Top Headlines: Vehicle Sales Up 8% in August; Fitch Confirms 4 NBFC Rating

Fitch confirms 4 NBFC rating and maintains stable outlook for all

Fitch affirmed its ratings for four non-bank financial 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 company’s established franchise in used commercial vehicle (CV) finance, a seasoned management team, established risk controls and buffers adequate capital and balance sheet. Read more

Rupee rises 23 paise to close at 79.72 against the dollar amid falling crude prices

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

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

Monetary policy is not the only tool to manage inflation: Sitharaman

Inflation management in India encompasses many processes outside of monetary policy. Therefore, to effectively manage inflation, monetary and fiscal policies must work in parallel, Union Finance Minister Nirmala Sitharaman said on Thursday.

“Inflation management in India is an exercise of so many different activities, the majority of which are outside of monetary policy, even in the current circumstances,” Sitharaman said at an event hosted by the Indian Council. for research on international economic relations (ICRIER). Read more

Vehicle sales up 8% in August, two-wheelers a concern: FADA

India’s retail vehicle sales across all categories rose 8.31% year-on-year in August, the Federation of Automobile Dealers Associations (FADA) said on Thursday as it reported that business “was not not encouraging” at the beginning of the festivals.

Sales of two-wheelers increased by 8.5% and those of three-wheelers by 8.3% in August. Sales of passenger vehicles and commercial vehicles increased by 6.5% and 24%. Tractor sales fell 32%. Read more

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