Sector in news
Oil OMCs to cut Petrol and Diesel price by 40 paisa from tomorrow morning
Reduction in prices by 40 paisa daily likely to continue for next 5 days.
Total Reduction of Rs 2 in Petrol and Diesel prices in instalments likely Fuel Petrol diesel
Railways extends round-trip freight discounts for six months. Two years after Indian Railways launched the round-trip traffic (RTT) policy to compete with road transport, it has extended it for a mere six months amid mediocre outcomes in freight augmentation, officials told Business Standard. The policy incentivises booking goods orders for both to and fro journeys of a goods train, in exchange for discounted rates.
Banking sector: Credit growth to the services sector was accelerated to 20.0 per cent in September 2022 from just 1.2 per cent a year ago. It was mainly due to improved credit off-take to NBFCs and trade sectors, RBI said.
Bankers said along with higher volumes in economic activity, the rise in input costs due to inflation also pushed business establishments (industry as well as services) to draw on bank credit lines.
Credit to agriculture and allied activities has remained robust at 13.4 per cent YoY in September 2022 compared to 10.6 per cent a year ago
Airline stocks CRISIL expects air passenger traffic volume to recover to the pre-pandemic level for the full fiscal in FY23 itself. According to the agency, in the first five months of this fiscal, domestic traffic stood at 92% of the corresponding period in FY20, while international traffic was at 75%. “This cements our confidence for a return to near-double-digit growth next fiscal, reads a CRISIL note.
By: via Allies Fin Serve Stock Market
