India’s industrial production growth declined to a three-month low of 3.7 per cent in June mainly due to poor showing by the manufacturing sector, according to the official data released on Friday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 12.6 per cent in June 2022 on account of a lower base effect. The previous low of IIP was at 1.9 per cent in March 2023.
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Industrial growth dips to 3-month low of 3.7% in June (11-08-2023)
India’s industrial production growth declined to a three-month low of 3.7 per cent in June mainly due to poor showing by the manufacturing sector, according to the official data released on Friday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 12.6 per cent in June 2022 on account of a lower base effect. The previous low of IIP was at 1.9 per cent in March 2023.
Forex reserves drop $2.42 bn to $601.45 bn (11-08-2023)
India’s forex reserves dropped for the third consecutive week, declining by $2.42 billion to $601.45 billion as of August 4, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $3.16 billion to $603.87 billion.
Forex reserves drop $2.42 bn to $601.45 bn (11-08-2023)
India’s forex reserves dropped for the third consecutive week, declining by $2.42 billion to $601.45 billion as of August 4, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $3.16 billion to $603.87 billion.
Banking, FMCG, pharma shares drag Sensex down 366 pts (11-08-2023)
From the Sensex pack, IndusInd Bank, NTPC, Asian Paints, Hindustan Unilever, JSW Steel, Tech Mahindra, Bajaj Finance, Infosys, Wipro, ICICI Bank, Bajaj Finserv, HDFC Bank and Tata Motors were among the major laggards. HCL Technologies, Power Grid, Titan, Reliance Industries, UltraTech Cement, Tata Steel, State Bank of India and Mahindra and Mahindra were the gainers.
Banking, FMCG, pharma shares drag Sensex down 366 pts (11-08-2023)
From the Sensex pack, IndusInd Bank, NTPC, Asian Paints, Hindustan Unilever, JSW Steel, Tech Mahindra, Bajaj Finance, Infosys, Wipro, ICICI Bank, Bajaj Finserv, HDFC Bank and Tata Motors were among the major laggards. HCL Technologies, Power Grid, Titan, Reliance Industries, UltraTech Cement, Tata Steel, State Bank of India and Mahindra and Mahindra were the gainers.
Banking, FMCG, pharma shares drag Sensex down 366 pts (11-08-2023)
From the Sensex pack, IndusInd Bank, NTPC, Asian Paints, Hindustan Unilever, JSW Steel, Tech Mahindra, Bajaj Finance, Infosys, Wipro, ICICI Bank, Bajaj Finserv, HDFC Bank and Tata Motors were among the major laggards. HCL Technologies, Power Grid, Titan, Reliance Industries, UltraTech Cement, Tata Steel, State Bank of India and Mahindra and Mahindra were the gainers.
Govt to release buffer onion stock in open market (11-08-2023)
The government on Friday announced it will release onion from its buffer stock in the targeted regions with immediate effect to ensure prices remain under check till the new crop arrives from October onward. The government is exploring multiple options for disposal of onion: e-auction, e-commerce as well as through states at discounted rates via retail outlets of their consumer cooperatives and corporations, it said. The government has currently maintained 3 lakh tonnes of onion under the Price Stabilisation Fund (PSF) to meet any exigencies, if rates go up significantly during the lean supply season.
LS passes GST bill levying 28% tax on online gaming (11-08-2023)
Lok Sabha on Friday approved amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs. Finance Minister Nirmala Sitharaman introduced bills in the House on Friday, the last day of monsoon session of Parliament, amid opposition protests over suspension of Congress leader Adhir Ranjan Chowdhury. The Central Goods and Services Tax (Amendment) Bill, 2023, and The Integrated Goods and Services Tax (Amendment) Bill, 2023, were passed by the Lok Sabha by a voice vote, without a debate.
How Shalimar Paints plans to regain its sheen (11-08-2023)
After decades of dullness, Shalimar Paints, the oldest paint company in India, is embarking on a journey to regain its sheen. Upgrading plant infrastructure, expanding research and development capacities, and fortifying the supply chain are key focus areas expected to drive product improvements in the decorative and industrial segments. Plans are also on the cards to tap into international markets.