The Reserve Bank of India (RBI) on December 8 announced to set up a fintech repository by April 2024. "We encourage fintechs to provide relevant information voluntarily to this repository," RBI Governor Shaktikanta Das said. On November 23, RBI Deputy Governor M Rajeshwar Rao said that the Indian regulators need to continuously work to redefine regulations and regulatory framework.
Open FlipNet Avenue Technologies stock made an impressive debut on December 8, listing at a 133.33 percent premium over the IPO price. The stock opened at Rs 42 against the issue price of Rs 18 on the NSE SME platform. The listing was along expected lines. Net Avenue Tech was trading at a 130 percent premium in the grey market, which is an unofficial ecosystem where shares start trading.
Open FlipThe government has banned exports of onion till March next year with a view to increase domestic availability and to keep prices in check. "Export policy of onions... is amended from free to prohibited till March 31, 2024," the Directorate General of Foreign Trade said in a notification. (With PTI inputs)
Open FlipThe Reserve Bank of India (RBI) raised its forecast for growth in gross-domestic product (GDP) for FY24 to 7 percent from 6.5 percent, Governor Shaktikanta Das said in his monetary policy committee (MPC) statement on December 8. The GDP growth forecast for October-December 2023 has also been raised to 6.5 percent from 6 percent. For January-March 2024, it is raised to 6 percent from 5.7 percent.
Open FlipThe benchmark Nifty was back to its record-breaking ways after taking a breather in the previous session, topping the 21,000-mark for the first time on December 8. The Nifty hit a high as the Reserve Bank of India announced its decision to keep repo rate unchanged at 6.5 percent for the fifth time in a row. The move was in line with market expectations.
Open FlipThe low-cost airline Indigo has received a stay order from the Income Tax Appellate Tribunal (ITAT) against a tax demand of Rs. 1666 crore for assessment years 2016-17 and 2017-18. The airline disclosed this information in a regulatory filing. As per the order of ITAT, the stay will be effective for six months or until the appeal is decided, whichever is earlier.
Open FlipWhat is monetary policy? Monetary policy is a macroeconomic strategy implemented by the central bank. It involves the management of the money supply and interest rates, influencing the demand side of the economy. Governments use monetary policy to achieve various macroeconomic objectives, including controlling inflation, promoting consumption, fostering economic growth, and managing liquidity .
Open FlipGeojit's report on Agri Picks Farmers in Telangana have sown rabi crops over 603,848 acres as of Wednesday, slightly higher than 603,038 acres a year ago, according to data from the state government. One acre is about 0.40 ha. So far, nearly 11% of the average rabi crop area of 5.5 mln acres in the state has been covered, the data showed. The area under pulses fell 26% on year to 217,335 acres.
Open FlipICICI Direct's currency report on GBPINR Pound is likely to move back towards 1.2650 level on weakness in dollar. Further, investors anticipate that the first cut from the BoE might not happen until June, compared with March for both the ECB and US Fed. Meanwhile, market will remain cautious ahead of US job report to get more clarity on interest rate trajectory.
Open FlipTop banking names such as ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank were trading in the 0.5-1 percent range on December 8 morning after the Reserve Bank of India (RBI) held repo rates steady at 6.5 percent for the fifth consecutive time. At 10.10 am, the Bank Nifty index was trading up 0.6 percent at 47,115 levels. Around 9 stocks have advanced in the Bank Nifty index.
Open FlipYour home loan EMIs (Equated Monthly Installments) will remain unchanged for now, with the Reserve Bank of India (RBI) deciding not to tinker with the repo rate for the fifth time in a row. RBI Governor Shaktikanta Das on December 8 announced the Monetary Policy Committee’s (MPC) decision to leave the repo rate unchanged at 6.5 percent. Currently, leading banks and mortgage companies.
Open FlipBrokerage firm Investec initiated coverage on Orchid Pharma with a buy rating, Prabhudas Lilladher has a buy rating on DMart, and a reduce rating on NOCIL. Motilal Oswal maintained a buy rating on Cholamandalam Investment & Finance Ltd.We have collated a list of recommendations from top brokerage firms from ETNow and other sources:Investec on Orchid Pharma: Buy| Target Rs 800.
Open FlipMarinetrans India stock made a decent debut, listing at a 15.38 percent premium over the IPO price on December 8. The stock opened at Rs 30 against the issue price of Rs 26 on the NSE SME platform. However, within minutes, the stock slipped to Rs 28.5. Ahead of the listing, Marinetrans shares were trading at an 11 percent premium in the grey market, which is an unofficial ecosystem.
Open FlipShares of IRB Infrastructure Developers soared 6.5 percent in early trade to hit a 52-week high of Rs 40.95 on December 8 after the company reported a 20 percent on year rise in gross toll collections in November. The company clocked in toll collections worth Rs 437.05 crore in November as against Rs 366 crore in the year-ago period. The rise in toll collections came despite the softened.
Open FlipShares of GMR Airports Infrastructure Ltd recovered its early losses and gained 1.5 percent on December 8 after a huge block deal. Around 758.1 million shares changed hands in 13 bunch trades, according to Bloomberg. Details of the buyers and sellers were not known yet. At 9.40am, the stock was trading at Rs 62.77 a share, up 1.8 percent from its previous close.
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