Fitch Ratings on Wednesday said India's high fiscal deficit would pose a challenge in lowering the debt to GDP ratio, which is expected to rise above 90 per cent in the next five years. It said India entered the pandemic with little fiscal headroom from a rating perspective. Its general government debt/GDP ratio stood at 72 per cent in 2019, against a median of 42 per cent for 'BBB' rated peers.
Brokerage house Nomura today said the downward revision of FY'13 growth figure by the Central Statistics Office will have a positive base effect for GDP expansion in the current fiscal.
L&T was the top loser in the Sensex pack, dropping 4.99 per cent, after the engineering major posted a 45 per cent decline in consolidated net profit for the September quarter. Titan, ONGC, Axis Bank, HUL, NTPC, M&M and HDFC were the other major laggards, shedding up to 3.32 per cent. NSE Nifty fell 58.80 points or 0.50 per cent to 11,670.80.
Huma Qureshi raises the temperature on Femina's latest cover.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years. It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013 and 2017, as per the Swiss National Bank (SNB) data.
If this turns into reality, India's gross domestic product (GDP) growth will be the lowest since 2012-13, which could severely hit job creation and income growth in the near term.
RBI in wait and watch mode as several risks to inflation continue to exist including a sudden reversal of food prices and oil price volatility.
Markets regulator Sebi on Tuesday proposed to rationalise the definition of 'promoter group' and move to the concept of 'person in control' as well as reduce the minimum lock-in periods for promoters' and other shareholders post an IPO. In a consultation paper, the watchdog has also suggested streamlining the disclosures requirement of group companies. The Securities and Exchange Board of India (Sebi) has sough comments from public on the proposals till June 10.
Rankireddy and Shetty, who created history on Sunday by becoming the first Indian men's doubles pair to win a BWF Super 500 tournament, are placed ninth in the men's doubles rankings issued on Tuesday.
Infra segment, refinery product impacted the most, even as contraction narrows in latest month.
With the 115 bps reduction in repo rate beginning February, banks have already transmitted 72 bps to the customers on fresh loans and some large banks have transmitted as much as 85 basis points.
The scandal unfolded when senior Indian off-spinner Harbhajan Singh was charged with racially abusing Australian all-rounder Andrew Symonds during the second Test at Sydney. The incident created a lot of bitterness between the two teams with India threatening to pull out of the tour before the ICC intervened.
Turkey plans to host the Champions League final in August, the head of its football federation said on Wednesday, after it was postponed by the global coronavirus pandemic. Two months ago European soccer's governing body UEFA indefinitely postponed the final, which had been scheduled to be played in Istanbul in May.
Investor wealth plummeted by nearly Rs 5 lakh crore in early trade on Monday as equity markets crashed tracking global equity selloff amid rising uncertainty over the economic impact of coronavirus outbreak. Market capitalisation (m-cap) of BSE-listed companies saw a massive decline after the 30-share index plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40.
A detox yoga routine will improve digestion, boost strength and increase flexibility, says Radhika Iyer.
The central bank had revised its inflation forecast significantly downward in the last policy
'Mumbai is at a peak, from here it can only be a downward trend.'
In March 2020, soon after the cessation of airline operations globally and domestic flights within India, many in the aviation sector had written Delhi-headquartered low-fare airline SpiceJet's obituary well before that of most of its rivals. Unlike IndiGo, GoAir (now rechristened Go First), Vistara and even AirAsia India, SpiceJet did not have founders or backers with deep pockets. Although it is the only other listed carrier in India besides IndiGo, it was considered the weakest and the least likely to survive the pandemic. But chairman and managing director Ajay Singh surprised everyone by not only surviving but taking the lead on many fronts. Within a few weeks of the scheduled flight stoppage, SpiceJet was doing as many charter flights as it could get hold of.
The comments come as the country's COVID-19 caseload surpassed the one crore mark, though the number of daily cases and daily fatalities have been continuously coming down.
The officials revealed that hospital admissions, particularly in London which was way ahead in terms of the infection than other parts of Britain, is continuing a downward trend and the number of people in critical care is also falling across the board.
Prices of all metals - from steel to copper, aluminium, zinc and lead - have shot up by about 5-11 per cent in the past month. Commodity inflation is raising its head, forcing companies to consider price hikes.
'The USA crossed 50,000 deaths in 23 days, Brazil in 95 days and Mexico in 141 days. India took 156 days to reach this national figure'
Pushed by rising prices of essential kitchen items, the retail inflation rose to an eight-month high of 7.34 per cent in September, making the RBI's task to push growth by reducing the interest rate even more difficult in coming the days. The Consumer Price Index (CPI)-based inflation was 6.69 per cent in August and 3.99 per cent in September 2019. Inflation has been hovering above 4 per cent since October 2019.
The US is the worst-hit nation with 211,793 deaths and 7,549,429 infections.
In case the repo rate keeps trending downwards, borrowers can expect a downward revision of their MCLR-linked loans.
Tata Motors has halved the volume outlook for its UK subsidiary Jaguar Land Rover Automotive (JLR) and warned of lower earnings as it sees the semiconductor shortage deepening in the September quarter of the current financial year, according to a notification issued by the company to the stock exchanges on Tuesday. The announcement caught investors unawares. They were hoping for a quicker recovery. Tata Motors' stock tanked 13 per cent (on July 6) from the day's high of Rs 358.10 and hit the lower circuit (Rs 311.45) in intra-day trades.
In terms of traded volume, 19.47 lakh shares were traded on the BSE, while over 1 crore shares were traded on the NSE.
In the last five years, imports from HK have more than tripled -- from $5.6 billion in FY15 to $17.1 billion in FY20. In the same period, exports declined by 20 per cent -- from $13.6 billion in FY15 to $10.8 billion (annualised) in FY20.
As many as seven of eight core industries saw a contraction in output in September.
Historically, there has been no correlation between growth in bank credit to industry and lower benchmark interest rate
Axis Bank was the top gainer in the Sensex pack, climbing 3.33 per cent, followed by PowerGrid, SBI, Bharti Airtel, ICICI Bank, Reliance Industries and Maruti.
Boeing 737 MAX planes were globally grounded in March 2019, after two of these crashed within five months, raising safety concerns.
The Niti Aayog vice chairman noted that green shoots of recovery are already visible in multiple sectors. In 15-16 sectors, businesses are coming back to pre-COVID levels," he said.
Jubilant fans thronged central Belgrade, bringing traffic at the main Republic Square to a halt as they waved Serbian flags and hooted their car horns.
Beyond the fourth quarter of 2019, the report does not see space for further cuts primarily as headline inflation is likely to pick up and cross the 4 per cent target by the end of the year, and output gaps are also estimated to close.
Experts said unfavourable meteorological conditions -- calm winds and low temperatures -- and smoke from farm fires in neighbouring states led to a dense layer of haze as the air quality index entered the "severe" zone.
The actor spoke about inclusiveness at the ongoing Lakme Fashion Week.
The cost of not vaccinating the entire population quickly will be far higher than bearing the entire cost of vaccination, points out Prosenjit Datta.
The Sports Ministry, on Tuesday, released Rs 5 lakh for the treatment of ailing Indian archery great Limba Ram.
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