BUSINESS
Despite US pressure, top oil producers opt for slow output increase
Held through video conference, the 22nd OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC Ministerial Meeting that concluded here on Thursday, reaffirmed the decision "to adjust upward the monthly overall production by 0.4 million barrels per day (mbd) for the month of December 2021."
Muhurat session: Indices make healthy gains, Sensex up 420 pts
A special hour-long session held every year on Diwali day - the Muhurat trade - marks the start of the Hindu New Year for the domestic equity market. The initial trade saw the key equity indices - S&P BSE Sensex and NSE Nifty50 -- make handsome gains. Consequently, the Nifty50 of the National Stock Exchange (NSE) gained 115.65 points, or 0.65 per cent around 6.25 p.m.,.
States add further sparkle to Diwali, cut VAT on fuel to provide bigger relief
The Centre on Wednesday announced that excise duty will be reduced by Rs 5 for petrol and Rs 10 for diesel from November 4. Following up on Centre's call for a commensurate cut in taxes on fuel by the states, about a dozen state governments from Uttarakhand in the north to Karnataka in the south have also reduced VAT rate on petrol and diesel to provide bigger gain of price reduction to consumers.
Petrol, diesel prices fall sharply in line with Centre's duty cut
Accordingly, the pump price of petrol in Delhi fell to Rs 103.97 a litre at 6 a.m. on Thursday from the previous day's level of Rs 110.04 a litre. The diesel prices fell by a bigger margin to Rs 86.67 a litre in the city from the earlier level of Rs 98.42, according to a price notification of state-owned fuel retailers.
US Fed Chief stresses patience on rate hikes
"Our decision today to begin our tapering asset purchases does not imply any direct signal regarding our interest rate policy," Powell said on Wednesday afternoon at a virtual press conference after wrapping up a two-day policy meeting.
US services sector sees record growth in October amid hiring challenge
The Services Purchasing Managers' Index (PMI) registered all-time high of 66.7 per cent, 4.8 percentage points above September's reading, according to the latest Services ISM Report on Business on Wednesday. Any reading above 50 per cent indicates the services sector is generally expanding.
World's largest trade deal RCEP to enter into force on Jan 1, 2022
The Secretariat on Wednesday has received instruments of ratification from six ASEAN countries, namely Brunei Darussalam, Cambodia, Laos, Singapore, Thailand, and Vietnam, as well as from four non-ASEAN signatory states of Australia, China, Japan, and New Zealand, Xinhua news agency reported.
UP further cuts tax; petrol, diesel cheaper by Rs 12 per litre.
Diesel and petrol in Uttar Pradesh will now be cheaper by Rs 12 per litre and the new rates will come into effect from Thursday. The pre-Diwali announcement that came around midnight is a massive relief for people with petrol prices having touched a high of Rs 106.96 per litre in the state on Wednesday and diesel at Rs 98.91 per litre.
SBI reports highest quarterly profit of Rs 7,627 crore in Q2 FY22
The bank had reported net profit of Rs 4,574 crore in Q2 of fiscal year 2020-21. The net interest income of the bank during this period under review also increased by 10.65 per cent year-on-year. The SBI shares traded in the green and closed 1.14 per cent higher at Rs 527.65 a piece on the BSE on Wednesday.
IndianOil to install EV charging facilities at 10,000 fuel stations
The proposed EV Charging Network is expected to facilitate an uninterrupted driving experience for EV users and boost the country's EV manufacturing ecosystem. IndianOil has been evaluating emerging trends in mobility, focusing on relevant areas in the Electric Vehicle (EV) value chain, and exploring potential business opportunities to stay ahead in the transition curve.
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