The Reserve Bank of India (RBI) which is an inflation trajectory central bank, expects the economic indicator to remain elevated till the first half of next fiscal year. By March 2020 quarter, RBI expects inflation to be at 5.8%. While the banker sees inflation between 5.2-4.6% in H1FY22. RBI's medium-term target for consumer price index (CPI) inflation is at 4%.
Open FlipRBI Governor Shaktikanta Das on Friday said the response from potential investors for reconstruction of crisis-ridden Punjab and Maharashtra Co-operative Bank looks "positive" so far. Last month, the fraud-hit multi-state urban cooperative bank sought Expression of Interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction
Open FlipBurger King India's initial public offering (IPO) witnessed massive success during the final day of its issue. On Friday which is also the last day for subscription, the Burger King IPO was oversubscribed by breathtaking 156.65 times. Data on NSE shows that the maiden received cumulative bids of 11,66,93,73,500 equity shares against the IPO issue size of 7,44,91,524 equity shares.
Open FlipSingapore’s DBS Bank has infused Rs2,500 crore capital in its Indian arm, DBS Bank India to support the merger with erstwhile Lakshmi Vilas Bank (LVB), said the bank in a press release on December 3. DBS Bank India Limited (DBIL) is well-capitalised, and its capital adequacy ratio (CAR) remains above regulatory requirements after the amalgamation, the bank said.
Open FlipPSU major Oil India Limited today said that consequent upon uncontrolled flow of natural gas and blowout at Assam'sBaghjan well No 5 on 27 May, 2020 and after final abandonment of the well, the emergency declaration has been withdrawn with immediate effect. All the jobs pertaining to capping, killing and final abandonment of the well was successfully completed in the evening hours on Thursday.
Open FlipGranules India received the approval from US Food & Drug Administration (US FDA) for the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc (GPI)., a wholly owned foreign subsidiary of Granules India Limited, for Penicillamine Capsules USP, 250 mg. It is bioequivalent to the reference listed drug product (RLD), Cuprimine of Bausch Health Americas, Inc.
Open FlipReserve Bank of India (RBI) on Friday allowed regional rural banks (RRBs) to access the liquidity adjustment facility (LAF), marginal standing facility (MSF) and call or notice money market, aimed at facilitating better liquidity management for these lenders. At present, RRBs are not permitted to access the liquidity windows of the RBI as well as the call or notice market.
Open FlipIEX has expanded its delivery-based Green Market with the launch of two new products - Green Daily Contract and Green Weekly Contract. Trading in the new contracts in both solar and non-solar segments will commence with immediate effect. The IEX Green Market now has four contracts, and offers greater choice to market participants to buy renewable energy on the same day and up to 11 days ahead.
Open FlipIn view of the ongoing stress and the heightened uncertainty on account of the pandemic, RBI said it is imperative that banks continue to conserve capital to support the economy and absorb losses, if any. In April, RBI had announced that scheduled commercial banks and cooperative banks shall not make any dividend payouts from profits pertaining to the financial year ended March 31, 2020.
Open FlipOn Friday, while announcing the monetary policy, the RBI governor Shaktikanta Das announced enhanced limits for contactless card payments and e-mandates on cards (and UPI) for recurring transactions to Rs 5,000 from Rs 2,000. These digital modes of transactions are well-suited to make payments in a safe and secure manner, especially during the current pandemic.
Open FlipDHL Express has said it can transport COVID-19 vaccine to any of the 220 countries it operates in, within 5 days. This includes the vaccine that is being developed by Pfizer and BioNtech that needs to be stored at -70 degrees. Like in India, globally too, the company is in talks with manufacturers of critical accessories such as syringes and vials, that will be needed in the whole supply chain.
Open FlipAirtel share price jumped over 3 percent intraday on December 4 after the telecom major pipped Reliance Jio in new mobile subscriber addition in September after a gap of four years. Bharti Airtel led mobile subscriber growth in September 2020 with a net addition of 3.77 million new customers. Reliance Jio led the market in terms of overall mobile subscriber base with 404.12 million customers.
Open FlipShares of IRCTC today zoomed amid high volumes as covid vaccine related optimism continue to boost travel related stocks. IRCTC shares rose 11% to ₹1530.50. Shares of India's biggest airline operator InterGlobe today surged 5% to ₹1732 while SpiceJet jumped 9% to ₹88.25. IRCTC shares have rebounded sharply from its March lows of ₹774.
Open FlipFitch Ratings on Thursday affirmed its 'BBB-' on India's four state-run lenders, SBI, BoI, BoB and PNB with a (-)ve outlook. Issuer default rating (IDR) of IDBI Bank is affirmed at 'BB+' (lower than ‘BBB-‘) with (-)ve outlook. According to Fitch, the operating environment for Indian banks remains challenging despite a moderate revival in economic activity due to gradual easing of the lockdown.
Open FlipIndiGo CEO Ronojoy Dutta on Thursday announced that the airline will remove its LWP program for senior employees from Jan 1. On May 8, IndiGo had also implemented pay cuts for its senior employees ranging from 5-25% . The pay cuts are still in place. In an email sent to employees on Thursday, he said, "At this point of time, it looks like we are on a path to a graduated and measured recovery..."
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