BUSINESS
Interest rate for 5-year recurring deposit hiked to 6.7 %, rates for other key schemes kept unchanged
The Finance Ministry, which revises interest rates for small saving schemes after every quarter, announced the new rates on Friday for the period between October 1 and December 31, 2023.
Core sector growth shoots up to 14-month high in August
The expansion in August is the highest since June 2022, when it was 13.2 per cent. In July, the number stood at 8.4 per cent.
India’s forex kitty falls for 3rd week in a row
The forex kitty fell by as much as $2.3 billion during the week after having plunged by as much as $5.9 billion in the two preceding weeks.
Vedanta announces demerger of diversified businesses
More than ninety percent of Vedanta Ltd’s profits are derived in India. Demand for commodities is expected to rise exponentially as the country continues to build a world class infrastructure and strives to achieve aggressive targets for the energy transition which is highly mineral intensive.
US drug regulator to carry out more surprise checks of pharma factories in India
“A mixture of announced and unannounced inspections is important, and you will see more unannounced inspections,” FDA Commissioner Robert Califf said in an interview to a TV news channel.
RBI to maintain rates, real estate sector to be disappointed
He also added that not in the near future the MPC will reduce the repo rate from the current 6.5 per cent.
Petrol pump operators warn to go on strike again from Oct 1
A Rajasthan Petroleum Dealers Association member said the government had promised a solution in 10 days on increasing VAT on petrol and diesel.
Air India acquires first Airbus A350-900 through finance lease
According to airline officials, the transaction makes Air India the first scheduled carrier to have acquired an aircraft from an entity registered in Gujarat International Finance Tec-City (GIFT City). The A350-900 is also the first widebody aircraft to have been leased through India’s first International Financial Services Centre (IFSC).
Sellers expect 15% jump in festive sales this year, ramp up ad spend
Despite modest sales growth on e-commerce platforms recently (only 40 per cent of sellers surveyed reported a 10 per cent increase in current quarter sales), anticipation for a festive sales boost among the sellers is high across categories, according to market intelligence firm Redseer Strategy Consultants.
October usually a favourable month for equity markets
Sustained FII selling may continue to weigh on markets. FII selling of Rs 25,000 crore this month has pulled down the banking stocks making their valuations attractive. The Q2 results of the banking segment will be good and the market can respond positively to this, he said.
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