Services sector growth falls to 7-month low in October. Here's why
The S&P Global India Services Purchasing Managers' Index (PMI) fell to 58.4 in October, down from September's 61.0. Key Points
India TodayIn parliament: Over 2.4L surrendered passports in past 8 yrs
As many as 2,46,580 persons surrendered passports from 2014 to 2022 across India, with Delhi registering the maximum 60,414, according to data provided by the Central Government in Rajya Sabha. In Punjab, 28,117 persons surrendered passports during the period. Key Points
The Tribune IndiaManufacturing activity slows to 57.5 in September; sentiment improves
India's manufacturing activity slowed down in September, with the Purchasing Managers' Index falling to its lowest level in five months. The decline was primarily due to a softer increase in new orders, although export orders remained strong. Despite this, firms in the sector remain optimistic and expect output levels to increase in the next twelve months. Key Points
Economic TimesChina forex reserves fall to $3.115 trillion in September
China's foreign exchange reserves fell more than expected in September, official data showed on Saturday, as the U.S. dollar rose against other major Key Points
Times Of IndiaUrban jobless rate at 6-year low of 6.4% in Q2
India's urban unemployment rate hit a six-year low of 6.4% in the July-September quarter, driven by increased hiring and a record-high overall labor force participation rate of 50.4%. While Jammu & Kashmir reported the highest unemployment, female labor force participation saw a significant rise, with more women entering regular employment and self-employment sectors. Key Points
Economic Times
Strong demand revives India services PMI in October
India's service industry saw renewed growth in October, driven by strong demand and job creation, according to a recent business survey. This positive trend suggests a strong start for the economy in the final quarter of the fiscal year, supporting predictions of 7% growth. The surge in demand also led to increased hiring and price hikes, potentially impacting inflation. Key Points
Economic TimesFPIs snap six-month buying streak in September - NSDL data
Foreign portfolio investors (FPIs) offloaded Indian equities worth 147.68 billion rupees ($1.77 billion) on a net basis in September, data from the National Securities Depository Ltd (NSDL) showed. Key Points
ReutersIndia may need cheaper crude and gold to clear the Diwali smog on its record high trade deficit
India recorded a record-high merchandise trade deficit of $31.5 billion in October, driven by increased imports, particularly the price impacts of commodities like oil and gold, according to research firm Nomura. The deficit widened despite signs of an export cycle bottoming. Nomura attributes the deficit to steady investment demand, measures to control food inflation, and a Diwali effect on demand. Key Points
Economic TimesIndia's October wholesale price index falls 0.52% y/y
India's wholesale price index (INWPI=ECI) in October fell 0.52% from a year earlier, staying in negative territory for the seventh straight month on weaker manufacturing and a moderation in food prices, according to government data on Tuesday. Key Points
ReutersIndia's coal import rises 4% in September
India Business News: India's coal import rose by 4.3% in September compared to the same month of the previous fiscal year, reaching 20.61 million tonnes. Non-coking coal i Key Points
Times Of India
China slips back into deflation casting doubts about economic recovery
China deflation: The headline figure was dragged by a further slump in pork prices, down 30.1 per cent from a decline of 22 per cent in September, due to an oversupply of pigs as well as weak demand. Key Points
Business TodayJapan service activity posts slowest growth this year - PMI
The final au Jibun Bank Service purchasing managers' index (PMI) fell to 51.6 in October from 53.8 in September, beset by weak demand. Key Points
Business TodayUS job openings remain elevated in September
In September, U.S. job openings increased, indicating ongoing labor market tightness, which is supporting the economy and is likely to keep interest rates elevated for an extended period. Job openings rose by 56,000 to reach 9.553 million at the end of September, according to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) report. This data suggests sustained labor demand. Key Points
Economic TimesIndia's manufacturing growth slows for 2nd straight month, PMI data shows
India's manufacturing growth slowed for the second consecutive month in October, with the S&P Global Manufacturing Purchasing Managers' Index dropping to an eight-month low of 55.5 from 57.5 in September. Consumer goods and international demand declined, impacting business confidence due to rising costs and concerns about future inflation, data showed. Key Points
Economic TimesIndians splurge big on festive season sales, buoying economy
Sales at online platforms like Amazon.com Inc., and Walmart Inc.-owned Flipkart was up by almost a fifth in the first week of the festive sales from a year ago. Digital transactions recorded by Unified Payments Interface surged about 40% in October from a year earlier. Key Points
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India's Kotak Mahindra Bank net profit jumps 24% in Q2, meets estimates
India's Kotak Mahindra Bank (KTKM.NS) reported a 24% increase in second-quarter net profit on Saturday, buoyed by healthy core lending income and robust loan growth. Key Points
ReutersPost-merger HDFC Bank earnings beat estimates
Advances grow 58% to ₹23.54 trillion, deposits grow 30% to ₹21.72 trillion Key Points
mintIndia Inc grows in record numbers, reflecting rising economic optimism
As many as 120,966 companies and LLPs were incorporated between April and September, up 11.4 per cent from 108,583 a year before, according to the latest data compiled by the ministry of corporate affairs (MCA). Key Points
Economic TimesFPIs sell power stocks; buy capital goods in September
They were buyers of shares in sectors such as capital goods, consumer services, financial services, and IT. Overall, foreign portfolio investors (FPIs) pulled Rs. 14,764 crore out of Indian markets in the month Key Points
Economic TimesSix smallcap stocks surged over 50% in September. Do you own any?
The main trigger for the company was that it developed its own branded Laptop and Micro PC in the market that matches international quality and performance. ITI Ltd was followed by Omaxe, whose shares gained 64% and Jai Balaji Industries, which rose 61% in September. IFCI, GTL Infrastructure and NIIT are the other stocks in the smallcap pack which have delivered over 50% returns to investors in September. Key Points
Economic Times
Dalal Street bulls ride in reverse gear in August; what does September have in store?
With just one trading day left in August, benchmarks Nifty 50 and Sensex have lost 1.6% each for the month. This is after clocking 14% gains in the preceding five months. Key Points
Economic Times