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Stock market morning alert 24 January 2023

Jan. 24, 2023


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3 min read
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Morning Alert..

*Tourism sector nets Rs 35K-crore investment proposals in Uttar Pradesh*

Uttar Pradesh has received total investment proposals of over Rs 35,000 crore in the hospitality and tourism sectors. The intended investments pertain to a plethora of projects, including hotels, resorts, river cruise, wellness hubs, ecotourism, entertainment zones, theme parks, etc. The government is looking to catalyse the state’s socioeconomic landscape with the help of both manufacturing and services. “The fresh investment proposals have come as a shot in the arm for UP in its endeavour to boost the gross state domestic product (GSDP) and create mass local jobs,” a senior UP government official said. While hotels and resorts projects account for nearly Rs 20,000 crore worth of investment proposals, miscellaneous projects comprise the remaining portion of proposed investment kitty.

*India plans to cut gold import duty to arrest smuggling: Govt officials*

India plans to slash the import duty on gold because higher taxes have made it more profitable for smugglers, who can offer hefty discounts and denting the market share of banks and refiners, government and industry officials told Reuters. The duty cut by the world's second-biggest consumer could lift retail sales by making gold cheaper ahead of peak demand season and support global prices. It could also revive operations of local gold refineries, which nearly suspended refining for the past two months as they could not compete with grey market operators. "The government is considering bringing the effective gold rate to below 12%. The proposal is being discussed. We will take a final call soon," a government official, who did not wish to be identified, said. The effective duty on gold is currently 18.45%, which includes 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes.

*PM Gati Shakti to help reduce logistic obstacles, improve efficiency: DPIIT*

The PM GatiShakti initiative will play a significant role in reducing the logistics cost, increasing efficiency and benefitting businesses, a top government official said on Monday. On October 13 last year, Prime Minister Narendra Modi launched the Gati Shakti- National Master Plan aimed at developing an integrated infrastructure to reduce logistic costs. All logistics and connectivity infrastructure projects, entailing an investment of over Rs 500 crore, are routed through the NPG (network planning group), constituted under the PM GatiShakti initiative.

 

*Commodity play*

Gold – Rs 56830/10gm, Silver – Rs 68098/kg, Brcrude – Rs 6644/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 784/kg.

 

*Corporate News*

Canara Bank's profit up 92%; Poonawalla Fin net jumps 88% to Rs 150 crore.

Zomato stops 10-minute food delivery offering, CEO announces 800 job posts.

IDBI Bank Q3 net up 60% YoY to Rs 927 cr on improvement in margin.

SGX Nifty indicates positive start to Indian markets trading at 18240 levels up by 0.52% or 93 points. Dow Jones also ended yesterday`s session in green up by 0.76% at close.

Sector in focus – Banks, FMCG, Metals & Chemicals.

stock-market Morning-Alert Bank FMCG Thanks For reading

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