FinanceFlash India

  India's GDP for the January-March quarter of FY24 hit 7.8%, surpassing market expectations and highlighting robust growth in the manufacturing sector. For the full fiscal year, the economy grew by 8.2%, reinforcing India's position as the world's fastest-growing major economy. This strong performance sets the stage for achieving the ambitious $5-trillion economy target in the next few years. Key Highlights Manufacturing and Sectoral Performance The manufacturing sector recorded a remarkable growth of 9.9% in FY24, recovering from a contraction of -2.2% in the previous year. This sectoral boom played a significant role in driving the overall GDP growth. Other notable sectors included:   - Construction: Grew by 8.7% in Q4 FY24, up from 7.4% in the same period last year. - Agriculture: Slowed to 0.6% growth from 7.6% a year ago. - Services: Including trade, hotels, transport, and communication, saw a moderate growth of 5.1% in Q4, compared to 7% the previous year. - Financia...

Tata Steel, a cornerstone of India's industrial landscape, recently disclosed its quarterly report for the final quarter of fiscal year 2023-24. The numbers, though mixed, reflect the company's resilience amidst turbulent times.   The report reveals a notable 64.5% drop in net profit, sending shockwaves through the financial community. This significant decline, coupled with a 6.8% reduction in revenue from operations, underscores the challenges faced by the steel giant.   Despite these hurdles, Tata Steel's CEO and Managing Director, T V Narendran, remains optimistic about the future. He emphasized the company's focus on enhancing margins and expanding its market presence, particularly in the lucrative Indian market.   Noteworthy highlights from the report include Tata Steel's achievement of its highest-ever annual crude steel production, surpassing 20.8 million tons. Additionally, domestic deliveries witnessed a commendable 6% year-on-year growth, showc...