Author: Kanhaiya

Shares of rate-sensitive stocks – banks and NFBCs – rallied up to 4% on Wednesday morning after the Reserve Bank of India (RBI) changed its policy stance to ‘neutral’ from ‘withdrawal of accommodation’ earlier.

Following a three-day meeting of the monetary policy committee (MPC), RBI Governor Shaktikanta Das maintained the repo rate at 6.50% for the tenth straight time but changed his position.

In his policy speech, Das highlighted that certain NBFCs are seeking development without risk management, but underlined that overall NBFC sector was healthy.

The shift in stance is being interpreted as a step towards the start of a rate cycle in December. NBFC shares led the gains, as at the start of a rate lowering cycle, NBFCs benefit more than banks.

Shriram Finance was the top gainer in Nifty and was up over 4%. Other NBFCs Cholamandalam Investment and Bajaj Finance were up around 3% each. Nifty Bank was also up around 1%, with Axis Bank, SBI, PNB, and ICICI Bank leading the gains with an upside of 2-3% each.

Other rate-sensitives like auto and real estate stocks also rallied up to 6% post the announcement.

“This change in RBI’s stance opens the door for possible interest rate cut in December or February, assuming no inflationary shocks from exogenous factors like Oil. Despite no significant shifts in growth or inflation forecasts, the policy is rightly being aligned with global central banks, rather than focusing solely on food inflation,” said Amar Ambani of YES Securities.

However, he said any cuts over the next year are expected to be modest at around 50 basis points, as the RBI has informally indicated a preferred real interest rate range of 1.5-1.9%.

At the end of a 3-day meeting of the monetary policy committee (MPC), RBI Governor Shaktikanta Das maintained the repo rate at 6.50% for the 10th consecutive time but changed the stance.

Disclaimer:Disclaimer: The views and investment tips by experts in this digihunt.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Gold Rate Today In India: On October 09, gold prices in India were around Rs 77,000 per 10 grams. The price of 24-carat gold, known for its highest purity, stood at Rs 77,660 per 10 grams. For jewellery buyers, 22-carat gold, which is more durable due to its alloy composition, was priced at Rs 70,990 per 10 grams.

Silver, on the other hand, was trading at Rs 96,900 per kilogram.

Gold Rate Today In India: Retail Gold Price On October 09

Check gold prices today in different cities on October 09, 2024; (In Rs 10/gram)

Retail Cost of Gold in India

What Is The Retail Price Of Gold Per Gram?

Gold price per gram is the cost of one gram of gold. It’s typically expressed in a specific currency (e.g., Indian Rupees). The price can fluctuate daily due to various factors, including economic conditions, geopolitical events, and supply and demand.

The retail price of gold in India, which represents the final cost per unit weight for consumers, is shaped by multiple factors beyond its intrinsic value.

Gold is deeply embedded in Indian culture, acting as a key investment and holding significant importance in traditional weddings and festivals.

As market conditions shift, investors and traders closely watch these trends. Stay tuned for more updates on this developing story.

The Maharashtra Housing and Area Development Authority’s (MHADA) Mumbai board on October 8 announced the winners of 2,030 flats, which were up for sale under the MHADA Lottery 2024. A total of 1,13,811 applicants had applied for the computerised lottery.

“All winners have been announced. Now, the winners will get provisional offer letters (POLs) from the MHADA’s Mumbai board and then they can make the payment,” a person in the know of the matter told digihunt.com.

The MHADA Lottery 2024 winner list announcement was made at the Yashwantrao Chavan Centre, Mumbai, in the presence of Maharashtra Chief Minister Eknath Shinde, and Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar.

“This lottery was conducted using IHLMS 2.0 (Integrated Housing Lottery Management System), a fully automated system that ensures a fair and transparent process. The new system has garnered significant participation from various income groups, reflecting the demand for affordable housing in the city,” MHADA said in a statement.

The Mumbai Housing and Area Development Board, a unit of MHADA, initiated the online registration and application acceptance process on August 9 for the computerised draw of 2030 flats available in various housing projects in Mumbai including Goregaon West, Antop Hill-Wadala, Kopri Powai, Kannamwar Nagar-Vikhroli, Shivdham Complex-Malad, Dadar, and Lower Parel.

The ‘Go Live’ ceremony marking the launch of this process was conducted by MHADA’s Vice-President and Chief Executive Officer Sanjeev Jaiswal

Of the 2030 flats available, 1,327 flats are part of new construction projects, 370 flats are obtained through redevelopment projects under the Development Control Regulations 33(5), (7), and 58, and 333 flats are from previous schemes.

The lottery received 47,134 applications for 359 flats in the extremely low-income group, 48,762 applications for 627 flats in the low-income group, 11,461 applications for 768 flats in the middle-income group, and 6,454 applications for 276 flats in the high-income group.

RBI MPC October 2024: The monetary policy committee of the Reserve Bank of India commenced its three-day discussions on Monday, October 8, with anticipations pointing towards the likelihood of the central bank maintaining the benchmark interest rates at 6.5 per cent taking into consideration the current domestic growth-inflation dynamics, with strong GDP growth and higher near-term inflation projection.

Headed by RBI Governor Shaktikanta Das, the six-member Monetary Policy Committee (MPC) is meeting for three days and the decision would be announced at 10 am on Wednesday, October 9.

RBI MPC Announcement Time

The RBI governor will present the latest monetary policy statement at 10 am on October 9, Wednesday, including the decision on key policy rates like repo rate, reverse repo rate, etc.. He is expected to talk about the current domestic as well as global economic situation.

After the policy announcement, the RBI governor will also address a press conference at 12:00 noon on Wednesday. The press conference can be watched here.

How to Watch RBI Monetary Policy Decisions LIVE

YouTube: You can watch the LIVE address of RBI governor on YouTube in the link below given link.

https://www.youtube.com/@reservebankofindia593/videos

Facebook: The address will be simultaneously streamed on the Reserve Bank of India’s Facebook page.

Twitter: RBI Governor Shaktikanta Das’ address to the country will also be streamed on the Central Bank’s official Twitter handle @RBI.

After the MPC meeting in August 2023, the RBI has maintained its pause on the rate hike cycle, which stayed with the 6.5% repo rate from April 2023.

Prior to that, the central bank had cumulatively hiked the repo rate by 250 basis points since May 2022 in a bid to contain inflation.

The government has mandated the RBI to ensure CPI inflation at 4% with a margin of 2% on either side.

The RBI’s Monetary Policy Committee was recently reconstituted with three new appointed external members.

It is widely anticipated that the MPC will keep interest rate unchanged despite change in composition of external members. This would be tenth time in a row when the Reserve Bank of India (RBI) will maintain status quo as far as policy rate is concerned. The MPC last revised interest rate in February 2023, when it was hiked to 6.5 per cent.

Apart from the chairman (who is RBI Governor Shaktikanta Das), the other internal members are RBI Deputy Governor in charge of monetary policy Michael Debabrata Patra and Executive Director monetary policy department of RBI Rajiv Ranjan.

On October 1, the government appointed Ram Singh (director of the prestigious Delhi School of Economics), Saugata Bhattacharya (who was chief economist and executive vice president at Axis Bank) and Nagesh Kumar (Director and Chief Executive of the Institute for Studies in Industrial Development) as external members to the MPC.

Shares of Tata Motors slipped 3 per cent in early trade to today’s low of Rs 901 after Jaguar Land Rover (JLR), a subsidiary of Tata Motors, reported a 3 per cent decline in retail sales, with 1,03,108 units sold during the second quarter of FY25 compared to the same period last year.

JLR said retails were higher in North America (up 9 per cent YoY) and UK (up 29 per cent YoY), but lower in Europe (down 22 per cent YoY), China (down 17 per cent YoY), and overseas (down 6 per cent YoY).

“We expect both production and wholesale volumes to pick up strongly in the second half of the financial year as the aluminium supply situation normalises,” the company stated.

On Monday, Tata Motors’ shares closed at Rs 928.1, down 0.28 per cent on the BSE, while the benchmark Sensex fell 0.78 per cent. Its shares have surged 17 per cent in 2024 to date and 125 per cent over the past two years, with the company currently holding a market capitalization of Rs 3,41,622 crore.

In Q1 FY25, Tata Motors reported a 74 per cent YoY growth in its consolidated net profit at Rs 5,566 crore. Its revenue from operations during the first quarter rose 6 per cent YoY to Rs 1.08 lakh crore but was below the Street estimate of Rs 1.15 lakh crore.

Meanwhile, the company clocked an EBIT (earnings before interest and tax) at Rs 9100 crore, with EBIT margin of 8.4 per cent, which improved 30 bps YoY. The profit before tax (PBT) for the segment stood at Rs 1,500 crore.

Analysts said the JLR commentary around volume rebound is encouraging but divergent from luxury peers, who have recently downgraded their outlooks, citing demand weakness in China.

Emkay Global has reaffirmed its positive outlook on the stock, given the structural improvements across operational parameters at JLR — it is on track for becoming net-debt free in FY25E. The brokerage is positive on Tata Motors’ healthy India outlook, particularly in CVs, amid impending cyclical recovery and strong margin uptick.

“Tata Motors’ balance sheet is healthy with least-demanding valuations among OEMs. We cut FY26E/27E EPS by 2 per cent (5 per cent/10 per cent revenue/PBT CAGR) on slight margin reduction, and reiterate BUY with unchanged target price of Rs 1,175 per share,” Emkay Global said.

MOFSL expects JLR’s margins to remain under pressure over FY24-FY26, given the rising cost pressure as it invests in demand generation; normalizing mix; and EV ramp-up, which is likely to be margin-dilutive.

Even in the Indian business, both CV and PV businesses are experiencing moderation in demand, it noted adding that it is factoring in flat margins for the Indian business over its forecast period.

“While there is no doubt that Tata Motors delivered an extremely robust performance across its key segments in FY24, the above mentioned headwinds could hurt its performance going forward. The stock trades at 16 times/13 times FY25E/FY26E consolidated EPS and 6 times/5 times EV/Ebitda. We reiterate Neutral with our June’26E SOTP-based target price of Rs 990,” it said.

Disclaimer:Disclaimer: The views and investment tips by experts in this digihunt.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Gold Rate Today In India: On October 08, gold prices in India were around Rs 77,400 per 10 grams. The price of 24-carat gold, known for its highest purity, stood at Rs 77,440 per 10 grams. For jewellery buyers, 22-carat gold, which is more durable due to its alloy composition, was priced at Rs 70,990 per 10 grams.

Silver, on the other hand, was trading at Rs 96,800 per kilogram.

Gold Rate Today In India: Retail Gold Price On October 08

Check gold prices today in different cities on October 08, 2024; (In Rs 10/gram)

Retail Cost of Gold in India

What Is The Retail Price Of Gold Per Gram?

Gold price per gram is the cost of one gram of gold. It’s typically expressed in a specific currency (e.g., Indian Rupees). The price can fluctuate daily due to various factors, including economic conditions, geopolitical events, and supply and demand.

The retail price of gold in India, which represents the final cost per unit weight for consumers, is shaped by multiple factors beyond its intrinsic value.

Gold is deeply embedded in Indian culture, acting as a key investment and holding significant importance in traditional weddings and festivals.

As market conditions shift, investors and traders closely watch these trends. Stay tuned for more updates on this developing story.

Indian benchmark equity indices were mixed at pre-open on Tuesday, tracking weakness in other Asian markets, while mainland China markets surged after returning from a week-long

holiday.

At pre-open, the BSE Sensex was down 223 points, or 0.28 per cent, at 80,826, and the Nifty 50 was at 24,832, up 36 points, or 0.15 per cent.

Global Cues

Global stocks also began Tuesday on a cautious note while oil prices stayed elevated as the escalating conflict in the Middle East sapped risk appetite ahead of China’s highly anticipated reopening after a long holiday.

The benchmark 10-year US Treasury yield held above 4 per cent in early Asia trade, as a robust US labour market prompted traders to heavily scale back their expectations for Federal Reserve rate cuts.

Hezbollah on Monday fired rockets at Israel’s third-largest city, Haifa, and Israel looked poised to expand its offensive into Lebanon, one year after the devastating Hamas attack on Israel that sparked the Gaza war.

Heightened fears of a widespread conflict and disruptions to supply sent Brent crude futures surging above $80 a barrel for the first time in over a month in the previous session.

Gold Rate Today In India: On October 07, gold prices in India were around Rs 77,000 per 10 grams. The price of 24-carat gold, known for its highest purity, stood at Rs 77,660 per 10 grams. For jewellery buyers, 22-carat gold, which is more durable due to its alloy composition, was priced at Rs 71,190 per 10 grams.

Silver, on the other hand, was trading at Rs 96,900 per kilogram.

Gold Rate Today In India: Retail Gold Price On October 07

Check gold prices today in different cities on October 07, 2024; (In Rs 10/gram)

Retail Cost of Gold in India

What Is The Retail Price Of Gold Per Gram?

Gold price per gram is the cost of one gram of gold. It’s typically expressed in a specific currency (e.g., Indian Rupees). The price can fluctuate daily due to various factors, including economic conditions, geopolitical events, and supply and demand.

The retail price of gold in India, which represents the final cost per unit weight for consumers, is shaped by multiple factors beyond its intrinsic value.

Gold is deeply embedded in Indian culture, acting as a key investment and holding significant importance in traditional weddings and festivals.

As market conditions shift, investors and traders closely watch these trends. Stay tuned for more updates on this developing story.