Market Highlights: CPI inflation shoots up to 14-month high in September; food prices drive hike

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Updated:Oct 14, 2019 6:32:18 pm

Market Highlights: September inflation beat most estimates which had expected a price rise of about 3.7%.

Share Market Today, Share Market LiveCPI Inflation in the preceding month of August was at 3.2%.

Market Highlights: India’s retail inflation shot up to a 14-month high of 3.99% in the month of September, driven mainly by high food prices. While the CPI inflation level nearly touching the upper end of the RBI’s comfort zone makes it difficult for the central bank to cut key policy rates further, high food prices may also mean some good news for farmers, finally. September inflation beat most estimates which had expected a price rise of about 3.7%. CPI Inflation in the preceding month of August was at 3.28%.

Watch | What is inflation: Types and causes

In other news, Economic Sciences. Presently, Abhijit Banerjee is the Ford Foundation International Professor of Economics at MIT. He also co-founded the Abdul Latif Jameel Poverty Action Lab. Being a research affiliate of Innovations for Poverty Action, he is also a member of the Consortium on Financial Systems and Poverty. In 2014, he received the Bernhard-Harms-Prize from the Kiel Institute for the World Economy. Both the parents of Abhijit Banerjee were professors of economics and he attended South Point School and Presidency College, Calcutta, where he completed his B.S. degree in economics in 1981. Later, he completed his M.A. in economics at the Jawaharlal Nehru University, Delhi in 1983 and went to Harvard for his Ph.D. in economics in 1988.

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Highlights

    18:11 (IST)14 Oct 2019
    Sugar & confectionery and fuel & light go into disflation

    The CPI inflation for sugar & confectionery contracted by 0.35 per cent, and the same for fuel and light contracted by 2.18 per cent.

    18:04 (IST)14 Oct 2019
    CPI inflation highest in Kerala, Assam

    CPI inflation surged most in Kerala and Assam with the rate between 6.7 per cent and 7 per cent

    18:01 (IST)14 Oct 2019
    Meat and fish, vegetable prices surge substantially

    Retail inflation in prices of meat and fish rose 10.29 per cent and prices of vegetables shot up 15.4 per cent in September. 

    17:55 (IST)14 Oct 2019
    Food inflation shot up to 5.11 per cent in September from 2.99 per cent in August

    Food inflation dramatically surged in September. From 0.51 per cent in September 2018 and 2.99 per cent in August 2019, Consumer Food Price Index (CFPI) surged to 5.11 per cent. 

    17:31 (IST)14 Oct 2019
    Market expects CPI inflation rate to rise to 3.7 per cent in September

    CPI inflation rate stood at a 10-month high of 3.2 per cent in August, which is further expected to rise in September

    17:12 (IST)14 Oct 2019
    Achievements of Abhijit Banerjee

    Abhijit Banerjee held the president post of the Bureau for the Research in the Economic Analysis of Development, a research associate of the National Bureau of Economic Research, a research fellow at the Centre for Economic Policy Research, an international research fellow of the Kiel Institute, fellow at the American Academy of Arts and Sciences, and a fellow at the Econometric Society. 

    16:46 (IST)14 Oct 2019
    “This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty,” the Royal Swedish Academy

    “This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty,” the Royal Swedish Academy said in a statement. The Academy was founded in 1739 and has today about 440 Swedish and 175 foreign members. Membership in the Academy constitutes exclusive recognition of successful research achievements. The Academy appoints members of the Nobel Committee the working body, for a three-year term. 

    16:22 (IST)14 Oct 2019
    Nobel Prize Winner Abhijit Banerjee lived his early years in Kolkata

    Both the parents of Abhijit Banerjee were professors of economics and he attended South Point School and Presidency College, Calcutta, where he completed his B.S. degree in economics in 1981. Later, he completed his M.A. in economics at the Jawaharlal Nehru University, Delhi in 1983 and went to Harvard for his Ph.D. in economics in 1988.

    16:10 (IST)14 Oct 2019
    Indian-American economist wins Nobel prize

    Indian-American economist Abhijit Banerjee has won the 2019 Nobel Prize for Economics, along with the other two economists Esther Duflo and Michael Kremer. The husband-wife duo of  Abhijit Banerjee and Esther Duflo created a record by winning the prestigious Nobel Prize for Economic Sciences. The prize is given for creating an experimental approach to alleviating global poverty, the Royal Swedish Academy of Sciences said on Monday. They share the prestigious award with American development economist Michael Kremer. 

    15:35 (IST)14 Oct 2019
    Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan asks to include petroleum under GST

    Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan has called for the inclusion of petroleum products under the GST regime. Speaking at third India Energy Forum by CERAWeek in New Delhi today, he appealed to the union finance minister to take this up in the GST council and at least make a beginning by including natural gas and ATF in the GST.

    15:33 (IST)14 Oct 2019
    French energy giant Total SA to buy 37.4% stake in Adani Gas; makes its way to enter India

    French energy giant Total SA is spending $600 million to expand its presence in India -- one of the world’s fastest-growing natural gas markets. Total agreed to purchase a 37.4% stake in India’s Adani Gas Ltd., a distributor of the fuel that is developing import terminals and a national chain of vehicle-filling outlets. Click here to know more: https://www.financialexpress.com/industry/french-energy-giant-total-sa-to-buy-37-4-stake-in-adani-gas-makes-its-way-to-enter-india/1734918/

    15:17 (IST)14 Oct 2019
    I am constantly hearing and responding: Sitharaman

    I am constantly hearing and responding as necessary and will keep doing the same, said Finance Minister Nirmala Sitharaman.

    15:14 (IST)14 Oct 2019
    Economy has some space for pick up: Krishnamurthy Subramanian

     
    Seeing some slowdown in the credit growth overall but there is some space for pick up, said Chief Economic Adviser(CEA) Krishnamurthy Subramanian.
     

    15:12 (IST)14 Oct 2019
    FM's second meeting with PSU banks in less than a month

    The second meeting that Finance Minister held in less than a month with PSU top bosses, also included Secretary DFS Rajeev Kumar, Secretary DEA Atanu Chakraborty, Secretary Revenue Ajay Bhushan Pandey, Secretary Expenditure G C Murmu and Chief Economic Advisor Krishnamurthy Subramanian.

    15:05 (IST)14 Oct 2019
    Sitharaman on bill discounting facility

    In order to ensure liquidity for small businesses, Sitharaman said that banks have been asked to provide bill discounting facility to the MSME sector against payments due from the large corporates.

    14:57 (IST)14 Oct 2019
    Today's meet with PSU banks heads also included Chief Economic Advisor Krishnamurthy Subramanian.

    The second meeting that Finance Minister held in less than a month with PSU top bosses, also included Secretary DFS Rajeev Kumar, Secretary DEA Atanu Chakraborty, Secretary Revenue Ajay Bhushan Pandey, Secretary Expenditure G C Murmu and Chief Economic Advisor Krishnamurthy Subramanian. https://www.financialexpress.com/industry/banking-finance/nirmala-sitharaman-meets-psu-bank-chiefs-loans-worth-rs-81781-cr-disbursed-via-loan-melas-in-nine-days/1734885/

    14:42 (IST)14 Oct 2019
    Court halts JSW Steel's acquisition of Bhushan Power and Steel

    Court has temporarily halted JSW Steel Ltd's $2.8 billion purchase of insolvent Bhushan Power & Steel Ltd. NCLAT ordered a freeze on payment by the Sajjan Jindal-led mill and took objection to the Enforcement Directorate, the federal anti-money laundering agency, taking over the assets of the bankrupt steel mill. The agency is investigating allegations of money laundering by former owners of Bhushan Power and Steel.

    14:35 (IST)14 Oct 2019
    PSU banks asks MSMEs for bill discounting

    PSU banks will ask concerned MSMEs if they are interested in bill discounting. PSU banks will soon have an outreach progrmme on bill discounting. 

    14:30 (IST)14 Oct 2019
    Banks disburse Rs 81,700 crore in 9 days

    Banks have disclosed loans of Rs 81,700 crores through "Loan Melas" organised between 1-9 October.  

    14:10 (IST)14 Oct 2019
    FinMin asks big companies to clear their dues with MSMEs

    "MCA has a list of big corporates who have money dues with MSMEs," said the Finance Secretary. He asked them to pay off their dues with the MSMEs.   

    14:07 (IST)14 Oct 2019
    FM Nirmala Sitharaman meet reviewed credit growth

    The Finance Minister reviewed the credit growth and how to boost the economy with public sector banks.

    13:46 (IST)14 Oct 2019
    RBI to meet bank chiefs tomorrow

    The Reserve Bank of India (RBI) has called a meeting of all state-run bank chiefs tomorrow. The RBI top brass is set to discuss slowing credit growth, ongoing issues with non-bank finance companies, and faster policy rate transmission among other key issues.

    13:32 (IST)14 Oct 2019
    Nirmala Sitharaman's second meet with PSU banks head in a month.

    Nirmala Sitharman starts meeting with heads of PSU banks at Jeevandeep building, Delhi.  The focus of the meeting is likely to be the liquidity support to the non-banking finance companies. 

    13:10 (IST)14 Oct 2019
    WPI may slip into disflation in October 2019

    "The late withdrawal of the monsoon and flooding related damage to standing crops in various states need to be viewed with caution. We expect the wholesale food inflation to remain elevated in the immediate term. Nevertheless, unless pricing pressures re-emerge in core WPI items, the likelihood of which appears bleak at present, the headline WPI may slip into disinflation in the ongoing month," said Aditi Nayar, Principal Economist, ICRA.

    13:08 (IST)14 Oct 2019
    WPI inflation rate at lowest since June 2016

    It was the lowest wholesale inflation rate since June 2016, when the wholesale prices fell by 0.09 percent. Cost of food increased softer, while fuel prices fell faster, and manufactured prices dropped.

    13:00 (IST)14 Oct 2019
    Wholesale prices of crude and petroleum fall

    The index for 'Crude Petroleum & Natural Gas' group declined by 1.9% to 86.4 from 88.1  for the previous month due to lower price of crude petroleum (3%).

    12:48 (IST)14 Oct 2019
    Major fall in prices of non-food articles

    The index for 'Non-Food Articles' group declined by 2.5%  due to lower price of floriculture (25%), raw rubber (8%), gaur seed and hides (raw) (4% each), skins (raw) and raw cotton (3% each), fodder (2%) and coir fibre and sunflower (1% each). However, the prices soared for of raw silk (8%), soyabean (5%), sesamum (3%), raw jute (2%) and niger seed, linseed and rape & mustard seed (1% each).

    12:44 (IST)14 Oct 2019
    Wholesale prices for food inflation drops

    The index for 'Food Articles' group declined by 0.4%  due to lower price of fruits & vegetables and pork (3% each), jowar, bajra and arhar (2% each) and fish-marine, tea and mutton (1% each). However, the prices moved up for  condiments & spices (4%), betel leaves and peas (3% ), egg and ragi (2% each) and rajma, wheat, barley, urad, fish-inland, beef and buffalo meat, moong, poultry chicken, paddy and maize (1% each) moved up.

    12:42 (IST)14 Oct 2019
    WPI inflation for primary articles drops by 0.6 per cent

    The index for this major group declined by 0.6% to 143.0  in September 2019 from 143.9  for the previous month. 

    11:55 (IST)14 Oct 2019
    11 directors on IRCTC board

    Mahendra Pratap Mall is the Chairman and Managing Director of IRCTC Ltd and there are 10 other directors on the board, 8 of which are part-time directors.  

    11:43 (IST)14 Oct 2019
    IRCTC is one of the most viewed websites globally

    The IRCTC website is one of the world’s most viewed websites and ranks under 400 globally, and under 30 in India. The company not only caters to railway reservations but also provides services such as hotels, lounges, flights, meals, and wallet facility.

    11:35 (IST)14 Oct 2019
    IRCTC stock crosses Rs 700 per share mark

    IRCTC stock opened at Rs 644 for trading on Monday on BSE, more than double the IPO price of Rs 320 per share, and immediately started surging, indicating the appetite of investors hungry for buying stakes in quality PSUs. The share crossed Rs 700 per share mark today's morning. 

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