Again, interest rates on small savings schemes appeared unchanged for the following quarter 30 Dec 2020. On the other hand, banks have been gradually reducing FD rates currently and also since January 2019, the repo rate has been decreased by 250 bps (or 2.5 per cent) by Reserve Bank of India (RBI).
India has ordered its 4,000 military shops to stop buying imported goods, according to a document reviewed by Reuters, a move that could send an unwelcome signal to foreign liquor firms such as Diageo and Pernod Ricard. India's defence canteens sell liquor, electronics and other goods at discounted prices to soldiers, ex-servicemen and their families.
Brokerage firm Motilal Oswal has an overweight on the IT sector and has added HCL Tech to its model portfolio.
"We have been raising IT weights in the model portfolio since 4Q FY20, with the latest revision in July'20. 2QFY21 has seen sustained earnings momentum in IT, resulting in a healthy earnings upgrade for the second consecutive quarter.
This week, the Finance Ministry approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for the 6-month moratorium period, on loans up to Rs 2 crore. These guidelines come in the light of the Supreme Court's direction to the government to implement "as soon as possible" the interest waiver.