Finance – Latest Odisha News, Breaking News Today | Top Updates on Corona – OTV News https://odishatv.in OdishaTV - OTV Sat, 27 Feb 2021 04:46:48 +0000 en-US hourly 1 https://odishatv.in/wp-content/uploads/2017/05/otv_small_logo.png Finance – Latest Odisha News, Breaking News Today | Top Updates on Corona – OTV News https://odishatv.in 32 32 Fuel Prices Resurge After 3-Day Break https://odishatv.in/business_economy/fuel-prices-resurge-after-3-day-break-521724 Sat, 27 Feb 2021 04:44:55 +0000 https://odishatv.in/?p=521724

New Delhi: Country’s petrol and diesel prices continued its northward march on Saturday, after a three-day break, taking its retail rates to unprecedented levels and burning holes in the consumers pockets. Oil marketing companies raised the pump price of petrol and diesel by 24 paise and 15 paise per litre on Saturday. With this, petrol […]

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FUEL-PRICES

New Delhi: Country’s petrol and diesel prices continued its northward march on Saturday, after a three-day break, taking its retail rates to unprecedented levels and burning holes in the consumers pockets.

Oil marketing companies raised the pump price of petrol and diesel by 24 paise and 15 paise per litre on Saturday.

With this, petrol is now priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital.

Across the country as well the petrol and diesel prices increased between 20-30 paise per litre depending on the level of local duty at the state level.

Sources in OMCs said that price rise on Saturday followed movement in product price in global markets. The crude oil is also on boil with benchmark Brent crude still above $66 a barrel now. It was less than $60 a barrel just a few days back.

Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, the prices have gone up by Rs 4.22 per litre for petrol and Rs 4.34 a litre for diesel in Delhi.

The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.

In Mumbai, petrol prices is just Rs 2.4 per litre short at Rs 97.57 a litre (from the three digit mark of Rs 100 per litre for the very first time ever). Diesel prices in the city is closing in on Rs 90 a litre (Rs 88.60 a litre).

In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre.

Premium petrol crossed Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra a few days back.

Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilises.

The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively so far this year.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.

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Indian Economy Grows By 0.4 In October-December https://odishatv.in/business_economy/indian-economy-grows-by-0-4-in-october-december-521636 Fri, 26 Feb 2021 13:00:16 +0000 https://odishatv.in/?p=521636

New Delhi: After contracting for two quarters in a row, the Indian economy grew by 0.4 per cent in the October-December quarter amid coronavirus pandemic, official data showed on Friday. GDP growth in Financial Year 2021 to contract by 8 per cent :National Statistical Office (NSO) pic.twitter.com/vF9hPkCjBD — ANI (@ANI) February 26, 2021 The gross […]

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Indian Economy Grows By 0.4 In October-December

New Delhi: After contracting for two quarters in a row, the Indian economy grew by 0.4 per cent in the October-December quarter amid coronavirus pandemic, official data showed on Friday.

The gross domestic product (GDP) had expanded by 3.3 per cent in the corresponding period of 2019-20, according to the data released by the National Statistical Office (NSO).

In its second advance estimates of national accounts, the NSO has projected 8 per cent contraction in 2020-21. In its first advance estimates released in January, it had projected a contraction of 7.7 per cent for the current fiscal as against a growth of four per cent in 2019-20.

The economy had shrunk by an unprecedented 24.4 per cent in the first quarter this fiscal following the coronavirus pandemic and resultant lockdowns. In the second quarter, the GDP declined 7.3 per cent due to a perk up in economic activities.

China’s economy grew by 6.5 per cent in October-December 2020, faster than the 4.9 per cent growth in July-September 2020.

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Sensex Posts Worst Day In 10 Months, Sinks 1,940 Pts; Rupee Tanks 104p Against USD https://odishatv.in/business_economy/sensex-posts-worst-day-in-10-months-sinks-1940-pts-521599 Fri, 26 Feb 2021 11:59:43 +0000 https://odishatv.in/?p=521599

Mumbai: The BSE Sensex crashed about 1,940 points to post its biggest single-day fall in nearly 10 months and the NSE Nifty plunged over 568 points to crack below the psychological 15,000-mark on Friday, tracking global selloffs triggered by a panic in bond markets overseas. Investors also turned cautious ahead of the third quarter GDP […]

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Sensex Posts Worst Day In 10 Months, Sinks 1,940 Pts; Rupee Tanks 104p Against USD

Mumbai: The BSE Sensex crashed about 1,940 points to post its biggest single-day fall in nearly 10 months and the NSE Nifty plunged over 568 points to crack below the psychological 15,000-mark on Friday, tracking global selloffs triggered by a panic in bond markets overseas.

Investors also turned cautious ahead of the third quarter GDP data release, besides keeping an eye on simmering geopolitical tensions between the US and Syria.

At the day’s close, the 30-share BSE Sensex settled 1,939.32 points or 3.80 per cent lower at 49,099.99 its worst one-day fall since May 4 last year.

Similarly, the broader NSE Nifty plunged 568.20 points or 3.76 per cent to close the session at 14,529.15 the biggest single-day drop since March 23 last year.

On the Sensex chart, all 30 constituents ended in the red, with eight scrips logging over 5 per cent drop.

Sectorally, banking index suffered the maximum loss with over 4.8 per cent drop. Financial and telecom indices too fell sharply by 4.9 per cent and 3.85 per cent, respectively.

“Equity markets opened gap down following spike in global bond yields and extended its weakness further as the session progressed. Panic in global bond markets led to sharp rise in yields which spooked investors amid fears of interest rate cycle reversal,” said Hemang Jani, Head of Equity Strategy, Broking & Distribution, Motilal Oswal.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Domestic markets tumbled in line with global trend triggered by a sharp rise in bond yields. Increasing geopolitical tension between the US and Syria aggravated the selling. Q3 GDP data which is to be released today also added volatility in the Indian market.”

Although negative, mid and small caps outperformed their larger indices showing investor confidence, he said, adding the market will gain momentum as the global market is expected to stabilise supported by maintaining accommodative monetary policy and a growing economy.

Elsewhere in Asia, bourses closed with heavy losses due to a rout in global bond markets.

Stock exchanges in Europe were also trading with losses in mid-session deals.

Most global markets traded lower after Wall Street’s main indexes tumbled, following a steep rise in benchmark US Treasury yields.

Meanwhile, the global oil benchmark Brent crude was trading 1.16 per cent lower at USD 65.34 per barrel.

On the forex market front, the rupee tumbled 104 paise to close at 73.47 against the US dollar.

Gold Declines Rs 342, Silver Plummets By Rs 2,007

Gold prices on Friday declined by Rs 342 to Rs 45,599 per 10 grams and silver plummeted by Rs 2,007 to Rs 67,419 per kg in the national capital, due to selling in the international market, according to HDFC Securities.

The precious metal had closed at Rs 45,941 per 10 grams on Thursday.

Silver plummeted by Rs 2,007 to Rs 67,419 per kg, compared with the previous close of Rs 69,426 per kg.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Spot prices for 24 karat gold at Delhi fell for the third day by Rs 342, in line with selling in global gold prices despite of sharp rupee depreciation.”

In the international market, gold was trading lower at USD 1,760 an ounce, while silver was down at USD 26.78 an ounce.

Rupee Tanks 104 Paise To Close At 73.47 Against USD

The rupee dived 104 paise to settle at 73.47 (provisional) against the US dollar on Friday, following a heavy selloff in domestic equities and strong American currency in the overseas market.

At the interbank forex market, the local unit opened at 72.43 against the greenback, then lost further ground to touch an intra-day low of 73.51.

It finally ended at 73.47 against the American currency, registering a massive fall of 104 paise over its previous close.

On Thursday, the rupee had settled at 72.43 against the American currency.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.43 per cent to 90.52.

“US bond yields have surged on worries about inflationary pressures due to unprecedented liquidity infusion in the system and a series of economic data, which is indicating that the economy is on the path to normalcy. This has in-turn led to a rebound in the dollar index and prompted a selloff in risk assets.

“We think that the rupee could see some more depreciation till the 73.50 mark, as the narrowing interest rate differential between India and US could prompt some outflows from the Indian bond and equity market,” Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking, said.

However, it is too early to term this as a weakening bias for the domestic currency, and unless it sustains levels below 73.50 comfortably, the scope for appreciation remains, she added.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.99 per cent to USD 66.22 per barrel.

On the domestic equity market front, the BSE Sensex ended 1939.32 points or 3.80 per cent lower at 49,099.99, while the broader NSE Nifty slumped 568.20 points or 3.76 per cent to 14,529.15.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 188.08 crore on Thursday, according to exchange data.

(This Story Is A Compilation of PTI Stories)

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After Petrol & Diesel, Consumers Face Cooking Gas Price Rise https://odishatv.in/business_economy/after-petrol-diesel-consumers-face-cooking-gas-price-rise-521524 Fri, 26 Feb 2021 09:14:02 +0000 https://odishatv.in/?p=521524

New Delhi: Government seems to be in no mood to subsidise the price of common mans cooking gas which like the price of auto fuels petrol and diesel has maintained consistent increase for past few months. The price of domestic 14.2-kg LPG cylinder was increased by Rs 25 on Thursday, the third increase in the […]

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Cooking Gas

New Delhi: Government seems to be in no mood to subsidise the price of common mans cooking gas which like the price of auto fuels petrol and diesel has maintained consistent increase for past few months.

The price of domestic 14.2-kg LPG cylinder was increased by Rs 25 on Thursday, the third increase in the month of February itself, taking its price Rs 794 a cylinder in Delhi.

While the practice of weekly or fortnightly price revision of cooking gas is normally done for non-subsidised cylinders, this year oil companies shave maintained almost equal increase in price of subsidised LPG cylinders as well.

This has equated its price with market prices cooking gas and thus helping the government to completely eliminate direct benefit transfer (DBT) benefits extended to cooking gas consumers.

“There may just be some element of subsidy that still may be involved in cooking gas if it is getting transported to far off distances from bottling plants. Otherwise, subsidised and non-subsidised cooking gas prices have almost remained same during entire FY21,” said an official of a public sector oil marketing company not willing to be named.

While consumers focus has remained on petrol and field prices, the cooking gas price has gone almost unnoticed. It had risen sharply by over Rs 100 a cylinder in the month of February itself from a level of Rs 694 to Rs 794 a cylinder now.

This month cooking gas prices increased on February 4 by Rs 25 (costed: Rs 719) and February 14 by Rs 50 (costed: Rs 769) and now again on February 25 by Rs 25 to Rs 794 a cylinder.

With government not supporting even cooking gas consumers in the time of rising prices, consumers are bearing the brunt of increase in both their transportation and cooking expenses during the difficult period of pandemic.

There are around 30 crore LPG connections in the country and the the levelling of non-subsidised and subsidized LPG cylinder means that the government substantially reduces DBT payments in FY22 as well.

If oil and products prices remain range bound even next year, by the end of the year even LPG subsidy would be completely eliminated, oil sector experts said.

Government’s DBT burden even from middle of current fiscal has reduced to nil due to softer LPG prices. The only money that the government would need in FY 22 is towards providing free cooking gas connection to 1 crore additional beneficiaries under the Ujjwala scheme.

As per provision made in this year’s budget, DBT transfer towards LPG subsidy has been brought down to Rs 12,480 crore in FY22 from a level of Rs 25,520.79 crore in the revised estimates for FY21.

The budget estimate for LPG subsidy this year (FY21) was even higher at Rs 35,605 crore but subdued global prices helped government to save on LPG subsidy prices that got used for providing three free cylinders to Ujjawala consumers for the lockdown period.

Government provides 12 subsidised LPG cylinder to a household in a year.

While the household buys LPG cylinders at market price, the gap between subsidised and non subsided cylinders is transferred to consumers bank accounts under the DBT scheme.

This transfer has remained suspended during most parts of FY21 as oil companies have raised price of even subsidised cylinders to market levels.

(Subhash Narayan/IANS)

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Market Extends Losses, Sensex Down 1,500 Points https://odishatv.in/business_economy/market-extends-losses-sensex-down-1500-points-521482 Fri, 26 Feb 2021 07:37:13 +0000 https://odishatv.in/?p=521482

Mumbai: Extending its losses the BSE Sensex declined over 1,500 points in line with global selloff. Around 11.33 a.m., Sensex was trading at 49,517.48, lower by 1,521.83 points or 2.98 per cent from the previous close of 51,039.31. It opened at 50,256.71 and has touched an intra-day high of 50,400.31 and a low of 49,507.46 […]

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Nifty

Mumbai: Extending its losses the BSE Sensex declined over 1,500 points in line with global selloff.

Around 11.33 a.m., Sensex was trading at 49,517.48, lower by 1,521.83 points or 2.98 per cent from the previous close of 51,039.31.

It opened at 50,256.71 and has touched an intra-day high of 50,400.31 and a low of 49,507.46 points.

The Nifty50 on the National Stock Exchange was trading at 14,660.80, lower by 436.55 points or 2.89 per cent.

Globally stocks markets have declined due to rising bond yields.

The across-the-board selloff was led by banking and finance stocks.

The top stocks on the Sensex were ICICI Bank, Axis Bank and IndusInd Bank, while the major losers were Dr Reddy’s Laboratories, Sun Pharmaceutical Industries.

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Fuel Price Relief As Oilcos Spare Petrol, Diesel From Price Hike https://odishatv.in/business_economy/fuel-price-relief-as-oilcos-spare-petrol-diesel-from-price-hike-520805 Wed, 24 Feb 2021 06:01:46 +0000 https://odishatv.in/?p=520805

New Delhi: Oil marketing companies on Wednesday gave momentary relief to consumers from skyrocketing fuel prices by keeping retail price of petrol and diesel unchanged. Accordingly, the price of petrol continued to be at Rs 90.93 a litre and diesel Rs 81.32 a litre in the capital. Elsewhere in the country as well, fuel prices […]

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fuel price hike

New Delhi: Oil marketing companies on Wednesday gave momentary relief to consumers from skyrocketing fuel prices by keeping retail price of petrol and diesel unchanged.

Accordingly, the price of petrol continued to be at Rs 90.93 a litre and diesel Rs 81.32 a litre in the capital.

Elsewhere in the country as well, fuel prices remained unchanged after oil companies increased its pump prices on 13 of the last 16 days.

In the 13 increases since February 9, price has gone up by Rs 3.98 per litre for petrol while diesel rate has risen by Rs 4.19 a litre in Delhi.

The price pause on Wednesday may be momentary as global oil prices are on the boil with benchmark Brent crude prices remaining above $ 65 a barrel. The product prices in the international market have also firmed up over restricted supplies and a demand pick up.

The increase of fuel prices in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.

In Mumbai, petrol price is just Rs 3 per litre short of (Rs 97.34 a litre) touching the three digit mark of Rs 100 per litre for the very first time ever. Diesel price in the city is closing on Rs 90 a litre (Rs 88.44 per litre).

In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre. Premium petrol has crossed Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra a few days back.

Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilises.

The petrol and diesel prices have increased 25 times in 2021 with the two auto fuels increasing by Rs 7.22 and Rs 7.45 per litre respectively so far this year.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on sale of auto fuels.

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SAT Puts SEBI Order In Abeyance In 63 Moons STP Gate Case https://odishatv.in/business_economy/sat-puts-sebi-order-in-abeyance-in-63-moons-stp-gate-case-520306 Mon, 22 Feb 2021 10:43:59 +0000 https://odishatv.in/?p=520306

Mumbai: The Securities Appellate Tribunal (SAT) on Monday reserved its verdict in 63 moons Technologies Limited’s challenge to the Securities and Exchange Board of India (SEBI) order disallowing the company from providing Straight Through Processing (STP) Gate Services. The tribunal has kept the SEBI order in abeyance. This, in effect, means that till the passing […]

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SAT Puts SEBI Order In Abeyance In 63 Moons STP Gate Case

Mumbai: The Securities Appellate Tribunal (SAT) on Monday reserved its verdict in 63 moons Technologies Limited’s challenge to the Securities and Exchange Board of India (SEBI) order disallowing the company from providing Straight Through Processing (STP) Gate Services.

The tribunal has kept the SEBI order in abeyance. This, in effect, means that till the passing of a final decision by the SAT, the SEBI order will remain ineffective, 63 moons said in a statement.

63 moons said, “We are hopeful of justice being delivered.”

On December 3, 2020, the SEBI passed an order rejecting the approval to 63 moons for providing STP Gate Services on the basis of ‘Fit and Proper’ order that was passed by the Forward Markets Commission (FMC), seven years ago.

Generally, financial firms use STP to pass information electronically in order to optimise the speed at which they process transactions. This eliminates the need for a hands-on re-entry of data that has already been completed at the source.

According to the SEBI, STP guidelines stipulate that no person shall act as an STP service provider unless it obtains approval from the regulator.

Expressing “disbelief” at the SEBI order in December last, 63 moons technologies had stated that it would challenge the market regulator ruling. The ‘fit and proper’ order passed against the company in 2014 specifically deals with barring persons or entities from holding an equity stake in any exchange platform and has no bearing on providing technology services.

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Want To See Pvt Sector Unleash Its Animal Spirits: Sitharaman https://odishatv.in/business_economy/want-to-see-pvt-sector-unleash-its-animal-spirits-sitharaman-519779 Sat, 20 Feb 2021 09:19:30 +0000 https://odishatv.in/?p=519779

New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that the Union Budget 2021-22 has assured clarity and certainty on policy, taxation, infrastructure capex and privatization and now it is entirely up to the private sector to invest and expand capacity for long-term and sustainable economic growth. “I have been waiting for investment and expansion […]

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Nirmala Sitharaman

New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that the Union Budget 2021-22 has assured clarity and certainty on policy, taxation, infrastructure capex and privatization and now it is entirely up to the private sector to invest and expand capacity for long-term and sustainable economic growth.

“I have been waiting for investment and expansion and I want to see the private sector show its animal spirits,” Sitharaman said during her address at the All India Management Association’s 65th Foundation Day celebrations.

Sitharaman said that she has provided long-term certainty with short-term stimulus in her budget. She urged AIMA to nudge Indian business into investing and expanding capacity.

Sitaraman emphasized that the government was committed to multi-year stimulus spending to support sustained economic recovery.

She asserted that this year’s budget was about charting a clear and certain path for the next decade. “Each word of this budget is full of meaning, so make the best use of it,” she told the management leadership of the country.

The FM explained that the divestment policy announced in the budget was to move from incremental change to economic transformation. “I want a more meaningful and purposeful spending of the taxpayers’ money,” Sitaraman said, adding that the government did not want to use taxpayers’ money to run institutions that it could not, and instead it wants to give public sector companies to those who can.

The divestment policy is not about closing down PSUs, the FM clarified. She said that Indian economy had great demand for steel, copper, coal etc and the PSUs needed to be run more efficiently and productively to meet that demand. “We are not selling PSUs for closure. We want them to be run better,” she said.

Assuring Indian business about the government’s enormous fiscal deficit and huge borrowing programme, the Finance Minister said that the capex and infrastructure intensive budget will improve demand at both the industry and the consumer levels.

“This spending will ensure sustained growth over the next decade,” she said.

Uday Kotak, Executive Vice Chairman & Managing Director, Kotak Mahindra Bank, who also addressed the management leadership of the country on the occasion, asked his peers to do more than just applaud the government. “Time has come for Indian business leaders to walk the talk,” he said.

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Oil Cos Keep Steepest Rise For Weekend, Fuel Prices Shoot Up To 40 Paise Per Litre https://odishatv.in/business_economy/oil-cos-keep-steepest-rise-for-weekend-fuel-prices-shoot-up-to-40-paise-per-litre-519716 Sat, 20 Feb 2021 07:46:30 +0000 https://odishatv.in/?p=519716

New Delhi: Petrol and diesel prices have begun to pinch consumers harder with oil marketing companies (OMCs) reserving the weekend for effecting the steepest hike in last several months. Accordingly, the price of petrol and diesel were raised by 39 paisa and 37 paisa per litre respectively in Delhi on Saturday. With this increase, petrol […]

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Petrol

New Delhi: Petrol and diesel prices have begun to pinch consumers harder with oil marketing companies (OMCs) reserving the weekend for effecting the steepest hike in last several months.

Accordingly, the price of petrol and diesel were raised by 39 paisa and 37 paisa per litre respectively in Delhi on Saturday.

With this increase, petrol is now priced at Rs 90.58 and diesel Rs 80.97 per litre (s) in the national capital.

At this price in Delhi, petrol has breached Rs 90 per litre-mark across all metros and around all major cities of the country. In fact, retail price of petrol has crossed Rs 100 a litre-mark in several cities among Maharashtra, Madhya Pradesh and Rajasthan. These states also have one of the highest level of local levies on petroleum products in the country.

In the last 12 days (since February 9), the price has gone up by Rs 3.63 per litre for petrol while the diesel rate has risen by Rs 3.84 a litre.

Across the country as well the surge in fuel prices ranged from 35-40 paisa per litre depending on the level of local taxes on the two petroleum products.

In Mumbai, petrol prices is just Rs 3 per litre short (Rs 97 a litre) of touching three digit mark of Rs 100 per litre for the very first time ever. Diesel prices in the city is closing on on Rs 90 a litre (Rs 88.06 a litre).

In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre. Premium petrol has crossed Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra a few days back.

The increase on Saturday has followed the firm global oil prices (both product and crude). Interestingly, the crude price has softened marginally over last few days after crossing $ 65 a barrel mark earlier this week. It is around $ 63 a barrel now.

Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude hovers at the current level or falls.

The petrol and diesel prices have increased 24 times in 2021 with the two auto fuels increasing by Rs 6.87 and Rs 7.10 per litre respectively so far this year.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.

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GST Compensation Shortfall Released To States Touches Rs 1L Cr https://odishatv.in/business_economy/gst-compensation-shortfall-released-to-states-touches-rs-1l-cr-519699 Sat, 20 Feb 2021 06:46:27 +0000 https://odishatv.in/?p=519699

New Delhi: The Finance Ministry had released the 17th weekly instalment of Rs 5,000 crore to the states to meet the GST compensation shortfall. Out of this, an amount of Rs 4,730.41 crore has been released to 23 States and an amount of Rs 269.59 crore has been released to the three Union Territories (UT) […]

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GST

New Delhi: The Finance Ministry had released the 17th weekly instalment of Rs 5,000 crore to the states to meet the GST compensation shortfall.

Out of this, an amount of Rs 4,730.41 crore has been released to 23 States and an amount of Rs 269.59 crore has been released to the three Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who are members of the GST Council.

The remaining five states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.

Till now, 91 per cent of the total estimated GST compensation shortfall has been released to the States & UTs with Legislative Assembly. Out of this, an amount of Rs 91,460.34 crore has been released to the States and an amount of Rs 8,539.66 crore has been released to the 3 UTs with Legislative Assembly.

The Government had set up a special borrowing window in October, 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. The borrowings are being done through this window by the Government of India on behalf of the States and UTs.

Seventeen rounds of borrowings have been completed so far starting from 23rd October, 2020.

Under the special window, the Government of India has been borrowing in Government Stock with tenor of 3 years and 5 years. The borrowing made under each tenor is equally divided among all the States as per their GST compensation shortfall.

With the current release, the proportionate pending GST shortfall with respect to borrowing under 5 years tenure has been concluded for 16 States and 2 UTs. These States/ UTs were onboard for GST compensation release from the 1st Installment.

The amount released this week was the 17th instalment of such funds provided to the States. The amount has been borrowed this week at an interest rate of 5.5924 per cent. So far, an amount of Rs 1,00,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.8307 per cent.

In addition to providing funds through the special borrowing window to meet the shortfall in revenue on account of GST implementation, the Government has also granted additional borrowing permission equivalent to 0.50 per cent of Gross States Domestic Product (GSDP) to the states choosing Option-I to meet GST compensation shortfall to help them in mobilising additional financial resources. All the States have given their preference for Option-I. Permission for borrowing the entire additional amount of Rs 1,06,830 crore (0.50 per cent of GSDP) has been granted to 28 States under this provision.

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Oil On Boil: Delhi Selling Petrol At Rs 90.10 Per Litre https://odishatv.in/business_economy/oil-on-boil-delhi-selling-petrol-at-rs-90-10-per-litre-519381 Fri, 19 Feb 2021 05:02:25 +0000 https://odishatv.in/?p=519381

New Delhi: Petrol and diesel prices maintained its northward rally on Friday, the eleventh consecutive day when its retail prices rose across the country, with the global oil market remaining stable but firm. Accordingly, oil marketing companies raised the pump price of petrol by 31 paise and diesel by another 33 paise per litre in […]

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Petrol-Price

New Delhi: Petrol and diesel prices maintained its northward rally on Friday, the eleventh consecutive day when its retail prices rose across the country, with the global oil market remaining stable but firm.

Accordingly, oil marketing companies raised the pump price of petrol by 31 paise and diesel by another 33 paise per litre in Delhi.

With this increase, petrol is now priced at Rs 90.19 a litre and diesel Rs 80.60 a litre in the national capital.

At this price in Delhi, petrol has breached Rs 90 a litre-mark across all metros and around all major cities of the country.

In fact, the retail price of petrol has crossed Rs 100 a litre-mark in several cities in Maharashtra, Madhya Pradesh and Rajasthan. Thes states also have one of the highest levels of local levies on petroleum products in the country.

In the last 11 days (since February 9), the price has gone up by Rs 3.24 per litre for petrol while diesel rate has risen by Rs 3.47 a litre.

Across the country as well the petrol and diesel price increase ranged from 30-35 paise per litre depending on the level of local taxes on the two petroleum products.

In Mumbai, petrol price is just Rs 3 per litre short (Rs 96.62 a litre) of touching three digit mark of Rs 100 per litre for the very first time ever. Diesel price in the city is closing on Rs 90 a litre (Rs 87.67 a litre).

In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre. Premium petrol has crossed Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra a few days back.

The increase on Friday has followed the firming global oil prices (both product and crude) earlier. After crossing $ 65 a barrel mark earlier this week, crude has softened a bit to hover around $ 63 a barrel now.

Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude hovers at the current level or falls.

The petrol and diesel prices have increased 23 times in 2021 with the two auto fuels increasing by Rs 6.48 and Rs 6.73 per litre respectively so far this year.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on sale of auto fuels.

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As Petrol Nears Rs 100 Per Litre, Electric Powered Vehicles Running At 1/10th Cost https://odishatv.in/business_economy/as-petrol-nears-rs-100-per-litre-electric-powered-vehicles-running-at-1-10th-cost-518849 Wed, 17 Feb 2021 07:11:34 +0000 https://odishatv.in/?p=518849

New Delhi: Even as filling-up a full tank of petrol is fast becoming a pipe dream for many, the alternative as well as futuristic electric powered vehicles seem to offer better running price realisation. However, caveats apply, especially when the charging time and state-wise electric unit price is applied. The calculation takes into account the […]

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New Delhi: Even as filling-up a full tank of petrol is fast becoming a pipe dream for many, the alternative as well as futuristic electric powered vehicles seem to offer better running price realisation.

However, caveats apply, especially when the charging time and state-wise electric unit price is applied.

The calculation takes into account the recent rise in petrol prices, which is fast reaching the Rs 100 per litre mark, while diesel is being sold at over Rs 80 per litre.

Consequently, the running cost of EVs comes to Rs 1 per km, Rs 9 for petrol, Rs 6 for diesel and about Rs 2.5 per km for vehicles being run on CNG.

Under the bare minimum conditions, the maths becomes even clearer — unit price multiplied by battery size is equivalent to the cost of running an EV.

Notably, a home-based 7 kilowatt hour charger takes about 6-8 hours for fully charging a vehicle with a battery size of over 40 KwH. This time period comes down as the battery size decreases.

In terms of cost, special permissions plus wiring is required to install such a system at home or even in flats. Once the infrastructure is in place, the cost really comes down to the unit price.

For instance, in New Delhi, a home based charge will cost around Rs 6.25 per unit. At this range, the full charge for a 40 KwH will be achieved at Rs 250 but will take 6-8 hours.

A 40 KwH battery installed in leading EVs (like in Hyundai Kona Electric) can provide ranges from 350-400 km on a full charge. The running cost of this size of vehicle in a home charge infrastructure will be less than Rs 1 per km.

Now, a fast DC-type charger will do the job in less than an hour but the range here is anywhere from Rs 1,000 to Rs 2,500 per full charge. This would substantially increase the running cost of EVs to close to Rs 6 per km, more than what you will get in a CNG run vehiclke and close to most efficient disel vehicles.

A typical petrol and diesel run vehicle (assuming a mileage of 12 and 15 km per litre, respectively) at current price of fuel (Rs 100 per litre for petrol and Rs 80 per litre for diesel) will give a mileage of RS 8-9 per km and Rs 5-6 per km, respectively.

However, the consideration really comes down to the time one is willing to wait for the EV to get juiced-up.

To resolve the bottleneck, leading industry players are either going in for smaller battery sizes, thereby making cars lighter and faster to charge, or installing home based charging systems at buyers’ residences.

For example, Mahindra eVerito uses just a 16 kWh battery that would go up to 180 km in one charge. In home charging conditions, it would need less than four hours to charge fully.

In addition, to wade off range anxiety, some major auto makers are expected to go in for even larger batteries with more than 500 km range in the future as the cost of lithium-ion batteries comes down.

Besides, major players like EESL and others are installing public charging infrastructure to cater to the ever growing need of the nascent segment.

On the range front, a full charge per km depends on the battery size, the drive mode and the in-car electric usage such as AC, heating or music system.

Planning for any contingencies, the companyes have covered the risk by deploying mobile car charging units in major cities.

Still on a comparative basis, EVs trump petrol, on both cost and environmentally friendly scales.

At present, automobile majors such as Tata Motors, Mahindra, MG Motors and Hyundai have come out with pure electric variants and standalone models in India. Tata Motor has Tigor and Nexon EV, MG Motors has ZS EV, Hyundai has Kona Electric and Mahindra has eVerito.

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Petrol, Diesel Prices Rise Close To Rs 3/L In 9 Days https://odishatv.in/business_economy/petrol-diesel-prices-rise-close-to-rs-3-l-in-9-days-518790 Wed, 17 Feb 2021 05:04:22 +0000 https://odishatv.in/?p=518790

New Delhi: Petrol and diesel prices maintained its northward rally on Wednesday, the ninth consecutive day, when its retail prices have risen across the country, with global oil market on the boil and both crude and product prices seeing a major spike. Accordingly, oil marketing companies raised the pump price of petrol and diesel by […]

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New Delhi: Petrol and diesel prices maintained its northward rally on Wednesday, the ninth consecutive day, when its retail prices have risen across the country, with global oil market on the boil and both crude and product prices seeing a major spike.

Accordingly, oil marketing companies raised the pump price of petrol and diesel by another 25 paise per litre in Delhi.

With this increase, petrol is now priced at Rs 89.54 a litre and diesel Rs 79.95 a litre in the national capital.

In the last nine days (since February 9), the price has gone up by Rs 2.59 per litre for petrol while diesel rate has risen by Rs 2.82 a litre.

Across the country as well the petrol and diesel price increase ranged from 24-27 paise per litre depending on the level of local taxes on the two petroleum products.

In Mumbai, petrol prices is just Rs 4 per litre short of touching the three-digit mark of Rs 100 per litre for the very first time ever anywhere in the country. Diesel prices in the city is closing on Rs 90 a litre (Rs 86.98 a litre).

In all other metros, petrol is over Rs 90 a litre while diesel is well over Rs 80 a litre barring Delhi. Premium petrol has crossed Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra.

The increase on Wednesday has followed the firming of global oil prices (both product and crude) that have maintained record streak of gains in past few days with crude reaching close to $63.5 a barrel mark.

Since fuel prices are bench-marked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude hovers at the current level.

The petrol and diesel prices have increased 21 times in 2021 with the two auto fuels increasing by Rs 5.83 and Rs 6.08 per litre respectively so far this year.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.

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Official Digital Currency, Other Crypto Assets Can Coexist: IAMAI https://odishatv.in/business_economy/official-digital-currency-other-crypto-assets-can-coexist-iamai-518324 Mon, 15 Feb 2021 10:56:29 +0000 https://odishatv.in/?p=518324

Mumbai: With the government planning to introduce an official digital currency, industry body Internet and Mobile Association of India (IAMAI) on Monday said that the move need not necessarily lead to a “ban” on other crypto assets. Fiat digital currency serves a totally different purpose than the other crypto currencies in India and both of […]

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Official Digital Currency, Other Crypto Assets Can Coexist: IAMAI

Mumbai: With the government planning to introduce an official digital currency, industry body Internet and Mobile Association of India (IAMAI) on Monday said that the move need not necessarily lead to a “ban” on other crypto assets.

Fiat digital currency serves a totally different purpose than the other crypto currencies in India and both of them can co-exist, IAMAI said.

The possibility of a ban on private cryptocurrencies was raised in some quarters after the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was listed on the agenda for the Budget session of Parliament.

IAMAI said it welcomes the government’s move to introduce an official digital currency.

“However, the association would also like to point out that in a section of the media and non-expert circles, it has been indicated that the introduction of fiat digital currencies is preconditioned on ‘banning’ other crypto assets,” it said in a statement.

The organisation said that existence and use of crypto assets by Indian consumers opens up a wide scope for Indian entrepreneurs to issue such currencies and it is likely that Indians who comprise 15 per cent of the global buyers will prefer an Indian crypto asset.

A digital currency is a non-tangible currency that can be accessed through smartphones, credit cards and online cryptocurrency exchanges.

Such currencies can significantly reduce transaction cost by reducing the price of acquiring or sharing information securely, IAMAI said.

An official digital currency regulated by the government will give impetus to the broader application of the distributed ledger technology and will create avenues of fintech innovation that are yet to be explored within the country, it added.

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FPIs Invest Rs 20,593 Cr In Indian Equities Since Budget https://odishatv.in/business_economy/fpis-invest-rs-20593-cr-in-indian-equities-since-budget-518065 Sun, 14 Feb 2021 09:37:48 +0000 https://odishatv.in/?p=518065

Mumbai: Foreign portfolio investments (FPI), which have touched record highs amid the pandemic, have continued to pour into the Indian equity market post the Union Budget for FY22. Net FPI inflow into equities in the month of February has been Rs 20,593 crore, as per NSDL data. Since January, FPIs have invested over Rs 39,000 […]

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FPI

Mumbai: Foreign portfolio investments (FPI), which have touched record highs amid the pandemic, have continued to pour into the Indian equity market post the Union Budget for FY22.

Net FPI inflow into equities in the month of February has been Rs 20,593 crore, as per NSDL data.

Since January, FPIs have invested over Rs 39,000 crore.

S.Ranganathan, Head of Research at LKP Securities said that sectors like private banks, consumer, FMCG and IT have seen foreign flows as Indian companies have exhibited resilience and demonstrated growth post lifting of the lockdown restrictions in Q3.

“We expect foreign flows to be positive in Q4 as well in line with the trend so far as the Budget has been pro-growth with privatisation gaining ground,” he said.

Further, hopes on the Covid vaccination front and the government’s push for capital expenditure and infrastructure boost have also led to positive sentiments among the investors, analysts said.

As per the Budget announcement, the Centre has included amendments to various financial legislations in the Finance Bill, 2021 to permit debt financing of InvITs and REITs by Foreign Portfolio Investors.

In the Budget speech 2021-22, it has been announced that “debt financing of InvITs and REITs by Foreign Portfolio Investors will be enabled by making suitable amendments in the relevant legislations”.

This will pave the way for easy access of finance to InvITs and REITs thus augmenting funds for infrastructure and real estate sectors.

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Govt Pursuing Reforms To Make India One Of World’s Top Economies: FM Sitharaman https://odishatv.in/business_economy/govt-pursuing-reforms-to-make-india-one-of-worlds-top-economies-fm-sitharaman-517821 Sat, 13 Feb 2021 10:48:06 +0000 https://odishatv.in/?p=517821

New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that the government, undeterred by the COVID-19 pandemic, has been pursuing reforms for achieving sustained long-term growth in a bid to make India one of the top economies of the world in the coming decades. Replying to debate on Budget 2021-22 in Lok Sabha, she said, […]

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Govt Pursuing Reforms To Make India One Of World's Top Economies: FM Sitharaman

New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that the government, undeterred by the COVID-19 pandemic, has been pursuing reforms for achieving sustained long-term growth in a bid to make India one of the top economies of the world in the coming decades.

Replying to debate on Budget 2021-22 in Lok Sabha, she said, the Prime Minister did not lose any opportunity to continue with the reforms and this Budget has set the pace for India to become self-reliant or Aatmanirbhar.

Earlier this month, the Finance Minister presented a Rs 34.5 lakh crore Budget for 2021-22, in the backdrop of the pandemic.

The Budget has laid emphasis on increasing capital expenditure, raising allocation for healthcare capacity building and development of agriculture infrastructure, among others, which are expected to have a multiplier effect on the economy.

She said her Budget for 2021-22, has provided the highest capex growth of 34.4 per cent by providing more money to railways, roads and defence.

Referring to a series of measures taken to stimulate the economy hit by the pandemic, she said, COVID-19 did not deter the government from taking up reforms, which are going to be necessary for sustaining long-term goals for this country.

Emphasising that sustained commitment to reform is blended in the Budget, she said, “reforms are going to lay a path for India to be one of the top economies of the world in the coming decades.”

On handling of COVID-19 pandemic, the Finance Minister said, “The death rates are the lowest in the world, active cases have come down… we have actually managed to bend the curve. And as a result, the revival of the economy looks a lot more sustainable and this Budget gives necessary impetus.”

Responding to the charge of crony capitalism, the minister said, the government under Narendra Modi works for common people and not for cronies.

Reeling out statistics to show the government’s pro-poor policies, she said, measures of providing toilets, houses and MUDRA Yojana, rural roads were not meant for cronies.

“We don’t do work for any cronies, we work for the common citizen who believes in the Prime Minister,” she said.

She also took on Congress for accusing that the government is favouring certain industrialists and asked the opposition party to explain how a particular project in Kerala was awarded on invitation basis to one of the industrialists.

Adani Ports and Special Economic Zone Ltd, India’s largest port developer and part of the Adani Group, in December 2015 formally began development of the international transhipment project in Vizhinjam in Kerala.

With regards to increasing allocation for rural job guarantee scheme, the Finance Minister said the government will allocate more funds for Mahatma Gandhi National Rural Employment Guarantee (MGNREGA) scheme for 2021-22, if needed, as against Budget estimate of Rs 73,000 crore.

Compared to the previous regime, the Finance Minister said the government has always raised expenditure on MGNREGA scheme at the Revised Estimate level right since 2014-15.

MNREGA under Congress was a “mess” with utilisation far less than budget provision, she said. The Modi government “removed ills out of the scheme and effectively utilised it.”

In the current 2020-21 fiscal that ends on March 31, Rs 61,500 crore was provided in the Budget but the provision was increased to Rs 1.1 lakh crore in view of the support needed to help those in distress during the pandemic.

On the cash dole scheme of PM Kisan Samman Nidhi Yojana providing Rs 10,000 crore less in current and the next fiscal, she said this was because of “rationalisation” of expenditure following the West Bengal government not providing the list of 69 lakh beneficiaries.

On criticism of cut in spending on defence for the fiscal beginning April 1, she said it has increased both on revenue and capital side and there is a decline only in provision for pensions as the previous year’s spending included payment of arrears for the one-rank-one-pension (OROP) scheme.

On defence, she said revenue expenditure budgeted for 2021-22, is 1.3 per cent more than the previous year and capital spending is 18.8 per cent higher.

She justified including water and sanitation under health to show more than doubling of expenditure on that head by pointing to a World Health Organization (WHO) report that sanitisation was part of healthcare.

Actual allocation for the Ministry of Health and Family Welfare has gone up by 9.6 per cent for next year and that of Ayush Ministry by 40 per cent, she said.

Hitting at the economic models adopted by the Congress regime in the past, the Finance Minister said India used to follow a model based on proximity with some country or other.

“We (Congress) were socialist at one particular point of time, communist at another point of time, licence quota, crony capitalism another point of time, and finally even opening of Indian economy, it was us,” she quipped.

However, she said, BJP since Jan Sangh days believed in Indian entrepreneurial skills, Indian managerial skills and Indian trade skills.

Unless business creates wealth, the government has nothing to distribute to the poor and migrant labour, she said, adding, wealth creators, honest taxpayers are therefore respected in the country.

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Govt To Consider Bringing Down GST On Pesticides To 5% https://odishatv.in/business_economy/govt-to-consider-bringing-down-gst-on-pesticides-to-5-517519 Fri, 12 Feb 2021 09:14:07 +0000 https://odishatv.in/?p=517519

New Delhi: As part of efforts to bring parity in taxation on agro-inputs, the Department of Chemical and Petrochemicals has approached the Finance Ministry for reducing GST on pesticides from 18 per cent to 5 per cent. Along with fertilisers, pesticide is also an important agro input that helps in curbing pests and diseases on […]

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New Delhi: As part of efforts to bring parity in taxation on agro-inputs, the Department of Chemical and Petrochemicals has approached the Finance Ministry for reducing GST on pesticides from 18 per cent to 5 per cent.

Along with fertilisers, pesticide is also an important agro input that helps in curbing pests and diseases on plants and plays a major role in increasing agricultural production. But unlike fertilisers that attract 5 per cent GST, pesticide is charged GST at 18 per cent, even higher than 12 per cent VAT before introduction of the new indirect tax system.

In its recent report tabled in Parliament, the standing committee on chemicals and fertilisers has also expressed dismay at the higher rate of taxation for this critical Agri input and had asked the department to take quick action to see that the lower rate of taxation is provided for pesticides.

“The Committee is dismayed to note that GST on pesticides has increased to 18 per cent after roll out of GST from around 12 per cent VAT in most of the important states where the pesticides are consumed on a large-scale. GST on fertilizers is only 5 per cent and pesticide being another agro-input deserves to be put under 5 per cent slab of GST,” the standing committee has recommended to the government.

“In this regard, the committee notes the recommendation of the Department of Chemicals and Petrochemicals to bring down the GST slab to 5 per cent. Since it is disheartening to note that the crops worth Rs 90,000 crore are lost annually due to pests and diseases, the committee recommend that GST on pesticides should be reduced from 18 per cent to 5 per cent so as to benefit the farmers and to increase the agricultural production in the country,” the committee said in its report.

Sources said that the Finance Ministry after examining the proposal to reduce duty on pesticides may put the issue before the GST Council that has the final say in matters of indirect taxes.

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Airfare Becomes Expensive! Govt Raises Limits On Domestic Airfares By 10-30% https://odishatv.in/business_economy/airfare-becomes-expensive-govt-raises-limits-on-domestic-airfares-by-10-30-517262 Thu, 11 Feb 2021 13:09:42 +0000 https://odishatv.in/?p=517262

New Delhi: Passengers will have to shell out more money for air travel from now as the Civil Aviation Ministry on Thursday increased the lower and upper limits on domestic airfares by 10 to 30 per cent. These new limits would remain “in force up to March 31, 2021, or until further orders”, the ministry […]

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Airfare Becomes Expensive! Govt Raises Limits On Domestic Airfares By 10-30%

New Delhi: Passengers will have to shell out more money for air travel from now as the Civil Aviation Ministry on Thursday increased the lower and upper limits on domestic airfares by 10 to 30 per cent.

These new limits would remain “in force up to March 31, 2021, or until further orders”, the ministry said its order on Thursday.

While announcing the resumption of scheduled domestic flights on May 21 last year, the ministry had placed limits on airfares through seven bands classified on the basis of flight duration.

The first such band consists of flights that are of less than 40 minutes duration. The lower limit for the first band was increased on Thursday from Rs 2,000 to Rs 2,200. The upper limit in this band was set at Rs 7,800, which was Rs 6,000 earlier.

The subsequent bands are for flights with durations of 40-60 minutes, 60-90 minutes, 90-120 minutes, 120-150 minutes, 150-180 minutes and 180-210 minutes.

The fresh lower and upper limits set by the ministry for these bands on Thursday were: Rs 2,800 – Rs 9,800; Rs 3,300 Rs 11,700; Rs 3,900 Rs 13,000; Rs 5,000 Rs 16,900; Rs 6,100 Rs 20,400; Rs 7,200 Rs 24,200, respectively.

Till date, the lower and upper limits for these bands were: Rs 2,500 – Rs 7,500; Rs 3,000 – Rs 9,000; Rs 3,500 – Rs 10,000; Rs 4,500 – Rs 13,000; Rs 5,500 – Rs 15,700 and Rs 6,500 – Rs 18,600, respectively.

Aviation regulator DGCA had said on May 21 last year that each airline would sell at least 40 per cent of its tickets on a flight at prices less than the midpoint between the lower limit and upper limit.

Domestic passenger services resumed on May 25 after nearly two months of suspension to combat the coronavirus outbreak.

Along with the limits on airfares, the government had asked the airlines to operate not more than 33 per cent of their pre-COVID domestic flights. On June 26, the cap was increased to 45 per cent. This was gradually increased to 80 per cent. The ministry said on Thursday that the 80 per cent limit would remain in place till March-end.

The aviation sector has been significantly impacted due to the travel restrictions imposed in India and other countries in view of the coronavirus pandemic.

All Indian carriers last year took cost-cutting measures such as pay cuts, leave without pay and firing of employees in order to conserve cash.

Scheduled international passenger traffic continues to remain suspended in India since March 23, 2020 due to the coronavirus pandemic. However, special international flights have been operating since July 2020 under air bubble arrangements formed with various countries.

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Sensex Surge To New Closing High, Gold Prices Rise Slightly https://odishatv.in/business_economy/sensex-surge-to-new-closing-high-gold-prices-rise-slightly-517240 Thu, 11 Feb 2021 12:24:09 +0000 https://odishatv.in/?p=517240

Mumbai: Equity benchmarks reversed their two-session slide to finish at fresh closing highs on Thursday, propelled by robust gains in market heavyweight Reliance Industries. Dovish comments from US Federal Reserve Chair Jerome Powell also bolstered global investor sentiment, which augurs well for fund flows into emerging markets like India, analysts said. Overcoming bouts of mid-session […]

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Sensex Surge To New Closing High, Gold Prices Rise Slightly

Mumbai: Equity benchmarks reversed their two-session slide to finish at fresh closing highs on Thursday, propelled by robust gains in market heavyweight Reliance Industries.

Dovish comments from US Federal Reserve Chair Jerome Powell also bolstered global investor sentiment, which augurs well for fund flows into emerging markets like India, analysts said.

Overcoming bouts of mid-session volatility, the 30-share BSE index settled 222.13 points or 0.43 per cent higher at its new closing peak of 51,531.52.

In similar movement, the broader NSE Nifty advanced 66.80 points or 0.44 per cent to its all-time high of 15,173.30.

Reliance Industries was the star performer in the Sensex pack, rallying 4.07 per cent, followed by Sun Pharma, Bajaj Finance, PowerGrid, Bharti Airtel, Nestle India and HUL.

On the other hand, Titan, L&T, HDFC Bank, ITC, ONGC and SBI were among the laggards, tumbling up to 2.50 per cent.

“After the initial downtick, the benchmark recovered in no time and remained range-bound thereafter…The mixed trend continued on the sectoral front as Capital Goods, Consumer Goods and Auto ended with losses whereas Oil & Gas, Metal and Telecom ended with gains.

“We reiterate our bullish view on markets. However, traders should maintain extra caution in the selection of stocks now. Participants would be actively tracking key macroeconomic data like IIP, CPI and WPI data for cues on Friday,” said Ajit Mishra, VP – Research, Religare Broking.

BSE energy, telecom, oil and gas, utilities, basic materials and metal indices surged up to 3.13 per cent, while capital goods, consumer durables, auto and industrials ended in the red.

Broader BSE midcap and smallcap indices rallied up to 1.06 per cent.

US Fed Chair Jerome Powell reassured investors that interest rates will remain low in the near future to prop up the economy, adding that the jobs scenario is “a long way” from where it needs to be.

Elsewhere in Asia, markets in China, Japan and South Korea were closed for holidays.

Stock exchanges in Europe were largely trading on a positive note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.67 per cent lower at USD 61.06 per barrel.

The Indian rupee ended 3 paise lower at 72.87 against the US dollar.

Foreign institutional investors remained net buyers in the domestic capital market as they purchased shares worth Rs 1,786.97 crore on Wednesday, according to exchange data.

Indian Rupee Slips 3 Paise To 72.87 Against US Dollar

The Indian rupee ended 3 paise lower at 72.87 against the US dollar on Thursday amid a firm trend in the domestic equity markets.

At the interbank forex market, the local unit opened at 72.81 against the greenback and witnessed an intra-day high of 72.65 and a low of 72.87.

It finally ended at 72.87 against the American currency, registering a fall of 3 paise over its previous close.

On Wednesday, the rupee had finished at 72.84.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, inched up 0.02 per cent to 90.38.

On the domestic equity market front, the BSE Sensex ended 222.13 points or 0.43 per cent higher at its all-time high of 51,531.52. Similarly, the broader NSE Nifty advanced 66.80 points or 0.44 per cent to a record 15,173.30.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 1,786.97 crore on Wednesday, according to exchange data.

Brent crude futures, the global oil benchmark, fell 0.70 per cent to USD 61.04 per barrel.

“The Indian Rupee ended flat against the US dollar, as possible intervention from RBI offset the impact of foreign flows in local equities,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.

The local unit had strengthened earlier in the session amid equity purchases by foreign investors which continued to remain buoyant over the last three months, Iyer said.

The next trigger for the market could be the CPI and IIP data due on Friday, traders said.

“On the domestic front, market participants will be keeping an eye on inflation and industrial production number and better-than-estimates number could extend gains for the currency.

“Today, volatility for the dollar could remain low as no major economic data is expected to be released from the US,” said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.

Somaiyaa further added that “we expect the USD-INR (Spot) to quote sideways with a lower bias and in the range of 72.70 and 73.25.”

Gold Prices Increase Marginally; Silver Jumps Rs 454

Gold in the national capital gained marginally by Rs 36 to Rs 47,509 per 10 gram on Thursday in line with firm global prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 47,473 per 10 gram.

Silver also jumped Rs 454 to Rs 69,030 per kg, from Rs 68,576 per kg in the previous trade.

In the international market, gold was trading with gains at USD 1,844 per ounce and silver was flat at USD 27.18 per ounce.

(This Article Is A Compilation Of PTI Stories)

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‘More Than Full’ Economic Recovery Likely In FY22: FinMin Report https://odishatv.in/business_economy/more-than-full-economic-recovery-likely-in-fy22-finmin-report-516818 Wed, 10 Feb 2021 06:36:28 +0000 https://odishatv.in/?p=516818

New Delhi: As the economy emerges out of the pandemic-induced slowdown, a report by the Department of Economic Affairs (DEA) has said that the outlook for growth and inflation of the country in the upcoming financial year (2021-22) indicates a “more than full recovery” of the economy. The ‘Monthly Economic Review’ for January 2021 said […]

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Finance-Ministry

New Delhi: As the economy emerges out of the pandemic-induced slowdown, a report by the Department of Economic Affairs (DEA) has said that the outlook for growth and inflation of the country in the upcoming financial year (2021-22) indicates a “more than full recovery” of the economy.

The ‘Monthly Economic Review’ for January 2021 said the structural reforms and the policy push under the Atmanirbhar Bharat Mission along with the slew of measures announced in the Union Budget 2021-22 towards achieving broad-based inclusive growth will strengthen the fundamentals of the economy and bring it back on to a strong and sustainable growth path in the year ahead.

“Growth and inflation outlook in 2021-22 portends more than full recovery,” it said.

The report added that a sustained and strengthening economic recovery continues to be witnessed in January, 2021 across key high frequency indicators such as power consumption, inter and intra state mobility, manufacturing capacity utilisation, business expectations and consumer confidence.

GST collections in January, 2021 have been the highest monthly collections so far in the history of this tax regime, it said, adding that manufacturing and services PMI remain in expansionary zone while augmented credit growth, surging FDI and FPI flows and private placement of corporate bonds are providing critical financial cushion to the real recovery.

The DEA report highlighted that the Economic Survey, 2020-21 has drawn attention to the V-shaped economic recovery as a testimony to the resilience and intrinsic strength of the Indian economy. It noted that the survey roots for growth through counter cyclical fiscal policy emphasizing that growth alone is the answer to sustaining the public debt burden of the country.

The Budget, 2021-22 presented two days later implemented the counter cyclical fiscal policy by raising the target of fiscal deficit to 6.8 per cent of GDP, more than double the Fiscal Responsibility and Budget Management Act (FRBM) target.

“With the expanded borrowing programme mostly meant for funding the enhanced capital outlay, the Budget has set in place the multiplier impact on growth to support the prescribed fiscal glide path tapering to 4.5 per cent of GDP in 2026,” it said.

It said that with the International Monetary Fund (IMF) keeping India’s growth projections elevated at 6.8 per cent in FY 2022-23, India is back as the fastest growing major economy in the world.

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Cryptocurrencies: Existing Laws Inadequate, Govt Soon To Bring Bill https://odishatv.in/business_economy/cryptocurrencies-existing-laws-inadequate-govt-soon-to-bring-bill-516622 Tue, 09 Feb 2021 11:12:27 +0000 https://odishatv.in/?p=516622

New Delhi: The government will soon bring a bill on cryptocurrencies as existing laws are inadequate to deal with issues concerning them, Minister of State For Finance Anurag Thakur told Rajya Sabha on Tuesday. Replying to a question in the Upper House, Thakur said regulatory bodies like RBI and Sebi do not have any legal […]

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Cryptocurrencies: Existing Laws Inadequate, Govt Soon To Bring Bill

New Delhi: The government will soon bring a bill on cryptocurrencies as existing laws are inadequate to deal with issues concerning them, Minister of State For Finance Anurag Thakur told Rajya Sabha on Tuesday.

Replying to a question in the Upper House, Thakur said regulatory bodies like RBI and Sebi do not have any legal framework to directly regulate cryptocurrencies as they are not currencies, assets, securities or commodities issued by identifiable users.

“The existing laws are inadequate to deal with the subject,” he said.

The government had formed an Inter-Ministerial Committee which has given its report on issues related to virtual currencies. There was also a meeting of the Empowered Technology Group. The Committee of Secretaries chaired by the Cabinet Secretary has also given its report.

“A bill (on cryptocurrencies) is being finalised and it will soon be send to the Cabinet. We will soon be bringing a bill,” Thakur said.

In view of the risks associated with Virtual Currencies (VCs), including Bitcoins, the Reserve Bank of India (RBI) through a circular in April 2018, had advised all the entities regulated by it not to deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs.

However, Supreme Court, vide judgement dated March 4, 2020, had set aside the RBI’s circular.

To another question regarding Chinese companies in the country, the minister said as of now, there are around 92 companies registered in the country. Out of them, 80 Chinese companies are actively working in India.

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Markets At Fresh Peaks: Sensex Soars Above 51K, Nifty Scales 15,100 https://odishatv.in/business_economy/markets-at-fresh-peaks-sensex-soars-above-51k-nifty-scales-15100-516376 Mon, 08 Feb 2021 12:40:09 +0000 https://odishatv.in/?p=516376

Mumbai: The Sensex closed above 51,000 points for the first time while the Nifty smashed past the 15,100-mark on Monday as the post-Budget rally continued for the sixth session amid strong corporate results and robust foreign fund inflows. A persistently bullish trend in global markets further bolstered risk appetite, traders said. After touching a lifetime […]

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Markets At Fresh Peaks: Sensex Soars Above 51K, Nifty Scales 15,100

Mumbai: The Sensex closed above 51,000 points for the first time while the Nifty smashed past the 15,100-mark on Monday as the post-Budget rally continued for the sixth session amid strong corporate results and robust foreign fund inflows.

A persistently bullish trend in global markets further bolstered risk appetite, traders said.

After touching a lifetime high of 51,523.38 during the day, the 30-share BSE Sensex ended 617.14 points or 1.22 per cent higher at its record closing peak of 51,348.77.

Similarly, the broader NSE Nifty surged 191.55 points or 1.28 per cent to its lifetime closing high of 15,115.80. It touched an intra-day record of 15,159.90.

Investor wealth climbed by nearly Rs 2.50 lakh crore, with the market capitalisation of all BSE-listed companies reaching Rs 202.82 lakh crore.

Mahindra and Mahindra (M&M) was the top gainer in the Sensex pack, soaring 7.23 per cent, followed by Bajaj Finserv, Bharti Airtel, PowerGrid, Infosys and ICICI Bank.

On the other hand, HUL, Kotak Bank, Bajaj Finance, ITC, Bajaj Auto amd Sun Pharma closed in the red, dropping up to 1.43 per cent.

“Strong global cues supported the domestic rally. PSU Banks, which was on a bull run paused today with some correction noticeable in FMCGs.

“The overall market is maintaining its buoyancy with rally in all sectors especially auto, IT and metals. Improved domestic outlook is encouraging sustained FPI inflows,” said Vinod Nair, Head of Research at Geojit Financial Services.

Sector-wise, BSE auto, metals, industrials, telecom, utilities and teck indices rallied as much as 3.07 per cent, while FMCG index closed with losses.

In the broader markets, the BSE midcap and smallcap indices spurted up to 1.53 per cent.

Global shares marched to record highs on hopes that US President Joe Biden’s USD 1.9 trillion COVID-19 relief package will be passed by lawmakers soon.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with significant gains, while Seoul was in the red.

Stock exchanges in Europe were trading on a positive note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude crossed the USD 60 per barrel mark after more than a year on improving demand prospects.

The rupee fell by 4 paise to close at 72.97 against the US dollar, weighed by a strong dollar sentiment and high demand for the greenback from importers.

Gold Gains Rs 94, Silver Jumps Rs 340

Gold prices on Monday gained Rs 94 to Rs 46,877 per 10 gram, supported by recovery in international prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 46,783 per 10 gram.

Silver also jumped Rs 340 to Rs 68,391 per kg, from Rs 68,051 per kg in the previous trade.

In the international market, both gold and silver were trading with gains at USD 1,815 per ounce and at USD 27.16 per ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices traded up from support levels on disappointing US payroll data and stimulus hopes.”

Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, “Gold prices edged higher on as weaker-than-expected US jobs data re-ignited concerns over a recovery in the world’s largest economy, pressuring the dollar and boosting bullion’s appeal.”

Indian Rupee Slips By 4 Paise To 72.97 Against US Dollar

The rupee dropped by 4 paise to close at 72.97 against the US currency on Monday due to a strong dollar sentiment and dollar buying by importers.

However, sustained foreign fund inflows and strong gains in equity markets restricted the rupee’s fall, traders said.

At the Interbank Foreign Exchange (forex), the rupee opened sharply higher at 72.86 against the dollar. During the session, the unit touched a high of 72.80.

However, the rupee pared gains to close lower by 4 paise at 72.97 due to dollar buying by importers. On Friday, the rupee had appreciated by 3 paise to close at 72.93 against the US dollar.

After touching a lifetime high of 51,523.38 during the day, the 30-share BSE index ended 617.14 points or 1.22 per cent higher at its record closing peak of 51,348.77.

The broader NSE Nifty surged 191.55 points or 1.28 per cent to its record 15,115.80.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, surged 0.25 per cent to 91.91.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 1,461.71 crore on Friday, as per exchange data.

Meanwhile, the global oil benchmark Brent crude spiked 0.69 per cent to USD 59.97 per barrel.

“The Indian rupee ended marginally weak against the US currency, as rumoured buying from the Reserve Bank of India and rebound of the US Dollar this Monday outweighed the impact of positive regional cues,” Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

Following the RBI’s intervention, the one-year forward premium jumped to Rs 3.70 this Monday, the highest since October 2016, while the implied yield rose to 5.07 per cent, the highest since May 2017, he added.

“On the international front, the US Dollar was higher against major currencies on Monday afternoon session in Asia as traders waited for more data on the US economy,” Iyer said.

(This Story Is A Compilation Of PTI Stories)

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Visa Announces Grants For Women-Owned Businesses In India To Boost Entrepreneurship https://odishatv.in/business_economy/visa-announces-grants-for-women-owned-businesses-in-india-to-boost-entrepreneurship-516340 Mon, 08 Feb 2021 10:29:56 +0000 https://odishatv.in/?p=516340

Mumbai: Visa on Monday announced the recipients of its grant programme in India to boost women entrepreneurship globally and empower budding businesswomen. As part of Visa’s first global grant programme in partnership with IFundWomen, Bunko Junko, My Chapter One and MoWo Social Initiatives each received a Rs 7,00,000 grant from Visa and resources from Instamojo […]

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Visa Announces Grants For Women-Owned Businesses In India To Boost Entrepreneurship

Mumbai: Visa on Monday announced the recipients of its grant programme in India to boost women entrepreneurship globally and empower budding businesswomen.

As part of Visa’s first global grant programme in partnership with IFundWomen, Bunko Junko, My Chapter One and MoWo Social Initiatives each received a Rs 7,00,000 grant from Visa and resources from Instamojo to grow their businesses digitally, in a continued effort to offer better services to their communities.

“Access to funding, educational resources and a digital presence are fundamental building blocks that will help small businesses get back to not only surviving, but thriving,” Kevin Phalen, global head of business solutions, Visa, said in a statement.

“We are proud to provide businesses around the globe with the capital and educational resources they need to achieve their goals,” Phalen added.

Women-owned enterprises in India have grown from 14 per cent to 20 per cent in the past decade and employ between 22 to 27 million people.

Highlighting this growth, Visa received applications from hundreds of businesses across the country in sectors including apparel and fashion, healthcare and wellness, food and beverages and art and events.

The company evaluated 16 semi-finalists by a jury panel comprising senior leaders across Visa, FICCI FLO (FICCI Ladies’ Organization) and Instamojo.

The final winners were selected based on the count of jury votes.

In addition to the grants, Instamojo, the digitization partner, is providing the winners with tools and resources to help build their digital presence.

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Petrol, Diesel Price Rise Checked For 3rd Consecutive Day https://odishatv.in/business_economy/petrol-diesel-price-rise-checked-for-3rd-consecutive-day-516227 Mon, 08 Feb 2021 06:53:32 +0000 https://odishatv.in/?p=516227

New Delhi: Petrol and diesel price rise continued on the pause mode on Monday, the third consecutive day of no price change, as oil marketing companies decided to watch the revolving oil market before taking a call on further changes. Before the pause, petrol and diesel prices had risen sharply on Thursday and Friday, taking […]

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Peterol

New Delhi: Petrol and diesel price rise continued on the pause mode on Monday, the third consecutive day of no price change, as oil marketing companies decided to watch the revolving oil market before taking a call on further changes.

Before the pause, petrol and diesel prices had risen sharply on Thursday and Friday, taking up the pump price of the auto fuels by 65 paise per litre.

The pause came on a day when global crude prices rose by over 1.3 per cent to reach this year’s high level of over $60 a barrel.

Petrol, diesel and other oil product prices in India are determined on the basis of petroleum product price in the global markets and not crude price. But movement in benchmark crude has a bearing on pricing across the product categories.

With price on the pause on Monday, retail price of diesel remained at Rs 77.13 a litre in Delhi while petrol prices remained at new high level of Rs 86.95 a litre in the capital.

Across the country as well the fuel prices remained at Friday’s level.

Though firm global crude and product price is the reason for the increase in retail price of petrol and diesel in past days, it is interesting to note that even though crude has been hovering just over $55 a barrel for a long time, OMCs had gone in for both a pause in price of auto fuels as well increase in its retail prices on the consecutive days.

Crude prices have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.

The petrol and diesel prices have increased 12 times in 2021 with the two auto fuels increasing by Rs 3.24 and Rs 3.26 per litre respectively so far this year.

The last few increases in the pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up $ 80 a barrel.

The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices. The Budget has also imposed a new agriculture infrastructure and development cess.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on the sale of auto fuels.

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After Two Days Of Spike, Petrol, Diesel Prices Remain Unchanged https://odishatv.in/business_economy/after-two-days-of-spike-petrol-diesel-prices-remain-unchanged-515804 Sat, 06 Feb 2021 07:27:30 +0000 https://odishatv.in/?p=515804

New Delhi: Petrol and diesel price rise went on the pause mode on Saturday after two consecutive days of sharp increase where pump price of the auto fuels rose by 65 paise per litre. The pause came on a day when global crude prices rose by close to 1 per cent to reach this years’ […]

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fuel price hike

New Delhi: Petrol and diesel price rise went on the pause mode on Saturday after two consecutive days of sharp increase where pump price of the auto fuels rose by 65 paise per litre.

The pause came on a day when global crude prices rose by close to 1 per cent to reach this years’ high level of $60 a barrel.

Petrol, diesel and other oil product prices in India are determined on the basis of petroleum product price in the global markets and not crude price. But movement in benchmark crude has a bearing on pricing across the product categories.

With price on the pause on Saturday, the retail price of diesel remained at Rs 77.13 a litre in Delhi while petrol prices remained at new high level of Rs 86.95 a litre in the capital. The retail price of the two products had risen on February 4 and 5, increasing the prices by 65 paise per litre.

Across the country as well, the fuel prices remained at Friday’s level.

Though firm global crude and product price is the reason for the increase in retail price of petrol and diesel in past days, it is interesting to note that even though crude has been hovering just over $55 a barrel for a long time, OMCs had gone in for both a pause in price of auto fuels as well increase in its retail prices on consecutive days.

Crude price have remained firm for last few weeks in wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.

The petrol and diesel prices have increased 12 times in 2021 with the two auto fuels increasing by Rs 3.24 and Rs 3.26 per litre respectively so far this year.

The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up at $80 a barrel.

The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices. The Budget has also imposed a new agriculture infrastructure and development cess.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.
Petrol and diesel price rise went on the pause mode on Saturday after two consecutive days of sharp increase where pump price of the auto fuels rose by 65 paise per litre.

The pause came on a day when global crude prices rose by close to 1 per cent to reach this years’ high level of $60 a barrel.

Petrol, diesel and other oil product prices in India are determined on the basis of petroleum product price in the global markets and not crude price. But movement in benchmark crude has a bearing on pricing across the product categories.

With price on the pause on Saturday, the retail price of diesel remained at Rs 77.13 a litre in Delhi while petrol prices remained at new high level of Rs 86.95 a litre in the capital. The retail price of the two products had risen on February 4 and 5, increasing the prices by 65 paise per litre.

Across the country as well, the fuel prices remained at Friday’s level.

Though firm global crude and product price is the reason for the increase in retail price of petrol and diesel in past days, it is interesting to note that even though crude has been hovering just over $55 a barrel for a long time, OMCs had gone in for both a pause in price of auto fuels as well increase in its retail prices on consecutive days.

Crude price have remained firm for last few weeks in wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.

The petrol and diesel prices have increased 12 times in 2021 with the two auto fuels increasing by Rs 3.24 and Rs 3.26 per litre respectively so far this year.

The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up at $80 a barrel.

The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices. The Budget has also imposed a new agriculture infrastructure and development cess.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.

The post After Two Days Of Spike, Petrol, Diesel Prices Remain Unchanged appeared first on Latest Odisha News, Breaking News Today | Top Updates on Corona - OTV News.

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Sensex Ends At Fresh Peaks Post RBI Policy, Gold Plummets For 5th Consecutive Day https://odishatv.in/business_economy/sensex-ends-at-fresh-peaks-post-rbi-policy-gold-plummets-for-5th-consecutive-day-515632 Fri, 05 Feb 2021 13:06:13 +0000 https://odishatv.in/?p=515632

Mumbai: Extending its winning run for the fifth session, equity benchmark Sensex finished at a fresh lifetime peak on Friday after the Reserve Bank kept interest rates unchanged but continued its accommodative stance and announced fresh liquidity measures to revive growth. The 30-share BSE benchmark briefly crossed the 51,000-level, before ending 117.34 points or 0.23 […]

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Sensex Ends At Fresh Peaks Post RBI Policy, Gold Plummets For 5th Consecutive Day

Mumbai: Extending its winning run for the fifth session, equity benchmark Sensex finished at a fresh lifetime peak on Friday after the Reserve Bank kept interest rates unchanged but continued its accommodative stance and announced fresh liquidity measures to revive growth.

The 30-share BSE benchmark briefly crossed the 51,000-level, before ending 117.34 points or 0.23 per cent higher at its fresh closing record of 50,731.63.

Similarly, the 50-share NSE Nifty scaled the 15,000 mark during the day but shed some ground to close at its all-time high of 14,924.25, up 28.60 points or 0.19 per cent.

SBI was the top gainer in the Sensex pack, rallying 10.69 per cent, followed by Kotak Bank, Dr Reddy’s, UltraTech Cement, ITC and HDFC Bank.

On the other hand, Axis Bank, Bharti Airtel, ICICI Bank, Maruti and HCL Tech were among the laggards, tumbling up to 3.30 per cent.

Earlier in the day, the Reserve Bank of India (RBI) kept interest rates on hold while assuring to maintain support for reflating the economy by ensuring ample liquidity to manage the government’s near-record borrowing.

The six-member Monetary Policy Committee (MPC) voted to continue with the accommodative stance as long as necessary to revive growth and mitigate the impact of COVID-19 on the economy while ensuring that inflation remains within the target, Governor Shaktikanta Das said.

To absorb higher government borrowings, the central bank provided retail investors a direct option to invest in government securities.

It also sapped some fund from banks by raising the Cash Reserve Ratio (CRR) and use the money for more targeted market operations.

The developmental measures announced by the RBI included the inclusion of NBFCs in the on tap TLTRO scheme, the incentive to banks to lend to new MSME borrowers through a lower CRR requirement and the further deferment of capital conservation buffer.

“RBI has maintained status quo on policy rates on expected lines. However, the commentary is quite dovish. RBI stated its monetary stance would continue to be accommodative. Also, it would ensure enough liquidity is available to support the high government borrowing program.

“Hence, the two cylinder of policy, fiscal and monetary, would be supportive to growth in economy. This is good news for banks and financials along with positive rub off to domestic cyclical sectors. We remain constructive on equity markets and believe that the economy and corporate earnings are at a cusp of a new multi-year upcycle,” said Gaurav Dua, SVP, Head Capital Market strategy, Sharekhan by BNP Paribas.

BSE realty, bankex, healthcare, metal, FMCG and finance indices moved up to 0.94 per cent, while telecom, teck, auto, oil and gas and IT ended in the red.

However, broader BSE midcap and smallcap indices underperformed benchmarks, ending up to 0.93 per cent lower.

During the week, the Sensex rallied 4,445.86 points or 9.60 per cent, while the Nifty soared 1,289.65 points or 9.45 per cent.

Global shares maintained their upward trajectory on US stimulus hopes and growth optimism.

Elsewhere in Asia, indices in Hong Kong, Seoul and Tokyo ended with gains, while Shanghai was in the red.

Stock exchanges in Europe were also trading on a positive note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.95 per cent higher at USD 59.56 per barrel.

Rupee Rises 3 Paise To 72.93 Post RBI Rate Decision

Meanwhile, Indian rupee gained 3 paise to settle at 72.93 against the US dollar on Friday after the Reserve Bank kept the policy rate unchanged but maintained its accommodative stance to spur growth.

At the interbank forex market, the local unit opened at 72.98 against the greenback and witnessed an intra-day high of 72.80 and a low of 72.99.

It finally ended at 72.93 against the American currency, registering a rise of 3 paise from its previous close.

On Thursday, the rupee had settled at 72.96 against the American currency.

“Indian Rupee gained strength amid surge in domestic markets and as Reserve Bank of India kept repo rate unchanged at 4.0 per cent and maintained its accommodative stance. However, sharp upside was prevented on strong dollar and surge in crude oil prices,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

The six-member Monetary Policy Committee (MPC) voted to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy while ensuring that inflation remains within the target, Governor Shaktikanta Das said.

With green shoots of recovery clearly visible, the RBI pegged GDP growth in the fiscal year beginning April 1, 2021 at 10.5 per cent, a tad lower than 11 per cent predicted by the government’s Economic Survey last week.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.13 per cent to 91.41.

On the domestic equity market front, the BSE Sensex ended 117.34 points or 0.23 per cent higher at 50,731.63, while the broader NSE Nifty climbed 28.60 points or 0.19 per cent to 14,924.25.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,936.74 crore on Thursday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 1.24 per cent to USD 59.57 per barrel.

On a weekly basis, the rupee gained 3 paise against the American currency.

“The Indian Rupee ended with small gain on Friday but was little changed against the US currency this week, as persistent dollar bids by the Reserve Bank of India, offset the impact of foreign equity inflows,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Meanwhile, Asian currencies were broadly weaker this week tracking gains in the US dollar index.

“The Dollar Index was weak this Friday ahead of the payroll number tonight but was headed for its best weekly gain in three months lifted by growing confidence that the US economic recovery will outpace its global peers,” Iyer noted.

According to Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services, “after the Budget, it was obvious that RBI wouldn’t spoil the party. The MPC stance was more on the lines with our expectations of keeping the repo rate unchanged with accommodative stance.”

The positive take away for currency market was the growth projection, rupee surged after the real GDP growth was projected at 10.5 per cent for FY22, he said.

“The USD-INR spot’s outlook depends on risk sentiments, which will continue to pick up as nations are lifting travel restrictions. With hopes of liquidity unswerving global economic stimulus we expect the downward trend to continue in USD-INR spot,” he noted.

Gold Declines For Fifth Consecutive Day Tanks Rs 163

Falling for the fifth consecutive day, gold prices on Friday declined Rs 163 to Rs 46,738 per 10 gram in the national capital amid rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 46,901 per 10 gram.

Silver, however, gained Rs 530 to Rs 67,483 per kg, from Rs 66,953 per kg in the previous trade.

In the international market, gold was quoting with gains at USD 1,810 per ounce and silver was flat at USD 26.71 per ounce.

(Story Compilation From PTI Inputs)

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RBI To Allow Retail Investors To Directly Enter Govt Securities Market https://odishatv.in/business_economy/rbi-to-allow-retail-investors-to-directly-enter-govt-securities-market-515558 Fri, 05 Feb 2021 09:10:12 +0000 https://odishatv.in/?p=515558

Mumbai: In a major move aimed at encouraging small investors to become direct investors in government bonds or stated simply to an infinite source of lending to the government, the Reserve Bank on Friday said it will allow them to directly buy government debt, making India the first Asian country to do so and among […]

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RBI

Mumbai: In a major move aimed at encouraging small investors to become direct investors in government bonds or stated simply to an infinite source of lending to the government, the Reserve Bank on Friday said it will allow them to directly buy government debt, making India the first Asian country to do so and among a handful globally.

The central bank, tasked with managing a whopping Rs 12 lakh crore in government borrowing target next fiscal, hopes the move will allow greater depth to the gilt market in particular and the overall debt market in general thus deepening the financial markets as lack of depth has been the biggest bane of the domestic debt market all this while.

In effect the RBI has opened a long, endless tap for the government to borrow from– just as is done in the domestic stock market now, with the only difference being this will be under direct the watch of the RBI.

Currently, the RBI allows small investors to buy government bonds via the Gobid platform on BSE and NSE, but it has not gained any traction.

While no country allows a direct retail participation as the RBI has promised now, Britain, Brazil and Hungary allow small investors to buy/sell through third-party controls.

This is the second major step that the RBI is taking to encourage retail investors to enter the gilt market after it had allowed entry through the stock exchanges a few years back but did not elicit the intended result.

Under the new plan, all an investor needs to do is to open a gilt securities account (‘retail direct’) with the RBI is all what it said, as details of the facility will be issued separately.

As part of continuing efforts to increase retail participation in government securities and to improve ease of access, it has been decided to move beyond aggregator model and provide retail investors online access to government securities market, both primary and secondary, along with the facility to open a gilt securities account (retail direct) with the RBI, Governor Shaktikanta Das said while announcing the monetary policy.

It can be noted RBI has been encouraging retail participation in the government securities market for long with several initiatives like introduction of non-competitive bidding in primary auctions, permitting stock exchanges to act as aggregators/facilitators for retail investors and allowing odd-lot segment in the NDS-OM (negotiated dealing system-order matching) secondary market, among others, in the past.

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RBI Keeps Policy Rate Unchanged Fourth Time In A Row https://odishatv.in/business_economy/rbi-keeps-policy-rate-unchanged-fourth-time-in-a-row-515491 Fri, 05 Feb 2021 05:25:27 +0000 https://odishatv.in/?p=515491

Mumbai: Reserve Bank of India (RBI) on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying rate cuts in the future if need arises to support the economy hit by the COVID-19 pandemic. The benchmark repurchase (repo) rate has been left unchanged at 4 per cent, […]

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RBI

Mumbai: Reserve Bank of India (RBI) on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying rate cuts in the future if need arises to support the economy hit by the COVID-19 pandemic.

The benchmark repurchase (repo) rate has been left unchanged at 4 per cent, Governor Shaktikanta Das said while announcing the decisions taken by the central bank’s Monetary Policy Committee (MPC).

Consequently, the reverse repo rate will also continue to earn 3.35 per cent for banks for their deposits kept with RBI.

He said MPC voted for keeping interest rate unchanged and decided to continue with its accommodative stance to support growth.

The central bank had slashed the repo rate by 115 basis points since late March 2020 to support growth.

This is the fourth time in a row that MPC has decided to keep the policy rate unchanged. RBI had last revised its policy rate on May 22 in an off-policy cycle to perk up demand by cutting interest rate to a historic low.

The 27th meeting of the rate-setting MPC with three external members — Ashima Goyal, Jayanth R Varma and Shashanka Bhide — began on February 3. This is the first meeting of the rate setting panel after the Budget 2021-22, announced this week, projected a nominal GDP growth rate of 14.5 per cent and a fiscal deficit of 6.8 per cent for the financial year beginning April 1.

The government moved the interest rate setting role from the RBI Governor to the six-member MPC in 2016. Half of the panel, headed by the Governor, is made up of external independent members.

MPC has been given the mandate to maintain annual inflation at 4 per cent until March 31, 2021, with an upper tolerance of 6 per cent and a lower tolerance of 2 per cent.

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Markets At Fresh Highs: Sensex Zooms 359 Pts, Nifty Near 14,900 https://odishatv.in/business_economy/markets-at-fresh-highs-sensex-zooms-359-pts-nifty-near-14900-515327 Thu, 04 Feb 2021 10:54:37 +0000 https://odishatv.in/?p=515327

Mumbai: Rallying for the fourth successive session, equity benchmark Sensex jumped 359 points to scale a fresh lifetime high on Thursday, led by gains in ITC, SBI and Kotak Bank. After touching an all-time high of 50,687.51 during the day, the 30-share BSE index ended 358.54 points or 0.71 per cent at its new closing […]

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Markets At Fresh Highs: Sensex Zooms 359 Pts, Nifty Near 14,900

Mumbai: Rallying for the fourth successive session, equity benchmark Sensex jumped 359 points to scale a fresh lifetime high on Thursday, led by gains in ITC, SBI and Kotak Bank.

After touching an all-time high of 50,687.51 during the day, the 30-share BSE index ended 358.54 points or 0.71 per cent at its new closing record of 50,614.29.

Similarly, the broader NSE Nifty finished 105.70 points or 0.71 per cent higher at its closing peak of 14,895.65. It touched an intra-day record of 14,913.70.

ITC was the top gainer in the Sensex pack, soaring around 6 per cent, followed by SBI, Bajaj Finance, ONGC, M&M, Kotak Bank, UltraTech Cement, NTPC and Bajaj Finserv.

On the other hand, Asian Paints, IndusInd Bank, Bharti Airtel, Tech Mahindra and Titan were among the laggards.

“Domestic equities defied weak cues of Asian markets and extended gains for the fourth consecutive day as growing optimism about prospects of Indian economy post the announcement of bold Budget continued to attract investors,” said Binod Modi, Head Strategy at Reliance Securities.

Notably, domestic market crossed Rs 200 trillion market capitalisation mark during the day, he said, adding that strong buying in banks, especially PSBs, and FMCG space supported the market rally.

Elsewhere in Asia, bourses in Tokyo, Hong Kong, Seoul and Shanghai closed with losses.

Stock exchanges in Europe were, however, largely trading with gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.09 per cent higher at USD 58.74 per barrel.

Rupee Settles Flat At 72.96 Against US Dollar

The Indian rupee ended unchanged at 72.96 (provisional) against the US dollar on Thursday even as the domestic equity markets scaled fresh highs.

At the interbank forex market, the local unit opened at 72.92 against the greenback and witnessed an intra-day high of 72.90 and a low of 72.96.

It finally ended at 72.96 against the American currency, unchanged from its previous close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.28 per cent to 91.42.

The rupee is trading in a narrow range as market participants are looking ahead to cues from the Monetary Policy Committee decision due this week and the outlook on the economy by the central bank, analysts said.

On the domestic equity market front, the BSE Sensex ended 358.54 points or 0.71 per cent higher at 50,614.29, while the broader NSE Nifty climbed 105.70 points or 0.71 per cent to 14,895.65 .

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 2,520.92 crore on Wednesday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 0.55 per cent to USD 58.78 per barrel.

Gold Declines For Fourth Consecutive Trade; Tumbles Rs 322

Gold in the national capital on Thursday declined Rs 322 to Rs 47,135 per 10 gram, recording fall for the fourth consecutive day, with drop in global precious metal prices and rupee appreciation, according to HDFC Securities.

In the previous trade, it had closed at Rs 47,457 per 10 gram.

Silver also declined Rs 972 to Rs 67,170 per kg, from Rs 68,142 per kg in the previous trade.

“Spot gold prices for 24 karat in Delhi were down by Rs 322 reporting fourth consecutive fall with decline in global gold prices and rupee appreciation,” said HDFC Securities Senior Analyst (Commodities) Tapan Patel.

The rupee appreciated by 6 paise to 72.90 against the US dollar in opening trade on Thursday.

In the international market, gold was trading lower at USD 1,825 per ounce and silver was flat at USD 26.61 per ounce.

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Petrol, Diesel Prices Up By 35p Per Litre After Week’s Pause https://odishatv.in/business_economy/petrol-diesel-prices-up-by-35p-per-litre-after-weeks-pause-515191 Thu, 04 Feb 2021 05:03:07 +0000 https://odishatv.in/?p=515191

New Delhi: Petrol and diesel prices rose sharply by 35 paise per litre on Thursday after oil marketing companies decided to break a week-long pause in price revision, taking note of a surge in global oil prices as benchmark Brent crude touched $59 a barrel. Accordingly, retail price of diesel increased to Rs 76.83 a […]

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Why Petrol, Diesel Prices Are Touching Record Highs: Know Details

New Delhi: Petrol and diesel prices rose sharply by 35 paise per litre on Thursday after oil marketing companies decided to break a week-long pause in price revision, taking note of a surge in global oil prices as benchmark Brent crude touched $59 a barrel.

Accordingly, retail price of diesel increased to Rs 76.83 a litre in Delhi from earlier Rs 76.48. Petrol price reached another new high of Rs 86.65 a litre as against Rs 86.30 prevailing in the national capital since January 27.

The fuel prices increased close to 35 paise per litre, but the exact amount varied from state to state depending on their local levies.

Though firm global crude and product prices led to increase in retail prices of petrol and diesel, it is interesting to note that even though the crude has been hovering just over $55 a barrel for a long time, OMCs had paused increase in prices of auto fuels. The present increase comes after over $3 a barrel increase in crude prices in just a few days.

Crude price have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick-up in consumption in all major economies globally.

Petrol and diesel prices have increased 11 times in 2021, with the two auto fuels increasing by Rs 2.94 and Rs 2.96 per litre respectively so far.

The last few increases in pump prices in petrol and diesel have taken them to record levels in all major metro cities and towns across the country. The last time the retail prices of auto fuels were closer to current levels were on October 4, 2018 when crude prices had shot up to $80 a barrel.

The current price rise is largely on account of steep increase in central taxes on petrol and diesel, apart from firm crude prices internationally. The Union Budget 2021-22 has also imposed a new agricultural infrastructure and development cess on the fuels.

Petrol prices were very close to breaching an all-time high of Rs 84 a litre (reached on October 4, 2018) when these touched Rs 83.71 on December 7, 2020. But the upward march was halted ever since as no price revision was announced by the Indian OMCs in the month. The price uptick started again only on January 6.

Oil companies’ executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in line with global developments to prevent the OMCs from losing money on the sale of auto fuels.

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