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Wed, Aug 01 2018. 04 41 PM IST
RBI also raised the average inflation projection for the second half of the year to 4.8% from 4.7% in June. The central bank expects inflation to edge higher to 5% in the first quarter of next fiscal year. The policy statement also cited the implementation of minimum support price hike as the primary factor stoking inflation this year. The government has fixed the MSP at 150% of the cost of production of all kharif crops. RBI also highlighted its concerns over crude oil prices as it remains elevated despite seeing a slight moderation. The central bank however remains sanguine about the overall performance of monsoon as it augurs well for food inflation in the medium-term.
Tue, Jul 31 2018. 05 49 PM IST
Will the Reserve Bank of India (RBI) hike the interest rate tomorrow? The RBI’s monetary policy committee (MPC) will make its next move tomorrow based on what it believes to be the trajectory of future inflation. The minutes of the previous MPC meeting in June were dominated by discussions about the impact of higher farm support prices as well as oil prices. The government has since announced higher support prices for various food items. Economists at investment bank Nomura estimate that the impact of higher support prices on headline inflation will be 20-90 basis points. The higher end of this range will take consumer price inflation within a whisker of 6%, the upper end of the RBI’s inflation target. With global oil prices range-bound now, the other big worry should be core inflation. The June reading of core inflation was 5.89%. So what lies ahead? The market for overnight index swaps is already pricing two more rate hikes over the next year. The more immediate question is what the MPC could do in its meeting this week. The choice is between a pre-emptive hike right away or a pause till there is more clarity on the impact of higher farm support prices on headline inflation.
Tue, Jul 31 2018. 05 13 PM IST
Samsung Electronics on Tuesday reported a 0.1% dip in its second quarter net profit from a year earlier, blaming slower global sales of premium smartphones that dented demand for its flagship Galaxy device. Net profit for the April to June period came in at 11.04 trillion won ($9.9 billion), slightly lower than the 11.05 trillion won in the same period in 2017, the company said in a regulatory filing. An average of estimates compiled by Bloomberg News had forecast 11.6 trillion won for the period. Operating profit was 14.87 trillion won, up 5.7% and in line with the estimate of 14.8 trillion won suggested in a preliminary guidance report released earlier this month. But total sales fell 4.1% year-on-year to 58.48 trillion won, with the company’s consumer electronics and mobile businesses suffering.
Mon, Jul 30 2018. 05 44 PM IST
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Thu, Jul 26 2018. 01 15 PM IST
India’s benchmark Sensex Index hit the 37,000-mark for the first time on Thursday and the Nifty 50 Index also touched an all-time high driven by optimism that earnings growth will pick up further because of favourable government policies. Normal monsoon so far also boosted the sentiment. India’s south west monsoon has recovered in the past week. The cumulative deficit has, by 23 July, narrowed to 2% of the long-term average from -9% earlier in the month.
Thu, Jul 26 2018. 12 56 PM IST
Facebook chief executive Mark Zuckerberg said the tech giant has been investing heavily in “safety, security and privacy” after being rocked by concerns of manipulation. Facebook shares went into a freefall 25 July as a stunningly weak financial outlook raised fresh concerns for the social networking giant as it tries to recover from the impact of data protection scandals and investigations.
Wed, Jul 25 2018. 04 15 PM IST
Maruti Suzuki India in a statement said it will proactively and voluntarily undertake a recall for 1,279 vehicles (566 new Swift and 713 new Dzire) manufactured between May 7 and July 5, 2018. Automobile manufacturers in India follow a voluntary recall policy adopted by industry body SIAM in July 2012, under which if a company is of the opinion that there is a manufacturing defect that compromises safety of vehicles, it will voluntarily rectify the problem free of cost to the customer.
Tue, Jul 17 2018. 02 59 PM IST
The Amazon.com founder’s net worth reached $150 billion on Monday which is $55 billion ahead of Microsoft co-founder Bill Gates’s net worth. Bezos also topped Gates in inflation-adjusted terms. The $100 billion mark that Gates hit briefly in 1999 at the peak of the dot-com boom would be about $149 billion in today’s dollars.
Sat, Jul 14 2018. 04 37 PM IST
Mukesh Ambani, chairman Reliance Industries, was estimated to be worth $44.3 billion on Friday with RIL trading 1.7% higher. Jack Ma’s wealth stood at $44 billion at close of trade on Thursday in the US, where the company is listed. Ambani has added $4 billion to his fortune this year as Reliance doubled its petrochemicals capacity and investors cheered the success of his disruptive telecom upstart Reliance Jio Infocomm Ltd.
Thu, Jul 12 2018. 03 13 PM IST
India has become the world’s sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017. India’s gross domestic product (GDP) amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France. The economy rebounded strongly from July 2017, after several quarters of slowdown blamed on economic policies pursued by Prime Minister Narendra Modi’s government.
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