Shaktikanta Das, governor of the Reserve Bank of India, announced on Thursday that following three days of discussion, the Monetary Policy Committee has opted to hold the key policy repo rate at 6.5 percent, maintaining the status quo for a third straight time. According to Shaktikanta Das, the MPC decided by a margin of 5:1…
India’s efforts to encourage settlement of overseas trade in Indian rupees are paying off; the first users of the channel were nearby nations like Bangladesh and Sri Lanka. Anupriya Patel, a minister of state for commerce and industry, responded to a question in the Lok Sabha by stating that Sri Lanka has added the Indian…
Coal India reported a profit for the first quarter of its fiscal year of Rs 7,941.40 crore, above expectations despite a 10.1% decrease from the same quarter last year’s profit of Rs 8,834.22 crore. Higher costs have a negative impact on the company’s profit. It reported operating revenue of Rs 35,983.21 crore, an increase of…
On Tuesday, Tata Power announced an investment of Rs 13,000 crore for the construction of two pumped hydro storage projects (PSPs) in Maharashtra. The business stated that the two projects will have a combined capacity of 2,800 MW without providing a timetable for the expenditure. A corporate statement defining a PSP stated that during periods…
Due to the rebound in the dollar index and a drop in Asian rivals, the Indian rupee is anticipated to open weaker on Tuesday. The rupee is expected to open Monday at approximately 82.85 to the dollar, down from 82.7425 on Monday, according to non-deliverable forwards. Following the release of the U.S. jobs report, the…
In the week ending July 28, foreign exchange reserves decreased by $3.2 billion to $603.9 billion, according to the most recent information from the Reserve Bank of India (RBI). After reaching their greatest level in more than a year during the week ending July 14, reserves have decreased for the second consecutive week. In an…
According to the Indian Sugar Mills Association (ISMA), increasing sugarcane diversion for ethanol production is expected to result in a 3.41% decrease in sugar production, or 31.68 million tonne (MT), in the upcoming season (October-September), compared to the season 2022-2023. It is anticipated that 32.8 MT of sugar will be produced this season. According to…
On the strength of positive macroeconomic developments and views that the U.S. Federal Reserve is reaching the end of its rate hike cycle, the rupee will maintain its current gains versus the dollar in the next months and will strengthen somewhat in a year, according to a Reuters poll. The Reserve Bank of India (RBI)…
The Ministry of Coal released a statement stating that overall coal production in India increased by 8.4% in the first quarter of FY 2023–24 to 222.93 million tonne (MT) as opposed to 205.65 MT in the first quarter of FY 2022–23. In comparison to 159.63 MT produced during the same period last year, Coal India…
As investors took profits on worries that future interest rate increases by central banks might stifle economic growth and global fuel demand, oil prices declined on Thursday, erasing some of the gains made the day before. The price of Brent crude futures had decreased by 27 cents, or 0.4%, to $73.76 per barrel. American West…
