In contrast to the increase in the tax on diesel and ATF exports, the government has reduced the windfall profit tax on domestically produced crude oil. The special additional excise duty, or SAED, paid on domestically produced crude oil was decreased from Rs 7,100 per tonne to Rs 6,700 per tonne. According to the announcement,…
In the week ending September 1, the market ended a five-week losing trend with solid gains. The benchmarks were under pressure due to conflicting global cues, weak monsoons in August, and rising crude oil prices; nevertheless, positive investor sentiment was buoyed on Friday by solid GDP and Manufacturing figures. The Nifty50 began the month of…
According to the S&P Global monthly survey, India’s manufacturing sector experienced its quickest rise in three months in August, powered by a significant increase in new orders and output. The manufacturing sector’s health improved by the second-best amount in nearly three years in August, according to the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’…
India’s economy is anticipated to do well in its most recent assessment due to robust growth in the services sector and an uptick in manufacturing despite high-interest rates. According to the consensus estimate in a Bloomberg survey conducted before the release of the data on Thursday, the gross domestic product increased by 7.8% over the…
In response to a weakening US dollar on international markets on Wednesday, the rupee gained 6 paise to settle at 82.74 (provisional). Analysts claim that while rises in crude oil prices restrained the rupee’s upward potential, FII inflows into the capital market and robust equity markets supported the local currency. In the face of overnight…
According to a domestic ratings business, the revenue growth of the Indian IT services sector will decrease to 3% in the current fiscal year from 9.2% in the prior fiscal year. According to ICRA Ratings, this fiscal year’s profitability would also suffer, and the operating profit margin will drop to 20–21%, a reduction of up…
Due to a recovery in the price of crude oil and the dollar on international markets, the rupee fell 8 paise to end the day at 82.71 (provisional) against the US dollar on Tuesday. According to FX dealers, foreign fund withdrawals from the equity markets also affected the outlook for the rupee. In the face…
Chemical industry operators are shifting their focus to specialty chemicals in an effort to increase margins in light of the current slowdown in the chemical sector. According to recent industry data, the chemical industry as a whole has experienced negative growth over the last three quarters. In contrast, the specialized chemicals industry has experienced expansion…
In response to statements of intervention by the central bank and inflows of foreign capital, the rupee defied a four-week downturn by rising by more than half a percentage point. However, in light of rising food prices and unequal rainfall distribution that call for vigilant monitoring, the RBI’s minutes sounded hawkish. While local benchmark indices…
According to government data, foreign direct investment (FDI) into India decreased 34% to USD 10.94 billion during April to June 2023–24, with fewer inflows in computer hardware and software, telecom, auto, and pharma being the main drivers. During April to June 2022–2023, FDI inflows totaled USD 16.58 billion. The amount of inflows between January and…
