Month: August 2023

Wholesale inflation stays in negative for fourth month at (-) 1.36% in July

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Wholesale inflation stays in negative for fourth month at (-) 1.36% in July

Image used for representational purpose only. | Photo Credit: Reuters The wholesale price based inflation remained in the negative territory for the fourth straight month in July at (-)1.36% on easing prices of fuel, even though food articles turned costlier. The wholesale price index (WPI) based inflation rate has been in the negative since April…

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Sensex, Nifty fall in early trade on weak global trends

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Sensex, Nifty fall in early trade on weak global trends

Benchmark equity indices declined in early trade on Monday, August 14, 2023 falling for the third day running, amid weak global market trends and fresh foreign fund outflows. Caution also prevailed in the market ahead of announcement of wholesale and retail inflation numbers for July later in the day. The 30-share BSE Sensex fell 461.48…

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Business

Deloitte resigns as statutory auditor of Adani firm weeks after it flagged concerns over report by Hindenburg Research

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Deloitte resigns as statutory auditor of Adani firm weeks after it flagged concerns over report by Hindenburg Research

The Deloitte company logo. | Photo Credit: Reuters Deloitte has resigned as auditor of the Adani Group’s port company, with the firm run by billionaire Gautam Adani saying the auditor wanted a wider remit over other firms in the conglomerate following the report of a U.S.-based short seller. The resignation comes weeks after Deloitte raised…

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Business

Foxconn gets board nod for $400 million investment in Telangana 

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Foxconn gets board nod for 0 million investment in Telangana 

Foxconn logo is seen in this illustration. File | Photo Credit: REUTERS Leading contract manufacturer of electronics globally Foxconn, which operates through multiple entities, has announced board approval for a $400 million investment in Telangana, the southern State where in May it broke ground for a $500 million manufacturing facility. Telangana IT and Industries Minister…

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Business

RBI Governor Shaktikanta Das calls for expeditious completion of IMF quota review

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RBI Governor Shaktikanta Das calls for expeditious completion of IMF quota review

Reserve Bank of India (RBI) Governor Shaktikanta Das addresses G-20 Finance Track seminar on ‘Global Economy: Challenges, Opportunities and the Way Forward’, in Mumbai on August 11, 2023. | Photo Credit: ANI Reserve Bank Governor Shaktikanta Das on August 11 pitched for the “expeditious completion” of the 16th general review of the quotas at the…

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Business

Rupee falls 19 paise to 82.85 against U.S. dollar amid losses in local equities

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Rupee falls 19 paise to 82.85 against U.S. dollar amid losses in local equities

The rupee depreciated by 19 paise to settle at 82.85 (provisional) against the U.S. dollar on Friday amid weak sentiment in the equity markets and a strong dollar against major rivals overseas. Foreign fund inflows and softening crude prices, however, supported the Indian currency even as investors were awaiting India’s industrial output number, to be…

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Business

Stock markets decline for second day on losses in private banks, weak global trends

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Stock markets decline for second day on losses in private banks, weak global trends

Benchmark equity indices Sensex and Nifty declined for a second straight day on Friday due to losses in HDFC Bank and ICICI Bank and a negative trend in Asian and European markets. The trend in the domestic market remained weak post the RBI monetary policy and the unexpected announcement of reducing cash in the banking…

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Business

India’s industrial output growth hits three-month low

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India’s industrial output growth hits three-month low

Photo used for representation purpose only. | Photo Credit: K. Pichumani India’s industrial output growth hit a three-month low of 3.7% in June, from a revised 5.3% in May, according to official data, with consumer durables’ production slipping back into contraction mode, and manufacturing growth slowing to 3.1% from 5.8% in May. The data released…

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Direct tax collections rise 16% to ₹6.53 lakh crore till August 10 in FY24

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Direct tax collections rise 16% to ₹6.53 lakh crore till August 10 in FY24

Image used for representational purpose only. | Photo Credit: S. Siva Saravanan Gross direct tax collection grew 15.73% to ₹6.53 lakh crore till August 10 in the current fiscal, the Income Tax department said on August 11. Net direct tax collection after adjusting refunds stands at ₹5.84 lakh crore, which is 17.33% higher than the…

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