Last week Indian stocks rose for the third consecutive week, the rupee advanced and Brent crude slid below $68 a barrel.
Shares of Jet Airways gained 35% after reports that Tata Group is in talks to acquire the debt-laden carrier. Tata Sons later said that talks to buy a stake in the airline Jet Airwaysare in early stages and there hasn’t been any decision taken yet.
Yes Bank resumed its decline (down 17%) due to the churn in its top management.
IIP expanded in September and the CPI was at a 13-month low of 3.31 percent. India’s trade deficit widened to $17.13 billion in October.
Here are the key global and national events that are likely to impact economy and businesses this week.
RBI vs Government: RBI will hold a crucial board meeting on Monday which will be watched closely because of the recent rift with the government. The board will discuss government demands to give up some surplus reserves and loosen liquidity norms for lenders on Monday.
Finance Ministry nominees and some independent directors will participate in the meeting. The issues expected to be taken up in the meeting range from MSME credit to the central bank’s reserves.
Oil rises on expected OPEC cut: Oil prices rose on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards the end of the year.
TV sets, appliances prices to go up: Prices of television sets and appliances could go up by 3-10% as early as this week, with manufacturers raising sticker rates to reflect the rupee depreciation and the recent increase in customs levies on imported refrigerators and washing machines, reported the Economic Times. The top three brands — LG, Samsung and Sony — have already withdrawn the sales support or subsidy of up to 10% they provided to retail channels.
Political turmoil in the UK, where several ministers resigned after disagreeing with PM Theresa May’s proposed Brexit deal.