At the latest summit, BRICS leaders unanimously endorsed the New Delhi Declaration, marking a significant step toward a resilient strategic partnership. This declaration focuses on fostering cooperation in emerging technologies and strengthening digital infrastructure. Additionally, it aims to bolster the New Development Bank and enhance supply chain resilience, all while underscoring the leaders' commitment to solidarity and mutual respect.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/knOMvci
HDFC Bank has presented two candidates to the RBI for the upcoming role of managing director and CEO. The board has also sanctioned the promotion of Jimmy Tata to executive director while seeking an extension for V Srinivasa Rangan. This move will elevate the count of whole-time directors to four, enhancing oversight across its subsidiaries. Final approval for these transitions now lies with the Reserve Bank of India.
Sebi has put forth new proposals aimed at modifying the Closing Auction Session timings and derivatives pricing. Following the recent launch of the session, traders have noted an uptick in market volatility. The regulator is evaluating two potential options for determining derivative settlement prices, suggesting a shift in market timings to include a transition break and longer trading intervals. Feedback on these proposals is requested by October 3.
As Forex Reserves Swell To All-Time High Of $786Bn, RBI Announces Sale Of 1L Cr Bonds
The Maharashtra Real Estate Regulatory Authority has directed the developer to refund the amounts paid, along with applicable interest, after noting that the project remained incomplete and its registration had lapsed without an extension.
Pandey Reiterates There Is No Going Back On CAS System
Co Valued At $18Bn, One Of Largest Bets From FIs In Sector
India's merchandise exports have grown over fifteen percent in the current fiscal year. This growth highlights BRICS economies' potential to deepen trade in goods and services. Businesses face challenges accessing finance, buyers, and predictable rules for international trade. BRICS nations are exploring common trade infrastructure and digital integration for electronic documents. Services trade also presents significant untapped potential for expanding intra-BRICS commerce.
Crude Shock: Indian Basket Trades Above $100 Per Barrel
Likely To Rise Further Amid West Asia Crisis
In a move to curb soaring onion prices, the government is implementing subsidized sales, dispersing around four thousand tonnes of onions to seventeen cities. With fresh kharif onion arrivals anticipated from mid-October, the supply situation is set to improve, although the recent rabi crop suffered from unexpected rains, complicating storage. This initiative aims to alleviate the financial burden on consumers struggling with high prices.
The Reserve Bank of India (RBI) has announced the premature redemption price for the SGB 2021-22 Series VI, which was issued on September 7, 2021. In a statement, the RBI has said that investors in this gold bond series will be able to exercise the premature redemption option from September 7, 2026.
In early September, foreign portfolio investors pulled out Rs 7,443 crore from Indian equities after experiencing two months of net investments. This retreat was influenced by soaring crude oil prices and stable US bond yields, which dampened investor enthusiasm. Additionally, foreign entities maintained their selling spree in the Indian debt market. Future FPI movements will likely be determined by global factors such as bond yields and inflation statistics.
In a strategic maneuver amidst rising global tensions, the Netherlands has transferred part of its gold reserves to London, seeking more immediate access in times of crisis. The Dutch central bank cites London as a hub for the most liquid gold trading. This shift underscores a larger trend among central banks worldwide, which have been diversifying their gold holdings following the aftermath of the financial crisis.