Wednesday, Sep 18, 2019 | Last Update : 02:50 PM IST

Economy

The increase in retail prices on Tuesday followed nearly 20 per cent surge in international oil prices in intraday trading -- the biggest jump in almost 30 years.

Petrol, diesel price see steepest hike since Budget, govt says concerned after Saudi attack

Petrol price was increased by 14 paisa per litre to Rs 72.17 and diesel by 15 paisa to Rs 65.58 per litre in New Delhi.

The government announced a slew of measures in three dosages which include a special window for real estate, export incentives, bank consolidation and sops for micro, small and medium enterprises (MSMEs) and the automobile sector.

Govt mulling another booster dose to reinvigorate economy

The blue print for the stimulus is ready that would be announced by FM Nirmala Sitharaman in the next few days, an official said.

Crude oil benchmark, Brent crude futures, surged by almost 20 per cent to USD 71.95 per barrel (intra-day) on Monday after twin drone attacks on Saturday wiped out more than half of Saudi Arabia's crude supply.

Emerging economies like India more vulnerable to big oil price moves: Report

According to the report, when rise in oil prices are driven more by supply-side factors it is more damaging to large net oil importers.

With regard to structural reforms, RBI Governor Shaktikanta Das said the RBI has already pointed out in its annual report. (Photo: File)

5 pc Q1 growth surprise; economy will look up with measures taken: RBI Gov Das

He said that the RBI has been cutting rates to give a boost to the economy as slowdown was visible for past few months.

Following the attacks on the oil stablization centres of @Saudi_Aramco, top executives of Aramco have been contacted, tweeted Oil Minister Dharmendra Pradhan. (Photo: File)

Saudi assures India of no oil supply shortage: Oil Min

A massive drone strike on the world's largest crude-processing facility operated by Saudi Arabia's Aramco has driven up oil prices.

Market

Indian currency spot surged to 71.98, Brent crude prices moved to USD 69 and 10-year yield was at 6.72. All these factors are dampening the economy and will be difficult to tackle in the short term, said Shrikant S Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities.

Rupee furthers loss by 18 paise as crude worries hurt sentiment

Elevated crude oil prices have emerged as major fears for India in form of fiscal slippage and inflationary pressure.

Investors were spooked by geopolitical uncertainties over the Saudi oil turmoil amid reports that higher oil prices were likely to severely hit economic conditions in India, which imports more than 70 per cent of its oil needs, experts said.

Sensex crashes 642 points as crude oil woes persist

After nosediving 704 points, the 30-share Sensex ended 642.22 points, or 1.73 per cent, lower at 36,481.09.

In the international market, gold was trading lower at USD 1,497 an ounce in New York and silver was also quoting down at USD 17.81 per ounce.

Gold falls Rs 150 per 10 gm on weak demand

Gold is trading at Rs 38,905 per 10 gram in the bullion market here on Tuesday due to weak demand.

Forex traders said the drone attacks on Saudi Arabia's oil facilities have enthused demand for safe heaven assets like the US dollar.

Rupee slips 28 paise against US dollar in early trade

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.01 per cent to 98.61.

Companies

Power secretary Subhash Chandra Garg. (Photo: File)

Power distribution sector needs drastic reforms: Power secy

Govt is working on bringing in the revised version of the scheme UDAY 2 which seeks to address power sector issues he added.

Anarock said a total of 4 lakh units in projects launched in 2013 or before are stuck or delayed across various segments, excluding NCLT projects. (Photo: AP)

Govt's fund will help complete up to 2.5 lakh housing units

The current fund allocated when fully utilised would aid in completing about 1.6 lakh units.

The new president will be elected in accordance with an open, transparent and merit-based procedure.

ADB President Takehiko Nakao resigns

Takehiko also emphasized ADB must continue to be an important centre for fostering cooperation and friendship among countries.

Crude prices surged by nearly 20 per cent on Monday as they responded to Saturday’s attack.

Oil falls more than 1 pc as market awaits response to Saudi oil attacks

The company has not given a specific timeline for the resumption of full output.

The provision is set to come into force from October 1.

Govt exempts cash payments above Rs 1 cr via AMPC from 2 pc TDS

Government had made the provision of levying 2 per cent TDS on cash withdrawals exceeding Rs 1 crore.

Autos

The company says this initiative has made the ownership experience of its vehicles more flexible, affordable and convenient.

Drive it like you own it

The newest trend in Motown is to own a sedan or a sport utility vehicle without actually buying it. Surprised? Read on.

The TVS Star City Plus Special Edition variant features cosmetic updates for a more premium feel.

TVS Star City Plus special edition launched

The new colour variant is just Rs 11 dearer than the standard dual-tone colour model!

The report also pointed out that illegal sand mining ban, stalling of construction has hit sales of tractor.

Cheerless festival ahead for autos

On government’s intervention with a stimulus package, he said there was no certainty if this would happen.

Toyota Kirloskar Motor has introduced a special edition variant of its flagship SUV Fortuner to its line-up named TRD Celebratory Edition to boost sales ahead of the festival season.

New Fortuner TRD launched at Rs 33.85 lakh

The SUV competes with the likes of the Ford Endeavour, Mahindra Alturas G4 and Isuzu MU-X in the Indian market.

In Other News

BBPS is an integrated bill payment system which offers interoperable bill payment service to customers online as well as through a network of agents on the ground. (Photo: AFP)

RBI allows payment of all recurring bills through BBPS

The system will provide multiple payment modes and instant confirmation of payment.

The proposal was sent for the concurrence of the finance ministry.

Over 6 cr EPFO members to get 8.65 pc interest for 2018-19: Labour minister

At present, the EPFO is settling PF withdrawal claims at 8.55 per cent interest rate.

Dark clouds have once again gathered over the Indian economy as the crude oil prices, which have stayed benign for the last few years, have shot up overnight and raised the prospect of moving up on supply disruption.

Oil-sensitive stocks dip

The country buys over two-thirds of its oil, mostly from the Middle East, making it most vulnerable to any rise in oil price.

In June-end, the investment was at Rs 81,913 crore, while it was at Rs 82,619 crore in the end of May and Rs 81,220 crore in April-end.

P-note investments continue to drop; stands at Rs 79,088-cr in Aug-end

The use of P-notes has been on a decline since 2017 and slumped to a nine-and-a-half year low of Rs 66,587 crore in October-end.

Realty bodies seek tax incentives and better interest rates for home buyers in order to spur demand for housing. Further rollover of bank loans and moratorium on interest payment will help developers complete their stuck projects across different segments.

Housing industry seeks tax sops, lower rates

Industry finds that the stress fund allocated to the housing sector with several riders will not increase demand among homebuyers.