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US growth, Japan stimulus lift Sensex, Nifty to new heights
GDP likely to grow in 5.5-5.9% range in 2014-15, says Jaitley
Fuel price cut follows global rate reduction
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Sept core sector output slows to 1.9%
New Delhi, October 31 The crude oil, natural gas, refinery products and fertiliser outputs have registered a drop of 1.1%, 6.2%, 2.5% and 11.6%, respectively, in the month under review, according to the data released by the Commerce and Industry Ministry. Expansion in other four sectors — coal, cement, steel and electricity — too slowed down to 7.2%, 3.2%, 4% and 3.8%, respectively, in September this year against 13.6 per cent, 12.1%, 10.7 per cent and 12.9% rise in September 2013, respectively. In January 2014, the eight core industry index registered an overall growth of 1.6%.During April-September, the eight sectors grew by 4%, against 5% in the year-ago period. The September figures would have an impact on overall industrial production as the eight core sectors have a combined weight of about 38% in the Index of Industrial Production (IIP). — PTI Figures to impact IIP
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US growth, Japan stimulus lift Sensex, Nifty to new heights
Mumbai, October 31 Hopes of more reform measures from the Modi government, expectations of better growth in the second half of the fiscal and heavy buying by foreign funds, also had a positive impact. Investor wealth soared nearly Rs 1.5 lakh crore in a single session today as six stocks out of every 10 traded ended in the green. Barring consumer durables, all 11 other sectoral indices finished with gains between 0.45% and 2.66%. Capital goods, oil and gas, IT, power, banking, pharma, auto and realty segments lead the winners. Overall, 29 out of the 30 Sensex-based scrips finished higher while only Bharti ended in the red. HDFC, Infosys, L&T, RIL, HDFC Bank, TCS, SBI Tata Motors, ONGC and ICICI Bank among others kept the market tempo upbeat. The benchmark S&P BSE Sensex resumed strong and continued to move upwards to settle at its new historic high of 27,865.83, showing a rise of 519.50 or 1.9%. During the week, it shot up by 1,014.78 points or 3.78% and 1,866.49 points or 7.18% in the last nine out of 10 days. The 50-issue CNX Nifty of NSE also flared up by 153 points, or 1.87%, to end at new peak of 8,322.20. The Sensex and Nifty also logged new intra-day highs of 27,894.32 and 8,330.75 today. This was after they hit previous highs of 27,390.60 and 27,390.60 on Thursday. "Much-needed reforms from the new government, strong Q2 performance by India Inc, Fed's low-interest rate regime combined with the Bank of Japan's sudden stimulus announcement, gave markets across a sentiment boost," said Hiren Dhakan, associate fund manager, Bonanza Portfolio. Sentiment was also boosted after the US released forecast-beating economic growth data on Thursday. The world's biggest economy grew 3.5% in the September quarter. The Japanese central bank expanded the size of its government bond purchases to the equivalent of about 80 trillion yen a year, an increase of 30 trillion yen. — PTI Gold prices plunge by
Rs 600
NEW DELHI: Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in New Delhi on Friday after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity. Besides, subdued demand from jewellers and retailers following the end of festive season and shifting of funds towards soaring equity markets, weighed on prices of the precious metal. — PTI Oil falls to $85 on strong $
LONDON: Brent crude oil fell more than a dollar towards $85 a barrel on Friday as a firmer dollar and a well supplied oil market pushed the benchmark towards its steepest monthly decline since 2012. — Reuters |
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GDP likely to grow in 5.5-5.9% range in 2014-15, says Jaitley
New Delhi, October 31 He said the recent decline in international oil prices and prices of domestic food items point towards lower inflation in the coming months. He said higher growth leads to more revenue collections, better employment opportunities and increase in government's capacity to finance social sector programmes among others. Jaitley said in the last couple of years, there was a slowdown in industry, including the manufacturing sector, and a decline in the investment resulting in growth of less than 5%. The Finance Minister was making his opening remarks here today at the first meeting of the consultative committee attached to the Finance Ministry. He said the Make in India initiative aimed at enhancing the production in India with global quality standards. He said the economy has potential for achieving and sustaining higher growth. The economy registered a growth of 4.7% in 2013-14. The FM said the capital flows to finance Current Account Deficit (CAD) is adequate and further moderation in CAD can be expected in 2014-15 due to lower oil prices. Jaitley said that the priority of the government is to revive and sustain higher GDP growth, increase savings, fiscal consolidation, keeping the CAD at moderate level, reviving investment cycle, encouraging growth in the manufacturing sector, augmenting supply response to contain inflation especially food inflation, boosting infrastructure sector and exports, rationalise subsidies and reforms in direct and indirect taxes among others. Pressure on fiscal deficit
Arun Jaitley said the increased tax refunds in the current financial year is leading to higher fiscal deficit, which neared 83 per cent of full year target in the April-September period. "Higher tax refunds are getting reflected in fiscal deficit number. This year, there were pending tax refunds estimated around ~ lakh crore," he said. Funds needed for PSBs
The Finance Ministry on Friday said it would seek additional Rs 10,000 crore fund for recapitalisation of public sector banks (PSBs) for meeting global capital adequacy or Basel III norms. This would be over and above ~11,200 crore announced in the Budget 2014-15. “We are seeking additional Rs 10,000 crore for bank recapitalisation this year," Financial Services Secretary GS Sandhu said. — PTI |
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Fuel price cut follows global rate reduction
New Delhi, October 31 The reduction in rates of petrol and diesel, which was deregulated for the first time in more than a decade, will be effective from midnight tonight, Indian Oil Corp, the nation’s largest fuel retailer, announced. The Rs 2.41 a litre price cut in petrol and Rs 2.25 in diesel was after accounting for a 10-15 paise increase in commission paid to petrol pump dealers. The reduction should have been higher by 10-15 paise if the dealer commission had not been increased. Petrol will cost Rs 64.25 a litre in Delhi from tomorrow as against Rs 66.65 currently. In Mumbai, the rate will be cut by Rs 2.55 a litre to Rs 71.91. Prices vary from state to state because of differential rate of local sales tax or VAT. Diesel rates have been cut for the second time this month. — PTI |
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From today, ATM use over 5 times/month will attract fee Telecom panel to discuss spectrum auction on Nov 7 Maruti to launch improved Alto K10 on November 3 Facebook sets up India Client Council OilMin forms panel for Make in India campaign
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Markets today ended the week on a high note with Sensex zooming 519.50 points and Nifty soaring 153 points to new peaks for the second straight day in line with a strong global rally after Japan unexpectedly increased its monetary stimulus and US grew at a robust pace.
Hopes of more reform measures from the Modi government, expectations of better growth in the second half of the fiscal and heavy buying by foreign funds, also had a positive impact.
New Delhi, October 31
