Top headlines: Vehicle sales up 8% in Aug; Fitch affirms rating for 4 NBFCs

Fitch affirms rating for 4 NBFCs, maintains stable outlook for all

Fitch has affirmed its ratings for four non-banking finance companies--Shriram Transport Finance (‘BB’), Muthoot Finance (‘BB’), Manappuram Finance (‘BB-’) and IIFL Finance (‘B+’) --and maintained stable outlook.

Fitch said ‘BB’ for Shriram Transport Finance Ltd (STFC) reflects the firm’s established franchise in used commercial-vehicle (CV) financing, seasoned management team, established risk controls, and adequate capital and balance sheet buffers. Read more

Rupee rises 23 paise to close at 79.72 vs dollar amid easing crude prices

The rupee appreciated 23 paise to close at 79.72 (provisional) against the US dollar on Thursday amid easing crude oil prices and a firm trend in domestic equities.

At the interbank forex market, the local unit opened at 79.72 against the greenback. Read more

Monetary Policy not the only tool to manage inflation: Sitharaman

India’s inflation management encompasses many processes that are outside of the remit of monetary policy. Therefore, to effectively manage inflation, monetary and fiscal policies have to work in lockstep, Union Finance Minister Nirmala Sitharaman said on Thursday.

“India’s inflation management is an exercise of so many different activities, a majority of which are outside of monetary policy even in today’s circumstances,” Sitharaman said at an event organised by the Indian Council for Research on International Economic Relations (ICRIER). Read more

Vehicle sales up 8% in Aug, two-wheelers cause for concern: FADA

India’s retail vehicle sales across categories were up 8.31 per cent year-on-year in August, said the Federation of Automobile Dealers Association (FADA) on Thursday as it flagged business "not being encouraging" at the start of festivals.

Two-wheeler sales were up 8.5 per cent and three-wheeler by 8.3 per cent in August. Passenger and commercial vehicle sales increased 6.5 per cent and 24 per cent. Tractor sales declined 32 per cent. Read more