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The performance of manufacturing sector is in line with the first quarter performance when the sector grew 7.7 percent compared with 7.6 percent in Q1FY25.
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On future outlook, Cummins said that though the company is wellpositioned to tackle any challenges with its strong balance sheet and prudent investments in technology, considering the uncertainty, it will not provide any guidance for FY24 at this time.
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Production disruptions in Europe because of maintenance shutdowns and other reasons aren’t likely to translate into gains for Indian steelmakers.
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2023 promises to be another volatile year, our investment themes will help you ride out the uncertainty.
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The foreign direct investment in the ACE industry has also almost doubled to USD 481 million till June in 2022 as against USD 198 million in 2021, he added.
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Narendran asked the government to infuse another Rs 20,000 crore in public sector banks and also suggested a national pandemic fund to guard against financial risks arising out of such events.
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Export orders nosediving to 6-month lows and lack of domestic demand led to the first decline in sales since September 2020 for services companies. As a result, the sector lost jobs for the sixth straight month.
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After two successive waves of the widespread COVID-19 pandemic and the resultant hit to incomes and jobs, domestic demand has tumbled as households scale back spending. FICCI has argued in favour of specific income support to rural India as well as urban poor, income tax reductions for the middle class, and temporary reductions in indirect taxes.
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Balkrishna Industries and UPL are reporting healthy demand in global markets while Escorts warned of growth moderation in India
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But the pace of growth was seen slowing from the second quarter as a strong typhoon and rainy weather countered strong domestic spending and weak external demand hurt exports.
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"The domestic demand for mining and construction equipment (MCE) industry contracted sharply by 16-17 per cent year-to-date (YTD) August CY19 on y-o-y basis," it said in a statement.
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The report, titled 'Demystifying the Indian Online Traveller', also found that the biggest contributor is air travel which is expected to grow at 15 per cent to USD 30 billion.
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Other data on Wednesday showed private employers boosted hiring last month. While construction spending slipped in December, the underlying trend remained strong. The signs of strength in the economy at the start of the year were acknowledged by the Federal Reserve's policy-setting committee.
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Faster economic growth as well as reforms make India a good macroeconomic story and this, coupled with the stable credit profile of companies, bodes well for foreign currency bonds by Indian issuers, it said.
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Going into 2017, we expect the ongoing volatility to continue for some time now. On the macro front, temporary disruption in cash transactions due to demonetisation is likely to hurt domestic demand for a couple of quarters, especially for discretionary items.
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"The labour market has been improving for a while now, and this is starting to lift consumer sentiment," said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities.
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There is a certain amount of uncertainty yet on the near term implications of the US elections and demonetisation move by the Indian government and that might deter any runaway rally in the markets says Pramod Gubbi, Director Institutional Sales at Ambit.
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"India would like to seek cooperation from member countries in helping to meet our production shortfall in crops like pulses and oilseeds," Agriculture Minister Radha Mohan Singh said addressing the 6th meet of BRICS Agriculture Ministers here.
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The government on June 22 said there would be no shortage of sugar in the 2016-17 season starting October despite forecast of drop in production by up to 2 million tonnes
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At the National Commodity and Derivatives Exchange, sugar for delivery in July declined by Rs 9 or 0.25 per cent to Rs 3,622 per quintal with an open interest of 35,790 lots.
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The government yesterday imposed a 20 percent export duty on sugar to curb outbound shipments, which had become viable after a sharp rise in global prices over a past few months.
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According to the global financial services major, the country's domestic demand will pick up on the back of a better monsoon, 7th Pay Commission awards and the ongoing public capital expenditure plans.
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Gross domestic product probably rose at a 0.7 percent annual rate after a 1.4 percent pace in the fourth quarter, according to a Reuters survey, also as businesses stepped up efforts to reduce unwanted merchandise clogging up their warehouses.
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Kwid, which received overwhelming response in the domestic market with more than one lakh bookings in four months since launch, would be the second Renault product to be exported after Duster, a top company official said.
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"Growth may have ticked higher in third quarter by 7.6 percent. The growth is likely to get support from a favourable base effect, as GDP in third quarter of last fiscal grew by 6.6 percent," Ind-Ra Chief Economist Devendra Pant said.
