Business

The government has estimated the fiscal deficit for the current financial year at Rs 7.03 lakh crore, aiming to restrict the deficit at 3.3 per cent of the gross domestic product (GDP).

In the first half of the current fiscal, the CAD narrowed to 1.5 per cent of GDP from 2.6 per cent in the same period in FY2018-19 on the back of a reduction in the trade deficit.

Expenditure in the March quarter is to be restricted to 25 per cent of the Budget Estimate (BE) as against an earlier limit of 33 per cent.

The 30-share BSE index was trading 109.18 points or 0.26 per cent higher at 41,684.32, and the broader NSE Nifty rose 27.60 points or 0.23 per cent to 12,273.40.

The high-level group will expedite smooth implementation of recent decisions taken on revival of BSNL and MTNL that includes crucial elements like allocation of 4G spectrum and asset monetisation, said the official sources.

Citi maintained its ‘buy’ call on SBI stock and raised the target price to Rs 400 from Rs 375 earlier, citing higher value for SBI Life and higher multiple on core banking business.

The Department of Financial Services in a letter on Thursday conveyed the sanction for release of the fresh capital infusion fund of Rs 2,153 crore, Allahabad Bank said in a regulatory filing.

Given the importance of the banking sector in generating demand and boosting consumption, the meeting with the MD and CEOs of PSBs ahead of the Budget 2020-21 is considered important.

Net non-performing assets (NPAs) of all commercial banks reduced to 3.7 per cent in FY19 as against 6 per cent in FY18, according to the Reserve Bank of India.

The 30-share BSE index was trading 39.84 points or 0.10 per cent higher at 41,682.50 in early session. Similarly, the broader NSE Nifty advanced 13.10 points or 0.11 per cent to 12,275.85.

In the OMO purchase of 6.45 per cent GS 2029, which is benchmark security, the RBI received Rs 20,826 crore worth of bids from the participants but accepted Rs 10,000 crore of bids.

Titan Co. Ltd shares gained 2.2%, UltraTech Cement Ltd was down 0.4% and Nestle India Ltd shares fell 1.6% after the three stocks were added to the benchmark BSE Sensex from today, i.e. 23 December.

Instead of putting it on the block, the unions have suggested the government to make Air India a board-managed company on the lines of L&T and ITC.

The Bombay High Court also said that the assets of HDIL and Wadhawans must be sold at the earliest in the interest of the PMC Bank and its depositors.

Forex traders said while sustained foreign fund inflows and heavy buying in domestic equities supported the rupee, rising crude oil prices and gains in the dollar in global markets restricted the upmove.

Based on the divergence assessed by RBI in provisioning for bad loans, PNB said it would have reported a net loss of Rs 11,335.90 crore for FY19 as opposed to a net loss of Rs 9,975.49 crore.