 per cent. China’s share in total shipments of these items to India stood at 81.6 per cent in March. It was 77.7 per cent for FY24. On August 3 last year, the central government announced plans to categorise products in the information technology hardware segment, such as laptops, tablets, all-in-one personal computers, ultra-small form factor computers, and servers, under the “restricted” label.
* Global market action*
Dow Jones – Up by 0.07% or 26.77 points
FTSE – Down by 0.09% or 7.75 points
CAC – Down by 0.67% or 54.51 points
DAX – Down by 0.22% or 4220 points
Gift Nifty – Up by 0.07% or 16.50 points
*FII/DII activities*
FII – Sold 1874.54Cr worth of shares
DII – Sold 3548.97Cr worth of shares.
*Stocks with high delivery Percentage*
Safari Industries India Ltd – 89.7%
Honeywell Automation India Ltd – 89.1%
Cholamandalam Financial Holding Ltd – 84.6%
Aptus Value Housing Finance India Ltd – 83.2%
Gland Pharma Ltd – 81.5%
*Primary market activities*
IPOs opening today
Awfis Space Solutions (Main board) – Issue size 598.93Cr
Listing today
Indian Emulsifier Ltd (NSE SME) – Subscribed 460.07x
*Commodities updates*
Gold – Rs 76215/10gm, Silver – Rs 94700/kg, Brcrude – Rs 6569/barrel, Copper – Rs 933.75/kg.
*Corporate news*
JSW Cement to invest Rs 3,000 cr for new manufacturing unit in Rajasthan.
Reliance Industries picks Norwegian partner Nel ASA for electrolyser tech.
Metropolis Healthcare revenue up 17%, targets industry-leading growth.
