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Friday, May 13, 2022

As FPI exits hit forex reserves, RBI stepped up gold purchases

May 13, 2022 4:56:20 am

RBI’s gold acquisition happened at a time when foreign portfolio investors (FPIs) were exiting India and forex reserves declined by $44.73 billion from $642.45 billion in September 2021 to $597.72 billion on April 29, 2022, as per Reserve Bank data.

cpi retail inflation

Retail inflation at 8-year high of 7.79% in April

May 13, 2022 12:25:20 am

High price levels of fuel and food items, especially of vegetables, spices and oils/fats, along with household services, contributed to the sharp rise in inflation, a level which is seen as being partly responsible for preempting the unscheduled repo rate hike of 40 basis points by the RBI last week.

Morgan Stanley: GDP growth to fall to 7.4%; 6% repo by Dec

May 12, 2022 5:30:25 am

Within Asia, India would be the economy which will be most exposed to upside risks to inflation, given the higher energy import burden and sustained strength in domestic demand, Morgan Stanley said in its report.

Beating inflation: RBI may have to kill demand, hike rate, suck liquidity

May 12, 2022 11:33:52 am

Most of the risks to inflation are seen emerging from the crisis due to the Ukraine-Russia war. The repo rate – the rate at which the RBI lends to banks – was 5.15 per cent in February 2020 before the pandemic.

‘9.99% ethanol blending in petrol’

May 10, 2022 6:27:03 am

The ethanol blending programme is aimed at reducing the country's dependence on crude oil imports, cutting carbon emissions and boosting farmers' incomes.

LIC IPO subscribed 2.95 times on final day; spotlight on self reliance: DIPAM

May 10, 2022 6:11:40 am

The IPO received bids for 47.83 crore equity shares against IPO size of 16.2 crore equity shares. At the upper end of the price band of Rs 949, the IPO would have garnered around Rs 45,000 crore.

HDFC Bank, BoM, Karur Vysya hike lending rates

May 10, 2022 1:15:02 am

The overnight MCLR at HDFC Bank now stands at 7.15 per cent, the one-month rate is at 7.2 per cent, the three-month rate at 7.25 per cent, the six-month MCLR at 7.35 per cent, the one-year MCLR at 7.5 per cent, the two-year MCLR at 7.6 per cent and the three-year MCLR at 7.7 per cent.

Platforms to pay news publishers for content: Canada legislation

May 10, 2022 6:16:32 am

Canada’s Online News Act requires digital platforms that have a bargaining imbalance, measured by metrics like a firm’s global revenue, with news businesses to make fair deals, that would then be assessed by a regulator.

Auction or allocation of 28 GHz spectrum: Trai says up to DoT

May 10, 2022 6:13:50 am

In its reply to the DoT’s back reference, the regulator said that as was sought by the Department, the Trai has already given its recommendations on auction of spectrum in respective frequency bands including 27.5-28.5 GHz as part of 24.25-28.5 GHz band.

Re drops to record low below 77 level: Imports to get dearer

May 10, 2022 6:08:01 am

Making imports costlier, the rupee fell 55 paise during the day to cross the 77 level and touched an intra-day low of 77.58 before closing at 77.46 as against the previous record low of 76.98 registered on March 7. “The rupee fell to fresh all-time lows as the dollar rose broadly against its major crosses.

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‘April: Overall biz confidence of India Inc improves’

May 9, 2022 6:19:10 am

The Current Condition Index improved to 66.1 from 62.6 in the last survey, while the Expectations Index improved to 68.4 from 64.5.

rbi, repo rate, Retail Prime Lending Rate, hdfc bank, Canara Bank, Punjab National Bank, India news, Indian express, Indian express news, current affairs

Banks hike rates: EMIs set to get costlier, lenders’ spread likely to get thinner

May 8, 2022 1:22:49 am

The rise in RLLR will lead to an increase in equated monthly instalments (EMIs) on home, vehicle and other personal and corporate loans.

New income tax rule changes, Income Tax rules change

Tax reassessment: I-T has 30 days to send notices

May 6, 2022 5:31:03 am

According to the top court’s judgment, the assessing officer will, within 30 days from May 4, provide the respective assesses the information and all relevant material which was relied upon to send the income tax recovery notice to them.

‘Services PMI grows to 5-month high in April’

May 6, 2022 5:11:29 am

The seasonally adjusted S&P Global India Services PMI Business Activity Index jumped to 57.9 in April, from 53.6 in March, highlighting a sharp rate of expansion that was the fastest since last November amid mounting price pressures.

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US Federal Reserve raises interest rates

May 4, 2022 11:47:24 pm

The US central bank’s policy-making Federal Open Market Committee on Wednesday voted unanimously to increase the benchmark rate by a half percentage point.

RBI hikes repo rate by 40 bps: Here’s how market analysts, economists, experts reacted

May 4, 2022 5:30:50 pm

The sudden hike in RBI's key interest rates led to a sharp reaction in the domestic stock market where the S&P BSE Sensex crashed 1,306.96 points (2.29 per cent) to end at 55,669.03 while the Nifty 50 fell to 391.50 points (2.29 per cent) to settle at 16,677.60.

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Inflation finally hits RBI, pushes it to raise key policy rate, sudden and sharp

May 5, 2022 9:46:06 am

By hiking the Repo rate and CRR, the RBI is aiming to keep inflation – which is already close to 7 per cent — at its desired level and control and monitor money flow into the banking system.

Fino Payments Bank, Fino Payments Bank IPO

Fino Payment Bank promoters vote out chairman, director

May 3, 2022 5:19:25 am

The promoter Fino Paytech, which owns around 75 per cent stake in the bank, has investors like Life Insurance Corporation of India, ICICI Bank, ICICI Lombard, Corporation Bank, Union Bank and Indian Bank.

Defying rising costs, factory PMI kicks off FY23 on robust note

May 3, 2022 5:15:37 am

A PMI number greater than 50 shows expansion in business activity, and less than 50 indicates contraction. PMI is a leading indicator, giving analysts a good sense of the direction of a country’s economy. The PMI in manufacturing is obtained based on the results of a survey sent to a set of manufacturing companies.

Production Linked Incentive, PLI scheme, NITI Aayog, NDA government, Business news, Indian express business news, Indian express, Indian express news, Current Affairs

Jharkhand commercial tax mop-up jumps 26% in FY22

May 2, 2022 5:38:37 am

The previous biggest jump in fiscal comparisons happened over FY 18 to FY19 -- an increase of 18.4 percent.

Rs 1.68 lakh crore in April, GST collection soars to all-time high

May 2, 2022 8:40:04 am

This marks a 20 per cent increase from the April 2021 level on the back of improved compliance, enforcement action against tax evaders and pick-up in economic activity.

Record share of domestic investors in listed companies

May 2, 2022 7:00:43 am

What has been remarkable though, has been the rise of retail within domestic investors, from 6.12 per cent in March 2015 to 7.42 per cent in March 2022.

State Bank of India, Electoral Bond Scheme, Electoral bonds, Business news, Indian express business news, Indian express, Indian express news, Current Affairs

No polls, no problem for donors: Parties get Rs 648.48 crore of electoral bonds in April

May 1, 2022 11:27:56 pm

Political parties encashed bonds worth Rs 9,836 crore since 2018

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Semiconductor scheme a 20-plus year plan; global companies including India as core focus: Ashwini Vaishnaw

May 1, 2022 12:02:50 pm

He also spoke about how the government plans to encourage domestic manufacturers to build capacity in this space.

Indian economy, economy growth, Indian economy growth, Reserve Bank of India, RBI, Business news, Indian express business news, Indian express, Indian express news, Current Affairs

Economy to take till 2035 to overcome Covid losses: RBI

April 30, 2022 9:44:28 am

The central bank said the output losses for individual years have been worked out to Rs 19.1 lakh crore, Rs 17.1 lakh crore and Rs 16.4 lakh crore for 2020- 21, 2021-22 and 2022-23, respectively, it said.

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