30/09/2024
- India’s services PMI rises to a 3 month high of around 59.
- RBI has pegged India’s GDP growth at 7.3% for FY24.
- December GST collection stood at 1.65 lakh crores, about 1% higher than last December but lower than the last few months.
- The Department of Telecommunications (DoT) is working on more than 30 rules based on the newly enacted Telecommunications Act for implementation in the coming months. As per officials aware of the matter, the rules will be related to spectrum allotment, interception of calls, collection of biometric data, etc., for which the processes need to be defined.
- GAIL has tied up with Vitol for the purchase of 1 million tons of LNG annually for about 10 years.
- The Bank of Israel lowered short term borrowing rates by 25 bps in nearly four years to 4.5%.
- Government extends Auto PLI scheme tenure by 1 year.
- Indian Navy is providing protective escorts to Indian container ships in the high seas around the Red Sea.
- RBI proposes banks with less than 6% net NPAs to declare dividends. Earlier the net NPAs less than 7% were allowed to declare dividends. The Government might slowly and steadily tighten this ratio to say 5%, 4% and so on. This will force banks to manage its lending much better and not lend to unworthy borrowers or scrupulous borrowers.
- Amid on an ongoing strike by truck drivers over the new hit and run law, Chandigarh on Tuesday imposed a temporary restriction on the sale of petrol and diesel. Two-wheelers in Chandigarh are now limited to two litres or a maximum value of Rs 200 of fuel, while four-wheelers are limited to 5 litres or a maximum value of Rs 500.
- ITC to scale up cloud kitchen business, enter more cities.
- Hardeep Puri, the Petroleum Ministry has clearly stated that Russian Oil imports in the last month dropped due to pricing issues and not due to payment issues.
- Vietnam’s EV maker Vinfast plans to set up battery plant in Tamil Nadu.
- Adani Ports to raise upto $601 million funds by selling debentures.
- Government launches 9th round of oil, gas blocks for bidding. ONGC gets the maximum blocks.
- Rs 26400 crore on the cards for FAME III, Rs 200 crores to support e tractors.
- Credit rating agency ICRA expects the revenues of a sample set of 25 Indian Pharma companies which account for 60% of the overall revenues to expand by 9-11% in FY 24.