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COP28: Initial headway, some hiccups, still a long way to go (Kotak Seurities) COP28 kept the hope of achieving climate goal under the Paris agreement alive. While initial headway was seen in the form of adoption of Loss and Damage Fund (LDF) plan, conclusion of first Global Stocktake (GST) and commitment to transitioning away from fossil fuels, a lot more is yet to be done as we progress toward the 1.5°C goal. LDF plan approved; climate finance needs more commitments The adoption of LDF plan by the members was the silver lining of COP28. However, the announced contributions of US$792 mn for LDF significantly lagged the recommended initial floor funding of US$150 bn per annum. The climate funding provided by developed nations continued to increase to US$89.6 bn in 2021 and is likely to have reached the US$100 bn/year (by 2020) goal in 2022. COP28 urged the developed nations to up their mitigation as well as adaptation finance commitments in line with the growing requirements. IEA estim...

Economy meter: Post-festive slump seen, inflation mars wedding season (Nirmal Bang) ·           Motor Vehicle registrations slowed in the second fortnight of Nov’23 post the festive season. Rail traffic indicators slowed from the previous fortnight and stood below their 6-month average run-rate while air traffic and toll collections improved from the previous fortnight and were above their 6-month average run-rate. ·           UPI payments, use of credit cards at point of sales (POS) and E-commerce transactions moderated from the previous fortnight and stood below their 6-month average run-rate. This was despite ‘Black Friday’ E-commerce sales estimated to be up by ~23% YoY, according to Unicommerce, an E-commerce enablement platform. ·           In rural trends, Rabi sowing was down by 5.2% yoy with Wheat sowing down by 4.6% yoy. ·    ...

  Economy: Momentum continues (Phillips Capital) Latest data for the week ending 28th November saw pick-up in activity. Energy consumption, railway freight and Maharashtra property registrations improved W-o-W while vehicle registrations dipped slightly from the Diwali associated strength in registrations. Economic and industrial activity in India has been progressing well post the strong festive season. Q2FY24 GDP data is estimated to be strong around 7%. With FII flows turning positive and Indian growth fundamentals remaining strong, equities are expected to trend higher after remaining range-bound for a prolonged period. Industrial data: (1) Energy consumption grew by 2% wow vs. -1% drop in the previous week; 4% higher yoy. Consumption saw 21% growth yoy in October vs. 10% in the previous month. (2) E-way bill generations surged to a record high with 9% mom growth; 31% yoy growth in October vs. 10% in the previous month. (3) Daily railway freight tonnage improved by 2% wow ...