Bank shares were the top gainer in early trades with Bank of Baroda up over 4%.
The government on Friday said that it is concerned about frequent hike in prices of petroleum products but does not plan to reduce taxes on oil goods.
The growth, however, may not indicate a major revival of economic activity.
A day after a group of Congress MLAs met Sachin Pilot, another party legislator on Friday expressed support for the dissident leader as trouble brewed again in Rajasthan's ruling party.
Customers have started to factor in the narrowing gap between petrol and diesel and the premium that needs to be paid for a diesel vehicle.
Sri Lankan government on Monday admitted that it has run out of cash to buy fuel as pumps in most filling stations across the country have run dry, exacerbating the deepening foreign-exchange crisis that has crippled the island nation's economy.
Describing the hike in diesel prices as a cruel joke and a "mortal blow" to the common man and farmers, the Bharatiya Janata Party on Thursday accused the government of conspiring with the petrol 'mafia'. "This is a cruel joke on the common man. It has hit farmers hard during the peak paddy sowing season. We will not allow this hike. We will not allow this government to loot the common man like this," said BJP vice president Mukhtar Abbas Naqvi.
Is it all new? No it is a cosmetic upgrade in reality
So, while it is great that India's numbers look relatively good, don't raise a cheer just yet, points out T N Ninan.
Inflation in 'fuel and power' basket rose sharply to 11.22 per cent in May from 7.85 per cent in April as prices of domestic fuel increased in line with rising global crude oil rates.
Sharp reactions met the government's decision to enforce the single-steepest hike in fuel prices on Wednesday, and it came under attack from its allies as well as opposition parties.
'If you are invested in mid-cap and small-cap stocks, even if you are making losses right now, it is better to sell them now and sit on cash.'
Stocks to watch: Container Corp, Snowman Logistics & Transport Corp
While the average CPI hovers at 10 per cent for five years now, our tax benefits are almost a decade old.
Bhartiya Janata Party, Left and Samajwadi Party have decided to protest against the steep hike in the prices of petrol and would hold countrywide demonstrations, dharnas and court arrest to register their anger against the move during Thursday's Bharat bandh.
The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST.
A nationwide and compulsory switch to BS-VI is due from April 1, 2020. Amid increase in input and other costs, companies had decided to increase the price of their vehicles from January 2020. This is expected to push sales of passenger vehicles by 2 to 4 per cent in December; reportedly, bookings are in that range.
Financial assistance of Rs 25,000 to one lakh persons going on pilgrimage to major Hindu temples, increase in maternity leave period and assistance, cut in fuel prices and steps to ban National Eligibility cum Entrance Test (NEET) were the various promises made by the Dravidian party.
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
Let alone a discount, they might not even get the model, variant or colour of choice in BS-IV-compliant vehicles.
When oil prices collapse from $110 to $45, economic agents in India experience a large income windfall.
Link between oil exploration and markets can be used by India to great advantage.
Maruti Ciaz and Ertiga are exempt from the infrastructure cess and so, there is no change in the prices of these models.
With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Icra Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for FY22, over FY21 collections of Rs 20.2 lakh crore. However, despite the second wave of the pandemic, the April-June quarter tax collections rose to Rs 5.6 lakh crore, which is 39 per cent higher than Q1 of FY20.
Despite the steep hike of Rs 20 per LPG cylinder announced last week, domestic cooking gas in India is still the cheapest in the subcontinent.
A new formula for pricing natural gas in the domestic market was determined; the decontrol of diesel prices was announced; and the scheme that directly transferred subsidies to bank accounts of users of liquefied petroleum gas (LPG) cylinders was modified and relaunched.
The Congress said that a chief minister "has to be always happy".
Wall Street brokerage Bank of America Securities has pencilled in lower than the consensus retail inflation for the current fiscal year at 5 per cent, but higher than the previous forecast of 4.7 per cent. Stating that the June print will be critical for the future trajectory -- after the extremely high 6.3 per cent print in May, the brokerage in a report on Friday revised upwards its forecast by 30 bps to an yearly average of 5 per cent for the year to March 2022. "Though the June print will be critical for future trajectory, beyond near-term, we find some comfort from our analysis of four key factors that are likely to influence CPI inflation the most.
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