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Biz EOD: Retail inflation rises; 931 GST frauds cases identified; Sensex, Nifty close at record highs

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twitter-logoBusinessToday.In | January 13, 2020 | Updated 22:13 IST
Biz EOD: Retail inflation rises; 931 GST frauds cases identified; Sensex, Nifty close at record highs
Top stories from the world of business and economy.

The fiscal deficit for the current financial year could very well be close to 4% of the GDP. The consumer price index (CPI) continued to breach the Reserve Bank of India's (RBI's) medium-term target of 4 per cent for the third consecutive month in December 2019 at 7.35 per cent, which is highest since July 2014. Benchmark indices Sensex and Nifty closed at a record all-time highs propelled by gains in IT stocks amid positive domestic and global cues. Read for more top stories from the world of business and economy:

1. Government finances out of gear! Fiscal deficit in FY20 may end up at 4%

The government has budgeted for a fiscal deficit of Rs 7 lakh crore, and based on its nominal GDP target of Rs 211 lakh crore at 12% growth, the fiscal deficit was estimated to be 3.3% of the GDP.

2. Retail inflation touches 7.35% in December, highest since July 2014

The CPI inflation, also known as retail inflation, hit a 40-month high of 5.54 per cent in November; in July 2014, the CPI was 7.39 per cent, a tad higher than December 2019's number of 7.35 per cent.

3. Axis Bank corners a lion's share in HDFC's Rs 5,700-crore debt issue

The last two debt issues by the Mumbai-headquartered HDFC sold like hot cakes thanks to big money on the table by a single investor. The private sector bank Axis Bank emerged as the largest investor in the two debt issues by the HDFC over the last one month.

4. Beware! GST frauds won't go unnoticed with data analytics; 931 cases identified

Refunds of over Rs 28,000 crore are said to have been filed by over 27,000 taxpayers so far on account of inverted duty structure in the current year.

5. Sensex, Nifty close at record highs; IT, consumer durable stocks lead gains

While Sensex rose 259 points to 41,859 level against the previous close of 41,599, Nifty gained 81 points to 12,337.

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