State Bank of India wrote off loans to the tune of Rs 1.63 lakh crore in the past 5 years. Inflation reached a 16-month high of 4.62 per cent in October on the back of high food prices, especially vegetables. IRCTC stock rises 200 percent within 31 days. Read for more top stories from the world of business and economy:
Most of these write-offs happened over the last two years. One of the big reasons for high level of write-offs is the Insolvency and Bankruptcy Code where banks are comfortable taking a decision on loan haircuts.
Retail inflation skyrocketed on the back of high vegetable prices. Last month saw exorbitant onion and tomato prices due to unseasonal rains, disruption in supply chain and acquisition restrictions on traders.
The credibility of India's statistical system is at stake because of the commissions and omissions ever since the 2011-12 series was announced in January 2015 and continued through multiple revisions in GDP numbers.
On Wednesday, IRCTC share price gained as much as 5.20 per cent to touch a fresh high of Rs 981.35, against the previous close of Rs 932.80 on BSE. Its market capitalisation rose to Rs 15,575 crore on BSE.
While shares of top five foreign promoter-owned FMCG companies jumped 18.9 per cent, on an average, so far this year, the top five domestic FMCG players logged negative returns.