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‘Fiscal firepower necessary to handle exogenous shocks’

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India needs to retain “fiscal firepower” to effectively manage exogenous shocks as there has been no favourable change in global headwinds and associated risks since the presentation of the Union Budget in February, the Finance Ministry said on Tuesday.   The ministry had at the time cited “unprecedented global uncertainties that may adversely affect medium-term projections”…

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Hindalco Q1 net slides 40% to ₹2,454 cr. as volumes lag

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Revenue from operations also fell 8.66% to ₹52,991 crore. Aditya Birla Group’s Hindalco Industries Ltd. reported first-quarter consolidated net profit slid 40% from the year-earlier period to ₹2,454 crore on account of ‘unfavourable macros and subdued volumes,’ the company said in a filing.  EBITDA at Novelis decreased to ₹3,456 crore from ₹4,334 crore a year…

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Markets fall as investors turn cautious ahead of RBI monetary policy review, U.S. inflation data later this week

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File. | Photo Credit: Paul Noronha Benchmark equity indices fell on August 8 as investors turned cautious ahead of the key events — RBI’s monetary policy and the U.S. inflation data — due to be announced later this week. Continuous foreign fund outflows and weak trend in Asian and European markets also played spoilsport for…

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Individuals reporting annual income of above ₹1 crore doubles in 2 years to 1.69 lakh

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File. | Photo Credit: V. RAJU Individuals reporting annual total income of over ₹1 crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed. As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22, 1,69,890 individuals have…

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Sensex, Nifty extend gains on buying in Mahindra & Mahindra, Infosys, TCS, RIL

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File. | Photo Credit: Arunangsu Roy Chowdhury The benchmark equity indices ended with gains on Monday, extending the previous day’s rally, unfazed by a weak trend in global markets amid buying in Mahindra & Mahindra, Infosys, Tata Consultancy Services and Reliance Industries. However, continuous foreign fund outflows prevented the markets from registering a sharp rally….

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Rupee rises 10 paise to 82.71 against U.S. dollar

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Image used for representative purpose only. | Photo Credit: REUTERS The rupee gained 10 paise to 82.71 against the U.S. dollar in early trade on Monday tracking positive domestic equities. However, sustained foreign fund outflows and strength of the American currency in the overseas market dented investor sentiments, forex traders said. At the interbank foreign…

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