French energy giant TotalEnergies to invest $12.5 billion in new Adani Group company

Major French multi-energy company TotalEnergies will invest at least $12.5 billion for a 25% stake in new clean energy services company Adani New Industries Ltd., according to an exchange filing by Adani Enterprises. (Read more)

The Indian government will recruit 10,000 people over the next 1.5 years

Prime Minister Narendra Modi reviewed the status of human resources in all departments and ministries and ordered the recruitment of 10,000 people through “mission mode” over the next 1.5 years. (Read more)

Agnipath: India allows young people to join the army, navy and air force for 4 years

Union Defense Minister Rajnath Singh on June 14 endorsed the Agnipath scheme under which young people will have the opportunity to serve as part of the regular armed forces. (Read more)

Wholesale price inflation climbs to a record 15.88% in May

India’s wholesale-based inflation hit a record high of 15.88% in May due to higher food and crude oil prices. In April, the wholesale price index was 15.08%. Whereas in May of last year, the WPI index was at 13.11%. (Read more)

SBI raises interest rates on term deposits: see the new rates here

The interest rate on term deposits has been raised by the country’s largest lender, the State Bank of India (SBI). The new interest rates come into effect today, June 14, 2022, and following the change, the bank raised interest rates on deposits of less than 2 Cr maturing in 211 days to less than 3 years. (Read more)

Mint Morning Digest

CPI inflation slows in May to 7.04%

Retail price inflation eased in May from an eight-year high the previous month, but remained well above the central bank’s upper tolerance level, adding pressure on investors. decision-makers so that they control the incessant rise in prices.

Consumer price index inflation moderated from 7.79% in April to 7.04% in May, helped by slower increases in food prices. (Read more)

No plan to curb rice exports, says Center

India has ample rice stocks and there are no plans to restrict grain exports, said Food Secretary Sudhanshu Pandey. Export restrictions on wheat and sugar had led to speculation that rice might be the next product to fall into the restricted category. (Read more)

Monthly Remittance Bounce Rates Drop to Over 3 Years

Bounce rates, or equivalent monthly payment defaults (EMIs), fell to a 38-month low of 22% in value in May, well below pre-covid levels of 24-25% and close to levels June 2019 as most borrowers continue to repay dues on time. (Read more)

Malaysian hacker group targets government IT infrastructure

Dragon Force, a group of Malaysian hacktivists, has called on hackers around the world to target the Indian government’s information technology (IT) infrastructure with cyberattacks. On June 10, the group expressed its intention via a post on its Twitter, calling the decision a “special operation”. (Read more)

PSU bank stocks that pay dividends today become ex-dividend. Details here

Indian Bank will go ex-dividend today as the Public Sector Enterprise (PSU) bank’s board set the record date for the dividend payment as June 15, 2022. The board of the bank at its meeting held on May 11, 2022 had set a record date for the payment of the dividend of 6.50 per capital share for the 2021-22 financial year. (Read more)

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