*IIP growth rebounds to 7.1% in Nov; retail inflation eases to 5.7% in Dec*
India’s factory output rebounded to a five-month high in November and retail inflation eased marginally to a 12-month low in December, providing the much-needed comfort to the government. These will be the final set of key macro indicators available to Finance Minister Nirmala Sitharaman as she prepares to present Budget 2023-24 on February 1. Data released by the National Statistical Office showed Consumer Price Index-based inflation rate, at 5.72 per cent, remained below the Reserve Bank of India’s (RBI’s) upper tolerance limit of 6 per cent for a second consecutive month in December due to continued moderation in food prices. Meanwhile, factory output, measured through the Index of Industrial Production (IIP), grew at a robust 7.1 per cent in November, mostly due to a favourable base effect.
*Targeting to double coal inventory with power plants by March: Coal secy*
Days after the Union power ministry directed all power generating companies (gencos) to import coal up to 6 per cent of their requirement, the coal ministry on Thursday said the decision was just an “act of caution” and that domestic coal capacity would be ramped up. Coal Secretary Amrit Lal Meena said all the coal companies of national miner Coal India (CIL) had more coal than their targeted production for the upcoming summer season. “There is enough coal stock both with coal companies and power plants. However, power demand has grown significantly. It is a challenge; hence, the coal import decision was taken. But during the last season, CIL supplied more than their projected supply,” Meena said. According to the coal ministry’s projections, the inventory with companies should touch 65 million tonne (MT) by March from 34 MT currently. With the power plants, the ministry is expecting an inventory of 45 MT by March as against 30 MT currently.
*Auto sector must enhance safety features to reduce road accidents: Gadkari*
India can become the number one automotive manufacturing hub in the world within five years, but auto companies need to enhance safety features to reduce deaths due to road accidents, Union Minister Nitin Gadkari said on Thursday. In his inaugural address at the Auto Expo 2023 here, the minister for road transport and highways asserted that the government's target is to reduce these accidents by 50 per cent before the end of 2024 while asking the auto industry to take suo moto action for road safety as the government doesn't want to make anything mandatory. Gadkari's sentiments were also echoed by Minister of Heavy Industries Mahendra Nath Pandey, who lamented that while India has only 1 per cent of the total overall vehicles, the country accounts for 11 per cent of the total global deaths due to road accidents.
Gold – Rs 55835/10gm, Silver – Rs 67687/kg, Brcrude – Rs 6314/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 765/kg.
Q3 results: Infosys beats estimates, raises FY23 revenue guidance.
Torrent group bid not compliant, Reliance Capital lenders tell NCLT.
NCLT gives approval for merger of multiplex operators PVR and Inox.
Tata Group planning to set up EV cell-manufacturing operations in Europe.
SGX Nifty indicates positive start to Indian markets trading at 17948 levels up by 30 points or 0.17%. Dow Jones also ended yesterday`s session in green up by 0.64% at close.
Sector in focus – Banks, Telecommunications, Chemicals & Power.