Top headlines: Auto sales up 8% in August; Fitch confirms rating for 4 NBFCs

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

Fitch has confirmed its ratings for four non-bank finance companies – Shriram Transport Finance (“BB”), Muthoot Finance (“BB”), Manappuram Finance (“BB-“) and IIFL Finance (“B+”) — and stable outlook preserve.

Fitch said ‘BB’ for Shriram Transport Finance Ltd (STFC) reflects the company’s established franchise in used commercial vehicle (CV) financing, an experienced 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 falling crude oil prices

The rupee appreciated 23 paise, closing at 79.72 (provisional) against the US dollar on Thursday amid declining crude oil prices and a solid trend in domestic stocks.

In the interbank forex market, the local unit opened at 79.72 against the dollar. read more

Monetary policy not the only tool to control inflation: Sitharaman

Inflation management in India involves many processes that fall outside the scope of monetary policy. So, to effectively control inflation, monetary and fiscal policy must work in one go, Union finance minister Nirmala Sitharaman said Thursday.

“India’s inflation management is an exercise of so many different activities, most of which fall outside monetary policy even in the current circumstances,” Sitharaman said at an event hosted by the Indian Council for International Economic Relations Research (ICRIER). read more

Auto sales up 8% in August, two-wheelers cause concern: FADA

Retail car sales in India rose 8.31 percent year-on-year in August, the Federation of Automobile Dealers Association (FADA) said Thursday, as the company noted at the start of the festivals that the company was “not encouraging” .

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