Forex traders said a stronger dollar also dragged the rupee down.
Production of eight infrastructure sectors recorded an almost flat growth rate of 6 per cent in February as against 5.9 per cent in the same month last year, according to official data released on Friday. The growth in February is lowest in the last three months. The output of core sectors had increased by 8.9 per cent in January 2023 and 7 per cent in December 2022.
After rallying 543 points in the morning session and touching the 40,000-mark, the BSE Sensex surrendered all gains to close at 38,628.29, showing a loss of 839.02 points or 2.13 per cent. Similarly, the NSE Nifty tanked 260.10 points or 2.23 per cent to end at 11,387.50.
Driven by coal and petroleum refinery, eight core sector industries registered eight-month high growth of 6.5 per cent in October, a trend that is in contrast to fall in country's overall economic growth in July-September period.
The growth of eight infrastructure industries slowed down to 3.1 per cent in July, against 4.5 per cent in the same month last year, mainly due to contraction in crude oil and natural gas production.
Production of eight infrastructure sectors rose at a three-month high of 7.4 per cent in December 2022 against 4.1 per cent in the same month of previous year on a better show by coal, fertiliser, steel, and electricity segments, according to the official data released on Tuesday. Crude oil output, however, contracted by 1.2 per cent in December last year. The production of eight key sectors rose by 5.7 per cent in November 2022.
Industry captains on Tuesday welcomed the Interim Budget saying it was consistent with the government's policy of achieving eight per cent growth target and creating a business-friendly environment in the country.
In the Sensex pack, Vedanta took the biggest hit (5.55 per cent), followed by Tata Motors, SBI, Yes Bank, Bharti Airtel and Infosys, which lost up to 4.50 per cent.
Annual growth in the eight core sector industries more than doubled to seven-month high of 5.1 per cent in September on good production in coal, cement and petroleum refinery sectors.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Fertiliser production dropped sharply by 11.5 per cent, crude oil by 5 per cent and natural gas by 0.9 per cent in October over the year-ago month
The lowest employability figure across roles was observed in Chennai with employability for the civil design engineer roles as low as 1 per cent.
Top losers in the Sensex pack included ICICI Bank, Tata Steel, Vedanta, HDFC IndusInd Bank, Tata Motors, RIL and ONGC -- falling up to 4.45 per cent.
Growth of eight key infrastructure sectors slowed down to 8.2 per cent in June 2023 compared to the year-ago month due to a decline in the production of crude oil, according to the official data released on Monday.
The Reserve Bank of India, in its Second Bi-Monthly Monetary Policy Statement for 2014-15, kept the key interest rate unchanged at 8 per cent.
CEOs have complained that high interest rates have blocked their investment decisions. At the same time, customers are also deferring their purchases for new consumer durables, cars, and homes.
Food prices probably fueled a sharp rise in India's retail inflation in December after the record low struck the previous month.
Could it be about clout? Given its size and influence, RIL doesn't need the media for that, notes Vanita Kohli-Khandekhar.
Metal and Auto shares end lower while Realty stocks surge.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
Loans, cash credits, and overdrafts at the end of December 22, 2017, stood at Rs 81,287.32 billion, against Rs 73,340 billion in the year-ago period.
Combined sales at top four manufacturers - Tata Motors, Ashok Leyland, Volvo Eicher Commercial Vehicles, and Mahindra and Mahindra - dropped 20 per cent to 20,324 units in November
Inflation trajectory does not match the slump in demand, prolonged pause on rates likely.
The RBI has targeted 6 percent inflation by January 2016
Reflecting subdued economic sentiments, the growth slipped to decade's low of 5 per cent in 2012-13, though improvement in fiscal deficit figures provided some relief to the government, which is battling slowdown.
Chidambaram promises to maintain fiscal discipline; admits inflation is an issue.
An insatiable quest for personal propaganda, event management and attractive slogans has made Modi sovernment as 'catch headline government'
'It's dull because this time the election is spread over such a long period.'
Most of the economic activity in the country had come to a standstill after the government imposed a 21-day nationwide lockdown beginning March 25 to check the spread of coronavirus.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
On-demand convenience platform Swiggy's food delivery business has turned profitable, making it one of the very few global players in the sector to achieve such a feat in less than nine years since inception, company CEO and co-founder Sriharsha Majety said on Thursday. Bullish on India's journey of eating out and food delivery, Majety, in a blogpost, said, Swiggy is "very sanguine about the growth potential over the next two decades" and would continue to drive further growth in food delivery. "Our sharp focus on innovation, coupled with strong execution has led to yet another milestone.
Risk sentiment received a boost after eight core sectors grew to a five-month high of 4.9 per cent in August
Primary steel producers in the domestic market have raised product prices by 2.5 to 3 per cent for December to address margin compression and in anticipation of a demand pick-up.
Sounding a note of caution, the Reserve Bank said on Friday said there is a risk of high wholesale price inflation (WPI) putting pressure on the retail inflation, albeit with a lag. In its annual report, the RBI said that the cost-push pressures from high industrial raw material prices, transportation costs and global logistics, and supply chain bottlenecks continue to impinge on core inflation. "The substantial wedge between wholesale and retail price inflation amidst a sharp rise in manufactured products' inflation poses the risk of a possible passthrough of input cost pressures to retail inflation with a lag, although slack in the economy is muting the pass-through," the central bank noted.
The wholesale price-based inflation eased for the eighth consecutive month to 4.73 per cent in January on easing prices of manufactured items, fuel and power. The wholesale price-index (WPI) based inflation rate was 4.95 per cent in December 2022 and 13.68 per cent in January 2022. Inflation in food articles, however, rose to 2.38 per cent in January, from (-) 1.25 per cent in December, 2022.
National Security Advisor Ajit Doval will hold crucial talks with the top US leadership, including his counterpart Jake Sullivan, on the first high-level dialogue on Initiative for Critical and Emerging Technologies (iCET).
From crisis leaders to future Goliaths, India Inc saw them all in 2017, says Shailesh Dobhal.
The BSE Mid-cap index gained 1.1% while the Small-cap index surged 1.3%, outperforming the benchmark indices
Spurring the economy, currently in the throes of a slowdown, remains the prime focus for most ministries, but the government is also looking to make women's welfare and environmental protection key to policymaking in this term.
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