India’s GDP growth slows to 4.4% in Q3; manufacturing woes remain*
India’s economy grew at a weaker than expected 4.4 per cent in the December quarter of FY23 amid wide revisions to earlier gross domestic product (GDP) figures, as manufacturing output contracted for the second consecutive quarter and consumer demand slowed. A survey of 41 professional forecasters by the Reserve Bank of India (RBI) earlier this month pegged median GDP growth at 4.6 per cent for Q3. However, the RBI projected December-quarter GDP growth at 4.4 per cent. According to the second advance estimates data, released by the National Statistical Office (NSO) on Tuesday, nominal GDP for FY23 is estimated at Rs 272 trillion, assuming 15.9 per cent growth, a tad lower than the first advance estimates of Rs 273 trillion.
*Sebi bars 21 entities from capital markets in Axis MF case: Interim order*
India’s market regulator on Tuesday issued interim orders in a case of alleged front-running at Axis Mutual fund, while issuing show cause orders to the mutual fund and related entities. The Securities and Exchange Board of India directed that 21 entities be barred from the capital markets until further orders. It identified 305 million rupees as wrongful gains accrued due to the alleged front-running activities and directed that this amount be impounded from the 21 entities.
*5G towers up in 387 districts, nationwide by Dec 2024: Telecom Minister*
Five months after being launched, 5G infrastructure has been deployed in 387 districts in the first phase and will cover the entire country by December, 2024, Telecom Minister Ashwani Vaishnaw has said. The Minister said on Tuesday that 100,000 base transceiver centres (BTS) are now active in these districts, which is better than the government’s target of covering 200 districts. A BTS is a fixed radio transceiver in any mobile network, most often installed on mobile towers. The government had earlier asked the telcos to set up at least 10,000 BTS every week.
*Commodity play*
Gold – Rs 55339/10gm, Silver – Rs 62776/kg, Brcrude – Rs 6303/barre, Degumsyoil – Rs 1296/10kg, Copper – Rs 759/kg.
*Corporate News*
Adani group to repay $790 million share-backed loans, says report.
Airtel eyes tariff hike mid-year; here’s how telcos’ Arpu stack up.
Reliance Jio second-strongest telecom brand in world, says report.
SGX Nifty indicates negative start to Indian markets trading at 17376 levels down by 0.13% or 22.5 points. Dow ended yesterday`s session in red down by 0.71% at close.
Sector in focus – Banks, Metals, Infrastructure & Pharma.
Share Market, Morning Alerts 01 March 2023
