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Business Live: – The Hindu

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The Nifty and the Sensex opened the day on a positive note, with automobile and PSU stocks rising.

Join us as you follow the top business news through the day.

10:40 AM

In February, core sector contracts rose 4.6%

Production for the eight core sectors declined by 4.6% in February, the strongest contraction in the past six months, with experts saying overall industrial production could pull into negative territory in this month.

According to official data released on Wednesday, production declined in all major sectors, including coal, crude oil, natural gas and refinery products.

The growth rate of eight infrastructure sectors – coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity was 6.4% in February 2020.

The last time in August 2020, the regions recorded negative growth of 6.9%. In January this year, the segment reported positive growth of 0.9%.

10:20 AM

Government withdraws rate cut order on small savings schemes

Hours later Significant deduction In the returns of small savings instruments for this quarter, the government has backtracked on these sharp cuts. This is the first time that the Center has cut notified interest rates on small savings schemes after switching to the quarterly interest rate setting system in April 2016.

The government feels that the middle class is being sabotaged due to a sharp reaction on social media. Retail inflation is breaking the 6% level and the government has also decided to tax employee PF savings starting this year.

Finance Minister Nirmala Sitharaman said in a tweet on Thursday morning.

10:00 am

Auto, PSU banks gain, Indian stocks rise

Positive momentum continues for the shares.

Reuters Report: "Indian stocks surged on Thursday, led by auto stocks ahead of monthly sales figures and gains in public sector banks after the capital infusion by the government.

Finance Minister Nirmala Sitharaman said on Thursday that India has withdrawn its decision to reduce interest rates on small savings scheme.

The blue-chip NSE Nifty 50 index rose 0.6% to 14,772 and the benchmark S&P BSE Sensex rose 0.9% to 49,821 levels, reaching 0417 GMT.

The Indian government on Wednesday invested a total of Rs 145 billion in four state-owned banks, including Indian Overseas Bank, Bank of India, Central Bank of India and UCO Bank.

The Nifty Public Sector Bank Index rose 1.7%, the IT index rose 1.3% and the Nifty Auto Index rose 1.2%.

Auto companies will post their monthly sales figures for later in the day in March. "

9:30 am

Government. 4% inflation target for RBI's rate panel for 2021-26

A top finance ministry official said on Wednesday that the Center has decided to retain the inflation target of 4%, with +/- 2 percentage points for the monetary policy of the Reserve Bank of India's Monetary Policy Committee.

Economic Affairs Secretary Tarun said that under the Reserve Bank of India Act, 1924, the inflation target for the period from April 1, 2021 to March 31, 2026 has been kept at the same level as that of Secretary of Economic Affairs Tarun Bajaj. "So there is no change," he said.

He dismissed the question as to whether the focus was on core inflation or any other component of retail inflation and indicated that the structure would remain the same.

Despite recent speech by high inflation prints beyond the 6% upper limit of the inflation target, economists welcomed continuity in the framework.

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