Retail Inflation Data, Modi To Visit Manipur And Urban Company IPO — The Week Ahead
The coming week will be crucial for monetary policymakers in India and the US as the latest retail inflation data will be released ahead of the central bank meetings for their interest rate decision.
Prime Minister Narendra Modi will visit Punjab and Manipur, while he will host his counterpart from Mauritius in New Delhi.
Here's a quick look at what lies ahead:
Macro Data This Week
The Indian government will release the August retail inflation data on Sept. 12. The Consumer Price Index (CPI) is projected to be 2.15%, higher than 1.55% in July, as per Bloomberg estimates.
US retail inflation data will be out on Sept. 11, just days ahead of the central bank's monetary policy decision. The Federal Reserve is scheduled to hold its next FOMC meeting on Sept. 16-17. The weekly jobless claims data will also be out.
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Modi Visits Manipur, Punjab
Prime Minister Narendra Modi will visit Punjab on Sept. 9 to take stock of the flood situation, BJP state unit chief Sunil Jakhar said on Sunday. Punjab is currently facing one of its worst flood disasters in decades. The swollen Sutlej, Beas and Ravi rivers and seasonal rivulets have flooded large parts of Punjab following heavy rain in their catchment areas in Himachal Pradesh and Jammu & Kashmir.
The death toll due to the floods in Punjab stands at 46 so far, while crops on 1.75 lakh hectares of farmland have been damaged, according to officials.
Modi is also expected to visit Mizoram and Manipur on Sept. 13, as per reports. This will be his first visit to Manipur since the May 2023 ethnic conflict between the Kuki-Zo and Meitei communities, which claimed over 250 lives and displaced more than 60,000 people. President’s Rule has been extended in the state until January 2026.
Urban Company IPO
Urban Company's Rs 1,900-crore initial public offering will soon open for subscription on Sept 10. The company has set the IPO price band at Rs 98 to Rs 103. The IPO will conclude on Sept. 12.
Dev Accelerator Ltd. and Shringar House of Mangalsutra Ltd. will also issue shares for bidding.
Other Events
The Supreme Court is scheduled to hear on Monday a batch of pleas, including those of political parties, challenging the June 24 decision of the Election Commission to conduct Special Intensive Revision of electoral rolls in poll-bound Bihar. The matter has become politically contentious months ahead of the election.
The Securities Appellate Tribunal will hear a case filed by high-frequency trading firm Jane Street challenging the SEBI order on index manipulation on Monday. The Securities and Exchange Board of India in July barred Jane Street Group entities from accessing the Indian securities market and directed the impounding of Rs 4,843.57 crore in alleged unlawful gains from the group.
India and Israel are likely to sign a bilateral investment treaty during the upcoming visit of Israeli Finance Minister Bezalel Smotrich between Sept. 8 and 10, while laying the groundwork for a free trade agreement (FTA) to boost trade between the two countries, as per news agency PTI.
Mauritius Prime Minister Navinchandra Ramgoolam will undertake a state visit to India from Sept. 9-16. Ramgoolam will also visit Mumbai, Varanasi, Ayodhya and Tirupati. In Mumbai, he would be attending a business event, according to the Ministry of External Affairs. The country is the second largest source of FDI into India.
