Issue 1031
Donald Trump announces 25% tariff on medium and heavy duty
trucks from November 1: President
Donald Trump announced that new U.S. tariffs on imported heavy trucks will kick
in on November 1, pushing back the original start date he had previously warned
about. In a post on Truth Social,
Trump wrote, "Beginning November 1st, 2025, all Medium and Heavy Duty
Trucks coming into the United States from other Countries will be Tariffed at
the Rate of 25%." The move means imported medium and heavy-duty trucks
will face a 25% duty starting that date. Trump last month had said heavy truck
imports would face new duties as soon as October 1. Around
two million Americans work as heavy and tractor-trailer truck drivers, with
many more employed as mechanics and support staff, according to data provided
by the US Chamber of Commerce.
(Moneycontrol)
Services PMI eases to 60.9 in September as demand cools: Like manufacturing, services sector too
eased in September as HSBC India Services PMI Business Activity Index fell to
60.9 from 62.9 in August, S&P Global reported on Monday. One key reason for
easing was slower rate of expansion for new business and activities. “Business
activity in India’s services sector eased in September from the recent high
August level. Most trackers moderated, but nothing in the survey suggested
there is a big loss in growth momentum in services,” said Pranjul Bhandari,
Chief India Economist at HSBC. The index is prepared based on responses to
questionnaires sent to a panel of around 400 service sector companies.
(Business Line)
MoSPI moots methodology for treatment of free ration in CPI
compilation: The statistics ministry has proposed a methodology
to appropriately reflect free food grains distributed through PDS in the
Consumer Price Index (CPI), which is used in monetary policy, computing cost of
living and formulation of social welfare schemes. The CPI measures changes in
the general level of retail prices of a representative basket of goods and
services consumed by households. The basket includes items across major
categories such as food and beverages, clothing, housing, education, healthcare
and transportation. The Ministry of
Statistics and Programme Implementation (MoSPI) is conducting the base revision
of the CPI. The process includes enhancing coverage of price collection,
refining existing methodologies, exploring new data sources and effective use
of modern technology in the price collection and index compilation. In view of
the launch of the free food grain distribution scheme by the government from
January 2023, covering 75 per cent rural and 50 per cent urban population, the
issue of appropriate and realistic reflection of the same in CPI and inflation
measurement has become relevant and desirable, the MoSPI said.
(Business Line)
IIHL Mauritius completes 100% buyout of Sterling Bank as part of
global expansion: IndusInd
International Holdings Ltd (IIHL), Mauritius, has completed the full
acquisition of Bahamas-based Sterling Bank by acquiring the remaining 49 per
cent equity, a statement said on Monday. With the acquisition, Sterling Bank
has become a wholly-owned entity of Hinduja Group firm IIHL Mauritius, which is
also the promoter of IndusInd Bank. IIHL Mauritius had acquired a controlling
51 per cent stake in Sterling Bank in September 2022. The acquisition was made
through IIHL's wholly owned subsidiary, IIHL (Capital), Mauritius, the company
said in a statement.
(Business Line)
India considers introducing nationwide climate-linked insurance
scheme: India's government has begun early-stage talks with
local insurers about designing a nationwide climate-linked insurance programme
aimed at simplifying the payout process after extreme weather events such as
heatwaves and floods. The scheme would adopt a
parametric insurance model, where policyholders receive a pre-determined payout
when specific weather thresholds such as rainfall, temperature or windspeed are
breached. Should the discussions bear fruit, India - among the nations most
prone to extreme weather events - could become one of the first major economies
to roll out such a programme.
(Economic Times)
UPI debuts in Qatar for domestic retail payments:
The United Payments Interface (UPI), developed by the National Payments
Corporation of India (NPCI), has gone live at retail stores in Qatar, marking
the eighth country to implement the digital payment platform. The system has
been deployed in collaboration with the Qatar National Bank (QNB) and the first
retail chain to deploy the payment system is LuLu Hypermarket, promoted by
Indian-origin businessman Yusuffali MA. Other
nations where UPI has been deployed at select locations include Bhutan, France,
Mauritius, Nepal, Singapore, Sri Lanka, and the United Arab Emirates.
(Financial Express)
BoI domestic gross loans rise 14.6%, deposits up 8.5%:
Bank of India’s domestic gross advances are expected to rise nearly 14.6% on
year to Rs 5.9 lakh crore as on September 30, with domestic deposits rising
8.5% on year, according to the provisional figures released by the bank on
Monday showed. Within domestic deposits, retail deposits are expected to rise by
14.15% on year to Rs 3.45 lakh crore. The global business is seen rising 11.8%
on year, with global deposits rising 10.08% and global advances rising higher
at 13.94% on year.
(Financial Express)
Airtel Business bags multi-year contract for Indian Railway
security operations centre: Airtel
Business, the enterprise arm of Bharti Airtel, on Monday announced it has
bagged a multi-year contract from Indian Railway Security Operations Centre
(IRSOC) to deliver security services. Airtel
will design, build, implement and operate a greenfield, multi-layered
cybersecurity protection ecosystem that will serve as a defence barrier to
safeguard the Indian Railways' IT backbone, while ensuring uninterrupted,
secure and seamless digital operation, according to a release. With centralised
security controls, Airtel Business will build multi-layer protection to secure
the expansive database of the railways.
(Moneycontrol)
Zoho expands fintech reach with PoS launch:
Zoho
Corporation is expanding its push into financial services with the launch of a
suite of in-person payment devices — including point-of-sale (POS) terminals,
QR-enabled devices, and sound boxes — under its Zoho Payments arm. The move
marks the firm’s first hardware foray and underscores its intent to build an
integrated financial ecosystem that spans collections, payouts, and connected
banking for businesses, Sivaramakrishnan Iswaran, chief executive of Zoho
Payment Technologies and global head of finance and operations at Zoho, told
FE.
(Financial Express)
Flipkart exits Aditya Birla Lifestyle in Rs 998-cr bulk deal:
Walmart-owned
Flipkart on Monday sold its entire 6% shareholding in Aditya Birla Lifestyle
(ABLBL) in a Rs 998-crore bulk deal. This is the second such exit by the
company after its block deal of Rs 582 crore in June in Aditya Birla Fashion
and Retail (ABFRL). Flipkart had received the shares in ABLBL following the
latter’s demerger from ABFRL in June.
(Financial Express)
Supreme Court decides to examine constitutional validity of STT: The Supreme Court of India on Monday
(October 6, 2025) decided to examine a plea challenging the constitutional
validity of the Securities Transaction Tax (STT), a direct tax levied on
securities transactions through a listed stock exchange, as imposed under the
Finance Act, 2004. A Bench headed by Justice JB Pardiwala issued formal notice
to the Union government, through the Ministry of Finance, on the petition filed
by Aseem Juneja, represented by advocate Siddhartha K Garg, who contended that
the STT violated fundamental rights to equality and to trade or earn a
livelihood and the basic right to live with dignity.
(Business Line)
GST 3.0: Govt plans automated refunds on lines of income-tax
system: The government is looking at automating
goods and services tax (GST) refunds, on the lines of the income-tax system, as
part of the next stage of reforms being conceptualised under GST 3.0, a senior
tax official said. “We are hoping that maybe like income tax, we will also make
refunds automated. So, it’s there in our mind,” said Shashank Priya, member
(GST), Central Board of Indirect Taxes and Customs (CBIC). He was speaking at
an event organised by TIOL Knowledge
Foundation (TKF). Priya, however, refused to give a deadline.
(Business Standard)
§ Year to date
(YTD) refers to the period beginning on the first day of the current calendar
year or fiscal year up to the current date. YTD information is useful for
analyzing business trends over time or comparing performance data to
competitors or peers in the same industry. The acronym is often seen in
references to investment returns, earnings, and net pay.
§ YTD analysis is useful for managers when reviewing interim financial statements in comparison to historical YTD financial statements.
RBI KEY RATES
Repo
Rate: 5.50%
SDF:
5.25%
MSF
/Bank Rate: 5.75%
CRR:
3.50%
SLR:
18.00%
FOREX RATES (RBI REF. RATE)
INR /
1 USD : 88.7859
INR /
1 GBP : 119.3259
INR /
1 EUR : 103.9860
INR
/100 JPY: 59.0900
EQUITY INDEX
Sensex: 81790.12 (+582.95)
NIFTY: 25077.65 (+183.40)
Bnk NIFTY: 56104.85 (+515.60)
World Cotton Day: On October 7th, the
World Cotton Day is celebrated globally, recognized by the United Nations
General Assembly in 2021 to highlight cotton's crucial role in economic
development, international trade, and poverty alleviation. The day also serves
to promote sustainable cotton trade policies and ensure that developing
countries benefit from the cotton value chain.
Historical events: On October 7th in
world history, major events include the launch of the U.S.-led War in
Afghanistan in 2001, the formation of East Germany in 1949, and the Achille Lauro
hijacking in 1985. In Indian history, October 7th is known as a day to honor
the Maharishi Valmiki Jayanti, celebrating the author of the epic Ramayana.
****Have a nice Day****
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