Peace Returns To Dalal Street | Wholesale Inflation Rises | Ford Losing $100,000 per EV | The Core

On Episode 293 of The Core Report, financial journalist Govindraj Ethiraj talks to Sheetal Sapale, vice president commercial at Pharmarack.
SHOW NOTES
• (00:00) Stories Of The Day
• (01:00) Peace returns to Dalal Street, for now
• (03:41) Wholesale inflation is at a 13 month high
• (05:04) Forget diamonds, it's all about copper now - how rising demand is triggering massive shifts in the mining industry.
• (06:56) In India’s pharmaceutical industry, there are no friends and there are no enemies either
• (18:01) Ford is now losing $100,000 per electric car
• (19:27) How China’s international air traffic is still 70% of pre-pandemic levels
Peace Returns To Dalal Street:
As India progresses through the seven phases of its general elections, with four already completed, the market's anxiety appears to subside, reflecting the BJP's increasing confidence, predicted to secure a strong majority. This sentiment is buoyed by several privately commissioned exit polls, revealing clear voter preferences thus far.
Top government officials, including the Home Minister & Minister of External Affairs, have made public statements bolstering the stock market, despite the general principle that markets perform best when free from overt political influence. The government has, for the most part, avoided such market interventions recently, which has been positively received.
On Tuesday, the BSE Sensex closed up 328 points at 73,105, & Nifty50 ended the day up 114 points at 22,218, with significant contributions from the auto, banking & metals sectors. The BSE MidCap and BSE SmallCap indices also showed strong performance, increasing by 1.14% and 1.8%, respectively.
Despite ongoing concerns over election results and sustained foreign selling, market volatility has eased, though it remains near 19-month highs. Global markets remain robust, near record highs, with investors closely watching the upcoming U.S. inflation data for further cues.
Siemens India is set to undergo a significant restructuring by spinning off its energy sector into Siemens Energy India Limited, aiming to bolster its focus on sustainable energy solutions. Meanwhile, Siemens Limited will continue to enhance its capabilities in technology, industry, infrastructure, and mobility sectors.
Wholesale Inflation Rises:
India's wholesale price-based inflation surged to a 13-month high at 1.26% in April, driven by spikes in food and primary article prices, surpassing analysts' expectations. The looming monsoon season brings a cautious optimism, with its potential to affect agricultural outputs and, subsequently, food prices and overall inflation.
It's All About Copper:
The global demand for copper remains elevated due to its extensive applications and strategic importance, prompting significant shifts among mining giants. Following a financial crunch, the U.S. is considering a multi-billion dollar investment in Zambian copper mines operated by a leading producer to mitigate Chinese influence in the sector.
Pharma Market Dynamics:
India's pharmaceutical sector is characterized by vigorous activity, with major firms continuously seeking strategic partnerships and acquisitions to navigate the competitive landscape. This bustling market dynamic is further emphasized by frequent collaboration efforts, allowing companies to leverage collective strengths for enhanced market presence.
More Trouble With EV Makers:
Ford Motor Co. faces mounting challenges in the EV market, leading to a strategic overhaul. This includes scaling back on orders from battery suppliers and revising investment plans, reflecting broader concerns about the pace of growth in the EV sector amid fluctuating demand and market saturation.
China’s Low Air Traffic:
International travel to and from China remains subdued, with Qantas Airways announcing the suspension of flights to Shanghai starting July 28, due to low demand. This decision underscores the broader challenges facing the aviation industry as it struggles to rebound to pre-pandemic levels, particularly in markets connected to China.
#IndianElections2024 #StockMarketAnalysis #EconomicUpdate #SiemensIndia #InflationNews #CopperMining #PharmaIndustry #EVMakers #Qantas #MarketTrends
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