Asian markets took hints from Wall Street rally on Monday and jumped in today's session as investors bargain hunted for stocks in the market. Nikkei gained around 3% while European markets are also trading in the green in today's session.
Marico India business posts low single-digit volume growth in second quarter of FY23
FMCG firm Marico Ltd on Monday said its India business posted low single-digit volume growth in the second quarter of the ongoing fiscal.
In a quarterly update, the company said demand sentiment in India trended on similar lines as the preceding quarter during most of the second quarter, with some signs of positivity in the last month.
"With retail inflation holding firm, downtrading in rural (areas) was still prevalent during the quarter. Urban and premium discretionary segments continued to fare better," it said in a regulatory filing.
The company's flagship Parachute coconut oil recorded low single-digit volume decline although "the brand witnessed improving trends towards the end of the quarter aided by the enhanced value proposition in the prevailing soft copra price environment". (PTI)
India's GDP growth to decline to 5.7 pc in 2022: UNCTAD
India's economic growth is expected to decline to 5.7 per cent this year from 8.2 per cent in 2021, a top UN agency projected on Monday, citing higher financing cost and weaker public expenditures.
India’s GDP will further decelerate to 4.7 per cent growth in 2023, according to the forecast by the United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022.
“India experienced an expansion of 8.2 per cent in 2021, the strongest among G20 countries. As supply chain disruptions eased, rising domestic demand turned the current account surplus into a deficit, and growth decelerated," the report said. (PTI)
Auto fuel prices may not fall despite 30% decline in crude
State-run oil companies may not immediately lift the six-month long freeze on daily pricing of automobile fuel rates despite nearly 30% plunge in average international prices of petrol and diesel from the June peak as they work towards recovering their past revenue losses, four people said.
According to official data, India’s average crude oil import price fell by about 22% to $90.71 a barrel in September compared the June peak of $116.01. Product prices fell even sharply. While average petrol price plunged 37% from $148.82 a barrel in June to $93.78 in September, in case of diesel the fall is 28% to $123.36 per barrel in September compared to $170.92 a barrel in June. (Full Story)
India's exports dip by 3.52% to $32.62 billion in September
The country's exports shrink by 3.52% to $32.62 billion in September as against $33.81 billion in the same month in 2021, while the trade deficit widened to $26.72 billion, as per the preliminary data released by the commerce ministry today.
Whereas imports during September grew by 5.44% to $59.35 billion as against $56.29 billion in September last year. (Read More)
Wall Street soars to best day since summer, S&P 500 up 2.6%
Wall Street soared to its best day in months Monday in a widespread relief rally after some unexpectedly weak data on the economy raised the possibility that the Federal Reserve won't have to be so aggressive about hiking interest rates.
The S&P 500's leap of 2.6% was its biggest since July, the latest swing for a scattershot market that’s been mostly falling this year on worries about a possible global recession. Wall Street's main measure of health was coming off its worst month since the coronavirus crashed markets in early 2020 and is still down nearly 23% for the year.
The Dow Jones Industrial Average jumped 2.7%, and the Nasdaq composite gained 2.3% in Monday's widespread rally that swept the vast majority of U.S. stocks higher.
Stocks took their cue from the bond market, where yields fell to ease some of the pressure that's been battering markets this year. The yield on the 10-year Treasury, which helps set rates for mortgages and many other kinds of loans, fell to 3.64% from 3.83% late Friday. It got as high as 4% last week after starting the year at just 1.51%. (AP)
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