2024-02-22 05:54:28
Morning Alert..
*India's GDP growth to moderate to 6.5% in FY25, projects Morgan Stanley*
Morgan Stanley Research said on Wednesday that it expects India’s GDP growth for FY25 to moderate to 6.5 per cent from 6.9 per cent projected for FY24. ICRA, meanwhile, has projected the year-on-year (Y-o-Y) GDP growth to moderate sequentially to 6 per cent in Q3 FY24 from 7.6 per cent, led by agriculture and industry sectors. Aditi Nayar, chief economist, head-research & outreach, ICRA Ltd, said, “Lower volume growth for the industrial sector, flagging momentum in certain indicators of investment activity, a slowdown in government expenditure and an uneven monsoon are expected to dampen the GDP growth to 6 per cent in Q3 FY24 from 7.6 per cent in Q2 FY24.” MS Research’s report said it maintained a constructive outlook on the Indian economy, while highlighting that risks emanate from global factors and elections in May 2024. “Domestic demand improved in January, while macro stability remains comfortable, reflecting strength in the fundamentals. We maintain our constructive outlook on the economy,” Morgan Stanley Research said in its report titled India Economics – Macro Indicators Chartbook: Strength in Growth, Stability in Macro-Fundamentals.
*India-Oman FTA may be reality soon; legal vetting of deal's text underway*
India and Oman are close to finalising a trade agreement and officials from both sides have already started the process of legal vetting of text of the proposed free-trade agreement (FTA), two people aware of the matter said. “The trade deal is almost final. Legal scrubbing of the FTA text is already on,” one of the persons cited above told Business Standard. India is keen to finalise the trade pact before the model code of conduct (MCC) kicks in ahead of the general elections, making the timing of a proposed deal crucial. MCC can be announced any time now. A trade deal with the West Asian nation is a part of India’s efforts to improve relations with Gulf nations, with Oman being India’s strategic partner, having trade links of about 5,000 years. That apart, Oman is also a part of the six-member Gulf Cooperation Council (GCC). These nations include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). While India and the UAE signed a comprehensive FTA two years ago, the official launch of negotiations with GCC is awaited. After walking out of China-backed bloc Regional Comprehensive and Economic Partnership (RCEP) in 2019, India has now revamped its foreign trade strategy.
*Global market action*
Dow Jones – Up by 0.05% or 19.30 points
FTSE – Down by 0.73% or 56.70 points
CAC – Up by 0.22% or 16.87 points
DAX – Up by 0.29% or 49.69 points
Gift Nifty – Up by 0.44% or 96.50 points
*FII/DII activities*
FII – Bought 284.66 Cr worth of shares
DII – Sold 411.57 Cr worth of shares.
*Primary market activities*
One97 Communications Ltd – 100%
Aptus Value Housing Finance Ltd – 91.2%
Grindwell Norton Ltd – 89.7%
Capri Global Capital Ltd – 89.6%
Vedant Fashion Ltd – 86.5%
*Primary market updates*
IPO opening today
GPT Healthcare Ltd (Main Board) – Issue size 525.14Cr
*Commodities updates*
Gold – Rs 64025/10gm, Silver – Rs 70650/kg, Brcrude – Rs 6429/barrel, Copper – Rs 726.9/kg.
*Corporate News*
Ambuja Cements to invest Rs 1,000 cr to set up grinding plant in Jharkhand.
JSW Steel plans to borrow $750 mn loan to meet capital expenditure needs.
Jubilant FoodWorks expects Popeye to be Rs 1,000 cr brand in next 3-4 years.
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