BUSINESS
Growth Oriented: RBI's MPC retains rates, accommodative stance
The MPC of the central bank maintained the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. Likewise, the reverse repo rate was kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the 'Bank Rate' at 4.25 per cent.
CAIT urges Centre to withdraw 12% GST rate on textiles
In the GST Council meeting in late 2021, it was unanimously decided to defer the hike in tax rate on textiles from 5 per cent to 12 per cent and the matter was sent to the tax rate rationalisation committee which will submit its report by February. Currently, the textiles sector is being taxed at 5 per cent tax rate, the traders' body said.
China faces Covid blues as Lunar New Year sales fall
Stringent Covid-19 induced restrictions created confusion among people forcing them to opt for short distance trips. Just ahead of the festive week, several local authorities imposed travel restrictions which included mandatory quarantines. This has not only impacted consumption around this otherwise busy time of the year but has also had an impact on the country's tourism sector.
M&M's YoY Q3FY22 consolidated net profit up 57%
The net profit rose to Rs 1,987 crore during the quarter under review from Rs 1,268 crore in the corresponding period of the previous fiscal. Besides, the consolidated revenues rose by 9 per cent to Rs 23,594 crore in Q3FY22 from Rs 21,626 crore earned during the third quarter of FY21.
Twitter posts robust results, user growth under Parag Agrawal
The micro-blogging platform reported 217 million average mDAU (monetisable daily active users), up 13 per cent, driven by product improvements, as well as global conversation around current events.For 2021, Twitter registered over $5 billion in annual revenue, up 37 per cent for the year.
RBI risks falling behind the curve with a dovish stance continuing
Axis Mutual Fund said the call to maintain the status quo by the RBI continues to surprise market participants. In an environment where global central bankers are rushing to raise interest rates across much of the developed world and a few emerging markets, the RBI's action today stands out.
RBI's status-quo on rates, stance buoys market: Power stocks rise
Besides, the growth-oriented accommodative stance was retained to give a push to economic activity. Initially, indices opened with a marginal up-gap, but fell soon thereafter to make an intra day low. They later rose after the RBI's announcement. Globally, a tech-fuelled global stocks rally cooled in Asia on Thursday as investors took a more cautious posture amid uncertainties around the outlook for inflation and interest rates.
RBI's accommodative stance supports equities; Sensex, Nifty settle high
The RBI keeping the repo rate unchanged in its latest monetary policy meeting and maintained an accommodative stance going ahead supported the broader market indices. The RBI's Monetary Policy Committee (MPC) maintained the repo rate, or short-term lending rate, for commercial banks, at 4 per cent and stance accommodative to give a push to economic activity.
RBI proposes to raise limit on e-RUPI vouchers to Rs 1 lakh
The present cap of Rs 10,000 will be increased to Rs 1 lakh per voucher and such vouchers will be allowed to be used more than once, RBI Governor Shaktikanta Das said while announcing the latest monetary policy meeting outcome. This enhancement is expected to further facilitate the delivery of various government schemes to the beneficiaries more efficiently, he said.
'M3M Capital' clocks Rs 800 crore booking in 3-days
M3M India is offering the buyers to pay only 10 per cent on booking, nothing till possession, and even get rent post possession by the Company, subject to certain terms and conditions. Exclusive golf-courses, private foyer, green landscape, and separate yoga & meditation area, a 60,000 square feet Clubhouse are some of the major attractions of M3M Capital, which is located in sector-113 on the Dwarka Expressway Gurugram.
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