Atmanirbhar Bharat 3.0 Measures, India's Historic Recession, and Top Buzzing Stocks Today

Fri, 13 Nov Pre-Open

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Indian share markets ended lower yesterday.

Benchmark indices snapped their eight-day winning streak and edged lower even as Finance Minister Nirmala Sitharaman announced 12 measures under 'Atmanirbhar Bharat 3.0'.

At the closing bell yesterday, the BSE Sensex stood lower by 236 points. Meanwhile, the NSE Nifty ended down by 58 points.

SBI was the top loser in NSE. Meanwhile, the top gainers in NSE included HUL and Grasim.

The BSE Mid Cap index ended up by 0.5%. The BSE Small Cap index ended up by 1.2%.

On the sectoral front, finance stocks and banking stocks witnessed selling pressure. FMCG stocks, on the other hand witnessed buying interest.

Gold prices were trading up by 0.5% at Rs 50,400 per 10 grams at the time of closing stock market hours yesterday.

Note that gold prices have seen a sharp correction this week, falling about Rs 2,000 per 10 grams.

Speaking of the precious metal, India's #1 trader, Vijay Bhambwani talks about whether you should buy gold now, in his latest video for Fast Profits Daily.

In the video below, Vijay shares what implications the recent fall in gold prices could have for gold as an investment.

So, does the fall in gold prices mean the bull market is over? Or does it mean it is a great opportunity to buy?

Tune in here to find out more:

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

Top Stocks in Focus Today

Ashoka Buildcon will be among the top buzzing stocks today.

Highway builder Ashoka Buildcon reported a healthy 44% year-on-year (YoY) jump in its standalone net profit at Rs 1.1 billion for the quarter ended September, on the back of robust operational performance with lower interest expenses and tax outgo.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 11.5% YoY at Rs 1.8 billion, while EBITDA margin expanded 70 basis points YoY to 19.5%, backed by benign raw material cost. Standalone revenue was up 7.7% YoY at Rs 9.3 billion.

Dewan Housing Finance (DHFL) share price will also be in focus today.

A day after bankrupt mortgage lender DHFL received revised bids from prospective investors, its former promoter Kapil Wadhawan sought a second hearing from lenders to reconsider his resolution proposal submitted last month.

In a letter sent to DHFL administrator R. Subramaniakumar, Wadhawan requested the lenders to let him attend their next meeting via video-conference, and sought one week's time to arrange for the facility.

Kapil and his brother Dheeraj are currently in jail for their alleged involvement in the Yes Bank money laundering case.

Market participants will also track Tata Steel share price as the company is about to close sale of European business by this weekend as Swiden company is showing interest.

The board of directors of Tata Steel are scheduled to meet today, November 13, 2020 to consider and approve the audited standalone and unaudited consolidated financial results of the company for the quarter and half year ended September 30, 2020.

Atmanirbhar Bharat 3.0: Finance Minister Announces 12 Stimulus Measures

Finance Minister Nirmala Sitharaman yesterday announced 12 measures in the next set of stimulus under Atmanirbhar Bharat 3.0 aimed at boosting employment, credit and manufacturing.

The stimulus will cost the government Rs 2.65 lakh crore, or 15% of the country's GDP.

The measures include a Rs 650-billion fertilizer subsidy for farmers to ensure adequate availability of fertilisers to farmers.

The government announced relaxations in income tax rules to allow sale of primary residential units of up to Rs 20 million value below the circle rate. Till now, only 10% difference between the circle rate and the agreement value was allowed.

Other measures include:

Subsidy to be given to those establishments that make new hires.

Additional credit of up to 20% of outstanding loans will be given for entities with outstanding credit up to Rs 500 million and annual turnover up to Rs 2.5 billion.

Rs 9 billion grant to the Department of Biotechnology for Covid-19 vaccine research.

Rs 102 billion additional budget outlay will be provided towards capital and industrial expenditure, which covers domestic defence equipment, industrial incentives, industrial infrastructure and green energy.

What effects the above measures have on Indian economy and Indian stock market remains to be seen. Stay tuned for all updates from this space.

RBI Says India in Historic Recession; GDP in September Quarter Contracts 8.6%

In news from the economic space, India's economy probably shrank for a second straight quarter, according to a team of economists including Michael Patra, the central bank's deputy governor in charge of monetary policy, pushing the country into an unprecedented recession.

Gross domestic product (GDP) contracted 8.6% in the quarter ended September, the Reserve Bank of India (RBI) showed in its first ever published 'nowcast,' which is an estimate based on high-frequency data.

The economy had slumped about 24% in April to June.

"India has entered a technical recession in the first half of 2020-21 for the first time in its history," the authors wrote. The government is due to publish official statistics November 27.

RBI's numbers are buoyed by cost cuts at companies, which boosted operating profits even as sales dipped. The team of authors also used a range of indicators from vehicle sales to flush banking liquidity to signal brightening prospects for October.

However, there is a grave risk of generalization of price pressures, unanchoring of inflation expectations feeding into a loss of credibility in policy interventions, the team of economists wrote in RBI's bulletin.

They also highlighted risks to global growth from a Covid second wave.

We will keep you updated on the latest developments from this space. Stay tuned.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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