Thu, Feb 15, 2024 5:00 PM
Bitcoin around $50,000: What's driving the resurgence?
A Flip by Shubhangi Gupta
Inflation in India likely to have scaled a 14-month high of 5.9 percent in October, hovering on the 6 percent ceiling of the RBI tolerance band, according to a Moneycontrol Poll of 14 economists. The forecasts from the 14 economists pegged the median inflation at 5.9 percent, up from 5.5 percent recorded in the previous month.
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Anil Agarwal-owned mining conglomerate Vedanta Ltd. announced its September quarter results, where the company reported a net profit compared to a net loss during the same period last year. The company reported a net profit of ₹5,603 crore, compared to a net loss of ₹915 crore during the same period last year. The return to profitability was aided by lower tax expenses.
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Indian stock market faced a sharp correction in October, driven by sustained selling from Foreign Portfolio Investors (FPIs), who shifted to more attractively valued markets like China amid weaker domestic corporate earnings. According to data from the National Securities Depository Ltd (NSDL), FPIs recorded net sales of ₹94,017 crore in Indian equities in October 2024.
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