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Back series GDP calculation proved UPA years best: Chidambaram

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P Chidambaram
P. Chidambaram (File Photo)

New Delhi, Aug 18: Former Union Minister and senior Congress leader P. Chidambaram on Saturday challenged Prime Minister Narendra Modi’s government to match up with the UPA’s GDP rate in its fifth year and said that back series calculation of GDP has proved that the best years of economic growth were the UPA years 2004-2014.

Quoting figures of the recently released Ministry of Statistics’ data, Chidambaram said: “Truth has triumphed. The back series calculation of GDP has proved that the best years of economic growth were the UPA years 2004-2014.”

“The average growth rate under four governments since 1999 were– NDA I – 5.68 per cent, UPA I – 8.36 per cent UPA II – 7.68 per cent and NDA II – 7.35 per cent (four years),” Chidambaram tweeted.

“I wish the Modi government well in its fifth year. It can never catch up with UPA I, but I wish it catches up with UPA II,” he added.

Chidambaram said that the UPA governments delivered the best ever decadal growth and lifted 140 million people out of poverty and thanked the people for the opportunity to serve them for 10 years.

IANS

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Sensex ends 536 points lower, Nifty below 11,000-mark

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Sensex down

Mumbai, Sep 24: Slump in the financial stocks along with a weak rupee and high crude oil prices dragged the S&P BSE Sensex down 536 points on Monday and the NSE Nifty50 lost nearly 170 points to close below 11,000-mark — slipping into the red for the fifth consecutive session.

On the other hand, the rupee weakened during the day to trade around 72.59 (4.15 p.m) per US dollar against the previous close of 72.20 per greenback.

With all the major sectors contributing to the sell-off, top sectoral losers were banking, auto and finance.

At 3.30 p.m, the wider NSE Nifty50 provisionally closed at 10,974.90 points, lower 168.20 points or 1.51 per cent from the previous close of 11,143.10 points.

The BSE Sensex, which had opened at 36,924.72 points, provisionally closed at 36,305.02 points, lower 536.58 points or 1.46 per cent from the Friday’s close of 36,841.60 points.

The Sensex touched an intra-day high of 36,945.50 points and a low of 36,216.95 points.

IANS

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Weak rupee, credit crisis worries drag equity market down 3% over week

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SENSEX NIFTY MARKET

Mumbai, Sep 22 : Persistent depreciation in the Indian rupee and high crude oil prices coupled with concerns over credit crisis dragged the key equity indices three per cent lower on a weekly basis during September 17-21.

The week started on a negative note, both in the domestic and global markets, primarily owing to the US announcement of fresh tariffs on Chinese imports.

This was the third consecutive week that saw fall in the Indian equity market.

The stock exchanges were, however, closed on September 20 on account of Muharram.

A major slump hit the market on Friday afternoon, with the S&P BSE Sensex losing over 1,100 points, only to partially recover from the lows minutes later. Analysts described it as a panic sell-off across the board, specifically in the banking and finance space, as there were concerns over credit risk.

“Firesale of financial units by IL&FS for repaying its CPs (commercial papers) added fuel to fire,” said Mustafa Nadeem, CEO, Epic Research.

Infrastructure Leasing and Financial Services (IL&FS), which defaulted on its commercial paper obligation earlier this year, missed payments again on Friday. This increased concerns of a credit crisis among the investors.

On a weekly basis, the Sensex closed at 36,841.60 points, lower 1,249.04 points or 3.28 per cent from its previous close.

Similarly, the wider Nifty50 of the National Stock Exchange on Friday closed at 11,143.10 points, down 372.1 points or 3.23 per cent from the previous week’s close.

“Indian markets remained in bear grip right from the beginning of the week, largely weighed down by a weakening rupee, escalation in trade war and rise in crude oil prices,” said Prateek Jain, Director of Hem Securities.

He added that investor’s sentiments were further weakened by the announcement of merger of three public sector banks — Bank of Baroda, Vijaya Bank and Dena Bank.

“On Friday, towards the fag-end of the week, traders and investors witnessed a highly catastrophic market driven by a sharpfall in the NBFC sector,” Jain said.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 2,674.12 crore, while the domestic institutional investors bought Rs 1,782.63-crore stocks in the truncated week.

According to National Securities Depository (NSDL) figures, foreign portfolio investors (FPIs) divested Rs 2,231.37 crore, or $306.04 million, in the equities segment during the week ended September 21.

On the currency front, the Indian rupee closed at 72.20 a US dollar on Friday recovering 35 paise from the previous week’s close of 71.85.

On Tuesday, it touched an all-time low of 72.91 per greenback.

The top sectoral gainer was oil and gas, while the major losers were realty, infrastructure and finance counters, said Deepak Jasani, Head of Retail Research at HDFC Securities.

The top weekly Sensex gainers were ONGC (up 6.88 per cent at Rs 180.10); Power Grid (up 3.62 per cent at Rs 200.20); Tata Steel (up 3.15 per cent at Rs 624.55); Tata Consultancy Services (up 2.94 per cent at Rs 2,103.80); and Vedanta (up 2.66 per cent at Rs 229.70 per share).

The major losers were Yes Bank (down 27.79 per cent at Rs 227.05); Tata Motors (DVR) (down 7.44 per cent at Rs 131.85); Axis Bank (down 5.69 per cent at Rs 599.40); Maruti Suzuki (down 5.44 per cent at Rs 8,039.55); and State Bank of India (down 5.39 per cent at Rs 270.05 per share).

(Ravi Dutta Mishra can be contacted at [email protected])

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Petrol costs Rs 82.44/litre in Delhi, Rs 89.80 in Mumbai

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Petrol Price

Sep 22 : Fuel prices climbed to fresh highs across the metros cities on Saturday as in Mumbai, where the fuel cost is highest due to the highest VAT, petrol prices inched up to the psychological Rs 90 a litre-mark and sold at Rs 89.80 per litre.

In the national capital, petrol was sold at Rs 82.44 per litre, up from Rs 82.32 per litre on Friday, data on the Indian Oil Corp’s website showed.

As per rates released daily by state-run Indian Oil Corp, the depreciating rupee and expensive crude oil further pushed petrol and diesel to new record highs on Monday.

Fuel prices in the country have been rising almost daily since August 1. They fell only once on August 13 and have been on record levels for over two weeks now.

Sector experts say a weak rupee and high excise duty are major factors for the rise in fuel prices.

Inflationary risks along with broadly negative global cues depressed the Indian rupee to a new low of 72.91 against the US dollar.

Also, high global crude oil cost has become a major concern for the country, which imports over 80 per cent of its oil requirements. The UK Brent crude oil price hovers around $78 per barrel.

Since the start of the calendar year, the petrol price in Delhi has gone up by over 15 per cent from Rs 69.97 on January 1, 2018. The hike in diesel price has been even more steep. It has gone up by more than 22 per cent since January 1 when it cost Rs 59.70.

Last week, the West Bengal government reduced the excise on petrol and diesel by Re 1 per litre each.

The Karnataka government announced on Monday that petrol and diesel will be cheaper by Rs 2 per litre each across the state from Tuesday following the reduction in cess on these fuels.

As per the country’s pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the rupee.

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