While rising interest rates and tighter liquidity are giving negative signals for the financial sector, increasing economic activity could mean higher business volumes for lenders. Liquidity in the banking system has moved from Rs 8 trillion surplus into a deficit of Rs 33,000 crore over the 2022 calendar year. By the end of November, bank credit had grown 17.5 per cent YoY (year-on-year).
Petrol and diesel will cost Rs 2 a litre less from Wednesday after the first excise duty cut by the Modi government comes into effect.
Bond markets, global as well as domestic, are likely headed towards hard times over the next three to six months, as higher vegetable prices, rising fuel costs, and improved wages may keep inflation hot, believe analysts, who expect the yields to hit 7.5 per cent in the near-term from the current 7.234 per cent. In this backdrop, they suggest investors can put in money in funds/instruments with residual maturity of 4 to 6 years, while longer-term investors can allocate cautiously to the longer end in the range beyond 7 years.
When asked about the UPA government's apprehension about the possibility of Left parties taking stern action -- like withdrawing support to government on the issue of price rise -- Prakash Karat, general secretary of the CPI (M), in an exclusive interview with rediff.com, ruled out any such possibility.
Benchmark BSE Sensex closed above the historic 66,000-mark for the first time while NSE Nifty hit a new all-time closing high driven by heavy buying in IT counters and fresh foreign fund inflows. Optimism in global equity markets also helped the local markets maintain their winning momentum for a second day. The 30-share BSE Sensex jumped 502.01 points or 0.77 per cent to settle at its new all-time closing high of 66,060.90.
Petrol price havock and Ash's Cannes outing
In Delhi, petrol price down Rs 2.5 a litre, diesel by Rs 2.25
Automobile retail sales in the country fell 18 per cent year-on-year in the 42-day long festive period this year as semiconductor shortage impacted production across companies affecting their ability to supply adequate numbers to dealer partners, FADA said on Thursday. During the period under review, barring three-wheeler and commercial vehicles, all other segments including passenger vehicles, two-wheelers and tractors were down as compared with the same period of last year. As per data collated by the Federation of Automobile Dealers Associations (FADA), total retail sales across segments stood at 20,90,893 units this festive period, down 18 per cent from 25,56,335 units in 2020.
As soon as the House met at 2 pm, papers were laid on the table and two resolutions adopted amid slogan shouting and protest by Congress members.
Chidambaram was also hopeful that fiscal deficit will be contained within the targeted 5.3 per cent of the GDP this fiscal and trimmed to 4.8 per cent in the next.
For protein rich items such as meat and fish, eggs as well as milk and products, the inflation in May slowed compared to last month
Industry expects sales to remain depressed in the coming festive season.
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Declining prices of food items like vegetables pulled down retail inflation to 5.59 per cent in July, bringing it back within the RBI's comfort zone after two months, official data showed on Thursday. The retail inflation based on the Consumer Price Index (CPI) had remained above 6 per cent during May and June. The government has mandated the RBI to maintain retail inflation at 4 per cent, with a margin of 2 per cent on either side. The CPI based inflation stood at 6.26 per cent in June 2021 and 6.73 per cent in July 2020.
The rupee depreciation will work in favour of students who are currently studying in the US and plan to secure a job that pays in dollars.
After Rajasthan, petrol price on Thursday crossed the Rs 100 per litre mark in Madhya Pradesh after fuel rates were increased for the tenth day in a row. Petrol price was hiked by 34 paise per litre and diesel by 32 paise, according to a price notification of state-owned fuel retailers. While branded or additive-laced petrol, which attracts higher taxes, had crossed the Rs 100-mark in some places in states like Maharashtra, Madhya Pradesh and Rajasthan, regular petrol crossed the physiological mark in Sriganganagar town of Rajasthan on Wednesday, and on Thursday it went past that mark in Madhya Pradesh. In Anuppur of Madhya Pradesh, petrol is priced at Rs 100.25 per litre and diesel at Rs 90.35. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
Petrol gets expensive but diesel is cheaper by Rs 1.35/ per litre.
Attendance in commercial organisations is very thin.
ONGC has been making an annual loss of about Rs 700 crore (Rs 7 billion) on sale of gas at administered prices and hoped the government will soon decide on hiking the fuel price. the present price of Rs 3.2 per cubic meters that ONGC gets for gas produced from fields given to it on nomination basis, was not sustainable. Price of about 80% of gas produced by ONGC is regulated by the Govt. PetroMin had recommended 16% increase in price of gas produced by ONGC and Oil India.
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