Financial focus Weekly Newsletter InFINeeti ISSUE 9
VOLU ME 3
20 13
TOP STORIES….…........1 MARKET ACTIVTY ECONOMICS
….....2
....... …... 3
TERM OF THE WEEK
….4
STOCK CALLS ……...….5
Financial focus
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TOP STORIES : INDIA
Q1 GDP SHOCKER: SLOWEST IN 4 YEARS AT 4.4% Q1 GDP came at 4.4% vs 5.4% (YoY), below street expectation of 4.7%. Agricultural growth, on which economists had pinned a lot of hope, came in at 2.7% & industrial growth recorded a dismal 0.2% growth vs 1.8% (YoY). Services sector grew in line with expectation at 6.6%. Trade & hotel sector grew at 3.9%, while financing, insurance and business services grew at 8.9% during the first quarter.
LAND BILL, A RETROGRADE STEP: INDUSTRY India inc is concerned that the land acquisition bill could have "adverse consequences" on the country's industrial & infrastructural development. In a statement, FICCI said the Bill may make key factor of production for manufacturing scarce and expensive. CII also said the industry has serious concerns over the Bill as it may increase the cost of land acquisition by 3-3.5 times, making industrial projects unviable.
NO CAPITAL CONTROLS TO ANCHOR RUPEE: PM The PM said rupee's tumble was a "matter of concern", but part of a needed adjustment, given our large current account deficit, & would boost exports. He also said the medium term objective would be to reduce CAD to 2.5% of GDP. The PM said once again that 1991 crisis will not be repeated and sub-3% GDP is very far from happening. Markets & rupee reacted positively to the PM's assurances.