2:10 AM
Blogger
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
Blogger
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
Blogger
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
Blogger
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
Blogger
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
Blogger
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
Blogger
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
Blogger
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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