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Moneycontrol Selects: Top stories this evening

Our specially curated package of the most interesting articles of the day will help you stay at the top of your game.

June 30, 2022 / 07:46 PM IST
Here are the most interesting articles  (Representative image)

Here are the most interesting articles (Representative image)

Here are the top stories this evening:

India's core sector output grows at 18.1% in May

The growth of eight core infrastructure sectors expanded by 18.1 percent in May against 16.4 percent in the year-ago period, according to official data released on Thursday. The output of coal, crude oil, refinery products, fertiliser, cement and electricity rose by 25.1 percent, 4.6 percent, 16.7 percent, 22.8 percent, 26.3 percent, and 22 percent, respectively.

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RBI Financial Stability Report: Indian economy on the mend but inflation concerns remain

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India’s economy remains on the path of recovery, but high inflationary pressures, external spillovers, and geopolitical risks warrant close monitoring, the Reserve Bank of India said in its Financial Stability Report released on June 30.

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RBI Financial Stability Report: Fintech delinquencies halved to 2.26% in March

Delay in loan repayments and defaults across fintech lenders has halved from its peak of 4.83 percent in September 2021 to 2.26 percent in March 2022, according to data in the Reserve Bank of India's (RBI) annual Financial Stability Report (FSR).

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New rules to invest in mutual funds from July 1

From July 1, mutual fund investments cannot be initiated from a pool account. The money has to go from the investor’s bank account to the bank account of the mutual fund house, as mandated by the regulator Securities and Exchange Board of India (SEBI). All transaction platforms backed by stock exchanges will implement this, which may see some teething troubles for investors as well as other stakeholders.

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Hospitals protest decision to raise GST on hospital room rents above 5K a day

Healthcare service providers have protested against a decision by the Goods and Services Tax (GST) Council to impose a 5% levy on hospital room rents costing more than Rs.5,000 a day. In an attempt to boost collections of the indirect tax, the Council has brought a raft of goods and services under the tax net, including the hospital rooms that are now exempt from GST.

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Metro Cash and Carry violated government norms: CAIT

The Confederation of All India Traders (CAIT) has accused Metro Cash and Carry of violating several government norms and said the German cash and carry major has flouted GST rules, and FDI policy to conduct business in India. At a press conference in New Delhi on June 30, CAIT said that the company, which according to several reports is in talks to sell its business in India, has been selling directly to consumers under the garb of its business-to-business operations.

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OPEC+ oil boost likely not much help to high gasoline prices

The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. The increase of 648,000 barrels per day in August leaves the world thirsty for oil as it rebounds from the COVID-19 pandemic and runs up against the inability of the 23-member OPEC+ alliance to meet its production quotas.

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