It's a Budget Day

Good morning!

Here are the top stories to start your day.

For more updates on F&O, click here.

⭐ It's a Budget Day

The Union budget will be announced today. But before that, the economic survey projected India’s real GDP growth at 6.5–6.8% in FY24. The optimism about India’s growth stems from the rebound in private consumption, increased government capital expenditure, and credit growth in small businesses.  

⭐ Coal India declares dividend after robust results  

State-owned Coal India reported a 69% YoY rise in consolidated net profit at ₹7,719 crore during the December quarter. Company’s net sales rose by 24% to ₹32,429 crore, driven by a spike in production output. Following the upbeat quarterly result, the company announced an interim dividend of ₹5.25 per share.  

⭐ IMF lifts 2023 global growth forecast

The International Monetary Fund (IMF) expects the world economy to expand at 2.9% in 2023. The new forecast is slightly better than the previous prediction of 2.7% in October 2022, as recession risk has subsided as well as central banks globally are making progress in controlling inflation. IMF has kept India’s growth projection unchanged at 6.1% in 2023.

Global markets (at 8:30 AM today)

Fact of the day

India’s eight core sector output rose by 7.4% year-on-year in December, against 3.8% in December 2021.

Source: Economic Times