Forex reserves declined sharply by $5.89 billion to $617.3 billion for the week ending January 5 after rising for four consecutive weeks, according to the weekly Reserve Bank data released on Friday. So far this fiscal, the reserves have increased $55.72 billion, according to the Reserve Bank of India (RBI). In the previous reporting week ended December 29, the reserves rose $2.759 billion to $623.2 billion, the highest so far this fiscal.
Posts tagged Rediff
High vegetable prices push inflation to 4-mth high (12-01-2024)
Retail inflation rose at the fastest pace in four months in December 2023 at 5.69 per cent, on account of an increase in prices of vegetables, pulses, and spices, according to government data released on Friday. The annual inflation based on Consumer Price Index (CPI) was at 5.55 per cent in November and 5.72 per cent in the year-ago month. As per the data released by the National Statistical Office (NSO), the rate of price rise in the food basket, which constitutes nearly half of the CPI, increased to 9.53 per cent in December 2023, as against 8.7 per cent in the preceding month, and 4.19 per cent in December 2022.
HCL Tech Q3 net profit up 6.2% to Rs 4,350 cr (12-01-2024)
IT company HCL Tech reported a 6.2 per cent increase in consolidated net profit at Rs 4,350 crore, highest ever on a quarterly basis, in the third quarter ended December 31. The company had posted a net profit of Rs 4,096 crore in the same period a year ago, HCL Tech said in a regulatory filing.
Indian crypto firms welcome US SEC nod for bitcoin ETF (12-01-2024)
The securities regulator’s approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
Wipro’s Q3 net profit falls 11.7% to Rs 2,694 crore (12-01-2024)
IT company Wipro on Friday posted an 11.74 per cent decline in its consolidated net profit to Rs 2,694.2 crore in the third quarter ended December 31, 2023.
IT stocks lift markets to new lifetime highs (12-01-2024)
The other prominent gainers were Tech Mahindra, HCL Technologies, Wipro, State Bank of India and Larsen and Toubro. Bajaj Finserv, Power Grid, UltraTech Cement and HDFC Bank were among the laggards.
BMW India races to new peak for luxury car sales (12-01-2024)
BMW Group India recorded its highest annual sales on the back of strong demand for its top-end ICE (internal combustion engine) and electric vehicles (EVs). The German luxury automaker on Thursday announced that its domestic car sales jumped 18 per cent year-on-year (Y-o-Y) to 14,172 units in calendar year 2023 (CY23). This mirrored a trend in the luxury space, with its peers also reporting record numbers.
GDP to grow nearly 7% in FY24: Economists (12-01-2024)
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
Adani Dethrones Ambani Again (12-01-2024)
The combined market capitalisation of Adani group companies increased to Rs 15.11 trillion last week. As a result, Gautam Adani’s family raced ahead of Mukesh Ambani of Reliance Industries, reclaiming the title of India’s wealthiest promoter.
‘Railways plans to carry 10 bn passengers every year’ (12-01-2024)
‘We carry 6.5 billion passengers every year. We have crossed seven billion this year, and are targeting 10 billion by 2030.’