The borrowing is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore. The borrowing will be spread under 3, 5, 7, 10, 14, 30 and 40-year securities. Government will continue to carry out switch operations to smoothen redemption profile.
The government has amended the Finance Bill, limiting the tax outgo to the incremental taxable income over Rs 7 lakh per year. But those earning even marginally higher than the threshold were required to pay tax on sub-Rs 7 lakh slabs as well.
The government’s revised estimates for 2022-23 were prepared. The decision to pay OROP in instalments is in our assumption of our revised estimates on borrowing. Any change to this principle would have entailed abnormal borrowing after the borrowing for the year has closed.
The government wants all six metros to emerge as major international hubs for air travel. The country’s domestic passenger traffic is likely to rise to 16 crores in the 2023-24 fiscal year from an estimated 13.75 crore for the current fiscal.
The government is closely tracking the potential channels through which the turmoil in the global financial sector may be relayed to the Indian economy. The finance minister was cognisant of the exogenous risks emanating from the continuing Russian-Ukraine and the emerging stress in the financial sector on either side of the Atlantic.
The stock market has fallen 8.79 per cent since December 2022. The regulator has returned the offer documents of the parent company of travel-tech firm OYO and Go Digit General Insurance. It also returned offers of Pune-based integrated facilities management company BVG India and Paymate India.
The deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse from the Swiss central bank. The federal government is providing a loss guarantee of a maximum of 9 billion francas for a clearly defined part of the portfolio.
Investors fleeing the sector and slashing the interest rate outlook even ahead of inflation data due later in the day. The Tokyo Stock Exchange banks index fell more than 5%, setting it on course for its steepest drop in nearly six months. Markets remained nervous following the collapse of Silicon Valley Bank last week and the failure of New York’s Signature Bank over the weekend.
Retail inflation remained above the tolerance level of the Reserve Bank of India (RBI) for the second consecutive month. Retail inflation had increased to a three-month high of 6.52 per cent.
Stocks had led Wall Street lower after trouble at two Californian banks. The first, crypto-focused lender SIlvergate, announced it was closing down. SVB stock lost 70% of its market value while shares of big banks were dragged down with it.
The market capitalisation of BSE-listed companies tumbled more than Rs 2,67,539.54 crore to Rs 2,61,63,222.07 crore due to a largely negative market. The key indices Sensex and Nifty were deep in the red, reflecting weak investor sentiments.
The survey was carried out among over 1,100 individuals to understand consumers’ attitudes toward retirement, money, and annuity plans. The respondents included government employees, private sector employees, businessmen, self-employed, and retirees across the age bracket of 45 to 75 years.
Chief economic Adviser V Anantha Nageswaran said there are incentives for producing above a benchmark and one has to be prepared for failure. If some sectors of the 14 sectors succeed, this will still have achieved its purpose.
China reported its economy expanded at a 3 per cent pace last year, less than half 2021’s rate. The Chinese economy is gradually reviving after antivirus controls and a real estate slump dragged on growth last year. Investors are watching to see if Japan's central bank will alter its longstanding policy of keeping its key interest rate at minus 0.1 per cent.
The 30-share BSE benchmark Sensex climbed 325.59 points to 60,586.77 in early trade. The broader NSE Nifty advanced 93.05 points to 18,049.65. Wipro, HCL Technologies, Bajaj Finance, UltraTech Cement, Infosys and Tata Consultancy Services were among the major winners.
Retail inflation eased to one-year low of 5.72 per cent last month, down from 5.88 per cent in November. The fall is stated to be due to softening prices of food items.
The broader NSE Nifty climbed 1.35 per cent, or 241.75 points, to end at 18,101.2. Despite the recovery, markets may remain choppy as most of the lingering worries are yet to subside.
Gross Goods and Services Tax (GST) collections rose 15.2 per cent annually to Rs 1,49,507 crore for December (for sales in November) a high inflation rate, festive season demand, along with audit and enforcement actions to ensure compliance contributed to the rise in GST collections. The ministry said 7.9 crore e-way bills were generated in November, higher than 7.6 crore in October.
Revenues for December 2022 are 15 per cent higher than the GST collection in the same month last year, which itself was close to Rs 1.30 lakh crore. In November 2022, 7.9 crore e-way bills were generated. The collection was about Rs 1.41 lakh crore, June (rs 1.45 lakh crore), July (Rs 1.49 lakh crore).
Stock markets are bracing for sustained volatility in the coming months of 2023. The Sensex gained 2.48 per cent, or 293 points, at 60,840.74. A major reason for the lacklustre show of the markets in 2022 was withdrawal of Rs 1.11 lakh crore from Indian stocks.
A clutch of new age technology companies has lost nearly Rs 2.5 trillion or roughly $20 billion in market capitalization since they listed on the exchanges. Analysts at ICICI Securities have trimmed their revenue growth estimates “meaningfully” by 16% for the current year and by 23% for FY24.
The securities and Exchange Board of India is likely to discuss various market regulations in its December 20 board meeting. The market regulator had sought comments on a consultation paper on review of regulations on buyback of securities.
The 30-share BSE Sensex declined 186.74 points to 62,491.17. The broader NSE Nifty dipped 51.95 points to 18,608.35. Tech Mahindra, Infosys, HCL Technologies, Tata Consultancy Services, Titan and UltraTech Cement were the major laggards.
Chief Economic Advisor V Anantha Nageswaran said government capital expenditure cannot keep rising at the same pace. He said the public sector may at some point in time have to function as the primary engine of capital formation. Comments come after Finance Minister Nirmala Sitharaman in September had drawn parallel with the mythological character ‘Hanuman’ and urged industry to step up its investments.
State Bank of India has surpassed the Rs 5 lakh crore mark in the personal banking advances as on November 30. The lender marked the first Rs 1 lakh crore. The segment witnessed a growth of 20 per cent in September and 20.2% in October. Personal banking advances mainly comprise personal loan, pension loan, auto loan, education loans, personal-gold loan, and other personal loan products.
India’s gross domestic product (GDP) for the July-September quarter (Q2) of the ongoing financial year 2022-23 slowed to 6.3 per cent. The GDP growth was dragged down mainly by the poor performance of manufacturing and mining sectors. The Reserve Bank of India in its report earlier this month projected a growth rate between 6.1-6.3% in Q2.
Essar Group said it has concluded sale of its two port assets and a power plant to ArcelorMittal Nippon Steel India Limited (AM/NS India) for $2.05 billion, or Rs 16,500 crore. The sale consisted of infra assets which include a 270 MW power plant and 25 MPTA port at Hazira, Gujarat.
Reserve Bank bought dollars from the spot market and due to revaluation gains. Reserves stood at $544.715 billion in the reporting week, RBI data showed on Friday. The rupee fell 6 paise to end at 81.70 against the USD on Friday, compared to previous close of 81.64.
Prices of gold and silver opened higher in Mumbai's spot market on Tuesday, November 15. The opening price for 999 purity gold was Rs 52,877 per 10 grams, up Rs 447 from Monday’s closing price. In the global market, spot gold was up 0.5 per cent at $1,779.94 per ounce, as of 0745 GMT.
The sebi committee on 'Strengthening governance of market infrastructure institutions (MIIs)' has proposed stricter regulations for enhancing accountability and transparency of MIIs like stock exchanges, depositories and clearing houses. The panel, headed by former Sebi Whole-time Member G Mahalingam, has mooted measures for strengthening the role played by the governing board and committees.
Currency with the public rose by 239 per cent on the eve of the Diwali. It rose by 9.3 per cent, or Rs 2.63 lakh crore, on a year-on-year basis. The jump was primarily driven by a rush for cash by the public in 2020.
The meeting was chaired by RBI Governor Shaktikanta Das. All the MPC members — Michael Debabrata Patra, Rajiv Ranjan, Shashanka Bhide, Ashima Goyal and Jayanth R Varma.
The first pilot in digital rupee — Retail segment (e?-R) is planned for launch within a month in select locations in closed user groups. A token-based e-rupee would appear as liability on a central bank’s balance sheet.
Japanese automaker Nissan is looking to drive in models like X-Trail, Juke and Qashqai into the Indian market. The company currently sells models like Magnite and Kicks in the country. Nissan has been present in India for nearly two decades but has so far remained a niche player with low single digit market share.
Interest rate payments on long-dated government bonds sunk on friday. Pound rose against the dollar and the euro. The measure is expected to add £18bn to state coffers.
The IMF had in July projected a gross domestic product (GDP) growth of 7.4 per cent for India in the fiscal year that started in April 2022. India had grown at 8.7 per cent in 2021-22 fiscal (April 2021 to March 2022)
Sitharaman drew parallel with mythological character 'Hanuman' and urged the industry to step up its investments. He said not all the payments were due from the government's side.
Inflation has come down to a “manageable level” over the past few months. The government’s fiscal policy has been very targeted, driven by exhaustive consultations.
The government and the Reserve Bank of India (RBI) will extend necessary stimulus to maintain economic growth momentum. The government is committed to the announced plan for bank privatisation.
Stock broking company HDFC Securities has partnered with Equitas Small Finance Bank to provide its clients with a demat account and broking investment services. The partnership will offer its customers a “3-in-1″ account for accessing the services of HDFC. The bank's customers would be able to open their demat and trading accounts.
Brent crude was up 73 cents, or 0.7%, at $100.22 a barrel at 0813 GMT. US West Texas Intermediate crude gained 68 cents to $96.52. Investors have sold oil futures on worries that aggressive rate hikes will slow economic growth and hit oil demand.
China’s daily crude oil imports in June sank to their lowest since July 2018. Refiners anticipated tough COVID-19 lockdown would curb demand, data showed. China imported 35.82 million tonnes last month, data from the General Administration of Customs showed. First-half imports fell 3% versus the same period last year to 252.5 million tonnes.
The 30-share Sensex was trading 206.14 points higher at 54,092.75. The broader NSE Nifty rose 61.65 points or 0.38 per cent to 16,119.95. The domestic unit was trading at 79.58 against the greenback in early deals, registering a gain of just 1 paisa.
The 30-share BSE Sensex opened on a positive note and advanced 324.61 points to 54,211.22. The broader NSE Nifty climbed 81.3 points to 16,139.60. Among the Sensex constituents, Hindustan Unilever, Asian Paints, Power Grid, Larsen & Toubro and Bajaj Finance were the major gainers. In Asia, markets in Shanghai, Seoul, Tokyo and Hong Kong were trading in the green.
Renowned betting company 1xBet has signed a one-year contract with TSM BGMI. The bookmaker has become the official betting partner in the Battlegrounds Mobile India discipline. TSM is an elite, holistic gaming brand composed of championship esports teams, world-class influencers, and gaming strategy platforms.
The 30-share Sensex was trading 206.14 points higher at 54,092.75. The broader NSE Nifty rose 61.65 points or 0.38 per cent to 16,119.95. The domestic unit was trading at 79.58 against the greenback in early deals, registering a gain of just 1 paisa.
The 30-share BSE Sensex opened on a positive note and advanced 324.61 points to 54,211.22. The broader NSE Nifty climbed 81.3 points to 16,139.60. Among the Sensex constituents, Hindustan Unilever, Asian Paints, Power Grid, Larsen & Toubro and Bajaj Finance were the major gainers. In Asia, markets in Shanghai, Seoul, Tokyo and Hong Kong were trading in the green.
Reserve Bank of India has imposed a fine of Rs 1.67 crore on Ola Financial Services Pvt Ltd. The fine was also imposed since the company breached certain norms laid out by the bank in connection with Prepaid Payment Instrument (PPI) The action is based on deficiencies in regulatory compliance.
Madhulika Bhaskar was shifted from GIC Re to NIA in March to be an acting CMD. She was not given the necessary power to function as the CMD of the company. The government cannot make a regular appointment to the post of any PSU general insurance company as the 'Inderjeet Singh vs Indian Government' case is pending in the Delhi High Court.
The banking sector is likely to witness mark-to-market (MTM) losses of Rs 10,000-13,000 crore in the first quarter of FY23. The rise in bond yields came after the RBI hiked the Repo rates by 90 basis points since May.
This was the ninth incident of a technical malfunction involving a SpiceJet flight in the last 24 days. An oleo strut is a hydraulic device that is used as a shock absorber in the landing gear of an aircraft. It consists of a cylinder fitted with a hollow, perforated piston into which nitrogen gas and hydraulic fluid is forced.
Rising bond yields will force the banks to report mark-to-market losses of up to Rs 13,000 crore on their investment portfolios in the April-June quarter. The profits will moderate for the quarter, but improved loan growth and operating profits will ensure the banks’ bottom lines remain “steady” for FY23.
Mutual funds focused on investing in fixed-income securities witnessed a heavy outflow of Rs 92,248 crore in June. Heavy withdrawal was seen from segments, such as overnight, liquid and ultrashort-term duration funds. Outflow has pulled down the asset base of debt mutual funds to Rs 12.35 lakh crore by June-end.
Retail inflation rose to 7.01 per cent in the month of June. Separately, India’s factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 19.6 per cent. The data was released by the Ministry of Statistics & Programme Implementation (MoSPI)
The euro fell on Tuesday, almost touching parity with the dollar, a threshold not crossed for two decades. The dollar index, a measure against six counterparts, with the euro most heavily weighted, was up 0.3% at 108.45. The euro has borne the brunt of dollar strength, falling as low as $1.00005.
Bosch Ltd will invest over Rs 200 crore in India in the next five years in advanced automotive technologies and digital mobility space. Managing Director Soumitra Bhattacharya said the company is ‘quietly and cautiously optimistic’ about having a double-digit growth in FY2022-23 over the previous fiscal year.
The last day for filing your income tax return (ITR) for the financial year 2021-22 is July 31. The ITR filing for the assessment year 2022-23 (AY23) is now available on the income tax e-filing portal. The last-minute rush often leads to incorrect filing, heavy load on the I-T website’s server, and more.
India has sought global bids for a massive expansion project worth nearly Rs 6,000 crore of the Deendayal Port in Kandla, Gujarat. The project involves setting up a new Mega-Container Terminal and a new Multi-purpose Cargo Berth. The move will significantly increase the cargo-handling capacity of the port. It will face competition from the privately controlled Mundra Port in Gujarat.
