Higher discounts on Russian oil this month may help Indian refiners reduce crude sourcing costs and trim fuel marketing losses even as Brent crude crosses $95/barrel, weakening the country's finances

oil refinery, crude oil, oil

The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank and Reliance Industries taking the biggest hit, amid an overall weak trend in equities.
Last week, the BSE benchmark fell 1,829.48 points or 2.69 per cent, and the Nifty declined 518.1 points or 2.56 per cent.
Equity markets were closed on Tuesday on account of Ganesh Chaturthi.
From the top-10 pack, Reliance Industries, HDFC Bank, ICICI Bank, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance were the laggards while Tata Consultancy Services (TCS) and Hindustan Unilever were the gainers.
The market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore. Shares of the company fell by nearly 8 per cent last week.
The valuation of Reliance Industries plunged Rs 71,715.6 crore to Rs 15,92,661.42 crore. The company's shares declined over 4 per cent past week.
ICICI Bank's valuation dropped Rs 29,41

HDFC Bank

The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts.
The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled for October 4-6, 2023. The last meeting of the MPC, the highest rating-setting panel, was in August.
"We do expect the RBI to hold on to a status quo position this time as inflation is still high and liquidity tight. In fact, going by RBI forecast on inflation, it would be above 5 per cent in Q3 too

RBI, Reserve Bank of India

The US provided Canada with intelligence after the killing of Sikh separatist Hardeep Singh Nijjar, but communications intercepted by Ottawa were more definitive and led it to accuse India of orchestrating the plot, The New York Times has reported citing sources.
The report came on Saturday as the top US diplomat in Canada confirmed that there was shared intelligence among Five Eyes partners that had prompted Canadian Prime Minister Justin Trudeau's offensive allegation against India in the killing of a Khalistani extremist on Canadian soil.
The allegations have infuriated India, which rejected the allegations as "absurd" and "motivated" and expelled a senior Canadian diplomat in a tit-for-tat move to Ottawa's expulsion of an Indian official over the case. India also accused Canada of being a safe haven for terrorists.
Nijjar, the chief of the banned Khalistan Tiger Force (KTF), was killed in Surrey in British Columbia on June 18. India had designated Nijjar as a terrorist in ...

Hardeep Singh Nijjar, Hardeep Nijjar

NABARD to issue social sector bonds on Tuesday

Bonds, Govt bond

A quiet EV revolution is both promising, and pensive

electric vehicle

The escalating tensions between India and Canada have put Indian IT companies in a wait-and-watch mode but industry experts believe that there are no immediate areas of concern at this moment.
Apex IT association Nasscom, in a statement, said since this is an evolving situation, it will continue to engage with stakeholders to track any potential areas of impact that may need support.
"We are in close touch with our members in Canada, and as per their feedback, there are no immediate areas of concern," Nasscom said.
The comment comes in the backdrop of an intense diplomatic row that erupted following Canadian Prime Minister Justin Trudeau's allegations of a "potential" involvement of Indian agents in the killing of a Khalistani separatist in June. India has rejected the charge as absurd.
India on Thursday "suspended till further notice" its visa services in Canada.
The Indian tech companies, including IT services biggies, have operations and business linkages in Canada, where they 

Lok Sabha Speaker Om Birla on Thursday said the decision to mark August 23 as 'National Space Day' will inspire future generations to set high goals in life and to work hard to realise them.
He also welcomed the naming of the footprint of Chandrayaan-2 on the Moon as 'Tiranga Point', and the landing site of Chandrayaan-3 as 'Shiv Shakti Point'.
He felt that these names are a tribute to India's age-old heritage as well as a symbol of its scientific ambitions and efforts.
In his opening remarks during a discussion in the Lok Sabha on the success of Chandrayaan-3 mission and other achievements of the nation in the space sector, he said the stupendous achievement of the Indian Space Research Organisation (ISRO) has made every Indian proud and the nation's stature has increased at the global level.
Noting that India has dedicated the success of Chandrayaan-3 to the world's scientific community and all of humanity, Birla said the valuable information sent by Pragyan rover from the Moon .

RBI released the Scheduled Banks' Statement of Position in India as of September 8, 2023

Banks credit growth

PM referred to clearance of Women's Reservation Bill in LS yesterday as a 'golden moment of the Parliamentary journey of India' and credited all the members of all the parties and their leaders for it

PM Modi, Narendra Modi

Prime Minister Narendra Modi will address a mega congregation of BJP workers here in poll-bound Madhya Pradesh on Monday.
The 'Karyakarta Mahakumbh' is being organised on the birth anniversary of Jana Sangh co-founder Deendayal Upadhyaya to mark the formal culmination of the BJP's 'Jan Ashirwad Yatras' that crisscrossed the length and breadth of the state, party leaders said.
This will be the third visit of the prime minister to Madhya Pradesh in the past 45 days where the ruling party is locked in a close contest with Congress.
According to sources, the BJP has set an ambitious target of gathering 10 lakh people for the Monday event being projected as a show of strength by the saffron party.
"Modiji is going to address 'Karyakarta Mahakumbh' at Jamboree Maidan in Bhopal on September 25, the birth anniversary of Deendayal Upadhyaya," MP BJP chief VD Sharma told PTI.
The prime minister will arrive at the Maidan at around 11 am. He is expected to leave Bhopal at 1 pm, he added.
"La

PM Modi

How will the diplomatic crisis affect India-Canada trade? Is the H-1B visa system broken? Will the Fed's hawkish pause worsen FPI selling in India? What are personality rights? All answers here

TMS Ep526: India-Canada crisis, H-1B visa, FPI selling, personality rights

Seek to exceed RBI's 5% ownership threshold

mutual funds, MFs

Consumption slowdown is a concern, although profitability margins are being protected due to softness in input prices, said Singh

RAHUL SINGH

Margins have likely peaked in Q1 as commodity headwinds start to bite

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PM Modi to address mega meet of BJP workers in poll-bound MP on Monday

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MFs hungry for bigger slice of banking pie amid growing investor inflows

We're excited about equities in current economic scenario: Rahul Singh

Skid marks may appear in Street as oil prices wear out tyre stocks

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After lower sales in August, Russia ups discount on crude sale to India

M-cap of 8 of 10 firms lose Rs 2.28 trn; HDFC, Reliance biggest laggards

RBI likely to keep interest rate unchanged as inflation still high: Experts

US provided Canada intel on separatist Nijjar's killing, reports NYT

JP Morgan EM index addition: Banks, FIs look to raise Rs 18,000 crore

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