30/09/2024
- US Fed has reduced interest rates by 50 bps and that is aggressive. US Fed also said that by the end of the year 2024, there will be more rate cuts to the extent of 50 bps. We expect that the next year, it will be 50-75 bps more. The US Fed interest rates should stabilise around 2.75-3%. That will be a long term median price. India’s RBI may soon start reducing interest rates. Europe may also follow suit and cut rates.
- Wholesale inflation in India dropped to a 4-month low of 1.31%.
- Bajaj Finserv will be replaced by Trent in the benchmark Sensex.
- Banks and Financial Institutions to invest Rs 32.5 trillion that is 32.5 lakh crores in the renewable energy sector by 2030.
- HDFC Bank is exploring multiple fintech partnerships to co create tech solutions for loan products, payments, customer services, liabilities, small business banking and supply chain financing to scale its business across categories.
- Somehow India’s trade deficit widened to $29.65 billion on an annual basis in August from $24.2 billion in the same month last year. The trade deficit is rising and that is a cause of concern. India’s exports were just at $34.7 billion in August while imports were at $64.35 billion. This high rise in imports is concerning.
- India’s imports from China up 15.55%.
- Zimbabwe facing the worst drought in four decades is all set to cull 200 elephants to help feed its people according to wildlife authorities.
- IREDA [Indian Renewable Energy Development Agency] gets nod to raise Rs 4500 crores via QIP, government to dilute upto 7% stake.
- Russian insurers are playing a growing role facilitating the country’s oil shipments to India.
- Government okays Rs 24475 crore subsidy on P&K fertilisers for rabi season.
- HDFC Bank likely to close $ 1 billion loan sale this month.