Benchmark equity indices Sensex and Nifty pared early gains to settle lower on Wednesday due to late selling in index major Reliance Industries, ITC and HDFC Bank even as the RBI took the first step towards a rate cut in its monetary policy review. Erasing its early gains, the 30-share BSE Sensex fell 167.71 points or 0.21 per cent to close at 81,467.1. During the day, it surged 684.4 points or 0.83 per cent to hit an intra-day high of 82,319.21.
Posts tagged Rediff
MPC’s Repo Rate Decision Not Unanimous (09-10-2024)
Dr Nagesh Kumar, one of the three new MPC members, wanted the MPC to reduce the repo rate by 25 basis points to 6.25%.
Foxconn arm to infuse Rs 13K cr to set up TN factory (09-10-2024)
The Tamil Nadu government on Tuesday cleared the Rs 13,180 crore project by Yuzhan Technology, part of Taiwan’s Foxconn Group, at Kancheepuram. The unit is reportedly expected to assemble smartphone display modules, which will be one of the first such units to cater to Apple’s growing presence in the country. The unit is expected to generate at least 14,000 jobs. Of the 14 existing manufacturing units in the Apple supply chain, seven are based in Tamil Nadu.
Tough Road Ahead For NC, Congress (09-10-2024)
The road ahead will require navigating complex financial challenges while fostering job creation and sustainable development in the region.
O2C biz may drag RIL to another weak quarter (09-10-2024)
For Reliance Industries Ltd (RIL), the September 2024 quarter (Q2FY25) may turn out to be yet another weak one as refining margins drag, say analysts. Two brokerage firms – ICICI Securities and Nuvama – expect a 1-13 per cent dip in reported profits in Q2FY25 from a year ago. Kotak Institutional expects a modest 2.2 per cent rise. Revenue, at best based on available analyst estimates, could rise up to 4 per cent.
Need to keep ‘inflation horse’ under tight leash: Das (09-10-2024)
The Reserve Bank on Wednesday retained the retail inflation projection at 4.5 per cent for fiscal 2024-25, with Governor Shaktikanta Das stressing that the central bank will have to closely monitor the price situation and keep the “inflation horse” under tight leash lest it may bolt again. Unveiling the October bi-monthly monetary policy, the Governor also said the flexible inflation targeting (FIT) framework has completed 8 years since its introduction in 2016 and is a major structural reform of the 21st century in India.
SpiceJet settles $132-mn dispute with BBAM (09-10-2024)
Budget carrier SpiceJet on Wednesday said it has amicably settled a $132-million dispute with aircraft leasing firm Babcock and Brown Aircraft Management (BBAM). The dispute, valued at $131.85 million (Rs 1,107 crore) with the lessors — Horizon Aviation 1 Ltd, Horizon II Aviation 3 Ltd, and Horizon III Aviation 2 Ltd — has been resolved for $22.5 million, SpiceJet said in a statement.
RBI changes policy stance to open window for rate cut (09-10-2024)
The Reserve Bank of India on Wednesday decided to keep the policy rate unchanged for the tenth time in a row but changed its stance to ‘neutral’ that may lead to a cut in the forthcoming policies. RBI maintained status quo despite the US Federal Reserve lowering the benchmark rates by 50 basis points last month.
How Government Is Making Use Of AI (09-10-2024)
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
Time To Avoid Stock Markets? (09-10-2024)
The narrative on China is changing post the recent stimulus measures, and it will be hard for global investors to ignore the Chinese markets.