Friday, March 13
US Senator Lindsey Graham proposes a 500% tariff on countries still trading with Russia, aiming to cripple Putin's war efforts in Ukraine. The bill targets nations like India and China, major buyers of Russian oil. India, now heavily reliant on Russian oil, faces potential tariffs on its exports to the US, despite ongoing trade agreement negotiations.
Prime Minister Modi's upcoming visit to Namibia on July 9 aims to strengthen strategic ties, focusing on diamonds, critical minerals, and uranium. Namibia's rich marine diamond reserves could see more direct trade with India, where several processing companies already operate.
Prime Minister Narendra Modi celebrates ten years of Digital India. The initiative has transformed India into a global digital leader. Internet connectivity has significantly increased. Optical fiber now connects remote villages. Digital platforms like UPI and DBT have become global models. The digital economy is contributing significantly to India's GDP. India is now a top startup ecosystem.
Oil marketing companies have reduced the price of 19 kg commercial LPG cylinders by Rs 58.50, offering relief to commercial users. The revised retail sale price in Delhi is now Rs 1,665 per cylinder. However, there has been no change in the prices of 14.2 kg domestic LPG cylinders.
Asian equities saw modest gains amid US tariff uncertainty and anticipated OPEC+ crude supply increases. Investors are cautiously awaiting a US Senate vote on President Trump's economic bill and upcoming labor market data. Oil prices declined, while gold prices rose as investors sought safe-haven assets amidst economic concerns and geopolitical factors.
The Union Cabinet has approved the Employment Linked Incentive (ELI) Scheme, allocating ₹99,446 crore to generate over 3.5 crore jobs within two years. New employees will receive wage incentives, while employers get support for creating additional jobs, especially in manufacturing.
Tata Sons appointed Puneet Chhatwal and Sunil D’Souza to Tata Digital's board to enhance consumer business expertise after Naveen Tahilyani's departure. This move addresses concerns about the board's focus, as Tata Digital navigates a transition phase for its Tata Neu super app. The company is also piloting 'Flash' to enter the quick commerce market amid performance concerns.
India's residential real estate market is poised for steady growth, with sales volume projected to increase by 5-7% and average prices appreciating by 4-6% over the next two fiscal years, according to Crisil Ratings. While supply is expected to outpace demand, the credit profile of real estate firms remains strong due to solid cash collections and deleveraged balance sheets.
India's Sensex surged by 12,000 points in three months, fueled by strong domestic and foreign capital inflows. Experts caution about inflated valuations amid upcoming tariff deadlines and earnings announcements. Investors are advised to moderate return expectations and diversify across asset classes, considering opportunities in financials, technology, chemicals, and domestic consumption sectors.
