BLOG
Monsoon 2024: Above normal at 108% of LPA
The cumulative rainfall in the just concluded monsoon season 2024 (1st June-30th September) pan India stood at 108% of LPA vs. the IMD forecast of 106% of LPA.
Most of the states had normal to excess rainfall while it was short in the states of Jammu & Kashmir, Punjab and Arunachal Pradesh (cumulatively constitute ~11% of total area).
Most importantly, seasonal (June to September) rainfall over the monsoon core zone, which consists of most of the rain fed agriculture regions in the country received 122% of LPA.
Monthly rainfall over the country as a whole was 89% of LPA in June, 109% of LPA in July, 115% of LPA in August, and 112% of LPA in September.
In terms of water reservoir levels, present water levels are healthy at 118% of last year & 114% of last 10 years average.
Thus, on the back of positive monsoons and water reservoir levels, farm sentiment is upbeat and we expect domestic rural focussed businesses to do well in the near to medium term.
Consequently, we are positive on the 2-W space and select consumer good companies.
Domestic foodgrain production target for FY25 is pegged at 340 MT (up 3% YoY), which should not be difficult to meet and shall also keep inflation under check.
Disclaimer – I ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is acting as a distributor to solicit bond related products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.
Related content
Blogs
Articles - Stocks
Advantages and Disadvantages of NPS
It is a long established fact that a reader will be distracted by the readable content of a page when looking at it...
Articles - Stocks
Advantages and Disadvantages of NPS
It is a long established fact that a reader will be distracted by the readable content of a page when looking at it...
Articles - Stocks
Advantages and Disadvantages of NPS
It is a long established fact that a reader will be distracted by the readable content of a page when looking at it...
Video
Video - Stocks
What is Book Value?
Book Value Explained – Find out what is book value in stocks in this video by ICICIdirect.com.
Video - Stocks
What is Book Value?
Book Value Explained – Find out what is book value in stocks in this video by ICICIdirect.com.
Video - Stocks
What is Book Value?
Book Value Explained – Find out what is book value in stocks in this video by ICICIdirect.com.