Moneycontrol Selects: Top stories this evening

Here are the top stories this evening:

The Indian benchmarks ended the day largely on a flat note on August 12 ahead of the crucial economic data. Though the day was a lacklustre one, the week marked the longest stint of weekly gains since mid-January as it was the fourth consecutive week where the markets ended on a higher note.

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India's headline retail inflation rate, as measured by the Consumer Price Index (CPI), fell to a five-month low of 6.71 percent in July. Even though inflation fell to a five-month low in July, it has now spent 34 consecutive months above the Reserve Bank of India's (RBI) medium-term target of 4 percent and seven straight months outside the central bank's 2-6 percent tolerance range.

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India's industrial growth, as per the Index of Industrial Production (IIP), fell to 12.3 percent in June against 19.6 percent in May. The June industrial growth figure is above the consensus estimate. A Moneycontrol poll of 15 economists had predicted IIP growth would fall to 10.6 percent in June.

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The Reserve Bank of India on August 12 issued additional restrictions for banks and regulated entities to desist from harassing borrowers for over dues. “In view of concerns arising from the activities of these (recovery) agents, it is advised that the regulated entities shall strictly ensure that they or their agents do not resort to intimidation or harassment of any kind, either verbal or physical, against any person in their debt collection efforts,” the RBI said in a release.

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The Insurance Regulatory and Development Authority of India (IRDAI) has proposed setting up a new platform for the sale, servicing, and claims of insurance policies, according to CNBC-TV18. "All products from life, general and standalone health insurers to be listed on IRDAI’s proposed platform," sources told the channel. In order to sell policies, agents will have to become platform members. They can sell it from all insurance companies once they become members.

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The Indian Institute of Medical Research (ICMR) has received 31 bids from different manufacturers developing indigenous vaccine and detection kits for Monkeypox, in public-private partnership (PPP) mode.

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Several Chinese state-owned companies including China Life Insurance (601628.SS) and oil giant Sinopec (600028.SS) announced plans on Friday to delist from the U.S. stock market. The companies, which also include Aluminium Corporation of China (Chalco) (601600.SS) and PetroChina (601857.SS), said in separate statements that they would apply for delistings of their American Depository Shares from the New York Stock Exchange (NYSE). The four will keep their listings in Hong Kong and mainland Chinese markets.

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ZEEL Q1 profit tanks 49% to Rs 106.6 crore on weak operating performance

Zee Entertainment Enterprises on August 12 reported a consolidated profit of Rs 106.60 crore for the quarter ended June FY23, down 49 percent compared to the year-ago period. The decline in profit was due to weak operating performance and moderate top-line growth.

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