Read more about Indian economy to rebound with 8.9% growth in fiscal 2022: IHS Markit on Business Standard. The GDP contracted by a record 23.9 per cent in the April-June quarter, the contraction came down to 7.5 per cent in the September quarter
First advance estimate of national income, 2020-21 pegs FY21 GDP growth at -7.7% (India Ratings & Research: -7.8%). This is in line with RBIs assessment of -7.5% growth in FY21. It is now official that the Indian economy is having its sharpest contraction in post-Independence history. When entire economy was in lockdown for two months this was on expected lines.
Key GVA trends for 2HFY21 are:
1.Agriculture is expected to grow at same rate as in 1HFY21.
2.Manufacturing (1HFY21: -19.4%, 2HFY21: 0.5%), electricity (1HFY21: -1.4%, 2HFY21: 7.1%), construction (1HFY21: -30.2%, 2HFY21: 4.4%), finance (1HFY21: -6.8%, 2HFY21: 7.1%) and public administration (1HFY21: -11.3%, 2HFY21: 3.3%) are likely to have positive growth.
Here are the top stocks to watch in today s session:
HDFC Bank: HDFC Bank has witnessed a loan growth of 19 per cent to Rs 10,82,000 crore during the third quarter ended December 2020. The bank had an outstanding loan of Rs 9,36,000 crore as of December 31, 2019, and a growth of around 4 per cent.
IndiGo: IndiGo will now be able to operate longer overseas routes with its 29 Airbus A320/A321neos, powered by modified P&W engines, getting extended diversion time operations (EDTO) approval from aviation regulator DGCA, according to a report by PTI.
CSB Bank: Private sector lender CSB Bank on Tuesday said SBI Mutual Fund has increased its stake in the bank to over 5 per cent. According to a regulatory filing by CSB Bank, the stake of the fund house rose from 4.96 per cent to 5.01 per cent following the acquisition of an additional 86,993 shares.
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Synopsis
Though export subsidy-related uncertainties are keeping prices low, the picture is far from gloomy in the sugar sector. Experts feel the current low valuations in the sugar sector offers attractive entry points. Last year’s exports have played a major role in this.
Benchmark indices are hitting new highs, but sugar stocks have been on the sidelines and with reason. “There is a lot of uncertainty about the export subsidy in 2020-21, because government finances are at a difficult level,” says Khushbu Lakhotia, Associate Director, India Ratings & Research. The government keeping the subsidies of 2019-20 pending is another problem. While companies are showing it as receivables, it is putting pressure on