Saturday, Oct 19, 2019 | Last Update : 11:33 PM IST

Economy

The rate of price rise for the food articles was at 7.47 per cent during the month.

WPI inflation eases to 0.33 per cent in September

The annual rate of inflation, based on monthly wholesale price index was at 5.22 per cent in September 2018.

It (India) is one of the fastest growing (economies) even today. It has the best skilled manpower and a government that is continuously doing what is required in the name of reforms, above all democracy and rule of law, FM Nirmala Sitharaman said on Wednesday. (Photo: File)

No better place to invest than in India: Sitharaman

She assured international investors at an interaction session that the government was continuously working to bring reforms.

FPIs flows will depend on the corporate earnings, global trade developments and government actions to curb the slowdown in the economy.

FPIs pull out over Rs 6,200 crore in October so far

Foreign investors pulled out a net amount of Rs 4,955.2 crore from the equities and Rs 1,261.9 from the debt segment.

Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually.

Govt slashes corporate tax to 25.17 per cent for domestic cos

The changes in the Income Tax Act and Finance Act will be made effective through an ordinance.

Headline consumer price index inflation likely jumped in September on the back of a surge in onion prices. But that will hardly bring tears to the eyes of the RBI, as it is likely to have stayed below the 4.0 per cent target, said Shilan Shah, senior India economist at Capital Economics.

Inflation increased in September but won't 'bring tears' to RBI: Report

If the consensus is right, inflation will come in below the RBI’s medium-term target for 14 months in a row.

Market

The 30-share index was trading 60.48 points, or 0.16 per cent, higher at 38,659.47 in morning trade. (Photo: File)

Sensex gains 60 points in early trade

Amid sustained foreign fund inflows, easing global crude prices also helped buying sentiment, traders said.

Top gainers in the Sensex pack included Bajaj Finance, ONGC, Yes Bank, HDFC, HCL Tech, Tech Mahindra, TCS, ICICI Bank and RIL, rising up to 3.57 per cent.

Sensex rises for 4th straight session, up 93 points

The broader NSE Nifty rose 35.70 points, or 0.31 per cent, to settle at 11,464.

The Sensex gained 453.07 points or 1.17 per cent closing at 39,052.06 while the Nifty-50 gained 122.35 points or 1.07 per cent to close at 11,586.35. “The gains came on the back of a boost in sentiments after EU and UK negotiators reached a draft agreement on a new Brexit deal,” analysts said.

Markets cheer Brexit deal, FPIs buying

Broader market indices outperformed with BSE Mid Cap index and the Small Cap index gaining 1.77 per cent and 0.89 per cent respectively.

Spot gold prices for 24 Karat in Delhi were trading higher by Rs 120 at Rs 39,030 on festival demand and weaker rupee, HDFC Securities Senior Analyst - Commodities Tapan Patel said.

Gold marches higher; up Rs 120 on festive demand, weaker rupee

Silver also jumped by Rs 489 to Rs 46,809 per kilogram here from its previous close of Rs 46,320 per kilogram.

Companies

In line with the Government of India's FDI policy, which allows 100 per cent foreign direct investment (FDI) in food retail for food produced and manufactured in India, Flipkart is applying for appropriate licenses from the government, Flipkart Group CEO Kalyan Krishnamurthy said in a statement.

Flipkart ups ante against Amazon; to set up unit for food retail in India

Flipkart did not comment on the investments planned for the new venture.

IOC and two other oil marketing companies, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), have served a notice on Air India that they will be forced to stop jet fuel (ATF) supplies if payments are not made, said IOC's Sandeep Kumar Gupta.

Oil Cos say Air India not honouring Rs 100 cr/month payment promise

The monthly payment was besides the airline being put on cash-and-carry where it was given fuel only against cash payment.

Shares of Syndicate Bank also fell 2.24 per cent to Rs 24 -- its 52-week low.

Lakshmi Vilas Bank, Syndicate Bank shares fall after RBI fine

Lakshmi Vilas Bank scrip went lower by 4.96 per cent to its lower circuit level as well as one-year low of Rs 22.05 on the BSE.

Witnessed the exchange of a MoU between ONGC and ExxonMobil to identify areas for exploration in deep water in east and west coast of India, Oil Minister Dharmendra Pradhan said in a tweet. (Photo: File)

Energy giant Exxon Mobil, India's ONGC sign expertise-sharing deal

A growing demand in India amid a global slowdown and government policies have made investments and returns attractive.

In August 2018, RIL became the first domestic firm to cross the Rs 8 lakh crore mark in terms of market valuation.

RIL creates history, becomes first Indian co to hit Rs 9 lakh cr m-cap mark

The m-cap figure of companies changes daily with stock price movement.

Autos

Car manufacturers in India, Asia’s third biggest car market, continued to bleed with sales in September going southward in higher double digit despite government sops last month.

Automakers bleed despite government sops

Hyundai’s sales also dropped by 14.8 per cent at 40,705 units, down from 47,781 units it sold in the year ago period.

S. Srivastava

Maruti sees green shoots

The maker of popular Vitara Brezza and Swift said wholesales in September 2019 were higher by 18.9 per cent compared to August 2019.

RV 400 packs an ARAI-certified range of 156km.

Revolt RV 400 mobile app now available on Google Play Store

It has already crossed over 1,000 downloads.

Like other MV Agusta motorcycles, the Dragster series will be brought to India via the completely built up or CBU route.

MV Agusta’s new Dragster bikes start at Rs 18.73 lakh

The exotic Dragster 800 RR and 800 RR America variants are priced at Rs 18.73 lakh, while the 800 RR Pirelli trim is tagged at Rs 21.5 lakh.

In Other News

FADA said it has compiled data from 1,188 out of a total of 1,461 RTOs in the country.

Passenger vehicle retail sales fall 20 pc in September: FADA

Total sales across categories declined by 12.9 per cent to 13,75,314 units in September as against 15,79,191 units.

The Finance Ministry is also mulling to re-look at the most contentious Financial Resolution and Deposit Insurance (FRDI) Bill, a year after it was withdrawn by the government following a huge public outcry against controversial bail-in clause, which led to many depositors prematurely cancelling their bank deposits.

Centre plans new FRDI Bill, hike in deposit insurance

The source further said DICGC has proposed to hike deposit insurance to Rs 3 lakh from Rs 1 lakh, depending upon the demands of circumstances.

The APE reported a negative growth of 5.7 per cent YoY to Rs 625 crore.

Slowdown makes its way in life insurance space

ICICI Prudential Life Insurance reported APE growth of 5.2 per cent YoY to Rs 700 crore on a received premium basis in Sept.

This makes it imperative to ensure energy justice to all, which essentially means access to energy in an affordable and sustainable manner, said Oil Minister Dharmendra Pradhan. (Photo: File)

India to chart is own course of energy transition: Pradhan

Per capita energy consumption in India is only about one-third of the world's average.

Making the biggest recent reform of tax collection methods, the government introduced faceless assessment this month, but resistance to change from within the bureaucracy could lead to a bumpy roll-out for the new system.

Tax employee unions irked by PM Modi's switch to faceless assessment: Letter

The scheme is being implemented in a hurry without considering the concerns of the majority of the stakeholders, said the letter.