Indian Economy share price target

Despite lower-than-expected NII, HDFC Bank (HDFCB) reported better-than-expected Q1FY24 PAT at Rs119.5bn (9% beat) led by strong other income and lower credit costs.

India fiance minister Nirmala Sitharaman has called for systematic information exchange among G20 countries covering more and newer classes of assets, as a means to combat tax evasion and money laundering.

In FY23, the aggregate wage bill of the listed private corporate space expanded by a robust 17% to reach Rs11.5trn driven by NBFC, private bank, IT, consumer discretionary, industrial and auto sectors.

India’s industrial growth strengthened to 5.2% YoY in May’23, with manufacturing accelerating to 5.7% YoY and mining to 6.4% YoY growth in May’23. Both manufacturing and industry have accelerated in Apr-May’23 to 4.8% YoY (from 4.1% YoY in Q4FY23) and 5.5% YoY growth (from 3.4% YoY in Q4FY23) respectively.

The GST Council after its 50th meet in New Delhi on Tuesday has agreed to levy 28% GST on online gaming, horse racing, casinos on full value. GST council agreed that there should be no distinction between ‘game of skill and game of chance.’

Maruti Suzuki is betting big on strong hybrid and compressed natural gas vehicles and expects cumulative sales of these models in FY24 to inch closer to peak volumes the company had reported in the diesel vehicle segment five years ago.

The output of eight infrastructure sectors namely coal, steel, cement, fertiliser, electricity, natural gas, refinery products and crude oil as captured by India's core index continued to rise

The Balance of Payments current account deficit (CAD) narrowed to US$1.3bn (0.2% of GDP) in Jan-Mar’23, slightly worse than our forecast (a surplus of 0.3% of GDP), primarily because higher repatriation of profits by foreign corporates widened the primary incomes deficit to US$12.6bn in Q4FY23 (from US$8.4bn in Q4FY22).

Current Account Deficit Narrows