Organization of Petroleum Exporting Countries or OPEC stated in a latest monthly update that the latest data for India shows stronger-than-anticipated 4Q23 growth of 8.4%, y-o-y. The 2Q23 and 3Q23 quarterly growth figures stand at 8.2% and 8.1%, y-o-y, respectively. This places India’s annual growth rate in 2023 at 7.7%, y-o-y, up from a previously estimated 6.8%, y-o-y. The strong 4Q23 growth is attributed to sustained strong fiscal policy spending aligned with the government’s Production Linked Incentive (PLI) schemes, focusing on 14 key economic sectors, most notably technology and pharmaceuticals. A weak monsoon season leading to unusually dry weather elevated food price inflation in 4Q23, and the agriculture sector registered subdued growth on an annual basis. On a quarterly basis, the agricultural sector declined in 4Q23 by 0.8%, y-o-y.

Tega Industries Ltd, Rainbow Childrens Medicare Ltd, Intellect Design Arena Ltd and Grasim Industries Ltd- Partly Paidup are among the other gainers in the BSE’s ‘A’ group today, 13 March 2024.

The dollar index is lingering just below 103 mark after having breached the level yesterday following a higher than expected US inflation data. US consumer price index rose by 3.2% on a yearly basis vs the rise of 3.1% in January. The Annual Core CPI, which excludes volatile food and energy prices, also saw an increase, rising to 3.8% in February. However, this was below the January increase of 3.9%. Higher benchmark US treasury yields that climbed to 4.14% also dragged the greenback higher. The dollar index that measures the greenback against a basket of currencies climbed to a high of 103.32 in reaction to the data and is currently quoting at 102.92. Sticky inflation data has further added to uncertainty on timing of Federal rate cut stance. Investors now look ahead to US retail sales numbers and producer inflation data later in the week. Among the basket currencies, EURUSD and GBPUSD are trading close to the flat line at $1.0929 and $1.2791 respectively, paring some of its …

Eugia Pharma Specialities, a wholly owned subsidiary of Aurobindo Pharma has started re-distribution of aseptic products manufactured at Unit III, a formulation manufacturing facility located in Telangana, which was temporarily stopped.