Indian central bank has jacked up the prime lending repo rate by another 50 basis points. The RBI’s repo rate is now 5.9%, and has been raised for the fourth straight time in the current interest rate cycle that began in May.
RBI trimmed full-year growth projections to 7.0% from 7.2% due to a lower-than-expected number in Q1. Both the Sensex and the Nifty rose almost 1.8% following the rate hike, as the markets had already factored it in.
Tata Motors launched its latest car in the electric vehicle segment at a price point that could potentially prove to be a disruptor in the nascent yet growing Indian four-wheeler EV market. With a starting price of Rs 8.49 lakh, Tata’s latest EV offering, a hatchback named Tiago EV has become the cheapest fully electric car in India yet.
Tejas Networks, an arm of IT major Tata Consultancy Services (TCS), is reportedly set to ink a deal to set up a 4G network (yes, you read that right) for the state-owned telecom company Bharat Sanchar Nigam Ltd (BSNL).
Apart from confidential pre-filing, SEBI may also allow companies relaxed open offer pricing for divesting government-owned entities. On the other hand, SEBI may ask startups who want to list their shares on India’s stock exchanges to make enhanced disclosures in their offer documents on the IPO issue price.
India will soon issue $2 billion (Rs. 16,000 crore) worth of sovereign green bonds for the first time, in the current financial year.
The IT major may announce a share buyback along with its earnings for the second quarter ended September 2022. The company is set to announce its earnings on October 13 and could reward its shareholders with an attractive buyback.
– A 1.8% spike on Friday saw both the Sensex and Nifty reverse the losses of the four previous sessions. – The top Nifty gainers were Dr. Reddy’s Labs, Power Grid Corp of India, Cipla, HCL Technologies & Bharti Airtel. – Among the Nifty stocks most in the red were Adani Ports, Hero MotoCorp, JSW Steel, Maruti Suzuki & Bajaj Auto.