Market LIVE: Domestic equity benchmarks Sensex, Nifty are likely to start in green following a tumultuous day on Thursday. The Sensex had closed plummeting 284 points at 40,913.82 while Nifty 50 index too met a similar fate losing 93 points to reach the closing bells at 12,035.80 on Thursday. RIL, IndusInd Bank, Ultratech Cement, Nestle India, Mahindra & Mahindra had dragged the 30-shares index down. Bajaj Auto having posted a better than expected result on Thursday rose to the top of the pile on Sensex pack with 1.70 per cent gain. Rahul Bajaj, the longest-serving chairman of Bajaj Auto will step down from an executive role to become a non-executive director while continuing to hold his current position. Bajaj, who has been a director of the company since April 1, 1970, was last reappointed by the board for a five-year term with effect from April 1, 2015, and his term as executive chairman is expiring on March 31, 2020, the company said in a regulatory filing.
The government’s efforts to drive ‘Make in India’ to success have not yet reflected in the country’s industrial output growth. India’s Index of Industrial Production (IIP) growth is expected to fall to 2 per cent in the current financial year 2019-20, said FICCI in its Economic Outlook Survey. “The participating economists have put forth a median growth forecast for IIP at 2 per cent for the year 2019-20, with a minimum and maximum range of 0.4 per cent and 4.0 per cent respectively,” the survey said. The new IIP estimate for this fiscal year is half of India’s industrial production growth at 4.4 per cent in the previous FY18.
The longest-serving chairman of Bajaj Auto and a vocal and a frank voice of India Inc on matters related to both politics and economics, Rahul Bajaj, will step down from executive role to become a non-executive director while continuing to hold his current position, the company said on Thursday.
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The coronavirus, widely known as China virus, has finally hit the Indian shores with the first case surfacing today. The news is devastating as this virus outbreak is also believed to be an economy-killer, apart from its capability to quickly transmit into larger masses and affect them. As the Indian economy started to show the green shoots of economic revival, a possibility of a virus outbreak may disturb the markets once again.
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Even As Indian gems and jewellery exports are struggling to meet the $40-billion-mark that was achieved last fiscal, the Union commerce ministry has chalked out strategies to achieve $80 billion worth of exports in the next five years through setting up common facility centres across the country that will move gems and jewellery up the value chain, especially in designs. This will create wider market access across the globe, crucial to take India towards a $ 5-trillion economy.
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The government’s efforts to drive ‘Make in India’ to success have not yet reflected in the country’s industrial output growth. India’s Index of Industrial Production (IIP) growth is expected to fall to 2 per cent in the current financial year 2019-20, said FICCI in its Economic Outlook Survey.
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Source: Financial Express
