By earn 
Morning Alert..
India initiates anti-dumping probe into import of Chinese lift guide rails
India has initiated an anti-dumping probe into the import of Chinese lift guide rails following a complaint by a domestic player. The duty is aimed at protecting the domestic industry from cheap imports. The commerce ministry’s investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of ‘T-Shaped Elevator/Lift Guide Rails and Counterweight Guide Rails’ from China. Savera India Riding Systems Company has filed an application for the initiation of an anti-dumping investigation on the imports of this product from China. The applicant has alleged that material injury is being caused to the domestic industry due to the alleged dumped imports and has requested for the imposition of anti-dumping duties. “On the basis of the duly substantiated written application submitted by the domestic industry and having reached satisfaction based on the prima facie evidence submitted by the industry concerning the dumping of the product…the Authority, hereby, initiates an anti-dumping investigation,” the DGTR has said in a notification.
India’s rating upgrade likely in 2 years if fiscal deficit falls to 4%: S&P
A sovereign rating upgrade for India in the next 24 months is possible if the central government is able to prudently manage its finances and bring down fiscal deficit to 4 per cent of GDP, an S&P Global Ratings official said on Wednesday. S&P Global Ratings Director, Sovereign Ratings, YeeFarn Phua, said the trigger for upgrade would be general government (Centre + states) deficit falling below 7 per cent of the GDP, and a lot of this would have to be driven by the central government. “If the central government is able to bring down fiscal deficit to 4 per cent of the GDP, we will consider a rating upgrade over the next 24 months,” Phua said. The central government estimates to bring down fiscal deficit to 5.1 per cent of the GDP in the current fiscal, from 5.63 per cent in 2023-24. As per the fiscal consolidation roadmap, the deficit — the difference between government expenditure and revenue — will be brought down to 4.5 per cent by 2025-26. The US-based rating agency had in May upgraded outlook for India to positive, from stable, while retaining the rating at ‘BBB-‘.
- Global market action*
Dow Jones – Down by 0.01% or 1.58 points
FTSE – Up by 0.61% or 49.92 points
CAC – Up by 1.24% or 93.79 points
DAX – Up by 1.16% or 210.47 points
Gift Nifty – Up by 0.29% or 71.50 points
FII/DII activities
FII – Bought 5483.63 Cr worth of shares
DII – Sold 924.43 Cr worth of shares.
Stocks with high delivery percentage
Medplus Health Services Ltd – 87%
SKF India Ltd – 85.6%
Ratnamani Metals & Tubes Ltd – 84.9%
Prince pipes and Fittings Ltd – 84.8%
APL Apollo Tubes Ltd – 83.3%
Primary market activities
IPO opening today
Ambey Laboratories Ltd (NSE SME) – Issue size 44.68Cr
Commodities updates
Gold – Rs 74350/10gm, Silver – Rs 90088/kg, Brcrude – Rs 6961/barrel, Copper – Rs 863.85/kg.
Corporate News
USFDA pulls up Sun Pharma for manufacturing issues at Dadra facility.
Vedanta reports rise in production of aluminium, iron ore, zinc in Q1.
Bajaj Finance’s AUM rises 31% in Q1FY25, new loans booking improves by 10%.
