Top 15 financial Development of the day

Top 15 financial Development of the day

We have seen a big fluctuation in Nifty and Sensex in today’s trading. Nifty trade in more than 300 points trading range and Sensex in approx 1000 points trading range.

There are so many financial developments that play an important role in today’s trading session.

Here are the Top 15 Financial Development of the Day.

1. Financial Development:- Moody says India’s growth projections ambitious: GDP expansion likely at 4.9% in FY20 and 5.5% in FY21.

Moody’s Investors Service on Tuesday said economic growth projections made by Finance Minister Nirmala Sitharaman in her Budget for 2020-21 appear ambitious given the structural and cyclical challenges facing the Indian economy.

The budget expects nominal GDP growth of 10 percent in 2020-21, followed by 12.6 percent and 12.8 percent in FY2022 and 2023. But, Moody’s saw GDP growth rising to around 8.7 percent in the next financial year beginning 1 April from about 7.5 percent in the current fiscal.

Stating that growth outlook will remain weak, it has put real GDP growth during the current fiscal ending 311 March at 4.9 percent, slightly below the government’s forecast of 5 percent. For the next fiscal, it estimated real GDP growth of 5.5 percent, lower than 6-6.5 percent projected by the government’s Economic Survey.

2. Gold prices surge even as risk sentiment improves on Fed’s corporate bond-buying program. This is the important financial Development of the day.

Gold prices in India on Tuesday rose 0.34% or Rs. 162 to Rs. 47188 per 10 gm. In the previous session, gold prices inched lower by 0.65% or Rs. 308 to Rs. 47026. Silver also inched higher 0.56% or Rs. 267 to Rs. 47660 per kg.

3. Petrol, diesel prices in India hiked for the 10th consecutive day is the most important financial Development.

On Tuesday, fuel prices across the country were raised for the tenth consecutive day even as international crude oil prices remained subdued. Actually the government increases excise duty in both diesel and petrol. Read More

4. Now EPF claim settlement possible from any of its regional offices.

The EPFO, the retirement fund managing body, on Monday launched a multi-location claim settlement facility. This move will enable claim settlement from any of the organization’s regional offices across the country.

5. Rupee opens stronger at 75.89 per US Dollar.

Rupee in Tuesday’s trade (June 16, 2020) opened higher at 75.89 previous close of 76.03 per US dollar. This was on account of resilience in Indian equities as also weakness in the dollar which lost momentum after the US Fed’s corporate bond-buying program lifted investor sentiment.

6. Sensex ends higher, border tensions limit gains.

Benchmark indices ended the day higher, significantly underperforming global markets, as border tensions between China and India reduced gains.

7. ‘Why no insurance cover for mental health?’ SC issues notices to Centre, Regulator.

The Supreme Court on Tuesday issued notices to the Centre and the IRDAI, the regulatory body for the insurance sector, on a plea seeking an extension of financial cover for mental illnesses too.

8. How to apply for a PAN Card: advantages, fees, eligibility, FAQs.

A Permanent Account Number or PAN is a 10-digit unique identification alphanumeric number to identify a taxpayer in India. All tax-related information of a person is regarded against this number which acts as a primary key to store the information. No two people can have the same number.

9. Salary cut to deal with COVID-19 to have impact on your gratuity too.

Gratuity, i.e. a retirement benefit provided to those who render five or more continuous years of service to an employer, also come at stake for those who are soon to retire. This is being said as the COVID 19 outbreak and consequent disruption on account of it has pushed companies across sectors to take on to pay cut to reduce their fixed cost.

10. Mutual Fund investors turn cautious now.

The month of May was divided into two halves for the equity market. In the first half, the leading equity indices were down by 10 percent whereas, in the second half, they made a remarkable comeback. One of the reasons for such a recovery was that both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) turned net buyers in the market.

11. Tata Motors-owned Jaguar Land Rover to slash over 1,000 jobs as the COVID-19 crisis hits earnings.

Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak.

12. Amazon CEO Jeff Bezos agrees to testify before US Congress in the antitrust probe.

Amazon.com Inc said on Monday its founder and Chief Executive Jeff Bezos was willing to testify to a congressional panel investigating potential violations of U.S. antitrust law by big technology companies. The company’s attorney sent a letter to members of the House Judiciary Committee, saying Amazon had cooperated with the probe. “This includes making Jeff Bezos available to testify at a hearing with the other CEOs this summer,” said the letter from Robert Kelner of Covington and Burling LLP.

13. Employment rate In India begins to improve in June.

India’s unemployment rate fell sharply in the second week of June, as many jobs lost during the nationwide lockdown were restored, offering some hope.

14. Miss flying over cities? Here’s a stunning visual treat for you.

With international travel has come to a standstill due to the COVID-19 pandemic, hoping to catch a glimpse of cities from the top is now a great expectation! We can now only expect to see them virtually before we strike it off our bucket lists.

15. Automatic cars under Rs 10 lakh.

Demand for automatic cars is on the rise, and the reason for that is our ever-worsening traffic. To cater to this demand, carmakers have rolled out automatic options across price points and body styles.

Petrol, diesel prices in India hiked for the 10th consecutive day