INDIA’S ECONOMY TO GROW @ 6%

New Delhi: Foreign investors seem to have shifted their focus back on the Indian equity markets as they turned net buyers last week with an investment of over `7,600 crore. This came following a net outflow of `3,920 crore by foreign portfolio investors (FPIs) from equities in the preceding week (February 7-12), data with the depositories showed. As per the data, FPIs have purchased equities worth a net sum of `7,666 crore in the week ended February 17. —PTI

MCAP OF FIVE OF TOP-10 FIRMS JUMP `95,337 CRORE

New Delhi (PTI): India is likely to clock 6% growth rate next fiscal and the country can persevere with a high growth rate because of several reforms undertaken during the last eight years by the Narendra Modi government, former Niti Aayog Vice Chairman Rajiv Kumar said on Sunday.

Kumar further said major risks going forward will emerge from a synchronized downturn in the North American and European economies.

“India has a good opportunity to persevere with a high growth rate because of the reforms undertaken during the last eight years. We will manage to grow at 6 per cent in 2023-24,” he said.

According to Kumar, there are several downside risks, especially in the context of an uncertain global situation.

“These will have to be tackled through careful policy measures designed to support our export efforts and at the same time improve the flow of private investment both from domestic sources as well as from foreign sources,” he said. The Reserve Bank has projected India’s economic growth at 6.4% for 2023-24, broadly in line with the estimate of the Economic Survey tabled in Parliament.

GDP growth is estimated at 7% in 2022-23, according to the first advance estimate of the NSO.

The Economic Survey 2022-23 projected a baseline GDP growth of 6.5% in real terms for the next fiscal.

FOR PSPs Power Min proposes tax sops, green clearances

New Delhi: Five of the top 10 valued firms together added `95,337.95 crore in their market valuation last week, with index major RIL contributing the most. While Reliance Industries, ICICI Bank, HDFC, ITC and Bharti Airtel were the gainers, TCS, HDFC Bank, Infosys, Hindustan Unilever and SBI were the laggards. RIL continued to rule the chart of the most valued firms followed by TCS, HDFC Bank, Infosys, ICICI Bank, HUL, HDFC, ITC, SBI & Bharti Airtel. —PTI

GAIL IMITATING RELIANCE WITH US ETHANE PLANS?

New Delhi (PTI): To promote pumped storage hydro-power projects in India, the Ministry of Power has proposed giving incentives such as tax breaks, easy environment clearance and providing land at concessional rates.

The ministry has released draft guidelines on pumped storage projects (PSPs) to seek comments from states and state-run companies as well as private firms within a fortnight till March 2, 2023.

Keeping in view the immense utility of the PSPs in grid stabilisation as well as meeting the peaking power demand, a need for formulating separate guidelines

ACC. TO EX-NITI VICE CHAIRMAN

 India is likely to clock 6% growth rate next fiscal and the country can persevere with a high growth rate because of several reforms undertaken during the last eight years by the Narendra Modi government

Global trends to guide stock market this week

Replying to a question on high inflation, Kumar said the Reserve Bank has said that it will ensure that inflation rate is brought under control.

“Also a good winter crop will help in keeping the food prices low,” he noted.

The RBI lowered the consumer price inflation (CPI) forecast to 6.5% for the current fiscal from 6.7%.

India’s retail inflation in January was 6.52%.

 Major risks going forward will emerge from a synchronized downturn in the North American and European economies

 According to him, there are several downside risks, especially in the context of an uncertain global situation

To a question on India’s rising trade deficit with China, Kumar suggested that New Delhi should reengage with Beijing on finding greater market opportunities and access in the Chinese market.

“There are several products which India can export more to China.

Adani credit facilities expose collateral web full of red flags

First India Bureau Mumbai: Financing arrangements across the Adani Group conglomerate have sent a fresh chill through ESG markets as investors wake up to a new risk.

rectly supporting the dirtiest of fossil fuels.

New Delhi (PTI): With the third quarter earnings calendar coming to an end and no major domestic trigger in sight, equity investors will focus on global trends and foreign fund movement this week, analysts said.

Markets may face volatile trends amid derivatives expiry during the week, they added.

New Delhi: India’s largest gas firm GAIL is imitating billionaire Mukesh Ambani-led Reliance Industries Ltd in planning to import ethane from the US to replace natural gas and naphtha as feedstock at its petrochemical plants.

“In a bid towards diversification of the feedstock, GAIL is looking to import ethane from ethane-surplus countries with matured export terminal infrastructure through water borne transportation to India and transport it further through GAIL’s pipeline systems to demand centres,” the company said in a tender document. —PTI

Mf Collection Through Nfo

DROPS 38% IN 2022 to promote PSPs was felt to set the direction of its development, the minsitry said in the guidelines.

The CEA estimates regarding on-river pumped storage potential is 103 GW in India. Apart from this, a large number of off-river pumped storage potential is also available.

A Feb 10 public filing has since made clear that Adani is using stock from its Green companies as collateral in a credit facility that’s helping to finance the Carmichael coal mine in Australia, via Adani Enterprises Ltd.

KLP has blacklisted coal from its portfolio, so any indirect financing of the Carmichael project would represent a “breach of our commitments,” Kiran Aziz, KLP’s head of re- sponsible investing, said in an interview. Since short-seller Hindenburg Research published its critical report on Jan 24, investors have responded to its allegations of fraud and market manipulation by selling Adani shares. But for investors with environmental, social and governance mandates, there’s an added layer of pain as they realise their green dollars were indi-