1. Stocks Declines as Crude Reaching Level of $ 100
•Yesterday Sensex declines by 1.2% (closed at 66,844).
•Increasing Crude Rate to the level of $100 a barrel may be one of the reason for decline in benchmark indexes.
•Market has fears that increase in Crude rate may prompt Central Banks to increase interest rates to address inflationary concerns.
2. Scheme for Battery Energy Storage System
•Renewable Energy is intermittent (like Sun during Day Time). This created challenge for Grid Management, a sudden surge or drop in power generation can lead to failure of Grid/Blackouts.
•To address this BESS can store the excess generation and release at the time of requirement. Lithium Ion Batteries are used.
• Govt. Announced Rs. 3760 Crores scheme to provide up to 40% of project cost (viability Gap).
3. EPFO sees highest Net Number Addition in July
•According to data released, Net Member Addition in the month of July is 18 Lakhs .
•It is highest since publishing of such data from April-2018.
Majority of new members joining EPFO are in the age-group of 18-25 years constituting roughly 58.45% of total new members addition during the month. This shows an increasing trend in youth enrolment, who are mostly first-time job seekers joining the organized sector workforce of the country.
4. Saudi Cuts Asian Premium after India Taps Russian Oil
•Asian Premium is an extra amount levied by the OPEC countries from Asian Countries above the actual selling price.
•Now Saudi Arabia has slashed the Premium from $ 10 per Barrel to $ 3.5.
•India imports 85% of its Oil Requirement.
5. ADB keeps India Growth Forecast at 6.7%
•ADB on Wednesday said it has retained India’s GDP growth forecast at 6.7% for FY 2024 on the back of Public Investment and Recovery in Consumption Demand.
•ADB expects India’s retail inflation to be 5.5% in 2023 and 4.2% in 2024.
6. Bollywood Set to Cross 75% of the Earnings of 2022 in September quarter
•Bollywood industry is on remarkable journey to earn over Rs. 1300 Crores in One Quarter only i.e. September. It is equivalent to 75% of earning in complete Financial Year of 2021-22.
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•It is due to Films like Gadar-2, Jawan, Girl2 & OMG2.
7. UK Aid to Narrow Tata Steel’s Losses
•The UK Government ‘s £ 500 million financial package to Tata’s Steel UK is expected to narrow the steel maker’s losses on the back of lowered production and environmental compliance costs.
•It will help the Company to transit towards greener steel production.
8. Space Programme Getting Self-Reliant
•Indian Industry has evolved the capability to design, develop and produce high end equipment for space missions and that India’s programmes are increasingly getting self-reliant with a strong contribution from Private Sector.
•By Finance Minister in Parliament.
9. LS approves Women Reservation Bill
•Lok Sabha approved the Women Reservation Bill to provide one third reservation to women in election to Lok Sabha and State Assemblies.
• It will come into force after 2029.
10. Other Small News
•RBI asks Credit Info companies to prepare data quality index.
• Rupee Recovers: gains 24 paisa at the end of the Wednesday..
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We have used multiple sources including News Papers (mainly Live Mint, Economic Times etc.) and Online media & original Sources to compile the above information purely for academic purpose for consumption by students. It should not be considered as professional advice or consultancy to be relied upon. Further, Fab Gyan and its Team will not be responsible for any mistake.