Category: BUSINESS

Finance Minister Arun Jaitley on Saturday exuded confidence that there will be no more fiscal slippages as the financial position is likely to be comfortable from the next fiscal. Brushing aside any need to worry about rising global oil prices, Jaitley said an assessment should not be made based on hypothetical situation concerning crude prices as the trend in the last three days has been the opposite (with prices falling again). He added that at this stage he was not worried about any slippages on the fiscal front. Addressing a…

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The inflow of NRI deposits to Kerala increased by 12 per cent during 2016-17 and stood at Rs 1,52,348 crore as on March 2017. The total NRI deposits in the public sector banks as on March 2017 was Rs 83,855 crore and Rs 68,493 crore in the private sector banks, according to the Economic Review 2017 tabled in the state Assembly recently. As on March 2016, the NRI deposit was Rs 1,35,609 crore, the review said. The Kerala-based Federal Bank attracted more NRI deposits than the public and private sector…

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Stocks tripped over the growing worries about rise in interest rates and a global rout in equities on Friday, with the benchmark Sensex falling over 1 per cent to close at a one-month low and the broader Nifty crashing below the 10,500 level. The 30-share Sensex closed lower by 407.40 points or 1.18 per cent at 34,005.76. This is the weakest closing since January 4 when it had ended at 33,969.64. The broad-based Nifty fell by 121.90 points or 1.15 per cent to end at 10,454.95. On weekly basis, the…

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The benchmark BSE Sensex gained momentum in afternoon trade today, rallying over 482 points on continued buying by domestic funds and recovery in the rupee amid higher Asian markets. On the other hand, Brent crude futures tumbled to a six- week low of USD 65.16 per barrel. A fall in crude prices is seen as positive for Indian economy, which imports most of its oil requirements. The 30-share barometer stayed in the green through the the session on all-round buying. It was trading at 34,565.03 by surging 482.32 points, or…

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The Reserve Bank is expecting retail inflation to rise to 5.1 per cent in the last quarter of the ongoing fiscal due to rising crude oil prices and hike in salary components of government employees. The central bank has also projected inflation to be in the range of 5.1-5.6 per cent in the first half of 2018-19. Meanwhile, the RBI has kept the key repo rate, at which it lends to banks, unchanged at 6 per cent. “Domestic pump prices of petrol and diesel rose sharply in January, reflecting lagged…

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Market benchmark BSE Sensex was trading lower by about 69 points at 34,127.31 in late afternoon trade after the RBI kept its key policy rate unchanged and lowered economic growth projection for 2017-18. The central bank kept the interest rate unchanged, as widely expected on inflation concerns, but lowered economic growth projection to 6.6 per cent for 2017-18, from 6.7 per cent in its sixth bi-monthly Monetary Policy statement today. The RBI kept the key policy rate unchanged at 6 per cent for the third consecutive time today in view…

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As the market rout continued, some stocks still managed to make gains, with over 30 companies hitting their 52-week high levels today and gains in blue- chips such as Bharti Airtel and Tata Steel cushioned the fall in the broader market to some extent. The BSE Sensex cracked below the 34,000-mark by plunging about 1,275 points or 3.6 per cent in opening trade today mainly due to sell-off in world markets. However, during the late trading session, the index managed to recover some of the lost ground and was quoting…

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The exports promotion council for special economic zones (SEZ) today said the government should reconsider their demand to restore tax benefits for supporting growth of the sector and generating jobs as the budget did not bring any concrete measure. The Export Promotion Council for EOUs & SEZs (EPCES) said the budget has “absolutely nothing” important for the SEZs despite flagging the key issues affecting the sector. The industry has asked for the removal of minimum alternate tax (MAT) and continuation of tax incentives being enjoyed by units in these zones.…

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There is “unevenness” in the taxes paid by the salaried class and business people, as 50 per cent of the 7 lakh companies which file I-T returns show zero or negative income, Finance Secretary Hasmukh Adhia said today. The government, he said, is working on removing the “unevenness in the tax paid by different classes of people” by using foolproof technological system. He said the tax payer base has gone up after the GST roll out as well as demonetisation and there has been a concerted effort to make India…

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