By earn 
Morning Alert
*Union Budget 2024-25: Some boost for agriculture and rural economy*
The agriculture sector has grown at an annual growth rate of 4.2 per cent in the last five years. However, the second advance estimates for FY24 indicate a dismal seven-year low of just 1.4 per cent. Rural demand including that for FMCG goods continued to lag due to low incomes and higher food inflation but there are some green shoots now. Although overall inflation for rural areas in June was 5.7 per cent, the consumer food price index recorded inflation was 9 per cent. Climate change in terms of heat waves and unseasonal rains is also a reason for higher food inflation. Rural real wage growth has been either low or negative in the last one decade. Thus, there has been some stress in both agriculture and rural non-farm sectors. In this context, a boost for agriculture and rural demand was expected. The performance of agriculture and rural areas is important to achieve the goal of Viksit Bharat by 2047. The measures announced in the Budget on agriculture and rural areas are in the right direction. It may increase incomes of the population but whether it is sufficient to revive the rural sector is not clear. The announcements on capital expenditure, manufacturing, services, MSMEs, health, education, and taxation will also help rural areas.
* Global market action*
Dow Jones – Down by 0.17% or 68.22 points
FTSE – Down by 0.38% or 31.41 points
CAC – Down by 0.31% or 23.39 points
DAX – Up by 0.82% or 150.63 points
Gift Nifty – Down by 0.31% or 76.00 points
*FII/DII activities*
FII – Sold 2975.31 Cr worth of shares
DII – Bought 1418.82 Cr worth of shares
Commodities updates*
Gold – Rs 68525/10gm, Silver – Rs 84952/kg, Brcrude – Rs 6451/barrel, Copper – Rs 807.4/kg.
*Corporate News*
HUL Q1 results: Net profit rises 2.2% to Rs 2,610 crore, revenue up 1.4%.
ICICI Prudential Life Q1 results: Net profit rises 8.9% to Rs 225.4 crore
Gland Pharma, Zydus Lifesciences secure USFDA approvals for key medications.
