Googly!

Nifty50: 17,315 ▲ 197 (+1.1%)
Sensex: 57,989 ▲ 696 (+1.2%)

• The day started on a softer note, but strong buying emerged in the second half of the day. 
• The rise in the indices was supported by Reliance Industries, IT stocks and sharp intraday recovery by the banks. 
• 42 stocks from the Nifty50 pack closed in the green. 
• According to reports, a top US official’s visit to India helped put to rest concerns of US sanctions on India.

Among the Nifty sectoral indices, IT (+1.9%) and Oil and Gas (+1.8%) were the top gainers, while Realty (-1.0%) and FMCG (-0.7%) were the top losers. 

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Here are the top stories of the day.

Tata Motors CVs to get expensive

Tata Motors has announced a price hike in the range of 2%-2.5% for its commercial vehicles. The price increase is expected to come into effect from April 1.

The automaker attributed the price hike to the surge in prices of commodities like steel and aluminium, and other raw materials. Due to the current geopolitical tensions, the steel prices have hit record highs. As per reports, the prices of steel (HR coils) on the London Metal Exchange have spiked from $1,056 a tonne in February-end to $1,400 in mid-March.

Zomato to deliver food in 10-minutes

According to reports, Zomato is planning 10 minute food delivery at specific locations for popular and standardised menu items. While Dominos might be the forerunner in coming up with the ‘30 minutes nahi toh free’ concept, the 10-minute delivery idea has been adopted by grocery companies like Zepto and Blinkit. 

The service ‘Zomato Instant’ which has netizens and investors divided over safety and quality issues, is expected to be launched in Gurugram from April and will rely on a network of finishing stations.

Fitch cuts India’s GDP growth estimates

Rating agency Fitch has slashed its estimates for India’s GDP growth to 8.5% from 10.3% for FY23. The global agency has said that the escalating price of energy due to Russia-Ukraine conflict could impact the growth rate. 

Global commodity prices have been on the rise since Russia invaded Ukraine last month. The rating agency expects the inflation in India to remain high at 5% in 2022. Fitch also expects global oil prices to remain high for a while with an average price of $100 per barrel for 2022.

IPO corner

Uma Exports, which is engaged in trading and manufacturing of agricultural produce and commodities, will launch its IPO on 28 March 2022. The IPO size will be ₹60 crore. Of that, ₹50 crore will be used for funding the company’s working capital requirements. The price band for the public issue is ₹65-₹68 per share.

Good to know

What is stagflation?

Stagflation is a situation in which the inflation rate is high, economic growth rate slows and unemployment remains high. Stagflation can be a dilemma for the government since a plan designed to lower inflation may give rise to unemployment level and policies to keep unemployment at low will make inflation worse. Two of the major reasons among others which causes stagflation are supply shock and poor economic policies. Stagflation can be prevented by increasing productivity where it will lead to higher growth sans additional inflation.

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