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The country's largest carmaker Maruti Suzuki India (MSI) on Thursday said it has appointed Hisashi Takeuchi as the new Managing Director and CEO with effect from April 1, 2022.

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Invesco will continue to monitor the proposed merger's progress. If the merger is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM, it said

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The increase in PNG rates comes on the heels of oil marketing companies hiking petrol and diesel prices after a 137 day freeze.

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Consumers in Asia’s third-largest economy are feeling the bite as companies pass on a surge in costs since the invasion, battling the first hikes in five months this week in the prices of diesel and petrol, as well as more expensive vegetable oils.

Many Indians are cutting down on fried food and even vegetables as the Ukraine war inflates the prices of items from edible oils to fuel, threatening a sputtering recovery in the consumption-based economy after two years battling COVID-19.

Consumers in Asia’s third-largest economy are feeling the bite as companies pass on a surge in costs since the invasion, battling the first hikes in five months this week in the prices of diesel and petrol, as well as more expensive vegetable oils.

"God only knows how we will manage this level of price rise,” said Indrani Majumder, the sole earner in a family of four in the eastern city of Kolkata, adding that the past two years of the pandemic had brought a halving in salaries.

These days her family eats more boiled food to save on the cost of edible oil, she said. It is just one of almost a dozen homes were people said they were taking similar steps.

India’s economy expanded at a pace slower than expected in the quarter from October to December, and economists forecast a further dent to growth in the current one, as high fuel prices bring a jump in inflation.

Private consumption contributes the largest share of gross domestic output, at nearly 60 percent.

But since the invasion late in February, which Russia calls a special operation, Indian firms have raised prices of milk, instant noodles, chicken and other key items by about 5 percent to 20 percent.

About 800 million of a population of nearly 1.4 billion received free government supplies of staple foods during the pandemic, and even small price rises now can mean a knock for their budgets.

Families’ finances could stay anaemic for the third year in a row, warned Pronab Sen, formerly India’s chief statistician.

”The process of rebuilding savings was only beginning post the pandemic,” he added.

"Because of this latest shock, they will have to cut back on consumption.”

DARKENING PICTURE

Surging global prices of crude have prompted companies in the import-dependent nation to raise retail prices of petrol and diesel twice this week. India imports 85 percent of its crude oil, which has seen prices rise nearly 50 percent this year.

The South Asian nation is also the world’s biggest importer of edible oil, shipping in nearly 60 percent of its needs.

But the price of palm, the country’s most widely consumed edible oil, has jumped 45 percent this year. And supplies of sunflower oil, which Ukraine and Russia produce in large quantities, have been disrupted.

Some wholesalers said their sales of edible oil had fallen by a quarter in the past month as prices rose.

These factors helped keep India’s retail inflation in February above the central bank’s comfort level of 6 percent for the second month in a row, while the wholesale rate was more than 13 percent.

”The timing of input price inflation could not have been worse in the context of a slowing consumption trend,” financial services firm Jefferies said in a note.

The central bank has said it is monitoring crude and commodity prices ahead of its next monetary policy meeting in early April. But markets do not expect the Reserve Bank of India to change key rates, as it looks to prioritise growth.

This stance compares with global central banks, which have either raised rates or are weighing whether to do so to curb inflation. For instance, policymakers of the U.S. Federal Reserve called this week for big rate hikes in May.

For consumers, there is little relief in sight.

The Confederation of All India Traders estimates input costs for makers of consumer durables and fast moving consumer goods (FMCG) to rise another 10 percent to 15 percent this month as fuel prices rise, an expense destined to be passed on to the final consumer.

In Kolkata, vegetable vendor Debashis Dhara said higher transport costs would bump up vegetable prices by a further 5 percent this week. His sales have already halved since February.

India’s Mother Dairy and Amul raised milk prices by nearly 5 percent this month, while FMCG companies such as Hindustan Unilever and Nestle are charging more for items such as instant noodles, tea and coffee.

Broiler chicken prices have jumped nearly 45 percent in six months to a record 145 rupees ($1.90) a kg this week, as key feed ingredients corn and soymeal have become costlier after supplies from the Black Sea region were affected.

Fertiliser prices have shot up to a record $150 a tonne since Russia, one of the biggest producers, rolled tanks and soldiers into Ukraine.

"It has become very difficult to manage our monthly budget,” said Archana Pawar, a housewife in the financial capital of Mumbai.

"This kind of price rise is forcing us to cut down consumption.”

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Consumers in Asia’s third-largest economy are feeling the bite as companies pass on a surge in costs since the invasion, battling the first hikes in five months this week in the prices of diesel and petrol, as well as more expensive vegetable oils.

Many Indians are cutting down on fried food and even vegetables as the Ukraine war inflates the prices of items from edible oils to fuel, threatening a sputtering recovery in the consumption-based economy after two years battling COVID-19.

Consumers in Asia’s third-largest economy are feeling the bite as companies pass on a surge in costs since the invasion, battling the first hikes in five months this week in the prices of diesel and petrol, as well as more expensive vegetable oils.

"God only knows how we will manage this level of price rise,” said Indrani Majumder, the sole earner in a family of four in the eastern city of Kolkata, adding that the past two years of the pandemic had brought a halving in salaries.

These days her family eats more boiled food to save on the cost of edible oil, she said. It is just one of almost a dozen homes were people said they were taking similar steps.

India’s economy expanded at a pace slower than expected in the quarter from October to December, and economists forecast a further dent to growth in the current one, as high fuel prices bring a jump in inflation.

Private consumption contributes the largest share of gross domestic output, at nearly 60 percent.

But since the invasion late in February, which Russia calls a special operation, Indian firms have raised prices of milk, instant noodles, chicken and other key items by about 5 percent to 20 percent.

About 800 million of a population of nearly 1.4 billion received free government supplies of staple foods during the pandemic, and even small price rises now can mean a knock for their budgets.

Families’ finances could stay anaemic for the third year in a row, warned Pronab Sen, formerly India’s chief statistician.

”The process of rebuilding savings was only beginning post the pandemic,” he added.

"Because of this latest shock, they will have to cut back on consumption.”

DARKENING PICTURE

Surging global prices of crude have prompted companies in the import-dependent nation to raise retail prices of petrol and diesel twice this week. India imports 85 percent of its crude oil, which has seen prices rise nearly 50 percent this year.

The South Asian nation is also the world’s biggest importer of edible oil, shipping in nearly 60 percent of its needs.

But the price of palm, the country’s most widely consumed edible oil, has jumped 45 percent this year. And supplies of sunflower oil, which Ukraine and Russia produce in large quantities, have been disrupted.

Some wholesalers said their sales of edible oil had fallen by a quarter in the past month as prices rose.

These factors helped keep India’s retail inflation in February above the central bank’s comfort level of 6 percent for the second month in a row, while the wholesale rate was more than 13 percent.

”The timing of input price inflation could not have been worse in the context of a slowing consumption trend,” financial services firm Jefferies said in a note.

The central bank has said it is monitoring crude and commodity prices ahead of its next monetary policy meeting in early April. But markets do not expect the Reserve Bank of India to change key rates, as it looks to prioritise growth.

This stance compares with global central banks, which have either raised rates or are weighing whether to do so to curb inflation. For instance, policymakers of the U.S. Federal Reserve called this week for big rate hikes in May.

For consumers, there is little relief in sight.

The Confederation of All India Traders estimates input costs for makers of consumer durables and fast moving consumer goods (FMCG) to rise another 10 percent to 15 percent this month as fuel prices rise, an expense destined to be passed on to the final consumer.

In Kolkata, vegetable vendor Debashis Dhara said higher transport costs would bump up vegetable prices by a further 5 percent this week. His sales have already halved since February.

India’s Mother Dairy and Amul raised milk prices by nearly 5 percent this month, while FMCG companies such as Hindustan Unilever and Nestle are charging more for items such as instant noodles, tea and coffee.

Broiler chicken prices have jumped nearly 45 percent in six months to a record 145 rupees ($1.90) a kg this week, as key feed ingredients corn and soymeal have become costlier after supplies from the Black Sea region were affected.

Fertiliser prices have shot up to a record $150 a tonne since Russia, one of the biggest producers, rolled tanks and soldiers into Ukraine.

"It has become very difficult to manage our monthly budget,” said Archana Pawar, a housewife in the financial capital of Mumbai.

"This kind of price rise is forcing us to cut down consumption.”

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Lebanon bought the bulk of its wheat from Ukraine until Russia invaded, and the World Bank has warned it is one of a number of developing countries that face near-term wheat supply shortages as a result.

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Their balance sheets and visions are different but a confrontation between the billionaires looks almost guaranteed.

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Road Transport Minister Nitin Gadkari said rapid strides in technology and green fuel will reduce the cost of electric automobiles, bringing them at par with petrol-run vehicles in next two years

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Share Market Closing Note

After languishing in the red for better part of the day, domestic equity markets zoomed higher in the last hour of trade amid solid buying in Reliance Industries stock, and IT and auto pack.

The frontline S&P BSE Sensex bounced back 1,059 points from the days low of 56,930 to settle at 57,989, up 697 points or 1.22 per cent. The index had touched an intra-day high of 58,053.

On the NSE, the Nifty50 closed at 17,315.5, up 198 points or 1.16 per cent. The ondex touched an intra-day low of 17,006 and a high of 17,334.

Reliance Industries was among the top gainers today, rising 2.5 per cent on the Sensex. The stock hit an over 2-month high of Rs 2,535 before settling at Rs 2,530. READ MORE

Tech M, Tata Motors, BPCL, ITC, JSW Steel, PowerGrid, Bajaj Auto, Infosys, TCS, Kotak Bank, Bajaj Finserv, Bharti Airtel, Wipro and IndusInd Bank were the other gainers, up in the range of 1 to 4 per cent.

On the downside, HUL, Nestle India, Britannia, and Cipla were the top laggards, slipping between 2 and 3 per cent.

In the broader market, the BSE MidCap and SmallCap indices eked out minor gains of 0.2 per cent each.

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Topic :- Time:12.30 PM

News Wrap Up:

1. Sensex down 250 pts, Nifty nears 17,000; FMCG, realty slide

2. Petrol, diesel price up 80 paise a litre; Rs 50 hike in LPG rates

3. Single-day rise of 1,581 fresh Covid cases, 33 deaths in India

4. Alibaba Group raises buyback to $25 billion to boost slumping stock

5. RIL stock hits over 2-month high in a weak mkt; surges 12% in two weeks

6. Paytm slips 32% in one month, hits new low; tanks 74% from issue price

7. Ratnamani Metals surges 7% on winning Rs 591 crore-line pipe order

8. NDTV zooms 47% in 5 days; stock hits highest level since October 2008

9. Voltas stock to gain from improving demand led by rising temperatures

10. RBI to conduct two VRRR auctions worth Rs 1.5 trillion on Tuesday

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 22 March,2022:

Global cues to dictate trend. Nifty to turn volatile as the day progresses. Traders are advised to trade in small quantity and should follow market trend.

Nifty spot if manages to trade and sustain above 17150 level then expect some upmove in the market and if it breaks and trade below 17060 level then some decline is expected to follow in the share market. Please note this is just opening view and should not be considered as the view for the whole day.

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Crude oil production failed to meet target while also lower in terms of year-on-year (YoY) data for the period; while natural gas production was higher in YoY terms, but still lower than the monthly target.