India's core sector witnessed a significant uptick, with growth rates climbing to 6.7% in February from a revised figure of 4.1% in January, as reported by the Ministry of Commerce and Industry. This growth is attributed to robust consumer spending and investments in infrastructure sectors including coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas. Despite this surge, the cumulative growth for April-January in the current fiscal year moderated to 7.7%, compared to 8.2% in the same period of the previous fiscal year.
India's foreign exchange reserves soared to a record $642.63 billion, marking a continuous rise for the fifth consecutive week. This milestone underscores the country's strengthening economic foundations.
In a strategic move, Canara Bank has announced plans to dilute a 13% stake in Canara Robeco Asset Management Company through an Initial Public Offering (IPO). This decision is pending approval from the Reserve Bank of India and the Department of Financial Services, highlighting the bank's ambition to capitalise on its asset management wing.
Finance Minister Nirmala Sitharaman projects an 8% GDP growth for the quarter ending March 31, with expectations of similar growth rates for the fiscal year 2023/24. These projections come amid enhanced inflation management and overall macroeconomic stability.
Infosys is poised to receive a substantial tax refund of Rs 6,329 crore for assessment years ranging from 2007-08 to 2018-19, notwithstanding a significant tax liability of Rs 2,763 crore for the assessment year 2022-23. The company is evaluating the impact of these developments on its financials.
Market activity saw Foreign Institutional Investors (FIIs) purchasing shares worth Rs 188.31 crore, while Domestic Institutional Investors (DIIs) bought shares valued at Rs 2,691.52 crore, indicating robust confidence in the Indian stock market.
The GIFT Nifty signals a promising start with a 0.28 percent increase, hinting at positive momentum in the broader Indian stock market.
The Indian government raised Rs 165 billion ($1.98 billion) from the sale of stakes in about ten state-run companies in the fiscal year 2023/24, slightly below the targeted Rs 180 billion. This comes as the government shifts focus due to the upcoming general elections and refrains from setting a privatisation target for the new financial year, marking a departure from tradition
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