News Overview

In the 5 weeks prior to the current week, the start-up collections were to the tune of #152 Million, $243 Million, $205 Million, $226 Million, and $150 Million. In the latest week to April 12, 2024, start-ups raised $105 Million across 21 start-up deals, with Sprinto and Neysa dominating the funding story in the week.

Today, manufacturing contributes about 15% of GDP and that must transition to over 20% of GDP if the Indian economy has to transition to $5 Trillion economy in 4 years and $10 Trillion in the next 10 years. Between FY23 and FY30, India’s nominal GDP is expected to more than double to $7 Trillion, while the manufacturing GVA is expected to grow nearly 3-fold.

The scheme if extended for FY25, apart from gas IPPs, can also benefit gas importing / trading companies; assuming PLFs to increase to 30% (vs 14% in FY24), India would need to import additional ~5m MT LNG (25% more); GAIL (transmission + trading), PLNG (imports/trade) can materially gain from such imports; for every 1m MT incremental LNG imported, GAIL/PLNG may see 5-10% EPS upgrade; IEX may also gain from higher exchange volumes.

Bandhan Mutual Fund is launching NFO under its “Thematic Fund”, named as Bandhan Innovation Fund. The open ended fund aims to generate long-term capital appreciation by investing predominantly in equity and equity-related instruments of companies following innovation theme.

Among the affected stocks were Balrampur Chini Mills, GNFC, Hindustan Copper, Idea, India Cements, Metropolis Healthcare, National Aluminium Company, Piramal Enterprises, and ZEEL.

In India, petrol and diesel pricing is influenced by factors such as freight charges, value-added tax (VAT), and local taxes.

Unlike the US, which consumes most of the oil it churns out, countries like Saudi Arabia, Iraq, Iran, and UAE are predominantly exporters and hence have a huge swing impact on global oil prices. The immediately impact will be the spreading of the conflict to the Arab Peninsula and to the Strait of Hormuz, a key conduit for the Asian oil and gas trade. Also, the Red Sea will continue to be point of conflict, forcing ships through the circuitous Horn of Africa route. That would obviously mean higher freight rates and higher insurance costs.

West Texas Intermediate (WTI) futures for May delivery were down 38 cents at $85.28 a barrel, while Brent futures for June delivery dropped 24 cents to $90.21 a barrel.

Spot gold was up 0.3% at $2,350.59 an ounce. On Friday, the price of gold reached a record high of 2,431.29.

Early in the Asian day, the dollar set a 34-year high against the yen and a five-month high against the euro on Friday.