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IndiaTV Business: Google News Feed: Digest for August 19, 2024

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Indian equity benchmark indices opened on a positive note on Wednesday, tracking the strength from global markets. The BSE Sensex climbed 50 points to 79,000, while the NSE Nifty 50 reached a high of 24,196, hovering around 24,150 levels. Among the Sensex 30 stocks, Tata Motors emerged as the top gainer, rising over 1%. Other notable gainers included SBI, Sun Pharma, Tech Mahindra, and Larsen & Toubro. Conversely, Adani Ports, UltraTech Cement, ICICI Bank, and Axis Bank were among the notable losers.

India's wholesale inflation drops to 2.04 per cent in July

Wednesday 14 August 2024 06:52 AM UTC+00
India's wholesale inflation declined to 2.04% in July, down from 3.36% in June, according to government data released on Wednesday. The data was shared by the Department for Promotion of Industry and Internal Trade (DPIIT) on social media platform X, marking a significant drop in inflation based on the Wholesale Price Index (WPI).
The Indian Railways reportedly cancelled its Rs 30,000-crore tender for the manufacturing and maintenance of Vande Bharat Express - a semi-high-speed train service. According to the media reports, the railways authorities annulled a tender for 100 aluminium-body Vande Bharat trains to Alstom India.
New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. This news made a lot of headlines. Let us tell you that the country's largest bank, State Bank (SBI), has not been charging any fee for not maintaining the minimum balance for the last few years. However, several other government banks continue to levy such charges. Among them, Punjab National Bank (PNB) collected the highest penalty, amounting to Rs 1,538 crore over the last five years. Here's a breakdown of the charges imposed by various banks for not maintaining the minimum balance.
Taxpayers who have filed their Income Tax Returns (ITR) and are awaiting refunds need not worry about delays. The Income Tax Department is currently processing returns, and refunds will be issued based on the type of ITR form filed. Here's a breakdown of when you can expect your refund based on the form you submitted.
The State Bank of India (SBI), the largest state-owned bank in India, has announced an increase in its lending rates by 10 basis points across tenors, effective from August 15, 2024. This marks the third consecutive month that the bank has raised its rates, indicating a trend of tightening credit conditions. The rate hike will impact the Marginal Cost of Funds Based Lending Rate (MCLR), which is the benchmark used by the bank to set interest rates on various types of loans, including home, auto, and personal loans. The MCLR is a critical reference point for borrowers as it directly affects the cost of borrowing.
In early trading, the Sensex saw a significant jump, gaining 805.96 points to reach 79,911.84. Similarly, the Nifty index surged by 252.05 points, climbing to 24,395.80. This strong market performance reflects positive investor sentiment and robust economic indicators. All 30 Sensex stocks were trading higher, with major gainers including Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys, and IndusInd Bank.
Saraswati Saree Depot is set to finalise the allotment of its IPO shares on Friday, August 16. Investors who participated in the bidding process, which saw strong demand, can check their allotment status over the extended weekend or by Monday. The IPO was subscribed 107.52 times overall, with particularly high interest from non-institutional bidders.
The Union Cabinet on Friday (August 16) approved two new airport projects in Bihar and West Bengal, and three metro rail projects in Pune, Thane and Bengalore. The Cabinet gave its nod to airport projects at Bagdogra in West Bengal and Bihta in Bihar for an estimated total cost of Rs 2,962 crore, Information and Broadcasting Minister Ashwini Vaishnaw informed. Vaishnaw said a new civil enclave at Bagdogra airport has been approved for an estimated cost of Rs 1,549 crore.
India has been trailing among G20 nations in terms of employment generation with the country in need to create an additional 148 million jobs by 2030 considering the population growth, IMF's First Deputy Managing Director Gita Gopinath said on Saturday. Speaking at the Diamond Jubilee event at the Delhi School of Economics, Gopinath said India on average grew at 6.6 per cent for the decade starting in 2010 but the employment rate was under 2 per cent.

India's wholesale inflation drops to 2.04 per cent in July

Wednesday 14 August 2024 06:52 AM UTC+00
India's wholesale inflation declined to 2.04% in July, down from 3.36% in June, according to government data released on Wednesday. The data was shared by the Department for Promotion of Industry and Internal Trade (DPIIT) on social media platform X, marking a significant drop in inflation based on the Wholesale Price Index (WPI).
The Indian Railways reportedly cancelled its Rs 30,000-crore tender for the manufacturing and maintenance of Vande Bharat Express - a semi-high-speed train service. According to the media reports, the railways authorities annulled a tender for 100 aluminium-body Vande Bharat trains to Alstom India.
New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. This news made a lot of headlines. Let us tell you that the country's largest bank, State Bank (SBI), has not been charging any fee for not maintaining the minimum balance for the last few years. However, several other government banks continue to levy such charges. Among them, Punjab National Bank (PNB) collected the highest penalty, amounting to Rs 1,538 crore over the last five years. Here's a breakdown of the charges imposed by various banks for not maintaining the minimum balance.
Taxpayers who have filed their Income Tax Returns (ITR) and are awaiting refunds need not worry about delays. The Income Tax Department is currently processing returns, and refunds will be issued based on the type of ITR form filed. Here's a breakdown of when you can expect your refund based on the form you submitted.
The State Bank of India (SBI), the largest state-owned bank in India, has announced an increase in its lending rates by 10 basis points across tenors, effective from August 15, 2024. This marks the third consecutive month that the bank has raised its rates, indicating a trend of tightening credit conditions. The rate hike will impact the Marginal Cost of Funds Based Lending Rate (MCLR), which is the benchmark used by the bank to set interest rates on various types of loans, including home, auto, and personal loans. The MCLR is a critical reference point for borrowers as it directly affects the cost of borrowing.
In early trading, the Sensex saw a significant jump, gaining 805.96 points to reach 79,911.84. Similarly, the Nifty index surged by 252.05 points, climbing to 24,395.80. This strong market performance reflects positive investor sentiment and robust economic indicators. All 30 Sensex stocks were trading higher, with major gainers including Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys, and IndusInd Bank.
Saraswati Saree Depot is set to finalise the allotment of its IPO shares on Friday, August 16. Investors who participated in the bidding process, which saw strong demand, can check their allotment status over the extended weekend or by Monday. The IPO was subscribed 107.52 times overall, with particularly high interest from non-institutional bidders.
The Union Cabinet on Friday (August 16) approved two new airport projects in Bihar and West Bengal, and three metro rail projects in Pune, Thane and Bengalore. The Cabinet gave its nod to airport projects at Bagdogra in West Bengal and Bihta in Bihar for an estimated total cost of Rs 2,962 crore, Information and Broadcasting Minister Ashwini Vaishnaw informed. Vaishnaw said a new civil enclave at Bagdogra airport has been approved for an estimated cost of Rs 1,549 crore.
India has been trailing among G20 nations in terms of employment generation with the country in need to create an additional 148 million jobs by 2030 considering the population growth, IMF's First Deputy Managing Director Gita Gopinath said on Saturday. Speaking at the Diamond Jubilee event at the Delhi School of Economics, Gopinath said India on average grew at 6.6 per cent for the decade starting in 2010 but the employment rate was under 2 per cent.
Raksha Bandhan will be celebrated across the country on Monday and as per the RBI holiday calendar, banks in multiple cities will be closed on Monday on account of this festival as August 19 has been designated a public holioday. Apart from Raksha Bandhan, banks will also remain shut on account of Jhulana Purnima and birth anniversary of Bir Bikram Kishore Manikya Bahadur.

India's wholesale inflation drops to 2.04 per cent in July

Wednesday 14 August 2024 06:52 AM UTC+00
India's wholesale inflation declined to 2.04% in July, down from 3.36% in June, according to government data released on Wednesday. The data was shared by the Department for Promotion of Industry and Internal Trade (DPIIT) on social media platform X, marking a significant drop in inflation based on the Wholesale Price Index (WPI).
The Indian Railways reportedly cancelled its Rs 30,000-crore tender for the manufacturing and maintenance of Vande Bharat Express - a semi-high-speed train service. According to the media reports, the railways authorities annulled a tender for 100 aluminium-body Vande Bharat trains to Alstom India.
New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. This news made a lot of headlines. Let us tell you that the country's largest bank, State Bank (SBI), has not been charging any fee for not maintaining the minimum balance for the last few years. However, several other government banks continue to levy such charges. Among them, Punjab National Bank (PNB) collected the highest penalty, amounting to Rs 1,538 crore over the last five years. Here's a breakdown of the charges imposed by various banks for not maintaining the minimum balance.
Taxpayers who have filed their Income Tax Returns (ITR) and are awaiting refunds need not worry about delays. The Income Tax Department is currently processing returns, and refunds will be issued based on the type of ITR form filed. Here's a breakdown of when you can expect your refund based on the form you submitted.
The State Bank of India (SBI), the largest state-owned bank in India, has announced an increase in its lending rates by 10 basis points across tenors, effective from August 15, 2024. This marks the third consecutive month that the bank has raised its rates, indicating a trend of tightening credit conditions. The rate hike will impact the Marginal Cost of Funds Based Lending Rate (MCLR), which is the benchmark used by the bank to set interest rates on various types of loans, including home, auto, and personal loans. The MCLR is a critical reference point for borrowers as it directly affects the cost of borrowing.
In early trading, the Sensex saw a significant jump, gaining 805.96 points to reach 79,911.84. Similarly, the Nifty index surged by 252.05 points, climbing to 24,395.80. This strong market performance reflects positive investor sentiment and robust economic indicators. All 30 Sensex stocks were trading higher, with major gainers including Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys, and IndusInd Bank.
Saraswati Saree Depot is set to finalise the allotment of its IPO shares on Friday, August 16. Investors who participated in the bidding process, which saw strong demand, can check their allotment status over the extended weekend or by Monday. The IPO was subscribed 107.52 times overall, with particularly high interest from non-institutional bidders.
The Union Cabinet on Friday (August 16) approved two new airport projects in Bihar and West Bengal, and three metro rail projects in Pune, Thane and Bengalore. The Cabinet gave its nod to airport projects at Bagdogra in West Bengal and Bihta in Bihar for an estimated total cost of Rs 2,962 crore, Information and Broadcasting Minister Ashwini Vaishnaw informed. Vaishnaw said a new civil enclave at Bagdogra airport has been approved for an estimated cost of Rs 1,549 crore.
India has been trailing among G20 nations in terms of employment generation with the country in need to create an additional 148 million jobs by 2030 considering the population growth, IMF's First Deputy Managing Director Gita Gopinath said on Saturday. Speaking at the Diamond Jubilee event at the Delhi School of Economics, Gopinath said India on average grew at 6.6 per cent for the decade starting in 2010 but the employment rate was under 2 per cent.
Raksha Bandhan will be celebrated across the country on Monday and as per the RBI holiday calendar, banks in multiple cities will be closed on Monday on account of this festival as August 19 has been designated a public holioday. Apart from Raksha Bandhan, banks will also remain shut on account of Jhulana Purnima and birth anniversary of Bir Bikram Kishore Manikya Bahadur.

India's wholesale inflation drops to 2.04 per cent in July

Wednesday 14 August 2024 06:52 AM UTC+00
India's wholesale inflation declined to 2.04% in July, down from 3.36% in June, according to government data released on Wednesday. The data was shared by the Department for Promotion of Industry and Internal Trade (DPIIT) on social media platform X, marking a significant drop in inflation based on the Wholesale Price Index (WPI).
The Indian Railways reportedly cancelled its Rs 30,000-crore tender for the manufacturing and maintenance of Vande Bharat Express - a semi-high-speed train service. According to the media reports, the railways authorities annulled a tender for 100 aluminium-body Vande Bharat trains to Alstom India.
New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. This news made a lot of headlines. Let us tell you that the country's largest bank, State Bank (SBI), has not been charging any fee for not maintaining the minimum balance for the last few years. However, several other government banks continue to levy such charges. Among them, Punjab National Bank (PNB) collected the highest penalty, amounting to Rs 1,538 crore over the last five years. Here's a breakdown of the charges imposed by various banks for not maintaining the minimum balance.
Taxpayers who have filed their Income Tax Returns (ITR) and are awaiting refunds need not worry about delays. The Income Tax Department is currently processing returns, and refunds will be issued based on the type of ITR form filed. Here's a breakdown of when you can expect your refund based on the form you submitted.
The State Bank of India (SBI), the largest state-owned bank in India, has announced an increase in its lending rates by 10 basis points across tenors, effective from August 15, 2024. This marks the third consecutive month that the bank has raised its rates, indicating a trend of tightening credit conditions. The rate hike will impact the Marginal Cost of Funds Based Lending Rate (MCLR), which is the benchmark used by the bank to set interest rates on various types of loans, including home, auto, and personal loans. The MCLR is a critical reference point for borrowers as it directly affects the cost of borrowing.
In early trading, the Sensex saw a significant jump, gaining 805.96 points to reach 79,911.84. Similarly, the Nifty index surged by 252.05 points, climbing to 24,395.80. This strong market performance reflects positive investor sentiment and robust economic indicators. All 30 Sensex stocks were trading higher, with major gainers including Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys, and IndusInd Bank.
Saraswati Saree Depot is set to finalise the allotment of its IPO shares on Friday, August 16. Investors who participated in the bidding process, which saw strong demand, can check their allotment status over the extended weekend or by Monday. The IPO was subscribed 107.52 times overall, with particularly high interest from non-institutional bidders.
The Union Cabinet on Friday (August 16) approved two new airport projects in Bihar and West Bengal, and three metro rail projects in Pune, Thane and Bengalore. The Cabinet gave its nod to airport projects at Bagdogra in West Bengal and Bihta in Bihar for an estimated total cost of Rs 2,962 crore, Information and Broadcasting Minister Ashwini Vaishnaw informed. Vaishnaw said a new civil enclave at Bagdogra airport has been approved for an estimated cost of Rs 1,549 crore.
India has been trailing among G20 nations in terms of employment generation with the country in need to create an additional 148 million jobs by 2030 considering the population growth, IMF's First Deputy Managing Director Gita Gopinath said on Saturday. Speaking at the Diamond Jubilee event at the Delhi School of Economics, Gopinath said India on average grew at 6.6 per cent for the decade starting in 2010 but the employment rate was under 2 per cent.
Raksha Bandhan will be celebrated across the country on Monday and as per the RBI holiday calendar, banks in multiple cities will be closed on Monday on account of this festival as August 19 has been designated a public holioday. Apart from Raksha Bandhan, banks will also remain shut on account of Jhulana Purnima and birth anniversary of Bir Bikram Kishore Manikya Bahadur.
The Indian Railways reportedly cancelled its Rs 30,000-crore tender for the manufacturing and maintenance of Vande Bharat Express - a semi-high-speed train service. According to the media reports, the railways authorities annulled a tender for 100 aluminium-body Vande Bharat trains to Alstom India.
New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. This news made a lot of headlines. Let us tell you that the country's largest bank, State Bank (SBI), has not been charging any fee for not maintaining the minimum balance for the last few years. However, several other government banks continue to levy such charges. Among them, Punjab National Bank (PNB) collected the highest penalty, amounting to Rs 1,538 crore over the last five years. Here's a breakdown of the charges imposed by various banks for not maintaining the minimum balance.
Taxpayers who have filed their Income Tax Returns (ITR) and are awaiting refunds need not worry about delays. The Income Tax Department is currently processing returns, and refunds will be issued based on the type of ITR form filed. Here's a breakdown of when you can expect your refund based on the form you submitted.
The State Bank of India (SBI), the largest state-owned bank in India, has announced an increase in its lending rates by 10 basis points across tenors, effective from August 15, 2024. This marks the third consecutive month that the bank has raised its rates, indicating a trend of tightening credit conditions. The rate hike will impact the Marginal Cost of Funds Based Lending Rate (MCLR), which is the benchmark used by the bank to set interest rates on various types of loans, including home, auto, and personal loans. The MCLR is a critical reference point for borrowers as it directly affects the cost of borrowing.
In early trading, the Sensex saw a significant jump, gaining 805.96 points to reach 79,911.84. Similarly, the Nifty index surged by 252.05 points, climbing to 24,395.80. This strong market performance reflects positive investor sentiment and robust economic indicators. All 30 Sensex stocks were trading higher, with major gainers including Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys, and IndusInd Bank.
Saraswati Saree Depot is set to finalise the allotment of its IPO shares on Friday, August 16. Investors who participated in the bidding process, which saw strong demand, can check their allotment status over the extended weekend or by Monday. The IPO was subscribed 107.52 times overall, with particularly high interest from non-institutional bidders.
The Union Cabinet on Friday (August 16) approved two new airport projects in Bihar and West Bengal, and three metro rail projects in Pune, Thane and Bengalore. The Cabinet gave its nod to airport projects at Bagdogra in West Bengal and Bihta in Bihar for an estimated total cost of Rs 2,962 crore, Information and Broadcasting Minister Ashwini Vaishnaw informed. Vaishnaw said a new civil enclave at Bagdogra airport has been approved for an estimated cost of Rs 1,549 crore.
India has been trailing among G20 nations in terms of employment generation with the country in need to create an additional 148 million jobs by 2030 considering the population growth, IMF's First Deputy Managing Director Gita Gopinath said on Saturday. Speaking at the Diamond Jubilee event at the Delhi School of Economics, Gopinath said India on average grew at 6.6 per cent for the decade starting in 2010 but the employment rate was under 2 per cent.
Raksha Bandhan will be celebrated across the country on Monday and as per the RBI holiday calendar, banks in multiple cities will be closed on Monday on account of this festival as August 19 has been designated a public holioday. Apart from Raksha Bandhan, banks will also remain shut on account of Jhulana Purnima and birth anniversary of Bir Bikram Kishore Manikya Bahadur.
Sriperumbudur: Foxconn's chairman defended its hiring practices after New Delhi ordered investigations following a news agency Reuters report that claimed the Apple supplier rejects married women from iPhone assembly jobs. However, the company is aiming to set up a battery energy storage system unit in India. "Foxconn hires regardless of gender, but women make up a big part of our workforce Sriperumbudur," Young Liu said during the opening ceremony for a hostel complex for its workers near Chennai in Tamil Nadu on Saturday. "I emphasise married women greatly contribute to the efforts of what we're doing here," he added, making his first comments since the Reuters investigation.
The Indian Railways reportedly cancelled its Rs 30,000-crore tender for the manufacturing and maintenance of Vande Bharat Express - a semi-high-speed train service. According to the media reports, the railways authorities annulled a tender for 100 aluminium-body Vande Bharat trains to Alstom India.
New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. This news made a lot of headlines. Let us tell you that the country's largest bank, State Bank (SBI), has not been charging any fee for not maintaining the minimum balance for the last few years. However, several other government banks continue to levy such charges. Among them, Punjab National Bank (PNB) collected the highest penalty, amounting to Rs 1,538 crore over the last five years. Here's a breakdown of the charges imposed by various banks for not maintaining the minimum balance.
Taxpayers who have filed their Income Tax Returns (ITR) and are awaiting refunds need not worry about delays. The Income Tax Department is currently processing returns, and refunds will be issued based on the type of ITR form filed. Here's a breakdown of when you can expect your refund based on the form you submitted.
The State Bank of India (SBI), the largest state-owned bank in India, has announced an increase in its lending rates by 10 basis points across tenors, effective from August 15, 2024. This marks the third consecutive month that the bank has raised its rates, indicating a trend of tightening credit conditions. The rate hike will impact the Marginal Cost of Funds Based Lending Rate (MCLR), which is the benchmark used by the bank to set interest rates on various types of loans, including home, auto, and personal loans. The MCLR is a critical reference point for borrowers as it directly affects the cost of borrowing.
In early trading, the Sensex saw a significant jump, gaining 805.96 points to reach 79,911.84. Similarly, the Nifty index surged by 252.05 points, climbing to 24,395.80. This strong market performance reflects positive investor sentiment and robust economic indicators. All 30 Sensex stocks were trading higher, with major gainers including Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys, and IndusInd Bank.
Saraswati Saree Depot is set to finalise the allotment of its IPO shares on Friday, August 16. Investors who participated in the bidding process, which saw strong demand, can check their allotment status over the extended weekend or by Monday. The IPO was subscribed 107.52 times overall, with particularly high interest from non-institutional bidders.
The Union Cabinet on Friday (August 16) approved two new airport projects in Bihar and West Bengal, and three metro rail projects in Pune, Thane and Bengalore. The Cabinet gave its nod to airport projects at Bagdogra in West Bengal and Bihta in Bihar for an estimated total cost of Rs 2,962 crore, Information and Broadcasting Minister Ashwini Vaishnaw informed. Vaishnaw said a new civil enclave at Bagdogra airport has been approved for an estimated cost of Rs 1,549 crore.
India has been trailing among G20 nations in terms of employment generation with the country in need to create an additional 148 million jobs by 2030 considering the population growth, IMF's First Deputy Managing Director Gita Gopinath said on Saturday. Speaking at the Diamond Jubilee event at the Delhi School of Economics, Gopinath said India on average grew at 6.6 per cent for the decade starting in 2010 but the employment rate was under 2 per cent.
Raksha Bandhan will be celebrated across the country on Monday and as per the RBI holiday calendar, banks in multiple cities will be closed on Monday on account of this festival as August 19 has been designated a public holioday. Apart from Raksha Bandhan, banks will also remain shut on account of Jhulana Purnima and birth anniversary of Bir Bikram Kishore Manikya Bahadur.
Sriperumbudur: Foxconn's chairman defended its hiring practices after New Delhi ordered investigations following a news agency Reuters report that claimed the Apple supplier rejects married women from iPhone assembly jobs. However, the company is aiming to set up a battery energy storage system unit in India. "Foxconn hires regardless of gender, but women make up a big part of our workforce Sriperumbudur," Young Liu said during the opening ceremony for a hostel complex for its workers near Chennai in Tamil Nadu on Saturday. "I emphasise married women greatly contribute to the efforts of what we're doing here," he added, making his first comments since the Reuters investigation.
The Indian Railways reportedly cancelled its Rs 30,000-crore tender for the manufacturing and maintenance of Vande Bharat Express - a semi-high-speed train service. According to the media reports, the railways authorities annulled a tender for 100 aluminium-body Vande Bharat trains to Alstom India.
New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. This news made a lot of headlines. Let us tell you that the country's largest bank, State Bank (SBI), has not been charging any fee for not maintaining the minimum balance for the last few years. However, several other government banks continue to levy such charges. Among them, Punjab National Bank (PNB) collected the highest penalty, amounting to Rs 1,538 crore over the last five years. Here's a breakdown of the charges imposed by various banks for not maintaining the minimum balance.
Taxpayers who have filed their Income Tax Returns (ITR) and are awaiting refunds need not worry about delays. The Income Tax Department is currently processing returns, and refunds will be issued based on the type of ITR form filed. Here's a breakdown of when you can expect your refund based on the form you submitted.
The State Bank of India (SBI), the largest state-owned bank in India, has announced an increase in its lending rates by 10 basis points across tenors, effective from August 15, 2024. This marks the third consecutive month that the bank has raised its rates, indicating a trend of tightening credit conditions. The rate hike will impact the Marginal Cost of Funds Based Lending Rate (MCLR), which is the benchmark used by the bank to set interest rates on various types of loans, including home, auto, and personal loans. The MCLR is a critical reference point for borrowers as it directly affects the cost of borrowing.
In early trading, the Sensex saw a significant jump, gaining 805.96 points to reach 79,911.84. Similarly, the Nifty index surged by 252.05 points, climbing to 24,395.80. This strong market performance reflects positive investor sentiment and robust economic indicators. All 30 Sensex stocks were trading higher, with major gainers including Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys, and IndusInd Bank.
Saraswati Saree Depot is set to finalise the allotment of its IPO shares on Friday, August 16. Investors who participated in the bidding process, which saw strong demand, can check their allotment status over the extended weekend or by Monday. The IPO was subscribed 107.52 times overall, with particularly high interest from non-institutional bidders.
The Union Cabinet on Friday (August 16) approved two new airport projects in Bihar and West Bengal, and three metro rail projects in Pune, Thane and Bengalore. The Cabinet gave its nod to airport projects at Bagdogra in West Bengal and Bihta in Bihar for an estimated total cost of Rs 2,962 crore, Information and Broadcasting Minister Ashwini Vaishnaw informed. Vaishnaw said a new civil enclave at Bagdogra airport has been approved for an estimated cost of Rs 1,549 crore.
India has been trailing among G20 nations in terms of employment generation with the country in need to create an additional 148 million jobs by 2030 considering the population growth, IMF's First Deputy Managing Director Gita Gopinath said on Saturday. Speaking at the Diamond Jubilee event at the Delhi School of Economics, Gopinath said India on average grew at 6.6 per cent for the decade starting in 2010 but the employment rate was under 2 per cent.
Raksha Bandhan will be celebrated across the country on Monday and as per the RBI holiday calendar, banks in multiple cities will be closed on Monday on account of this festival as August 19 has been designated a public holioday. Apart from Raksha Bandhan, banks will also remain shut on account of Jhulana Purnima and birth anniversary of Bir Bikram Kishore Manikya Bahadur.
Sriperumbudur: Foxconn's chairman defended its hiring practices after New Delhi ordered investigations following a news agency Reuters report that claimed the Apple supplier rejects married women from iPhone assembly jobs. However, the company is aiming to set up a battery energy storage system unit in India. "Foxconn hires regardless of gender, but women make up a big part of our workforce Sriperumbudur," Young Liu said during the opening ceremony for a hostel complex for its workers near Chennai in Tamil Nadu on Saturday. "I emphasise married women greatly contribute to the efforts of what we're doing here," he added, making his first comments since the Reuters investigation.
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