Category: Market

Out of the GST collected in June, CGST was Rs 31,013 crore, SGST was Rs 38,292 crore, IGST was Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess Rs 11,900 crore (including Rs 1,028 crore collected on import of goods).

Statistics Canada said on Tuesday this was the smallest increase since June 2021 and the slowdown was largely driven by lower year-over-year prices for gasoline resulting from a base-year effect, Xinhua news agency reported.

A Mumbai share-broker has been arrested for allegedly indulging in illegal 'dabba trading' activities worth over Rs 4,600-crore between March and June, officials said here.

Industry experts said the upward trend will be there for some more months and the markets may turn nervous during the next round of state elections in November/December 2023.

With a value of Rs 16.3 lakh crore, Reliance Industries is India's most valuable company, followed by Tata Consultancy Services (TCS) with Rs 11.8 lakh crore and HDFC Bank with Rs 9.4 lakh crore.

However, the sale of rice under the OMSS will be continued for northeastern states, hilly states and states facing law and order situations, natural calamities at an existing rate of Rs 3,400 per quintal, it said.

According to data released by the Ministry of Statistics and Programme Implementation, retail inflation was at a high of 7.04 per cent in May 2022, while food inflation was 7.97 per cent during the period.

Not belying the expectations, the Reserve Bank of India's Monetary Policy Committee (MPC) did not change the repo rate from 6.50 per cent while projecting gross domestic product (GDP) and inflation at 6.5 per cent and 5.1 per cent respectively.

India's gross domestic product (GDP) growth for FY23 is estimated at 7.2 per cent, said the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation on Wednesday.

"Inflation risks have moderated with downward corrections in global commodity and food prices and easing of the pass-through from high input cost pressures of last year," it added while commenting on price rise.

The decision of the Reserve Bank of India (RBI) to withdraw Rs 2,000 denomination banknotes from circulation will not have any major impact on gold demand and also on the rupee value, experts said on Saturday.

Factors like increase in counterfeiting of Rs 2,000 denomination banknotes, people preferring lower denomination notes may also be the reasons for the Reserve Bank of India (RBI) announcing the gradual withdrawal of that note.

The European Union (EU) should crack down on India reselling Russian oil as refined fuels including diesel into Europe, the blocs chief diplomat has said, as western nations move to tighten sanctions on Moscows energy sector, the media reported.

Consumer affairs ministry sources said that there is a lot of confusion over the fact that compulsory hallmarking is going to come into effect from July 1 onwards on gold bullion, which is not the case.

The hiking of rates by the US Fed has put pressure on the dollar and indications of pausing and a likely mild recession in the later part of 2023 have provided support to gold prices, Shah added.

India's wholesale price index (WPI)-based inflation fell to a 29-month low of 1.34 per cent in March owing to a steep fall in indexes of primary articles, manufactured products, fuel and power as well as food.

India's retail inflation, which is measured by consumer price index (CPI), fell to 5.66 per cent in March from 6.44 per cent in February, according to official data released on Wednesday.

Oil prices have surged after several of the world's largest oil exporters announced surprise cuts in production. The price of Brent crude oil was trading above $84 a barrel in Asia after jumping by more than $4, or 5 per cent, the BBC reported.

According to the findings by a working group constituted by the Reserve Bank of India (RBI), between 2017 and 2020, the quantum of loans disbursed, rose from Rs 11,671 crore to Rs 1,41,821 crore, i.e. a 12-fold rise.

"We expect gold to gain further and touch new highs in the next few months. Domestically, it is expected to trade in the range of Rs 61,000-62,000/10gm. Internationally, it may scale levels of $2,050-2100/oz," he added.

Wall Street stocks have fallen, dragged down by banks. The S&P 500 financial sector index has lost 2.2 per cent while the KBW regional banking index has tumbled 3.8 per cent, the media reported.

Asian stocks fell broadly on Tuesday, dragged down by banking shares, as fears over the fallout of Silicon Valley Bank's collapse gripped the market despite US government efforts to stabilize the financial system, media reports said.

India's Wholesale Price Index (WPI)-based inflation in February 2023 fell to a 24-month low of 3.85 per cent, according to data released by the Commerce Ministry on Tuesday.

"Sustainability has been at the core of G20 agenda for several years now, the core of all multilateral and bilateral engagements over the last few years, but for India, sustainability is a way of life," he said.

The Bureau of Indian Standards (BIS) has prohibited sale of hallmarked gold jewellery or gold artefacts without the six-digit alphanumeric hallmark unique identification number (HUID) after March 31, 2023.