Category: BUSINESS

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Announcing the decision of the MPC after its three-day deliberations, RBI Governor Shaktikanta Das said on Friday that the committee unanimously decided to keep the repo rate at 6.5 per cent.

The Cricket World Cup being held in India will impact the country’s gross domestic product (GDP) with an additional output of about Rs 18,000-22,000 crore and the gross value added (GVA) will be about Rs 7,000-8,000 crore and will have a very minimal impact on the inflation, said a report by two economists of Bank of Baroda.

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) is expected to retain the repo rate at the current level though a reduction in the rate in the near future is preferable, said officials in the real estate and financial services sectors.

Axis Bank is down 3.6 per cent, Ultratech Cement is down 2.7 per cent, Indusind Bank is down 2.6 per cent, NTPC is down 2.5 per cent, SBI is down 2.5 per cent, L&T is down 2.3 per cent, Tata Steel is down 2.3 per cent, Bajaj Finserv is down 2.2 per cent, and Sun Pharma is down 2 per cent.

Out of the Rs 1,62,712 crore GST collections for September, CGST was Rs 29,818 crore, SGST was Rs 37,657 crore, IGST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess was Rs 11,613 crore (including Rs 881 crore collected on import of goods). 

In a huge setback for millions of consumers, oil marketing companies (OMCs) have hiked the prices of commercial LPG cylinders by Rs 209, with effect from Sunday, according to industry sources.

Global sentiments have been dampened over sharp rise in Brent crude price which touched almost $98 per barrel and US 10 year bond yields continuing to hover above 4.5 per cent (16 year highs). 

A show-cause notice will also be sent to the company if it doesn't comply. The sum asserted in the DG Notice is calculated using the total gross bet value of all games played at the casinos during the applicable time, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

Glenmark Pharmaceuticals Ltd (GPL) has agreed to divest 75 per cent stake in its subsidiary Glenmark Life Sciences to Nirma Limited at a price of Rs 615 per share, implying an equity valuation of Rs 7,535.4 crore.

The Delhi High Court was on Thursday informed that low-cost airline SpiceJet's Chairman and Managing Director Ajay Singh and a Delhi businessman have come into terms with settling a dispute between them regarding the shares.

The league has always been a spectacle of cricket, business and entertainment. And this year was no exception, as the league continued to captivate audiences, both on television and digital platforms, the report said.

Nifty continued its downward journey to close with a loss of 159 points (-0.8 per cent) at 19,742 levels, while Sensex plunged 570.60 points (-0.85 per cent) to settle at 66,230, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

Even though the ‘hawkish pause’ from the Fed was on expected lines, the US markets reacted negatively since the indication from the Fed is that rates will remain ‘higher for longer’, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The markets fell with volumes on the NSE that were close to the highest in recent times. Broad market indices recovered part of the losses during the day and ended with lower losses than the Nifty even as the advance decline ratio fell to 0.54:1, Jasani said.

Concerns reigned over the upcoming Fed policy, interest rate trajectory and rising oil prices. Bank Nifty underperformed on Wednesday due to rising cost of funds and reduction in deposits leading to moderation in net yields, Nair said.

The hectic activity in the mid- and small-caps has pushed valuations in these segments to high levels. The sharp rise in many of these stocks has been driven by hope. It remains to be seen whether this hope will translate into reality. Execution challenges may arise.

With rising crude oil prices in the international market pushing up the demand for dollars, the Indian rupee has slumped to a record low of 83.2675 vis-à-vis the U.S. dollar. Going ahead much will depend on oil prices in global markets which are now hovering around the $95 per barrel mark.

There is a ‘triple danger’ looming over markets in the near-term: dollar index above 105, steadily rising US 10-year bond now around 4.39 per cent and the Brent crude above $94, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Akasa Air has initiated legal action against more than 40 pilots who recently left the airline to join other carriers. This sudden departure of pilots has compelled the airline, which commenced operations in August of the previous year, to cancel numerous flights since the previous month. 

SpiceJet has paid Rs 100 crore to Kal Airways promoter Kalanithi Maran, as part of a Rs 380 crore arbitral award order, following a directive from the Delhi High Court, instructing the low-cost airline to fulfill the payment obligation.

The level of pessimism has risen in the stock market, leading to a precautionary approach to book profits on a notion that the valuation has extended beyond the rationale, said Vinod Nair, Head of Research at Geojit Financial Services.

Nifty covered the 1000 point journey from 19000 to 20000 in 52 trading sessions and this positive momentum is likely to continue going ahead as well, says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Nifty advanced for the seventh straight day to log the best stretch of gains in 11 weeks and touched the all time high level of 20,000 on Monday (September 11), says Deepak Jasani, Head of Retail Research, HDFC Securities.

With monsoon gradually improving and India hosting G20 summit over the weekend, sentiments are buoyant and may lift market towards its life high and 20K mark over the next few days, he added.

The greenback was heading for its eighth-straight week of gains against a basket of other major currencies on Friday, its best run since winter 2014-2015. It has gained 5 per cent since mid-July, CNN reported,