Thursday, November 28
The FMCG (Fast Moving Consumer Goods) industry in India had an overall 8.6 per cent volume growth in September quarter, helped by higher consumption as the inflationary pressure eased, according to a report by data analytics firm NielsenIQ. With correction in prices, the FMCG industry logged 9 per cent growth in value terms in July-September(Q3), reducing from the preceding quarters, it added. When inflation was at a record high, the FMCG industry had a high price-led growth in the last 5-6 quarters, though the volume was under stress.
As much as 98 per cent of China's development funding for its all-weather ally Pakistan came in the form of "less-than-generous loans," with only two per cent coming in the form of grants between 2000 and 2021, according to a research report. The China-Pakistan Economic Corridor (CPEC), a global infrastructure and investment initiative by Beijing, was launched in 2013. It is thought to be the largest partnership of China's Belt and Road Initiative (BRI). It increased to over $62 billion over time, and at least $25 billion was invested in cash-strapped Pakistan.
India being a net importer of steel is a matter of concern, Tata Steel CEO & MD T V Narendran said on Tuesday. The government has assured of intervention, if the imports remain on a rise, Narendran said at the ISA Steel Conclave event in the national capital. Commerce and Industry Minister Piyush Goyal on Tuesday assured the domestic industry that India will not accept such unfair taxes and will fight to get a fair deal for producers and exporters.
Dhanteras, the auspicious day to buy gold and gold ornaments, marks the beginning of Diwali. Dhanteras 2023 will be celebrated on November 10, 2023. One can purchase gold in the form of physical gold such as gold coins, gold bars, gold biscuits and gold jewellery.
India has granted permission to Sweden's Saab to establish a new facility for manufacturing rockets, marking the first instance of 100% foreign direct investment (FDI) in the defence sector. The FDI proposal, valued at under Rs 500 crore, was cleared last month.
The 30-share BSE Sensex jumped 471.45 points to 64,835.23 points in early trade. The Nifty climbed 126.75 points to 19,357.35 points. Among the Sensex firms, Larsen & Toubro, Axis Bank, Nestle, JSW Steel, IndusInd Bank and Mahindra & Mahindra were the biggest gainers. State Bank of India (SBI) and Tata Motors were the laggards. The US markets ended in the positive territory on Friday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 12.43 crore on Friday, according to exchange data.
Nykaa’s net profits increased to Rs 7.8 crore in the September quarter on a consolidated basis from Rs 5.2 crore in the year ago period. Revenue from operations grew by 22% year-on-year to Rs 1,507 crore during the quarter. “This is despite the festive season witnessing a delay this year, moving into October versus commencing in September last year,” the company said in a statement on Monday. Share price of Nykaa ended at Rs 147.45 apiece on the BSE on Monday, up 5.10%.
Bajaj Electricals, an Indian consumer products company, reported a 56% decrease in second-quarter profit due to pricing pressures and weak demand caused by a delayed festive period. The company's consumer products business, which accounts for the majority of its revenue, saw a 2.9% decline, while its lighting business fell 7.4%. The company attributed the decline to weak consumer demand and pricing constraints.Bajaj Electricals shares dropped as much as 4.6% after the results, but recovered to close up 0.5%.
Anant Raj Ltd plans to launch three new housing projects in Gurugram and Andhra Pradesh during the next 6-9 months with an estimated sales value of Rs 4,000 crore, as it seeks to expand business amid strong demand for residential properties. Delhi-based Anant Raj Ltd, which is listed on stock exchanges, will launch a luxury group housing project in Sector 63A Gurugram, comprising over one million square feet of developable area. The company also has plans to launch plots and villas, having a saleable area of around 1 million square feet, in its nearly 200-acre township 'Anant Raj Estate'.
Sebi said that it will go ahead with a plan to allow the settlement of equity market trades within the same day as it looks for ways to help Indian retail investors, provided there were no "serious objections" from market participants. India in January transitioned to a plan where trades are settled in one business day. The Sebi now plans to add an option - by October 2024 - to allow settlements instantly. Offshore investors have been pushing back on Sebi's instant settlement move on fears that two cycles would lead to a fragmented system and add to the cost of trading.
