The previous high was recorded at 7.5 per cent in the July-September quarter of 2016-17.
Sensex gained 359 points to close at 20,929 and the Nifty added 120 points to end at 6,221.
Speaking at the Business Standard Banking Round Table in Mumbai on Monday, five of the six bank chiefs said 'no' when asked whether RBI should raise rates in the second quarter review of the monetary policy on October 25.
Vodafone Idea and Airtel have made provisions for their liabilities arising from the Supreme Court order in their latest September quarter results.
The Reserve Bank indicated that it would continue with its accommodative policy stance as managing growth and inflation poses a big challenge for the central bank.
European champions Spain claimed a place in the Nations League quarter-finals with a 3-0 home win over Serbia.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
The RBI, however, kept other key rates and ratios like repo, reverse repo and cash reserve ratio unchanged.
Professional forecasters have added to Reserve Bank of India Governor Duvvurri Subbarao's dilemma on timing the exit from an accommodative monetary policy stance.
Chidambaram will look at recovery issues with state govts, pending projects, and flow of credit to micro & small enterprises, weaker sections and minority community.
With interest rates rising there are doubts if teaser rate home loans offered by banks will come to an abrupt halt.
The central bank raised statutory liquidity ratio, the portion of deposits that banks are required to keep in government securities, by 100 basis points to 25 per cent. Other key rates were unchanged.
With another quarter of steady growth in demand, cement companies are expected to report strong year-on-year (Y-o-Y) growth in earnings, according to analysts. The September quarter (Q2FY24) also witnessed a resumption of price hikes in certain markets. UltraTech Cement, India's largest cement producer, reported a 15 per cent Y-o-Y increase in cement sales in the country for the quarter under review.
Bankers and the markets on Monday read signals that the Reserve Bank of India was likely to continue its tight money policy in Governor YV Reddy's statement that India is vulnerable to oil and foodgrain price shocks.
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
RBI governor D Subbarao, in the second quarterly review of the monetary policy in October, had said there is need to increase provisioning against bad assets to not less than 70 per cent by September 2010.
RBI Governor D Subbarao explains the rationale for the moves announced in the second quarter review of the monetary policy in an interview with Sidhartha. Excerpts:
Corporate India reported high double-digit growth in net profit for the fourth consecutive quarter in October-December 2023 (Q3FY24), driven by margin gains from lower prices of raw material and energy.
The interest rates on deposits continue to be high despite ample liquidity due to monetary policy uncertainty and expectations that liquidity would tighten later this year. Banks are still offering peak interest rates of 9 to 9.5 per cent on deposits
Global gold demand has seen a year-on-year decline of 8 per cent during the April-June period to 948.4 tonnes and going ahead further monetary tightening and continued dollar strength may pose headwinds, says a report. According to the WGC Gold Demand Trends Q2 2022 report, the total gold demand during the second quarter of 2021 stood at 1,031.8 tonnes. The year-on-year demand was affected by increase in gold electronic traded funds (ETFs) outflow, decline in Central banks buying and lower demand from the technology segment, the report said.
Even as the high inflation figure for October has ruled out any possibility of a rate cut by the Reserve Bank of India's (RBI's) monetary policy committee (MPC) in December, a rate cut in February also looks uncertain due to global uncertainties. Economists told Business Standard that unless domestic growth slows markedly, the outlook on rate cut remains unclear. India's headline inflation touched a 14-month high of 6.2 per cent in October, breaching the MPC's upper tolerance band of 6 per cent.
Hosts France reached the Olympic men's football semi-finals for the first time in 40 years with a 1-0 win over Argentina thanks to Jean-Philippe Mateta's first-half goal in a grudge match in Bordeaux on Friday.
A fresh round of selling in late noon trades saw the index tumble to a low of 19,695 -- down 543 points from the peak. The Sensex finally ended with a loss of 194 points at 19,784. The NSE Nifty ended at 5,869, down 37 points.
The K-shaped economic recovery in India from the pandemic slowdown shows in corporate results as well. The automobile sector, which represents big-ticket consumption, continues to do well and has increased its share in corporate revenues and profits while fast-moving consumer goods (FMCG) companies that sell low-ticket consumer goods are struggling with poor sales and earnings growth. The share of the automobile sector, including makers of auto ancillaries, in corporate net sales rose to a 10-quarter high of 10.05 per cent during July-September 2023 (Q2FY24) from 8.94 per cent a year earlier and 9.75 per cent in Q1FY24.
The Reserve Bank is likely to maintain status-quo on the key interest rates for the third time in a row in its upcoming bi-monthly policy review despite the US Federal Reserve and the European Central Bank hiking benchmark rates, as domestic inflation is within the RBI's comfort zone, say experts. The borrowing cost which started rising in May last year has stabilised with RBI keeping the repo rate unchanged at 6.5 per cent since February when it was raised from 6.25 per cent. In the previous two bi-monthly policy reviews in April and June the benchmark rate was retained.
Two teams with fault lines in their batting, up against two of the best bowling sides in the game today -- the question that determines the outcome is, is your weakness greater than mine?
The country's largest lender State Bank of India (SBI) on Wednesday reported a 55 per cent increase in consolidated net profit at Rs 5,245.88 crore for the second quarter ended September 30 on account of decline in bad loans. The bank's net profit stood at Rs 3,375.40 crore in July-September quarter of the previous fiscal, SBI said in a regulatory filing.
James Rodriguez scored one goal and set up two more as Colombia thoroughly dismantled Panama in a 5-0 win at the State Farm Stadium in Glendale, Arizona, on Saturday to march into the Copa America semi-finals.
The country's largest carmaker Maruti Suzuki India (MSI) on Thursday reported 2.04 per cent increase in its consolidated net profit for the second quarter at Rs 1,419.6 crore on the back of higher sales. The auto major had posted a net profit of Rs 1,391.1 crore in the July-September quarter of the previous fiscal.
'The global situation is not very good.'
India's economic growth slowed to 8.4 per cent in the second quarter of 2021-22, mainly due to waning low base effect, official data showed on Tuesday. The GDP growth in April-June quarter this fiscal stood at 20.1 per cent. The Indian economy had contracted by 24.4 per cent in April-June last year.
'We are sure FY25 is going to be better...But to call out that all problems are behind us is a bit early.' 'The underlying business sentiment has not changed significantly.'
IMAGES from the Euro 2020 round of 16 match against Wales and Denmark played at the Johan Cruijff Arena in Amsterdam on Saturday.
The finance ministry on Friday withdrew expenditure curbs on various departments and ministries imposed in June in the wake of the COVID-19 second wave, reflecting improvement in public finances and the urgency to step up growth.
Greece beat England for the first time as striker Vangelis Pavlidis's double earned the visitors a richly-deserved 2-1 victory.
Argentina became the first side to book passage into the Copa America quarter-finals
The country's largest lender State Bank of India (SBI) on Wednesday reported a 69 per cent jump in its consolidated net profit at Rs 8.889.84 crore for the second quarter ended September 30 on account of decline in bad loans. The bank's net profit was Rs 5,245.88 crore in the July-September quarter of previous fiscal, SBI said in a regulatory filing.
Panama pulled off a shock 2-1 victory over the United States in a heated Group C encounter at the Copa America on Thursday.
The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
