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Citigroup analysts have expressed concerns that Donald Trump's trade policies could hinder global growth, particularly impacting emerging market assets due to a strengthening U.S. dollar. In a recent note, the brokerage predicted that emerging market stocks will lag behind global counterparts despite China's policy initiatives. While upgrading Saudi Arabia's rating to "overweight" due to its lower exposure to trade risks, Citigroup downgraded India to "neutral," citing stagnant earnings growth and foreign investor withdrawals. The firm forecasts India's Nifty 50 index to reach 25,000 by September 2025, a 6% increase. Conversely, South Africa's rating was raised to "overweight" due to promising profit growth, while South Korea was downgraded to "underweight" amid concerns over corporate profits and trade uncertainties. Citigroup maintains a "neutral" outlook on developing market stocks, projecting the MSCI EM equities index to rise by 10% to 1,210 points by mid-2025. 
Published: Nov 15 2024, 3 pmeznews.inIndian Railways is enhancing its super-app to streamline passenger services, with plans to introduce station-specific porter booking for luggage handling and real-time updates on ticket status. The app aims to consolidate various services, including ticket booking, platform passes, and taxi bookings, into a single platform, improving user convenience. Internal testing has yielded positive feedback, prompting further development ahead of a beta testing deadline set for the end of December. Additionally, discussions are ongoing regarding the convenience fees charged by IRCTC during online bookings, which are crucial for revenue protection. Officials are also considering a revenue-sharing model with the Centre for Railway Information Systems (CRIS) for app development. The initiative follows past controversies over convenience fee sharing, which previously led to a decline in IRCTC shares, prompting the government to retract its earlier orders.
Published: Nov 15 2024, 5 pmeznews.inMoody's Ratings has forecasted a robust 7.2% growth for India's economy in 2024, supported by strong private sector health and a revival in household consumption, investment, and manufacturing activity. The agency's Global Macro Outlook 2025-26 highlights that high-frequency indicators, such as expanding manufacturing and services PMIs, signal steady economic momentum. However, growth is expected to taper to 6.6% in 2025 and 6.5% in 2026, with the Reserve Bank of India likely to maintain a tight monetary policy due to inflation risks exacerbated by geopolitical tensions and extreme weather. October saw inflation rise to a 14-month high of 6.2%, driven by surging vegetable prices, although easing food prices may help moderate this in the coming months. Additionally, India's economic resilience is bolstered by increased festive spending and government infrastructure initiatives, while trade barriers may reshape global supply chains, presenting opportunities for India and other G-20 economies.
Published: Nov 15 2024, 6 pmeznews.inIn a significant boost for the Indian automobile sector, dealers reported an 11.76% increase in sales during the recent festival season, selling 42.88 lakh vehicles compared to 38.37 lakh units last year. Two-wheeler sales led the charge with a 13.79% rise, reaching 33.11 lakh units, driven by strong rural demand. Passenger vehicles also saw a resurgence, growing by 7.10% to 6.03 lakh units, aided by attractive discounts. Despite this success, the Federation of Automobile Dealers Association (FADA) noted that unseasonal rains and Cyclone Dana hindered sales from reaching their target of 45 lakh units. FADA urged automakers to reduce inventory levels to 21 days by the start of 2025, emphasizing the need for a focus on liquidating 2024 stock. Looking ahead, FADA anticipates further growth in commercial vehicle sales, bolstered by government infrastructure spending and increased support for farmers.
Published: Nov 15 2024, 7 pmeznews.inThe Oilfields (Regulation and Development) Amendment Bill, 2024, introduced in the Rajya Sabha in August, is set for approval in the upcoming winter session of Parliament. Oil Minister Hardeep Singh Puri announced at the Geo India 2024 conference that the bill aims to enhance policy stability for investors and promote ease of doing business in the oil and gas sector. Key provisions include decriminalising certain aspects of the 1948 law, introducing a 'petroleum lease', and expanding the definition of mineral oils. With India currently importing over 85% of its crude oil and half of its natural gas, the government is focusing on boosting domestic production, including previously restricted areas. Puri highlighted recent reforms that have streamlined processes and established a joint working group to address industry concerns. He emphasized the need to revitalize exploration and production, projecting a rise in crude consumption to 7 million barrels per day by 2030.
Published: Nov 15 2024, 4 pmeznews.inIndia's oilmeals exports have seen a 7% decline in the first seven months of the 2024-25 fiscal year, primarily due to reduced shipments of rapeseed and castor seed meals. The Solvent Extractors’ Association of India (SEA) reported exports of 23.88 lakh tonnes from April to October 2024-25, down from 25.66 lakh tonnes in the same period last year. Executive Director BV Mehta noted a significant 25% drop in rapeseed meal exports, attributed to higher international prices, with only 11.76 lakh tonnes shipped compared to 15.13 lakh tonnes previously. Conversely, soyabean meal exports rose to 10.24 lakh tonnes, driven by increased demand from the UAE, Iran, and France amid a global oversupply. Major importers included South Korea, Vietnam, Thailand, and Bangladesh, with South Korea importing 4.33 lakh tonnes, including 3.07 lakh tonnes of rapeseed meal.
Published: Nov 15 2024, 2 pmeznews.inIndiGo, India's leading airline, is set to enhance its international services by launching direct flights to the Seychelles, following the acquisition of necessary regulatory approvals. The airline also plans to introduce new routes to Kyrgyzstan, Cambodia, and Laos, while increasing flight frequencies on existing international routes. Utilizing its medium-range A321neo aircraft and a codeshare strategy, IndiGo aims to expand its global footprint, despite potential delays linked to the return of two Boeing 777s leased from Turkish Airways. IndiGo's Chief Executive, Pieter Elbers, highlighted strong demand for international travel, with plans to operate over 40 international destinations by the end of FY25, up from the current 30. The airline recently announced new flights from Pune to Dubai starting November 22, and daily services from Bengaluru to Langkawi, Malaysia, commencing December 16.
Published: Nov 15 2024, 1 pmeznews.inIndia's reliance on fuel ethanol imports from the US has surged in 2024, following a decline in domestic sugarcane and rice production. The US Energy Information Administration (EIA) reported record volumes of ethanol exports to India, which is now among the top three destinations for US fuel ethanol. This rebound follows a drop in 2022 and 2023 due to high supply chain costs and US prices. Although India's ethanol-blend petrol (EBP) programme prohibits using imported ethanol for blending, it is utilized for industrial purposes, allowing domestic production to meet transportation targets. Ethanol demand in India has tripled since 2017, with blending rates rising from 2% to 8% by 2021. For the current ethanol supply year, India aims for a 15% blending target, requiring approximately 990 crore litres of ethanol, with oil marketing companies having ordered 837 crore litres to date.
Published: Nov 15 2024, 12 pmeznews.inExternal Affairs Minister S. Jaishankar met with UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan in Abu Dhabi to review the comprehensive strategic partnership between India and the UAE. The meeting highlighted the robust bilateral ties, with the UAE being India's third-largest trading partner and second-largest export destination, as well as a top investor in India. The two nations aim to enhance their economic collaboration through the Comprehensive Economic Partnership Agreement (CEPA) established in 2022, targeting $100 billion in non-oil trade by 2030. Jaishankar's visit, his tenth to the UAE since 2019, also included discussions on regional and global issues of mutual interest. Additionally, he inaugurated the Dubai campus of Symbiosis International University, emphasizing the growing educational partnership between the two countries. The meeting underscores the ongoing commitment to strengthening ties across various sectors.
Published: Nov 15 2024, 10 ameznews.inThe suspension of derivatives trading in seven key agricultural commodities over the past three years has resulted in significant price increases and greater price variance across mandis, according to studies from the Birla Institute of Management Technology and IIT Bombay. Initially imposed by the Securities and Exchange Board of India (SEBI) in 2021 to combat inflation, the ban has been extended multiple times, leading to a lack of a reliable reference price in the physical market. Research indicates that retail consumers have faced higher prices for commodities like mustard seed and soybean since the suspension. Experts argue that the belief that futures trading causes inflation is misguided, as retail prices are more influenced by supply and demand dynamics. They advocate for the government to reinstate derivatives trading to enhance price risk management for farmers and stabilize market conditions.
Published: Nov 15 2024, 11 am
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