India's Forex Reserves Increase by $6.1 Billion to Reach $682.3 Billion
India's foreign exchange reserves rose by $6.1 billion to reach a total of $682.3 billion for the week ending July 24. This growth was primarily driven by inflows into the Reserve Bank of India's FCNR(B) deposit scheme. Additionally, the value of gold reserves increased by $1.3 billion. Although the RBI engaged in some dollar sales to manage volatility, the strong incoming funds from various schemes ensured a net increase in the country's total kitty.
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Lok Sabha Passes Birth and Death Registration Amendment Bill Amid Protest
The Lok Sabha has passed the Registration of Births and Deaths (Amendment) Bill, 2023, despite significant opposition protests. The legislation was approved without a formal debate during the session. Key provisions of the amended law include a new requirement for a judicial magistrate's order to facilitate late registrations of births and deaths. The bill aims to modernize the registration process and create a national-level database, which the government suggests will improve the delivery of public services. However, opposition members raised concerns regarding the lack of discussion and potential privacy implications of the centralized data repository.
ITC Q1 Profit Drops 27% Amid High Taxes and West Asia Crisis Impact
ITC reported a 27% year-on-year decline in its first-quarter net profit, primarily driven by record-high taxes on cigarettes, which is its core business. Additionally, the ongoing West Asia crisis hampered the company's agri-business exports. On a positive note, the FMCG segment demonstrated resilience, showing growth in both revenue and profit. Despite inflationary pressures, consumption levels remained steady in both rural and urban markets, providing some stability to the company's overall diversified portfolio during this challenging quarter.
Maruti Suzuki Q1 Net Profit Falls 11% Despite Record Unit Sales
India's largest carmaker, Maruti Suzuki, reported an 11% decline in its June quarter profit, totaling ₹3,352 crore. The drop is primarily attributed to rising raw material costs and logistical challenges linked to geopolitical tensions in West Asia. Despite the profit dip, the company achieved record sales of over 6.8 lakh cars and a 36% jump in net sales. To boost sustainability, the company also greenlit new bio-gas projects worth ₹561 crore.
Two Migrant Workers From Chhattisgarh Killed in Jammu and Kashmir Terror Attack
Two migrant laborers from Chhattisgarh were killed following a terrorist attack in Jammu and Kashmir, marking the first such incident involving migrants in the region in 21 months. The victims, identified as Deepak Ratray and Bopinder, both in their twenties, were shot by unidentified assailants. Ratray died shortly after the attack, while Bopinder succumbed to his injuries after being transferred to SKIMS Hospital in Soura for specialized treatment. Local officials confirmed the victims had traveled to the region for employment. Security forces have launched an investigation into the targeted killings.