BUSINESS
Majority of MPC members want RBI to keep hawk’s eye on inflation
The MPC, in its policy review meeting, had retained the key repo rate at 6.5 percent, reiterating willingness to act against inflation.
Domestic equities witnessed selling pressure for third consecutive day
Nifty opened lower and remained negative throughout the session to close with loss of 82 points at 19543 levels. Selling continued in broader market with Nifty mid/small cap 100 indices down -1 per cent/-0.8 per cent. Except Private Bank, all sectors ended in red, he said.
E-com platforms log Rs 47K cr worth GMV in 1st week of India festive sales
High average selling price (ASP) items such as mobiles, electronics and large appliances emerged as the largest contributor to the sales, driving 67 per cent of the total sales, according to the report from market research firm Redseer Strategy Consultants.
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India most preferred emerging market pick: Morgan Stanley
Relative economic/earnings growth is improving and the macro-stability setup looks sufficient to withstand the higher real rate environment. The "DREAM" run of domestic flows continues and multipolar world dynamics are driving both FDI and portfolio flows toward India, Morgan Stanely said.
India’s forex kitty goes up, reverses 5-week fall
This comes as a welcome development as a stronger forex kitty gives the RBI more headroom to support the rupee by releasing more dollars in the market. This comes necessary, especially at a time when oil prices shoot up in the global market and the demand for dollars suddenly goes up to finance crude imports.
RBI chief expects interest rates to stay high
Das said the RBI has maintained a pause on key policy rates in 2023 so far and that the 200 basis point hikes are still working through the system. Addressing the Kautilya Economic Conclave 2023, Das said, "I think interest rates will remain high. How long they will remain high, only the evolving world situation can tell."
Effectiveness of multilateral institutions has reduced, can't take their directives for granted: Sitharaman
Addressing the inaugural session of the Kautilya Economic Conclave 2023, Sitharaman said, "Globally, we don't need to hesitate any longer to say that multilateral institutions, not just banks, but even UN, the UN Security Council, or any other (organisations like) WHO, WTO are less than effective from where they were made into institutions. The level of effectiveness of their intervention that they were to bring into the global scenario is today at less than an ideal position. Because they have become less effective, what we took for granted is no longer to be taken for granted."
Zomato shares worth Rs 1,040 cr change hands in bulk deal, Softbank likely seller
Japanese investment giant SoftBank, via its affiliate SVF Growth (Singapore) Pte, likely sold 1.09 per cent stake in Zomato in the bulk deal, taking the online food delivery platform’s stock up more than 2 per cent in the opening trade on the BSE. Shares exchanged hands at an average price of Rs 111.20. SoftBank held a 2.17 per cent stake in Zomato (by September 2023 quarter).
Talks on UK-India trade deal linger
So far, the UK government has not announced a date and the External Affairs Ministry has not issued any related incoming-visit notice. The Indian media had reported that Sunak’s visit was expected over October 28-29, when the UK-India FTA would likely be signed and that he might watch a live cricket match between England and India.
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