Thursday, April 16

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Manipur: ITLF holds protest rally, demands separate Union Territory
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Manipur: ITLF holds protest rally, demands separate Union Territory

The Kuki community's movement demanding a separate administration intensified on Monday(24 June 2024) after more than one lakh people participated in a mega rally in the Churachandpur district of the state. The movement was led by the Indigenous Tribal Leaders Forum (ITLF). Vociferous sloganeering could be heard at the rally, demanding separate admissibility and Union Territory status for the Kuki Zo inhabited areas in the state. The ITLF had called for a total shutdown in the entire district and the movement coincided with the start of the Parliament's Lok Sabha Session on the Monday. While the locals in the valley are not in support of any step towards state fragmentation, Kuki-dominated areas have intensified their demands for a separate administration. Few public moment...
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Oil progress on strong dollar and strong fuel demand; Brent crude at $85.77/bbl
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Oil progress on strong dollar and strong fuel demand; Brent crude at $85.77/bbl

Oil prices rose slightly on Monday as strong summer fuel demand and rising geopolitical tensions helped offset the impact of a stronger dollar.Brent futures for August delivery rose 53 cents to $85.77 a barrel, representing a gain of 0.6% by 11:38 a.m. EST (1538 GMT). Meanwhile, US crude futures rose 65 cents to $81.38 a barrel, representing a gain of 0.8%. Last week, both benchmarks recorded a 3% rise, their second consecutive weekly rise.“Crude oil prices witnessed significant volatility and declined from recent highs due to dollar index strength and mixed global economic data. The dollar index hit its highest level in nearly two months as hawkish comments from the Federal Reserve and mixed US economic data limited gains in oil prices. However, decline in US crude oil inventories last w...
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India’s CAD decrease to 0.7% of GDP, records surplus of 0.6% in Q4: RBI
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India’s CAD decrease to 0.7% of GDP, records surplus of 0.6% in Q4: RBI

India recorded a current account surplus in the last quarter of the last financial year due to higher service income. Additionally, the Reserve Bank of India (RBI) on Monday said the overall current account deficit for FY2024 has narrowed due to decline in goods trade deficit. India's current account deficit (CAD) declined to 0.7 per cent of GDP or $23.2 billion in FY2024 from 2 per cent of GDP or $67 billion last year. “Sequential decline in CAD in Q4:2022-23 mainly due to narrowing in trade deficit with stronger services trade from US$71.3 billion in Q4:2022-23 to US$52.6 billion in Q4:2022-23 Went. Exports the bank said in a release. There was a net inflow of foreign portfolio investment of $44.1 billion in FY2024, following a net outflow of $5.2 billion in FY2023. In contrast...
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Manufacturing PMI increment to 60.9 in June, job creation fastest in 18 years: Survey
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Manufacturing PMI increment to 60.9 in June, job creation fastest in 18 years: Survey

According to the HSBC survey, the final manufacturing, services and composite purchasing managers' index (PMI) figure rose 0.4 percentage points to 60.9 in June, compared with a revised figure of 60.5 in May.According to a survey, business activity in the country became stronger in June due to growth in manufacturing and services sectors and the pace of job creation became the fastest in 18 years.“The composite output index expansion further in June, supported by an grow in new orders, which led companies to rise hiring in both sectors. Input prices softened slightly in June, resulting in margin improvement, especially for manufacturing companies,” the survey said.It said that while strong demand conditions are keeping business activity high, the outlook for future activity has deteriorat...
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Vodafone Idea shares progress more than 4%, up 26% in a month; What’s driving the rally here
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Vodafone Idea shares progress more than 4%, up 26% in a month; What’s driving the rally here

Shares of Vodafone Idea rose 3.51 percent after the telecom service provider reported it met its 5G rollout obligations across all circles. The company has 5G spectrum in 17 circles and has met the rollout needs for both spectrum bands.According to CNBC Awaaz, Vodafone Idea has completed network testing in both spectrum bands conducted by the Department of Telecommunications and has fulfilled its rollout obligations, incurring a fine of around ₹1 crore.In particular, it is mandatory to meet rollout obligations as per the license terms. Failure to complete the rollout on time could have resulted in action against the company, potentially leading to cancellation of Vodafone Idea's 5G spectrum. The company faced a time limit of August 15, 2024.Earlier this week, Vodafone announced the sale o...
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SBI to upgrade ₹20,000 crore through long-term bonds in FY2025
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SBI to upgrade ₹20,000 crore through long-term bonds in FY2025

State Bank of India (SBI) announced board approval to raise up to ₹20,000 crore through long-term bonds in FY 2024-25. The central board meeting on June 19, 2024, approved raising funds through public issue or private placement.At the time of writing, SBI shares are trading at ₹846.65 which is 0.70% lower than its previous close. The stock has seen a total rise of 49% in the past year and 32% since the beginning of the year.In January, SBI raised ₹5,000 crore through perpetual bonds at a coupon rate of 8.34%. In the last financial year, SBI had issued 15-year infrastructure bonds to raise ₹20,000 crore.Earlier this month, SBI's London branch raised $100 million through three-year senior unsecured floating-rate bonds priced 95 basis points above the secured overnight financing rate (SOFR)....
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Direct tax collections progress 21% to Rs 4.62 lakh crore from higher corporate advance tax
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Direct tax collections progress 21% to Rs 4.62 lakh crore from higher corporate advance tax

The first installment of advance tax, which was due on June 15, saw accumulation inflation 27.34% to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) of Rs 1.14 lakh crore and Personal Income Tax of Rs 34,470 crore. Net direct tax collections have jumped by 21 percent to over Rs 4.62 lakh crore so far this financial year due to higher advance tax payments by corporates. The first installment of advance tax, which was due on June 15, saw collections inflation 27.34% to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) of Rs 1.14 lakh crore and Personal Income Tax (PIT) of Rs 34,470 crore. According to the CBDT (Central Board of Direct Taxes), the net direct tax collections of Rs 4,62,664 crore (till June 17, 2024) include CIT of Rs 1,80,949 crore and PIT...
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US retail sales in May flourish just 0.1% from April as still-high inflation curbs spending
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US retail sales in May flourish just 0.1% from April as still-high inflation curbs spending

Consumers barely up spending in May compared to April as still-high inflation and high interest rates curbed spending. According to the Commerce Department, retail sales rose 0.1 percent in May, slower than the pace expected by economists. And April sales were revised downwards – down 0.2 percent from unchanged. Sales rose 0.6 percent in March and 0.9 percent in February. This comes after a 1.1 percent decline in sales in January, which was partly due to bad weather. Excluding gas prices and auto sales, retail sales increased by the same amount. Excluding gasoline sales, whose prices are falling, sales rose 0.3 percent. Retail sales data gives only a partial look at consumer spending because it doesn't include things like travel and lodging. However, sales at restaurants, the only s...
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SBI araise MCLR by 10 bps for all tenors
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SBI araise MCLR by 10 bps for all tenors

State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) for all tenors. The MCLR hike by SBI comes days after the Reserve Bank of India (RBI) left the key policy rate unchanged.This move is likely to be followed by other lenders, resulting in loans becoming costlier for borrowers.The country's largest lender has revised the one-year MCLR from 8.65 percent to 8.75 percent. Overnight MCLR has been increased from 8 percent to 8.1 percent. One and three month MCLR has been increased to 8.3 percent from earlier 8.2 percent.The revised MCLR for two-year and three-year MCLR is 8.85 percent and 8.95 percent respectively. The new rates have become effective from today.Last week, the RBI's Monetary Policy Committee (MPC) left the repo ra...
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Retail inflation decrease to 12-month low of 4.75% in May
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Retail inflation decrease to 12-month low of 4.75% in May

Retail inflation fell to a one-year low of 4.75% in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. Consumer Price Index (CPI) based retail inflation stood at 4.83 percent in April 2024 and 4.31% in May 2023 (previous low). According to data released by the National Statistical Office (NSO), inflation in the food basket stood at 8.69% in May, slightly lower than 8.70% in April. A headline price increase has seen a gradual decline since February 2024, albeit in a narrow range from 5.1% in February to 4.8% in April 2024. The government has entrusted the Reserve Bank with the task of ensuring that CPI inflation remains at 4% with a margin of 2% on either side. Earlier this month, the RBI had projected CPI inflation a...
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