BUSINESS
Credit growth outpaced deposit growth of banks in June: RBI
As credit growth is outpacing deposit growth in the recent period, credit-deposit (C-D) ratio has been on the rise: In June it stood at 73.5 per cent at the all-India level (70.5 per cent a year ago) and 86.2 per cent for metropolitan branches of banks (84.3 per cent a year ago), the RBI said. According to RBI, the credit growth (y-o-y) accelerated further to 14.2 per cent in June from 6 per cent a year ago and 10.8 per cent a quarter ago.
PM's Economic Advisory Council to release India's competitive roadmap on Aug 30
To be released in the presence of Council Chairman Bibek Debroy, G-20 Sherpa Amitabh Kant, and Council member Sanjeev Sanyal, the document is a guide for India to become a higher-income country by 2047. "It proposes policy goals, principles, and approaches to further drive India's economy in the direction of sustainability and resilience, embedded in social progress and shared prosperity.
Listed private non-finance companies log 41% sales growth in Q1FY23: RBI
The RBI came out with its report, drawing the data from the abridged quarterly financial results of 2,749 listed private non-financial companies. "Sales growth (yoy) of listed private non-financial companies surged to 41.0 per cent in Q1:2022-23 from 22.3 per cent in the previous quarter," it said. According to the RBI, manufacturing logged sales growth of 41.6 per cent driven by broad based demand expansion across industries aided by both volume and price effects.
Affordable 5G services to be rolled out in India by Oct 12: Centre
Union IT minister Ashwini Vaishnaw said that installations are being done and telecom operations are busy with the seamless rollout of 5G services. The government will ensure that the 5G plans remain affordable for the public, the minister said. The government also introduced the "The Indian Telegraph Right of Way (Amendment) Rules, 2022" along with the launch of the 5G right of work (RoW) application Form on the GatiShakti Sanchar Portal.
Rupee ends 7 paise higher at 79.88 against US dollar
"USDINR spot closed 7 paise higher at 79.88 due to hawkish comments from a Fed member. Atlanta Fed president Raphael Bostic told WSJ that if data turn out to be strong till the September meeting, 75-bps hike is on the table. These comments did rattle a few nerves ahead of US Fed chairman Jerome Powell's speech at the Jackson Hole symposium on Friday," said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities Ltd.
India pips China, becomes 2nd-largest smartwatch market globally for 1st time
Indian brands such as Fire-Boltt and Noise took top spots in the global market share, as smartwatch market's shipments grew 13 per cent in the June quarter (Q2) amid macro uncertainties such as inflation and geopolitical conflicts, according to Counterpoint Research. "As expected, China's economic slowdown resulted in a YoY decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline," said Associate Director Sujeong Lim.
Indian firms looking to invest in Russian projects
BP and ExxonMobil are among the Western firms that the Russian government is considering taking over and selling later. India is one of Russia's key strategic partners, and its state-run firms have shown a keen interest in acquiring the stakes of Western energy majors in Russian oil and gas assets. Indian state-owned companies already participate in large Russian projects in the Far East and East Siberia.
Overseas bond issue may fall this year on elevated borrowing cost
According to the data compiled by Prime databases, companies and banks raised Rs 45,237.15 crore so far this year, as compared to Rs 77,845 crore amount raised in the similar period last year. "A higher US interest rates especially in the shorter end of the curve coincided with weakening Rupee made the borrowing cost higher for Indian Corporates to tap the foreign bond market," said Venkatakrishnan Srinivasan, founder and managing partner at Rockfort Fincorp LLP, a Mumbai-based debt advisory firm.
Indices erase all gains, Sensex falls over 310 points
At close, Sensex ended 310.71 points or 0.53 per cent down at 58,774.72, while Nifty ended 82.50 points or 0.47 per cent down at 17,522.45. About 1,905 shares advanced, 1,517 shares declined while 130 remained unchanged on Thursday. Bajaj Finance, Power Grid Corporation of India, Infosys, TCS and IndusInd Bank remained the major losers, while BSE IT index fell 0.88 per cent and Nifty IT index fell 0.87 per cent on Thursday.
Companies, banks to raise up to Rs 3,200 cr via bonds today
As per data, Canara Bank will raise Rs 2,000 crore, which includes Rs 1,000 crore via Basel-III Tier-II bonds, Kotak Mahindra prime Ltd will raise Rs 300 crore and Rs 175 crore via 35-month-25-day and 47-month-25-day, respectively. While, Tata Capital Housing Finance Ltd will raise Rs 245 crore via 118-month bonds, and Sundaram Finance Ltd is to raise Rs 500 crore via 36-month bonds.
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