The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
Petrol and diesel prices on Thursday were hiked by 35 paise per litre each, the second consecutive day of increase that took pump rates across the country to record high levels. The price of petrol in Delhi rose to its highest-ever level of Rs 106.54 a litre and Rs 112.44 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 103.26 a litre; while in Delhi, it costs Rs 95.27 per litre.
Equity benchmarks began the week on a downbeat note on Monday, weighed by heavy selling in market heavyweight Reliance Industries and persisting weakness in global bourses. The rupee plunged to its lifetime low against the US dollar amid unabated foreign fund outflows, underscoring the risk-off sentiment prevailing globally as central banks embark on policy tightening to tame soaring inflation. Slipping for the second straight session, the 30-share BSE Sensex shed 364.91 points or 0.67 per cent to close at 54,470.67.
Seven of the 10 most valued domestic companies witnessed a combined erosion of Rs 1,07,566.64 crore from their market valuation last week, with Reliance Industries accounting for around half of the losses. Last week, the 30-share BSE benchmark Sensex declined 849.74 points or 1.70 per cent. Only Tata Consultancy Services (TCS), Hindustan Unilever Limited and HDFC from the top-10 list saw a rise in their market capitalisation.
The BSE's arm Asia Index has announced Wipro will replace Bajaj Auto in the 30-share Sensex. The move is part of a semi-annual rebalancing exercise and will take effect when the market opens for trading on December 20. On account of the rejig, Wipro will see buying by passive funds to the tune of Rs1,300 crore, while Bajaj Auto will see selling of Rs 636 crore, estimate analysts.
The IPO-bound national insurer LIC is not only the largest holder of government debt -- owning 19 per cent of the G-secs -- but also the single largest owner of equities, the largest fund manger as well as holder of household savings, dwarfing even SBI deposits, as per a report. Holding 17 per cent of the over Rs 80.7 lakh crore dated government securities, maturing by 2061, the Reserve Bank is the second largest holder of government debt, while led by public sector banks, commercial banks collectively own around 40 percent. Other insurers cumulatively own only 5 per cent.
HUL was the top loser in the Sensex pack, shedding around 4 per cent, followed by Maruti, HDFC Bank, PowerGrid, IndusInd Bank, HCL Tech and Bajaj Finserv. On the other hand, Axis Bank, SBI, ONGC and ICICI Bank were among the gainers. NSE Nifty fell 149.95 points to 13,817.55.
BofA Securities has revised its year-end Nifty target from its earlier projection of 16,000 to 14,500 now - down over 6 per cent from the current levels. Fast tightening monetary conditions, slowing growth/fears of US recession and the likely Nifty EPS (earnings per share) cuts, BofA Securities said, are the key headwinds for the markets in the near-term. However, clarity on macro and monetary policy outlook in the US/India, it said, is the silver lining that could see markets bottom out by August/September 2022.
Tech Mahindra was the top loser in the Sensex pack, shedding 2.51 per cent, followed by Bajaj Auto, RIL, Hero MotoCorp, IndusInd Bank, Mahindra and Mahindra, HDFC and TCS.
Market benchmark Sensex tumbled over 323 points after an intense last-hour sell-off on Wednesday, triggered by losses mainly in index heavyweights Infosys, Reliance and HDFC.
Former RBI governor Raghuram Rajan on Monday said the central bank will have to raise interest rates to tame inflation and the hikes need not be considered by politicians and bureaucrats as some "anti-national" activity. Known for his frank views, Rajan also said it was important to remember that the "war against inflation" is never over. "Inflation is up in India. At some point, the RBI will have to raise rates, like the rest of the world is doing," he said in a LinkedIn post.
We have not been able to communicate in a very articulate manner and clear manner on the merger as earnings were due, says HDFC CEO.
It has been over two decades since the cabinet cleared the BharatNet project, earlier known as National Optical Fibre Network. However, progress of the programme has been slow. While the government had set the target of connecting 100,000 gram panchayats by 2013, it took another four years to achieve this target in December 2017. Progress under the current administration has improved, but the government has again missed its targets.
Gen Ahmadzai was scheduled to arrive in New Delhi on Tuesday on a three-day visit to explore ways to deepen bilateral military ties in the backdrop of the Taliban carrying out offensive operations across Afghanistan following the withdrawal of foreign forces.
The Competition Commission has approved Reliance's proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. The Rs 24,713 crore deal that would boost Reliance Industries' fast growing retail business was announced in August. In a tweet on Friday, the regulator said it has approved "acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited".
Akash sustained a bullet injury while covering the communal clashes in Maujpur locality. NDTV said its journalist Arvind Gunasekar was hit by rioters while he was at one of the spots in northeast Delhi and lost a tooth. His fellow reporter, Saurabh, who tried to shield him, was punched.
Equity benchmarks extended their decline for the fourth straight session on Wednesday, with the Sensex falling 214.85 points after the Reserve Bank raised the key interest rate by 50 basis points. Continuous foreign fund outflows and surging crude oil prices also weighed on markets. The 30-share BSE benchmark dropped 214.85 points or 0.39 per cent to settle at 54,892.49.
M&M was the top gainer in the Sensex pack, rallying over 5 per cent, followed by Bajaj Finance, HDFC Bank, ICICI Bank, Bharti Airtel and Hero MotoCorp. NSE Nifty rose 65.30 points, or 0.71 per cent, to finish at 9,270.90.
Old low-rise residential buildings and shantytown shacks portray the disparity in living conditions and incomes.
M&M was the top laggard in the Sensex pack, shedding around 4 per cent, followed by Bajaj Finance, ITC, Sun Pharma, Bajaj Auto, Bajaj Finserv and TCS. On the other hand, Asian Paints, ONGC, Titan, L&T and Axis Bank were among the gainers.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
The 30-share bluechip index is rebalanced on a semi-annual basis with next rejig slated for June 18.
The Taliban's rise will see an increase in infiltration on India's western border and terrorist groups in Pakistan will get funding from the Taliban, warns Brigadier Rajamani Kannan (retd).
'From the look of those photographs and videos, it cannot be made available to anyone,' the judge said.
There are multiple near-term worries for the stock of India's largest listed consumer company, Hindustan Unilever (HUL). While inflationary pressures will weigh on its profitability, demand pressures - especially in the rural market - are expected to hit the firm's revenues. This is why brokerages have cut the earnings estimates for financial year 2022-23 (FY23) by 7-10 per cent.
Housing prices may rise 5 per cent next year on improved demand, according to Knight Frank India. In its '2022 Outlook Report', the property consultant said: "While 2021 was mostly impacted by the volatility due to the pandemic, 2022 may prove to be a more stable year for the sector both for commercial as well as the residential sector." On the housing segment, the report said that sales momentum is expected to continue in 2022 as prospective homebuyers' preferences for bigger homes, better amenities, and attractive pricing will keep them interested to seal the deals.
On the Sensex chart, Reliance Industries fell 5.36 per cent, followed by IndusInd Bank, HCL Tech, Asian Paints, UltraTech Cement and PowerGrid - dropping as much as 4.72 per cent. Among the gainers were Axis Bank, Sun Pharma, Bajaj Auto, Bajaj FinServ, HDFC Bank and Dr Reddy's.
The number of active coronavirus cases in the country has surpassed the 16-lakh mark, the ministry's data updated at 8 am showed.
The last auspicious day of the ongoing Kumbh Mela was full of action
About 9 million people in Mumbai live in areas where homes are hardly two metres apart. Vaihayasi Pande Daniel/Rediff.com reports on the lurking dangers in the city's slums in the times of the coronavirus.
HCL Tech was the top gainer in the Sensex pack, rising around 4 per cent, followed by Kotak Bank, Infosys, Reliance Industries, UltraTech Cement and Tech Mahindra. On the other hand, Titan, Sun Pharma, ICICI Bank, Axis Bank, SBI and Bajaj Finance were among the main laggards.
Moving over 520,000 employees to a digital work model is no mean feat. Having done so, Tata Consultancy Services (TCS) is taking these learnings to help clients digitise their work models. Swiss Re is one such client. For the global information technology services firm with a headcount of 528,748 as of end-September, the shift to a single human resource (HR) platform started a few months before the pandemic started, when TCS moved its HR solutions to Microsoft's platform. Siva Ganesan, global head, Microsoft business unit, TCS, still remembers the early days when TCS embarked upon a move from an existing software platform to a digital medium for communications on a Microsoft Office platform.
Speaking at the forum, Suzuki Motor Corporation (SMC) representative director and president Toshihiro Suzuki said, "Suzuki's future mission is to achieve carbon neutrality with small cars. "We will continue active investment in India to realise Self-reliant India (Atma-nirbhar Bharat)." Under the MoU, the company's wholly-owned arm Suzuki Motor Gujarat Pvt Ltd (SMG) will invest Rs 7,300 crore for the construction of a plant for BEV batteries at a land neighboring to SMG's existing plant by 2026.
India's industrial production growth slowed down for a fourth straight month in December to 0.4 per cent mainly due to a poor performance by the manufacturing sector. The manufacturing sector, which constitutes 77.63 per cent of the Index of Industrial Production (IIP), contracted by 0.1 per cent in December, according to the data released by the National Statistical Office (NSO) on Friday. In December 2021, the mining output rose by 2.6 per cent, and power generation increased by 2.8 per cent.
HCL Tech was the top loser in the Sensex pack, dropping 1.80 per cent, followed by Reliance Industries, HDFC Bank, TCS, Tech Mahindra, L&T, Maruti, Bajaj Finance and HDFC.
The man, who identified himself as 'Rambhakt Gopal', was subsequently overpowered by police and detained. The gunman went live on Facebook before the brandishing the gun.
Maruti was the top loser in the Sensex pack, shedding around 3 per cent, followed by L&T, IndusInd Bank, Axis Bank, ONGC, Reliance Industries, Asian Paints and HDFC. On the other hand, HCL Tech, TCS, Sun Pharma and Tech Mahindra were among the gainers.
Images that capture what it was like living through 2021.
ICICI Bank was the top gainer in the Sensex pack, soaring over 6 per cent, followed by SBI, HDFC, PowerGrid, Sun Pharma, IndusInd Bank, Titan, Bajaj Auto and HDFC Bank. On the other hand, NTPC, Reliance Industries, Nestle India, HCL Tech and Infosys were among the laggards.
From hitting the 1,000-mark on July 25, 1990 to reaching the 60,000-mark for the first time on Friday, it has been a historic and memorable journey for the benchmark index Sensex. It has taken a little over 31 years for the Sensex to traverse from 1,000 level to the famed 60,000 level now. Over the years, the frontline index has climbed several record levels. The index had reached the 10,000-mark for the first time on February 6, 2006.
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