IT major Infosys’ net profit in the June quarter jumped 11 per cent year-on-year to Rs 5,945 crore. Its net profit in the same quarter last year stood at Rs 5,360 crore.
While there’re concerns over higher consumer price index (CPI) inflation, driven by an increase in prices of vegetables and pulses, the central bank may continue with its policy stance of ‘withdrawal of accommodation’ amidst surplus liquidity in the banking system.
Maruti Suzuki rallied over 3 per cent to close at Rs 10,332 on BSE after the automobile major reported its highest-ever monthly wholesales in August.
Enhanced provision for capital expenditure by the government in the current fiscal is now leading to crowding in of private investment, and domestic consumption and investment demand would continue to drive growth going forward, said the ministry’s Monthly Economic Review for July.
The PM emphasised that India should speed up the efforts to make a leading aircraft manufacturing ecosystem by tapping into the MSME network and the diverse talent pool.
Embattled developer China Evergrande Group has filed for protection from creditors in a US bankruptcy court as part of its debt restructuring process, as anxiety grows over China’s worsening property crisis and a weakening economy.
State-run companies have raised Rs 8,900 crore via the sale of bonds, amid strong interest from investors, who do not expect major spikes in yields, while a dearth of supply recently also aided, merchant bankers said.
An Akasa spokesperson said the airline does not comment on speculation, while Boeing did not respond to Reuters’ queries.
In September, the Bank had said rates would need to remain “sufficiently restrictive for sufficiently long.”
Transportation and Logistics sector is one of the major drivers of the economic growth, with auto and auto component industry’s turnover contributing 49 per cent of India’s manufacturing gross domestic product (GDP).