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IndiaTV Business: Google News Feed: Digest for June 14, 2024

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The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) opted to maintain the policy rate, the repo rate, at 6.5% on Friday, marking the eighth consecutive meeting without a change. This decision implies that interest rates will remain steady, delaying prospects for cheaper loans and lower EMIs. RBI Governor Shaktikanta Das announced the decision, stating, "GDP growth that we are now projecting for the current financial year 2024–25 is 7.2% with Q1 at 7.3%, Q2 at 7.2%, Q3 at 7.3%, and Q4 at 7.2%. The risks are evenly balanced."
The Indian stock market saw positive momentum in early trade on Thursday, with key indices showing significant gains. The BSE Sensex surged 254.53 points, reaching 75,329.04. This rise reflects growing investor confidence and favourable market conditions. Indian benchmark indices saw a slight decline of up to 0.15% on Friday as investors awaited the Reserve Bank of India's Monetary Policy Committee's (MPC's) decision on interest rates. In broader markets, the BSE MidCap dropped by 0.16%, while the BSE SmallCap edged 0.34% higher.

RBI proposes automatic replenishment for UPI Lite wallet

Friday 07 June 2024 09:30 AM UTC+00
The Reserve Bank of India (RBI) on Friday proposed a facility to allow customers to automatically replenish their UPI Lite wallets. This initiative aims to promote small-value digital payments by simplifying the process for users. Currently, the UPI Lite wallet has a daily limit of Rs 2,000, with an upper limit of Rs 500 for a single payment. UPI Lite acts as an on-device wallet designed for small-value transactions, making digital payments quick and seamless. At present, the UPI Lite app can hold a maximum of Rs 2,000 at any given time.
Stock markets: The Indian stock markets experienced a significant surge, with both the Sensex and Nifty indices climbing over 2 per cent, driven by optimism as the formation of a new government approached, according to market experts. The Sensex reached a historic peak, hitting an all-time high of 76,787 points. Meanwhile, the Nifty 50 came tantalizingly close to its record high, missing it by just 25 points as it traded at 23,338 points in the afternoon session.
In a major achievement for the Adani Group, its solar photovoltaic (PV) arm Adani Solar has been recognised as a top performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard on Friday. This is the seventh time that the group has been ranked as the top performer by Kiwa PVEL.
Businessman, media baron who founded Eenadu & Ramoji Film City, Ramoji Rao, who was battling heart-related issues, died at a hospital in Telangana's Hyderabad in the wee hours on Saturday. The media personality and Ramoji group chairman Ramoji Rao, who revolutionised the news and entertainment industry, breath his last at the age of 88. Rao, who was admitted to a hospital on June 5 following respiratory problems, passed away at 4.50 am, according to Eenadu sources. The mortal remains were shifted to his residence in the famous Ramoji Film city.
India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.
In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Benchmark equity indices soared on Wednesday, with the Nifty reaching a new record high and the Sensex climbing nearly 600 points. This surge was driven by strong buying in blue-chip stocks like HDFC Bank and Reliance Industries, alongside gains in IT stocks. The NSE Nifty rose by 177.1 points, or 0.76%, to hit an all-time high of 23,441.95 during late morning trade. Meanwhile, the 30-share BSE Sensex surged by 593.94 points, or 0.77%, to 77,050.53, just 28.51 points shy of its previous lifetime peak of 77,079.04 set on Monday.
Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index (CPI) based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).
The Indian stock market saw positive momentum in early trade on Thursday, with key indices showing significant gains. The BSE Sensex surged 254.53 points, reaching 75,329.04. This rise reflects growing investor confidence and favourable market conditions. Indian benchmark indices saw a slight decline of up to 0.15% on Friday as investors awaited the Reserve Bank of India's Monetary Policy Committee's (MPC's) decision on interest rates. In broader markets, the BSE MidCap dropped by 0.16%, while the BSE SmallCap edged 0.34% higher.

RBI proposes automatic replenishment for UPI Lite wallet

Friday 07 June 2024 09:30 AM UTC+00
The Reserve Bank of India (RBI) on Friday proposed a facility to allow customers to automatically replenish their UPI Lite wallets. This initiative aims to promote small-value digital payments by simplifying the process for users. Currently, the UPI Lite wallet has a daily limit of Rs 2,000, with an upper limit of Rs 500 for a single payment. UPI Lite acts as an on-device wallet designed for small-value transactions, making digital payments quick and seamless. At present, the UPI Lite app can hold a maximum of Rs 2,000 at any given time.
Stock markets: The Indian stock markets experienced a significant surge, with both the Sensex and Nifty indices climbing over 2 per cent, driven by optimism as the formation of a new government approached, according to market experts. The Sensex reached a historic peak, hitting an all-time high of 76,787 points. Meanwhile, the Nifty 50 came tantalizingly close to its record high, missing it by just 25 points as it traded at 23,338 points in the afternoon session.
In a major achievement for the Adani Group, its solar photovoltaic (PV) arm Adani Solar has been recognised as a top performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard on Friday. This is the seventh time that the group has been ranked as the top performer by Kiwa PVEL.
Businessman, media baron who founded Eenadu & Ramoji Film City, Ramoji Rao, who was battling heart-related issues, died at a hospital in Telangana's Hyderabad in the wee hours on Saturday. The media personality and Ramoji group chairman Ramoji Rao, who revolutionised the news and entertainment industry, breath his last at the age of 88. Rao, who was admitted to a hospital on June 5 following respiratory problems, passed away at 4.50 am, according to Eenadu sources. The mortal remains were shifted to his residence in the famous Ramoji Film city.
India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.
In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Benchmark equity indices soared on Wednesday, with the Nifty reaching a new record high and the Sensex climbing nearly 600 points. This surge was driven by strong buying in blue-chip stocks like HDFC Bank and Reliance Industries, alongside gains in IT stocks. The NSE Nifty rose by 177.1 points, or 0.76%, to hit an all-time high of 23,441.95 during late morning trade. Meanwhile, the 30-share BSE Sensex surged by 593.94 points, or 0.77%, to 77,050.53, just 28.51 points shy of its previous lifetime peak of 77,079.04 set on Monday.
Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index (CPI) based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).
The Indian stock markets opened at fresh record highs on Thursday as the US Federal Reserve maintained interest rates. The Fed also signaled only one rate cut by the end of the year, despite high inflation. The Nifty hit a lifetime high of 23,481, climbing 159 points from the previous close of 23,322. The Sensex surged 539 points to reach a record high of 77,145. All Sensex stocks, except for Hindustan Unilever Limited (HUL) and ICICI Bank, were trading positively. Top gainers included Nestle, Wipro, and Tech Mahindra, with increases of up to 1.90%.
Stock markets: The Indian stock markets experienced a significant surge, with both the Sensex and Nifty indices climbing over 2 per cent, driven by optimism as the formation of a new government approached, according to market experts. The Sensex reached a historic peak, hitting an all-time high of 76,787 points. Meanwhile, the Nifty 50 came tantalizingly close to its record high, missing it by just 25 points as it traded at 23,338 points in the afternoon session.
In a major achievement for the Adani Group, its solar photovoltaic (PV) arm Adani Solar has been recognised as a top performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard on Friday. This is the seventh time that the group has been ranked as the top performer by Kiwa PVEL.
Businessman, media baron who founded Eenadu & Ramoji Film City, Ramoji Rao, who was battling heart-related issues, died at a hospital in Telangana's Hyderabad in the wee hours on Saturday. The media personality and Ramoji group chairman Ramoji Rao, who revolutionised the news and entertainment industry, breath his last at the age of 88. Rao, who was admitted to a hospital on June 5 following respiratory problems, passed away at 4.50 am, according to Eenadu sources. The mortal remains were shifted to his residence in the famous Ramoji Film city.
India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.
In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Benchmark equity indices soared on Wednesday, with the Nifty reaching a new record high and the Sensex climbing nearly 600 points. This surge was driven by strong buying in blue-chip stocks like HDFC Bank and Reliance Industries, alongside gains in IT stocks. The NSE Nifty rose by 177.1 points, or 0.76%, to hit an all-time high of 23,441.95 during late morning trade. Meanwhile, the 30-share BSE Sensex surged by 593.94 points, or 0.77%, to 77,050.53, just 28.51 points shy of its previous lifetime peak of 77,079.04 set on Monday.
Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index (CPI) based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).
The Indian stock markets opened at fresh record highs on Thursday as the US Federal Reserve maintained interest rates. The Fed also signaled only one rate cut by the end of the year, despite high inflation. The Nifty hit a lifetime high of 23,481, climbing 159 points from the previous close of 23,322. The Sensex surged 539 points to reach a record high of 77,145. All Sensex stocks, except for Hindustan Unilever Limited (HUL) and ICICI Bank, were trading positively. Top gainers included Nestle, Wipro, and Tech Mahindra, with increases of up to 1.90%.
The preparation for the Union Budget 2024-25 commenced as Finance Minister Nirmala Sitharaman took charge of the Finance Ministry on Wednesday. Hours after assuming office, she resumed her second inning in the Finance Ministry kicking off preparation for the upcoming Budget 2024-25. She held a key meeting with senior officials directing them to initiate the budget preparation process. Sitharaman emphasized the need for meticulous planning and comprehensive analysis before finalising the budgetary documents.
New Delhi: The GST Council, chaired by Finance Minister Nirmala Sitharaman, is scheduled to meet on June 22 in the national capital after a gap of eight months. The council is expected to review the implementation of the 28 per cent GST on the online gaming sector. The agenda for the 53rd meeting is yet to be circulated amongst the Council members.
Businessman, media baron who founded Eenadu & Ramoji Film City, Ramoji Rao, who was battling heart-related issues, died at a hospital in Telangana's Hyderabad in the wee hours on Saturday. The media personality and Ramoji group chairman Ramoji Rao, who revolutionised the news and entertainment industry, breath his last at the age of 88. Rao, who was admitted to a hospital on June 5 following respiratory problems, passed away at 4.50 am, according to Eenadu sources. The mortal remains were shifted to his residence in the famous Ramoji Film city.
India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.
In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Benchmark equity indices soared on Wednesday, with the Nifty reaching a new record high and the Sensex climbing nearly 600 points. This surge was driven by strong buying in blue-chip stocks like HDFC Bank and Reliance Industries, alongside gains in IT stocks. The NSE Nifty rose by 177.1 points, or 0.76%, to hit an all-time high of 23,441.95 during late morning trade. Meanwhile, the 30-share BSE Sensex surged by 593.94 points, or 0.77%, to 77,050.53, just 28.51 points shy of its previous lifetime peak of 77,079.04 set on Monday.
Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index (CPI) based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).
The Indian stock markets opened at fresh record highs on Thursday as the US Federal Reserve maintained interest rates. The Fed also signaled only one rate cut by the end of the year, despite high inflation. The Nifty hit a lifetime high of 23,481, climbing 159 points from the previous close of 23,322. The Sensex surged 539 points to reach a record high of 77,145. All Sensex stocks, except for Hindustan Unilever Limited (HUL) and ICICI Bank, were trading positively. Top gainers included Nestle, Wipro, and Tech Mahindra, with increases of up to 1.90%.
The preparation for the Union Budget 2024-25 commenced as Finance Minister Nirmala Sitharaman took charge of the Finance Ministry on Wednesday. Hours after assuming office, she resumed her second inning in the Finance Ministry kicking off preparation for the upcoming Budget 2024-25. She held a key meeting with senior officials directing them to initiate the budget preparation process. Sitharaman emphasized the need for meticulous planning and comprehensive analysis before finalising the budgetary documents.
New Delhi: The GST Council, chaired by Finance Minister Nirmala Sitharaman, is scheduled to meet on June 22 in the national capital after a gap of eight months. The council is expected to review the implementation of the 28 per cent GST on the online gaming sector. The agenda for the 53rd meeting is yet to be circulated amongst the Council members.
New Delhi: Mumbai ranked third and Delhi fifth among the top 44 cities globally in terms of housing price increases during the January-March 2024 period, as per the London-based global property consultancy firm Knight Frank's recent report 'Prime Global Cities Index Q1 2024'. However, Bengaluru's ranking has also improved during this time.
Moody's latest Ratings revealed that India is poised to maintain its position as the Asia-Pacific region's top-performing economy in 2024, continuing the robust growth driven by domestic factors seen last year. According to its report titled "Credit Conditions – Asia-Pacific H2 2024 Credit Outlook," Indonesia, the Philippines, and India have shown strong growth in the first half of the year and are expected to surpass pre-Covid growth levels. This is supported by increasing exports, strong local demand, and substantial government investments in infrastructure, it added. 
Businessman, media baron who founded Eenadu & Ramoji Film City, Ramoji Rao, who was battling heart-related issues, died at a hospital in Telangana's Hyderabad in the wee hours on Saturday. The media personality and Ramoji group chairman Ramoji Rao, who revolutionised the news and entertainment industry, breath his last at the age of 88. Rao, who was admitted to a hospital on June 5 following respiratory problems, passed away at 4.50 am, according to Eenadu sources. The mortal remains were shifted to his residence in the famous Ramoji Film city.
India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.
In the early hours of trading on Tuesday, benchmark equity indices experienced a downturn as investors engaged in profit taking following a record-breaking rally. Notable bluechips like Reliance Industries and HDFC Bank witnessed selling pressure, contributing to the decline.
Benchmark equity indices soared on Wednesday, with the Nifty reaching a new record high and the Sensex climbing nearly 600 points. This surge was driven by strong buying in blue-chip stocks like HDFC Bank and Reliance Industries, alongside gains in IT stocks. The NSE Nifty rose by 177.1 points, or 0.76%, to hit an all-time high of 23,441.95 during late morning trade. Meanwhile, the 30-share BSE Sensex surged by 593.94 points, or 0.77%, to 77,050.53, just 28.51 points shy of its previous lifetime peak of 77,079.04 set on Monday.
Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index (CPI) based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).
The Indian stock markets opened at fresh record highs on Thursday as the US Federal Reserve maintained interest rates. The Fed also signaled only one rate cut by the end of the year, despite high inflation. The Nifty hit a lifetime high of 23,481, climbing 159 points from the previous close of 23,322. The Sensex surged 539 points to reach a record high of 77,145. All Sensex stocks, except for Hindustan Unilever Limited (HUL) and ICICI Bank, were trading positively. Top gainers included Nestle, Wipro, and Tech Mahindra, with increases of up to 1.90%.
The preparation for the Union Budget 2024-25 commenced as Finance Minister Nirmala Sitharaman took charge of the Finance Ministry on Wednesday. Hours after assuming office, she resumed her second inning in the Finance Ministry kicking off preparation for the upcoming Budget 2024-25. She held a key meeting with senior officials directing them to initiate the budget preparation process. Sitharaman emphasized the need for meticulous planning and comprehensive analysis before finalising the budgetary documents.
New Delhi: The GST Council, chaired by Finance Minister Nirmala Sitharaman, is scheduled to meet on June 22 in the national capital after a gap of eight months. The council is expected to review the implementation of the 28 per cent GST on the online gaming sector. The agenda for the 53rd meeting is yet to be circulated amongst the Council members.
New Delhi: Mumbai ranked third and Delhi fifth among the top 44 cities globally in terms of housing price increases during the January-March 2024 period, as per the London-based global property consultancy firm Knight Frank's recent report 'Prime Global Cities Index Q1 2024'. However, Bengaluru's ranking has also improved during this time.
Moody's latest Ratings revealed that India is poised to maintain its position as the Asia-Pacific region's top-performing economy in 2024, continuing the robust growth driven by domestic factors seen last year. According to its report titled "Credit Conditions – Asia-Pacific H2 2024 Credit Outlook," Indonesia, the Philippines, and India have shown strong growth in the first half of the year and are expected to surpass pre-Covid growth levels. This is supported by increasing exports, strong local demand, and substantial government investments in infrastructure, it added. 
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