“India’s IIP growth rate rises to a 16-month high of 11.7 per cent in October 2023,” an official statement said.
“Respondents remained fairly optimistic on the one year ahead prospects for general economic situation, employment, income and spending,” the Consumer Confidence Survey (CCS), released by the RBI, showed.
The counsel appearing for the Reserve Bank of India (RBI) said that the central bank is a regulator and that nothing specific had been pointed out in the plea as to what the RBI is supposed to do. The counsel said that “any international transfer cannot be RTGS”.
A Reuters poll of 75 economists showed the Reserve Bank of India was expected to keep its repo rate unchanged at 6.50 per cent at its August 10 policy meeting.
Shares of Adani Power climbed over 3 per cent in morning trade after US-based boutique investment firm GQG Partners along with other investors bought an 8.1 per cent stake in the company for over Rs 9,000 crore ($1.1 billion).
Asian Paints was the top loser in the Sensex pack, as the stock ended 4 per cent lower at Rs 3,400.10, after the company reported 52 per cent jump in its net profit to Rs 15.50 lakh crore.
The BSE’s Sensex rose 954.15 points, or 1.14 per cent to open at all-time high of 68435.34. The previous record high of the index was 67,927.23, touched during the intraday trade on September 15, 2023.
The number of corporates that witnessed credit rating upgrades in H1 of FY24 outnumbered those who faced downgrades, they said.
The Finance Minister said the industry has great potential and should create manufacturing capacity keeping in mind sustainability, carbon emission, general pollution and groundwater pollution, among other issues.
Haldiram’s, a household name in India, is also talking with private equity firms including Bain Capital about the sale of a 10% stake, two people briefed on the matter said.