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Mon, 31 August 2015
April-July fiscal deficit at 69% of annual target
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17:12 April-July fiscal deficit at 69% of annual target
India's fiscal deficit was Rs 3.85 trillion ($57.93 billion) during April-July, or 69.3 per cent of the full-year target, government data showed on Monday.
The deficit was 61.2 per cent during the same period a year ago.Net tax receipts were at Rs 1.54 trillion in the first four months of the current fiscal year that ends in March 2016.
16:31 Ratan Tata invests in Infinite Analytics
Leading industrialist Ratan Tata has invested in Infinite
Analytics which will help the predictive technology firm scale up operations.
Existing investors in the company like Nikhil Vora of Sixth Sense Ventures and new investors from Silicon Valley as well as India have also participated in this round, Infinite said in a statement.
The company will use these investments to beef up hiring, scale up operations and explore new verticals, it added.
Tata, who is Chairman Emeritus of Tata Sons, has made this investment in his personal capacity.
The amount invested has not been undisclosed.
Tata has been aggressively investing in startups, ranging from eCommerce firms to cab aggregators.
He has invested in companies like Snapdeal, Kaaryah, Urban Ladder, Bluestone, CarDekho, Xiaomi and Ola.
Existing investors in the company like Nikhil Vora of Sixth Sense Ventures and new investors from Silicon Valley as well as India have also participated in this round, Infinite said in a statement.
The company will use these investments to beef up hiring, scale up operations and explore new verticals, it added.
Tata, who is Chairman Emeritus of Tata Sons, has made this investment in his personal capacity.
The amount invested has not been undisclosed.
Tata has been aggressively investing in startups, ranging from eCommerce firms to cab aggregators.
He has invested in companies like Snapdeal, Kaaryah, Urban Ladder, Bluestone, CarDekho, Xiaomi and Ola.
16:08 India pitches for rating upgrade by S&P on strong macro data
India on Monday pitched for rating upgrade by Standard and Poor's citing strong macroeconomic indicators, low inflation and improvement in fiscal as well as current account deficits.
In his presentation to the visiting S&P officials, Chief Economic Advisor (CEA) Arvind Subramanian said that country has strong medium-term growth potential on back of persistent economic reforms which are being pursued by the government. S&P has BBB- rating on India with stable outlook.
According to the sources, Subramanian also expressed the government's commitment to implement the Goods and Services Tax (GST) bill and said that country's growth in the current fiscal was expected to improve to around 8 per cent.
Subramanian based his optimism for higher growth on macroeconomic stability, better-than-expected monsoon and cumulative effect of reforms.
15:11 Barclays trims December Nifty target to 9,642
British brokerage Barclays has trimmed its year-end Nifty target to 9,642 from 10,219 on account of continued "underwhelming" trend in overall corporate earnings.
According to Barclays latest report, Indian earnings have now remained stuck in single-digit growth territory for the past three years.
While, the firm expects an earnings bounce back in the second half of the current financial year in sectors like consumer, financial, healthcare and capital goods, it said, "the postponement in earnings recovery leads us to reduce our 12-month forward Nifty index target to 9,642 from 10,219".
Barclays noted that, while earnings performance of India Inc for the first quarter of 2015-16 "was by and large weak, on account of a weaker-than-expected demand recovery", there were signs of improvement in demand in a few sub-sectors in the consumption and industrial sectors.
As per the report, the bounce back in earnings is underpinned by an expectation of better fiscal policy in terms of higher capital expenditure by the government and also an improvement in consumption as lower oil prices trickle down to consumers.
Meanwhile, Barclays also said that its expectations from the monetary policy is muted. "Our economists look for a 25 bps rate cut before March 2016 and FY16 average consumer price index (CPI) of 5 per cent," it added.
14:39 Gold, silver extend gains on jewellers buying, global cues
Supported by sustained buying from jewellers and retailers to meet wedding season demand and a firming trend overseas, gold prices rose by Rs 160 to Rs 26,860 per ten grams at the bullion market today.
Silver also advanced by Rs 200 to Rs 35,000 per kg on increased offtake by industrial units and coin makers.
Traders said besides firming trend overseas, sustained buying by jewellers, driven by wedding season demand mainly kept gold and silver prices higher.
Globally, gold traded shade higher at $1,134.12 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity climbed Rs 160 each to Rs 26,860 and Rs 26,710 per ten gram respectively. It had gained Rs 50 on Friday.
13:52 Reliance Group to expand business cooperation with Qatar
Anil Ambani-led Reliance Group has expressed a keen interest
in playing a larger role in the growing economic ties between India and Qatar by expanding business
cooperation with the Gulf country.
Ambani called on Qatar's Prime Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani among other senior Qatari ministers during a visit to the oil-rich country on Sunday.
Ambani highlighted the operations of Reliance Group in diverse sectors and discussed possible areas of interest for expanding business cooperation with Qatar to the mutual benefit of both sides.
Accompanied by a team of senior executives, he discussed bilateral trade ties with Qatari dignitaries, underlining the group's keen interest in playing a larger role in the growing economic partnership between India and Qatar.
Ambani called on Qatar's Prime Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani among other senior Qatari ministers during a visit to the oil-rich country on Sunday.
Ambani highlighted the operations of Reliance Group in diverse sectors and discussed possible areas of interest for expanding business cooperation with Qatar to the mutual benefit of both sides.
Accompanied by a team of senior executives, he discussed bilateral trade ties with Qatari dignitaries, underlining the group's keen interest in playing a larger role in the growing economic partnership between India and Qatar.
13:49 Hope RBI takes note of low inflation, oil prices: Jaitley
Pushing for interest rate cut,
Finance Minister Arun Jaitley today said inflation is under control while oil
and commodity prices are also low and expressed hope that RBI will consider all
these factors in its monetary policy review.
"Inflation in India is broadly under control and you have low oil prices, you have low commodity prices.
"Though August and September are not going to be very exciting from the point of view of monsoon, at least July was a very good month for monsoon.
So production in agriculture is going to be significantly better than the last year and therefore I don't think food prices will rise very much either," he said.
In a scenario where inflation is under control, the quantum of interest rate cut is the prerogative of the RBI, he said.
"Inflation in India is broadly under control and you have low oil prices, you have low commodity prices.
"Though August and September are not going to be very exciting from the point of view of monsoon, at least July was a very good month for monsoon.
So production in agriculture is going to be significantly better than the last year and therefore I don't think food prices will rise very much either," he said.
In a scenario where inflation is under control, the quantum of interest rate cut is the prerogative of the RBI, he said.
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