Cement, Fertiliser And Electricity Lead The Pack

Automaker MG Motor India has announced that it has partnered with Bharat Petroleum Corporation Limited to bolster electric vehicle (EV) charging infrastructure across the country

Frontline equity indices Nifty 50 and Sensex ended the fortnight on a flat note with marginal losses of 0.19 per cent each on the back of weak global cues and mixed fourth quarter results. BSE Mid-Cap and Small-Cap indices primarily bore the brunt of heavy FII selling by falling 1.33 per cent and 2.09 per cent, respectively. Multinational investment bank UBS has cut India’s 2022-23 economic growth forecast by 70 basis points to 7 per cent, citing slowing global growth due to high commodity prices and weak local demand because of energy price hikes, inflationary pressures and a struggling labour market.

As per data released by the Ministry of Commerce and Industry, India’s eight core sectors grew by 4.3 per cent in March, down from 6 per cent in February. Only three of the eight core sectors exhibited faster rates of output growth in March as opposed to six in February. These three sectors were cement, fertiliser and electricity. Cement and electricity output rose 8.8 per cent and 4.9 per cent on a YoY basis in March while fertiliser output leapfrogged 15.3 per cent. The decline in core sector growth in March will most likely lead to a fall for industrial growth, as measured by the Index of Industrial Production (IIP).

For FY22 as a whole, the eight core sectors grew 10.4 per cent. As per a recent report by ratings agency CRISIL, bank credit is likely to grow at a fouryear high of 11-12 per cent in FY23, driven by healthy economic growth and budgetary support from the government. The higher credit growth expectation is also supported by the improved resilience of the banking system. BSE Bankex closed in the red territory, down by 1.92 per cent. Over the fortnight, BSE Auto was the only index that managed to close in the green territory with gains of 3.07 per cent.

Automaker MG Motor India has announced that it has partnered with Bharat Petroleum Corporation Limited to bolster electric vehicle (EV) charging infrastructure across the country. The partnership will add momentum to EV adoption by expanding opportunities for intercity travel as the two entities will install EV chargers across highways and within cities. With BPCL’s vast customer reach and operations and MG Motor India’s strides in the EV space, the two entities can combine expertise to strategically identify charging sites, garner consumer insights, devise loyalty programs, and create technology to manage charging systems.

Only For FY22 as a whole, the eight core sectors grew 10.4 per cent. As per a recent report by ratings agency CRISIL, bank credit is likely to grow at a fouryear high of 11-12 per cent in FY23, driven by healthy economic growth and budgetary support from the government. The higher credit growth expectation is also supported by the improved resilience of the banking system. BSE Bankex closed in the red territory, down by 1.92 per cent. Over the fortnight, BSE Auto was the only index that managed to close in the green territory with gains of 3.07 per cent. Automaker MG Motor India has announced that it has partnered with Bharat Petroleum Corporation Limited to bolster electric vehicle (EV) charging infrastructure across the country. The partnership will add momentum to EV adoption by expanding opportunities for intercity travel as the two entities will install EV chargers across highways and within cities. With BPCL’s vast customer reach and operations and MG Motor India’s strides in the EV space, the two entities can combine expertise to strategically identify charging sites, garner consumer insights, devise loyalty programs, and create technology to manage charging systems.

Bodhi Tree Systems, an investment venture of James Murdoch’s Lupa Systems, and Uday Shankar, former chairman of Star and Disney India, will be investing ₹ 13,500 crore in broadcaster Viacom 18 as part of a tripartite partnership with energy-to-telecom behemoth Reliance Industries to form one of the largest TV and digital streaming firms in India. Under the partnership, Reliance Projects and Property Management Services Ltd. (RPPMSL), a wholly-owned subsidiary of Reliance Industries, which has significant presence in television, OTT, distribution, content creation and production services, will invest ₹1,645 crore and the popular Jio Cinema OTT app will be transferred to Viacom 18. Domestic cement prices are expected to increase by 6-13 per cent across the country following the sharp rise in prices of imported coal, pet coke and crude oil against the backdrop of the Russia- Ukraine conflict.

According to a CRISIL report, after rising to ₹ 390 per bag over the past 12 months at an all-India level, domestic cement prices are set to climb another ₹ 25-50 across regions in April as manufacturers start to pass on rising costs. Most importantly, Life Insurance Corporation (LIC) will be launching its initial public offer (IPO) on May 4, 2022. The government will be selling shares in the price band of ₹ 902-949.

The government plans to offload 3.5 per cent stake or 22.13 crore shares in the company and raise ₹ 20,557.23 crore. This is significantly less than the earlier projected fund target of approximately ₹ 60,000 crore. Once the LIC IPO is done and dusted, many companies that have received the requisite regulatory approvals from SEBI are expected to float their public issues. BSE Metal index was the top loser over a period of two weeks, recording losses of 5.74 per cent. Trading data shows that FIIs were net sellers to the tune of ₹ 29,890.33 crore while DIIs were net buyers to the tune of ₹ 23,919.80 crore over the fortnight.