India’s services PMI shows growth recovery
India’s service sector activity showed signs of recovery, as the PMI in September increased to 49.8, from 41.8 in August. This could be due to the relaxation of lockdown rules. The IHS Markit Services Purchasing Managers’ Index (Services PMI) is a month-on-month calculation of service activity in a country. A PMI value of more than 50 shows expansion, and a value of less than 50 shows contraction.
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Three members appointed to Monetary Policy Committee
The Government on Tuesday appointed three members on the Monetary Policy Committee (MPC). Eminent economists Ashima Goyal, Jayanath R Varma, and Shashanka Bhide are the newly appointed members. The next meeting of the committee will be held from October 7-October 9, to discuss and review the monetary policy. Monetary policy is the policy laid down by the Central Bank (RBI) and involves the management of money supply and interest rates in the country.
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Abu Dhabi Investment Authority to invest Rs 5,512.50 crore in Reliance Retail
Reliance Industries Limited (RIL) on Tuesday announced that Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore in Reliance Retail Ventures Limited (RRVL) for a 1.20% stake. The investment values the retail arm at a pre-money equity value of Rs 4.285 lakh crore. Reliance Retail has rapidly established itself as India’s leading retail business.
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HDFC Bank employees get assurance from CEO
“Your jobs, increments, and bonuses are secure”, said HDFC CEO Aditya Puri to his employees on Tuesday. He stated that the bank is doing well, has sufficient capital and does not have issues with respect to the loans it has made. Puri, who had led the bank for almost 25 years, is set to retire this month.
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Torrent Gas to invest Rs 8,000 in city gas business
Torrent Gas, in a statement made on Tuesday, said that it will invest Rs 8,000 crore over the next five years towards expanding its city gas operations. The Gujarat-based company has announced its target to set up 500 CNG dispensing pumps by March 2023. City gas distribution projects such as this will contribute to the Indian Government’s vision of raising the share of natural gas in the energy basket to 15% by 2030.
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SEBI introduces new labelling norms for mutual funds industry
The Securities and Exchange Board of India (SEBI) has introduced a new label called ‘very high risk’ for mutual fund schemes, as part of its new risk-o-meter tool. A detailed framework for assigning labels to mutual fund schemes has also been released by SEBI. The new framework will come into effect from 1st April 2021.
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India to overtake China as the world’s largest LPG residential market by 2030
Global Energy consultants Wood Mackenzie has estimated that India is expected to overtake China as the world’s largest LPG residential sector market by 2030. Liquefied Petroleum Gas (LPG) demand will see sustainable growth at a cumulative annual growth rate (CAGR) of 3.3%, as per the report.
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PNB to add 500 branches in FY21
Punjab National Bank (PNB) will open 500 branches and add about 4,000 jobs in the financial year 2020-21, as per a statement made by its MD and CEO CHSS Mallikarjuna Rao. The public sector bank has plans to expand in South and West India. Following the merger and integration of Oriental Bank of Commerce and Union Bank of India with it, PNB has become the second-largest bank in India.
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Axis Bank, Vistara launches co-branded forex card
Axis Bank and Vistara Airlines on Tuesday launched a co-branded foreign exchange (forex) card that can load up to 16 currencies. Airline companies have been struggling due to the Covid-19 pandemic, and are coming up with innovative schemes to attract customers. Vistara will be the first Indian airline to offer a co-branded forex card.
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