Earnings season kicks in: As the earnings season kicks in, India’s largest software services exporter, Infosys met expectations and reported a net profit of Rs 2,369 crore in July-September quarter, up 24% year-on-year (3.5% quarter-on-quarter), while quarterly revenue rose 21% from a year ago (2.5% sequentially) to Rs 9,858 crore. However, a deeper cut in earnings per share guidance for the full year disappointed the street. Private sector lenders IndusInd Bank and HDFC Bank too registered good numbers in Q2.
August IIP at 2.7%: The Index of Industrial Production (IIP) for the month of August grew at 2.7 percent versus a paltry -0.2 percent (revised from 0.1) in July. In the April-August period, industrial production expanded an annual 0.4 percent.
CPI falls to 9.73%: Annual consumer price inflation fell in September to 9.73 percent, driven by a marginal fall in fuel and food prices, government data showed on Friday.
Sugar decontrol: An expert panel led by PMEAC chairman C Rangarajan on Friday suggested a mechanism for decontrolling sugar . The panel is in favour of providing freedom to the sugar mills to sell their products in the open market. It has also recommended scrapping of state declared cane prices. The committee has also recommended fair and remunerative price (FRP) for cane purchase.
Exports slump 11% in Sept: India's annual exports fell 11 percent to USD 23.7 billion in September, while imports rose 5.09 percent to USD 41.8 billion, leaving a trade deficit of USD 18.08 billion, the government informed on Thursday.
Shome panel recommendation on retrospective tax: India should not retrospectively apply a controversial rule to tax asset transfers, the Shome panel said in a draft report. The draft report, published on Tuesday, also said the government should not levy any penalty interest in cases where tax demands have been raised following the amendment of tax rules retrospectively in March.