11:10 PM
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Canara Bank has classified accounts belonging to Reliance Communications and Reliance Telecom as "fraudulent." RCom, currently undergoing insolvency proceedings, stated that this classification is not expected to impact the company's resolution process, citing legal protections under the Insolvency and Bankruptcy Code.
6:10 PM
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A new report by Deutsche Bank has revealed that India's equity markets have surpassed China's since 2000, delivering one of the highest real equity returns globally. While both India and the US are trading near record-high CAPE ratios, the report suggests their strong growth outlooks and potential, particularly in technology and AI, could justify these valuations.
8:10 AM
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6:10 PM
Blogger
India's foreign exchange reserves have dipped to $675.65 billion, a decrease of $6.4 billion, as announced by the Reserve Bank of India. Despite this recent decline, India maintains its position as the fourth largest holder of foreign exchange reserves globally, trailing behind China, Japan, and Switzerland.
8:10 AM
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State Bank of India is seeking a $1.25 billion loan, potentially the largest from an Indian financial institution this year. The five-year loan, coordinated by international banks, will be used for general corporate purposes.
1:10 AM
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Commerce Minister Piyush Goyal called on the Reserve Bank of India to reduce interest rates. Goyal argued that using interest rates to control food price inflation was ineffective. RBI Governor Shaktikanta Das cautioned against assuming a rate cut. Das highlighted the risks of inflation increasing and economic growth slowing down.
4:10 PM
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India's wholesale price inflation accelerated to a four-month high of 2.36% in October, driven by surging food prices, particularly vegetables. While fuel and power costs declined, food inflation soared to 11.59%, impacting potatoes and onions significantly. This surge follows a similar trend in retail inflation, posing potential challenges for the Reserve Bank of India's monetary policy stance.
2:10 AM
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Indian public sector banks witnessed a surge in profitability during the September quarter, posting a combined net profit of Rs 45,545 crore, marking a 35.4% year-on-year increase. This impressive performance was largely attributed to improved asset quality and robust credit growth.
1:11 AM
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India's Finance Minister, Nirmala Sitharaman, hinted at the possibility of reducing certain import tariffs to support domestic industries reliant on imported materials. While acknowledging the concerns of global organizations like the IMF and World Bank regarding India's tariff rates, Sitharaman emphasized the government's commitment to safeguarding domestic production.
9:10 PM
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Indian stock markets closed lower on Tuesday, with the Nifty50 and Sensex declining over 1% each. Heavy selling by foreign investors and weak global cues dampened investor sentiment. Despite a brief morning rally, indices succumbed to selling pressure, dragged down by losses in major stocks like NTPC and HDFC Bank.
8:10 PM
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India's retail inflation surged to 6.21 percent in October, exceeding the Reserve Bank of India's target range for the first time in over a year. Driven by a sharp increase in vegetable prices, food inflation rose to 10.87 percent. While some food categories saw price declines, economists predict inflation will remain above 5 percent in the near future.
1:11 AM
Blogger
MTNL has defaulted on a Rs 1,000 crore loan from Bank of India, leading the bank to set aside Rs 200 crore to cover potential losses. This comes after SBI categorized its loans to MTNL as sub-standard. Despite the default, lenders are optimistic about recovery as MTNL is government-owned and some loans are backed by government guarantees.
10:11 PM
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The Reserve Bank of India announced a new option for foreign portfolio investors exceeding the 10 per cent investment limit. They can now divest their holdings or reclassify them as foreign direct investment, subject to government and company approvals. This framework, effective immediately, prohibits reclassification in sectors where FDI is restricted.
9:10 PM
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The State Bank of India predicts the Indian Rupee might weaken against the US dollar if Donald Trump returns to power, potentially reaching between Rs 87 to Rs 92. However, the bank assures this depreciation would be short-lived, with the rupee eventually strengthening. While a weaker rupee could benefit exports, it might also slightly increase inflation and import costs.
5:10 PM
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A State Bank of India report suggests that Donald Trump's second term as US President could bring about shifts in foreign direct investment (FDI) to India. While Trump's policies during his first term aimed to attract investments back to the US, India has been diversifying its FDI sources and focusing on emerging sectors to mitigate potential declines.
6:10 AM
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SBI Chairman C.S. Setty predicts the Reserve Bank of India will hold off on cutting interest rates until February 2025, despite acknowledging that deposit rates have peaked. Setty anticipates a moderate 25 basis point reduction at that time. This projection comes amidst persistent inflation concerns and RBI's cautious monetary policy stance.
12:10 PM
Blogger
India's stock market witnessed a mixed performance last week, with six of the top ten companies experiencing a combined market value decline of ₹1.56 lakh crore. Reliance Industries took the biggest hit, while TCS and Infosys emerged as gainers. Despite the fluctuations, Reliance Industries retained its top position, followed by TCS and HDFC Bank.
7:10 AM
Blogger
Finance Minister Nirmala Sitharaman raised the lending target for public sector banks to MSMEs by nearly 35% for this financial year. She set a new target of Rs 5.7 lakh crore, emphasizing that no small business should be denied funding. Sitharaman urged public sector banks to take the lead in lending to MSMEs, aiming for greater growth in the sector.
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