Business News at 05:30 pm on 22th January, 2024

Let’s begin…Prime Minister Narendra Modi on Monday performed the ‘Pran Pratishtha’ of the Ram Lalla idol at the Ram Temple in Ayodhya, drawing to a close a centuries-old dispute that has sparked communal disharmony on several occasions for the better part of the last century. The inauguration of the Ram Temple, hopefully marks an end to the bitterness and settles the issue once and for all. Quote, After countless sacrifices and centuries of resilience, our Lord Ram is finally here. Our Lord Ram will not stay in a tent any longer. He will not reside in this grand temple, unquote, the Prime Minister said, adding that he was moved by the spiritual experience of the Pran Pratishtha.

Additionally…The property market in the key cities of Uttar Pradesh is currently on a roll, including that of Ayodhya. And the historic inauguration of the Ram Mandir on January 22 is all set to give Ayodhya’s real estate a further boost. In fact, property prices in and around the city have already risen significantly during the last 4-5 years and are likely to surge further in the years to come. According to Anarock research data, realty demand in the temple city, Ayodhya, has risen significantly ever since the much-awaited verdict was announced by the Supreme Court back in 2019. There is a growing demand by not just locals but also investors from outside the city, including businessmen.

Next up….The Asian markets are trading on a mixed note on Monday after the US market rose on Friday. The Japanese benchmark index Nikkei 225 was near a 34-year high at 36,438 points, up almost 1.3%. The Taiwanese index Topix gained 0.73%. The gains in the Asian market can be attributed to the surge in the tech-heavy US index S&P 500, which hit its record high on Friday. Most markets except China and Hong Kong are up. China’s CSI 300 index was down 0.11% and Hong Kong’s Hang Seng index fell 0.3% in the early trading hours. The fall in the indices was after China kept the loan rates unchanged. China kept the one- and five-year loan prime rates unchanged at 3.45% and 4.2%.

Moreover…With the Finance Minister Nirmala Sitharaman all set to present the interim Budget 2024, ICRA has predicted a number of changes in terms of taxation, pension and insurance schemes, mutual fund schemes, among other things. This would be Nirmala Sitharaman’s sixth consecutive budget since 2019. In terms of taxation, ICRA said that the markets have had the demand for removal of security transaction tax (STT) for a few years now and as the GST collection went up, this demand has again gained traction. The government, ICRA said, may consider raising the pension floor for the unorganised sector workers under its flagship scheme, the Atal Pension Yojana (APY) as the current amount may not attract enough potential subscribers to enroll.

In other news…Colgate-Palmolive (India) Limited on Monday recorded its third quarter earnings with profit at Rs 330.11 crore, up 35.7 per cent in comparison to Rs 243.24 crore during the corresponding quarter of FY23, surpassing estimates. It posted revenue from operations at Rs 1395.65 crore, up 8.1 per cent as against Rs 1291.27 crore during the third quarter of FY23. According to a CNBC TV18 poll, Colgate-Palmolive (India) was expected to record Q3FY24 profit at Rs 300 crore and revenue was expected to be at Rs 1375 crore. The company posted a net sales of Rs 1386 crore for the quarter ended December 21, 2023, recording an increase of 8.2 per cent in comparison to the previous year.

Let’s talk market…Following the furore and excitement around the Prana Pratishtha ceremony for the Ram Mandir in Ayodhya, several stocks have been running up. These stocks primarily belong to companies that are directly involved in the construction of the temple or are set to gain from the tourist inflow set to unfold. Some of the counters have seen returns as high as 150% in the last one month. Since securing the prestigious ‘Shri Ram Janmabhoomi Temple’ project in November 2020, Larsen & Toubro (L&T) has experienced a robust uptrend in its stock performance. Pakka Ltd has witnessed a staggering 150% rally so far in January. This surge is attributed to Pakka Ltd’s role in supplying compostable plates, bowls, and spoons for the ceremony.

Lastly…As mandated by the Shri Ram Janmbhoomi Teerth Kshetra Trust, Larsen & Toubro has designed and built the Shri Ram Janmbhoomi Temple, establishing a new milestone in architectural grandeur. The company said that the temple is built to last a thousand years. The Shri Ram Janmbhoomi Mandir stands within a sprawling 70-acre complex, with its awe-inspiring design rooted in the ancient Nagara style of architecture. Constructed to last a thousand years, the temple boasts dimensions of 161.75 feet in height, 380 feet in length, and 249.5 feet in width. It will be a three-story temple comprising five mandaps—Nritya Mandap, Rang Mandap, Gudh Mandap, Kirtan Mandap, and Prarthana Mandap—along with the Main Shikar.