BUSINESS
Maruti Suzuki's shares jump nearly 4% as Co raises prices of select models
Accordingly, shares of the automaker settled 3.3 per cent higher on Wednesday from the previous close at Rs 7,300, exchange data showed. On Tuesday, the company raised the prices of the Eeco variants by Rs 8,000 per unit. Besides the price increase, other factors such as the greater availability of semiconductors also seems to have supported the uptrend.
November healthy sales boost India's manufacturing sector: PMI
The headline seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 57.6 (index reading) in November as against a reading of 55.9 in October. Notably, the headline figure was well above its long-run average of 53.6.
November GST collection rises to over Rs 1.31 lakh Cr
Accordingly, the gross GST collection rose to Rs 1,31,526 crore last month. This was the second straight month when the gross GST collection crossed Rs 1.30 lakh crore. Besides, the GST revenue for November 2021 was 25 per cent higher than the corresponding period of last year and 27 per cent over the like month of 2019-20. As per the Ministry of Finance, out of the total gross collection, CGST's share was Rs 23,978 crore, SGST was Rs 31,127 crore, IGST about Rs 66,815 crore and Cess was Rs 9,606 crore.
IT spending in India to cross $100 bn in 2022: Gartner
In 2022, all segments of IT spending in India are expected to grow, with software emerging as the highest growing segment.
Spending on software is forecast to total $10.5 billion in 2022, up 14.4 per cent from 2021. While experiencing a slower growth rate than 2021, spending on software in 2022 is forecast to be nearly double of what it was pre-pandemic. "India has experienced one of the fastest recoveries despite being one of the worst hit regions in the second wave of the pandemic in early 2021," said Arup Roy, research vice president at Gartner.
Petrol prices cut by Rs 8/litre in Delhi
New rates will come into effect from midnight. This decision came after Chief Minister Arvind Kejriwal chaired a Cabinet meeting this morning. Currently, the petrol is being sold at Rs 103.97. In early November, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.
Sensex, Nifty up over 1% in early trade
At 9.30 a.m. the S&P BSE Sensex traded at 57737 points, up 1.15 per cent. It opened at 57365 points from the previous close of 57064 points. Till now it touched a low of 57365 points. Besides, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 17104 points after closing at 16983 on Monday.
Omicron effect: Chorus grows against resumption of normal foreign flight ops
The demand coincides with the Centre's advisory to states and Union Territories (UTs) to ensure preparedness of health infrastructure like availability of ICU, O2 beds, ventilators, among others, and to focus on rural areas. At present, several nations have either closed their air spaces or placed strict restrictions on incoming passengers. In this environment, especially after suffering the massive second wave of Covid-19 which was unleashed by the Delta variant, many are questioning the Centre's move to open up the sector.
Coal, petroleum products' production fuel Oct core industry growth
On a sequential basis, the Index of Eight Core Industries' (ICI) readings for last month showed a faster rate of expansion at 7.5 per cent (provisional) from a rise of 4.5 per cent (provisional). Similarly, on a year-on-year basis, the ICI readings during the period under review was higher than (-) 0.5 per cent reported for October, 2020. The ICI index comprises 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), and comprises coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.
US Treasury likely to run out of cash before end of December: CBO
With $28.9 trillion, the US Treasury has reached a new debt limit due to which the lawmakers at present have no room to borrow any more funds under its standard operating procedures, the report added. The Federal agency report also said that the department is using the 'extraordinary measures' that allow it to continue to borrow additional amounts for a limited time.
Higher fiscal spending, consumption recovery lift India's Q2FY22 GDP above 8%
Besides, pent-up demand, higher exports along with a rise in service activity amid further improvement in mobility supported the uptrend. The accelerated vaccination drive also played a role in this YoY rise as it brightened consumer sentiments. On a YoY basis, India's GDP growth rate had fallen by 7.4 per cent during the corresponding period of the previous fiscal. On a sequential basis, the GDP growth rate during Q2FY22 was lower than the rise of 20.1 per cent recorded for Q1FY22.
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