Morning Alert..
*India to Lead Global Economy with Steady 6.7% Growth, Says World Bank Report*
India is poised to lead the global economy with a steady growth rate of 6.7% over the next three years, according to a report released by the World Bank on Tuesday. The report attributes this growth to robust public and private investment in the country. The World Bank's Global Economic Prospects report further indicates that India's growth picked up to 8.2% in fiscal year 2023/24, outperforming earlier estimates by 1.9 percentage points. However, global growth is projected to remain modest, holding steady at 2.6% in 2024 and slightly increasing to 2.7% by 2025-26, well below pre-COVID levels. While the South Asia region is expected to see slower growth, mainly due to a moderation in India's growth, other countries like Bangladesh will maintain robust growth rates, and Pakistan and Sri Lanka are expected to experience strengthening economies.
*Global market action*
Dow Jones – Down by 0.31% or 120.62 points
FTSE – Down by 0.99% or 80.67 points
CAC – Down by 1.35% or 104.77 points
DAX – Down by 0.68% or 124.95 points
Gift Nifty – Down by 0.25% or 58.00 points
*FII/DII activities*
FII – Sold 111.04 Cr worth of shares
DII – Bought 3193.29 Cr worth of shares.
*Stocks with high delivery Percentage*
Interglobe Aviation – 94.29%
Zomato Ltd – 82.99%
Hero MotoCorp Ltd – 81.87%
AU Small Finance Bank Ltd – 80.25%
Eicher Motors Ltd – 80.19%
*Commodities updates*
Gold – Rs 71505/10gm, Silver – Rs 88650/kg, Brcrude – Rs 6522/barrel, Copper – Rs 858.90 /kg.
*Corporate News*
• Rahul Bhatia's InterGlobe Enterprises divested a 2% stake in a low-cost airline for ₹3,367.30 crore.
• Apart from its Rs 300 crore investment in Blinkit, Zomato will invest Rs 100 crore in its entertainment division.
• SBI Mutual Fund has raised its stake in Kotak Mahindra Bank to over 5%, increasing stake to 5.01%.
• Tube Investment has entered into a Rs 160-crore agreement with South Asia Growth Invest III LLC and South Asia EBT Trust III.
*India to Lead Global Economy with Steady 6.7% Growth, Says World Bank Report*
India is poised to lead the global economy with a steady growth rate of 6.7% over the next three years, according to a report released by the World Bank on Tuesday. The report attributes this growth to robust public and private investment in the country. The World Bank's Global Economic Prospects report further indicates that India's growth picked up to 8.2% in fiscal year 2023/24, outperforming earlier estimates by 1.9 percentage points. However, global growth is projected to remain modest, holding steady at 2.6% in 2024 and slightly increasing to 2.7% by 2025-26, well below pre-COVID levels. While the South Asia region is expected to see slower growth, mainly due to a moderation in India's growth, other countries like Bangladesh will maintain robust growth rates, and Pakistan and Sri Lanka are expected to experience strengthening economies.
*Global market action*
Dow Jones – Down by 0.31% or 120.62 points
FTSE – Down by 0.99% or 80.67 points
CAC – Down by 1.35% or 104.77 points
DAX – Down by 0.68% or 124.95 points
Gift Nifty – Down by 0.25% or 58.00 points
*FII/DII activities*
FII – Sold 111.04 Cr worth of shares
DII – Bought 3193.29 Cr worth of shares.
*Stocks with high delivery Percentage*
Interglobe Aviation – 94.29%
Zomato Ltd – 82.99%
Hero MotoCorp Ltd – 81.87%
AU Small Finance Bank Ltd – 80.25%
Eicher Motors Ltd – 80.19%
*Commodities updates*
Gold – Rs 71505/10gm, Silver – Rs 88650/kg, Brcrude – Rs 6522/barrel, Copper – Rs 858.90 /kg.
*Corporate News*
• Rahul Bhatia's InterGlobe Enterprises divested a 2% stake in a low-cost airline for ₹3,367.30 crore.
• Apart from its Rs 300 crore investment in Blinkit, Zomato will invest Rs 100 crore in its entertainment division.
• SBI Mutual Fund has raised its stake in Kotak Mahindra Bank to over 5%, increasing stake to 5.01%.
• Tube Investment has entered into a Rs 160-crore agreement with South Asia Growth Invest III LLC and South Asia EBT Trust III.