BUSINESS
Slow recovery of low income households slowed down India's economic recovery
The major economic parameters reveal slow post-pandemic recovery, with gross domestic product (GDP), goods and services tax (GST) collections, electricity demand, credit growth and auto sales growing somewhat slowly as against the expectations. Kotak Securities attribute the weaker-than-expected recovery to the slow 'repair' in the income of low-income households.
India saw 20.5 bn online transactions worth Rs 36 trillion in Q2
"UPI P2P accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants' transactions, UPI P2M emerged as the preferred payment mode with a market share of 34 per cent in volume and 17 per cent in terms of value," said Worldline's 'India Digital Payments Report'.
Federal Bank logs 19% growth in advances
In a regulatory filing Federal Bank said that its gross advances grew by 19.4 per cent to Rs.163,956 crore from Rs.137,313 crore as of September 30, 2021.The retail credit book grew by 18.7 per cent and wholesale credit book grew by 20.2 per cent. Retail to wholesale ratio at 54:46.
Match supplies with demand: FADA to vehicle makers
"The month of October will see Auto Retail on high grounds with 24 days of festive season out of the total 31 days. Dealers anticipate this to be the best festive in a decade for the PV (passenger vehicle) segment as we anticipate even higher sales during the month," FADA said.
Reliance, Sanmina complete JV transaction to build manufacturing hub in India
The joint venture will create a world-class electronic manufacturing hub in India, in line with Prime Minister Narendra Modi's 'Make in India' vision. All the manufacturing will take place at Sanmina's 100-acre campus in Chennai, with the ability for site expansion to support future growth opportunities as well as to potentially expand to new manufacturing sites in India over time based on business needs, the companies said in a statement.
Next repo rate hike expected to be 35 bps to 6.25%
"We expect repo rate hike of 35 bps in the December policy to 6.25 per cent and then pause. Through the next couple of policies, the RBI will assess (1) any further upward surprise in rate hike trajectory from the Federal Reserve, (2) inflation trajectory which is expected to revert back to below 6 per cent, (3) impact of past monetary tightening on the growth-inflation dynamics, and (4) geopolitical risks," the report added.
Centre hikes import duty on platinum
Platinum and palladium for use in manufacture of precious metal chemicals, compounds (noble metal compounds and solutions) and catalytic converters will continue at basic customs duty of 7.5 per cent subject to IGCR. Rhodium will also continue with BCD of 2.5 per cent.
Wipro, Infosys, Tech Mahindra revoke offer letters given to freshers: Reports
According to reports, hundreds of freshers were given offer letters but first the joining of those candidates were postponed and finally, their offer letter was revoked. The news, first reported by BusinessLine, quoted emails sent by these companies to the freshers whose offer letters were rejected.
Apple can have a try in India but it can't find another China: People's Daily
In an opinion piece published in Global Times, the publication said whether Apple's move to India is a forced "political decision" or a forward-looking "economic decision," there is no doubt that it comes against the backdrop of Washington's shift to a containment-based strategy toward China.
OPEC oil cartel, allies to consider biggest cut in oil production since pandemic
The OPEC oil cartel and its allies, including Russia, will reportedly consider cutting output by more than 1 million barrels per day (bpd) at a meeting in Vienna on Wednesday, CNN reported. Oil prices climbed by as much as 4 per cent, with benchmark Brent crude futures trading at about $88.60 a barrel on Monday, on expectations that OPEC will try to regain control of prices.
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