Retail inflation rises

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⭐ Retail inflation rises

India's retail inflation jumped to 7% year-on-year (YoY) in August as compared to 6.71% in July. The number remained above RBI’s tolerance band of 2-6% for the eighth consecutive month. Food inflation in August stood at 7.6%, up from 6.7% in July. Prices of vegetables grew by 13.2% in August, while prices of pulses rose 2.5%. However, fuel and light inflation fell to 10.7% from 11.7% in July.

⭐ Vedanta to set up semiconductor plants in Gujarat

Vedanta plans to set up semiconductor plants in Gujarat. This is in line with the company’s $20 billion joint venture with Taiwan’s Foxconn. The project will include display and semiconductor facilities near Ahmedabad. The company has obtained financial and non-financial subsidies including capital expenditure and cheap power supply from Gujarat to build the plants.

⭐ HDFC sees strong demand for home loans

The CEO of the housing finance giant expects demand for home loans to pick up in the upcoming months. He said with the economy recovering, people are comfortable buying houses even though rates are higher. He added that there are no signs of stress among home buyers and collections on loan dues remain strong. According to the latest RBI data, housing loans have grown by 16% YoY as of 31 July.

Global markets (at 7:30 AM today)

Fact of the day

A secret letter written by Queen Elizabeth II is hidden in a vault in the Queen Victoria Building in Sydney. The letter, which was written in November 1986, can only be opened in 2085.

Source: India Today