Indian indices were choppy on Friday after the announcement of RBI’s monetary policy committee decision. The central bank kept its key lending rate at a record low on Friday, as expected, as it sought to support economic growth even as inflation edged higher amid the Russia-Ukraine war. The MPC held the lending rate, or the repo rate, at 4%. The reverse repo rate, or the key borrowing rate, was also kept unchanged at 3.35%. FY23 GDP forecast was revised to 7.2% from earlier guidance of 7.8%. Inflation is now projected to be higher than February expectations, says Governor Das
RBI signals ‘tectonic shift’ in policy focus as it ramped up efforts to mop up excess liquidity in the banking system
Governor Das on whether RBI is behind the curve: Depends on who is drawing the curve and how he is drawing it. Don’t think RBI is behind the curve
RBI Governor Das says Ukraine war reason for the shift in policy focus.
As share of EVs rises among 2-wheelers, some states are racing far ahead
Driven by increasing consumer interest, government subsidies and new product launches, the share of electric vehicles (EV) in the two-wheeler industry is continuously increasing. In fact, in the month of March, the share of EVs in 2W reached 4.3%, according to Vahan registrations. (Read here)
RBI Policy: We have now put inflation before growth in the sequence of priorities, says governor Shaktikanta Das
RBI policy views: Naveen Kulkarni, chief investment officer, Axis Securities
“In the first monetary policy for the financial year 2023, the RBI has kept key policy rates unchanged and maintained its accommodative stance to revive growth. Despite a strong economic recovery and a less disruptive Omicron wave, the geopolitical tensions, supply chain disruptions, commodity inflation, and oil prices sky-rocketing, RBI revised its inflation estimates for FY23 upwards to 5.7% from 4.5% earlier. GDP growth is likely to be impacted and expected at 7.2% for FY23 (vs 7.8% earlier).
We believe, over the medium-term, policy rates are likely to gradually inch up.”
Market at noon: Sensex up 138 points amid volaitility
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BSE SmallCap outperforms; up 0.8%; JP Associates up 20%
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Adani Green board approves fundraise of ₹3,850 cr via preferential issue
Sobha ends FY22 with record sales; price hikes key in FY23
Bengaluru-based real estate developer Sobha Ltd has seen robust performance in FY22 aided by the ongoing demand momentum for residential real estate projects despite the intial impact from the Omicron variant. The company saw highest ever sales of 4.91 million square feet (msf), up 22% year-on-year (y-o-y). In value terms, sales rose 23% y-o-y to Rs3,870 crore.
Nifty Energy gains 1.25%; Adani Green jumps 7%
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Ruchi Soya FPO lists on bourses at 30% premium
On NSE, Ruchi Soya share price today opened at ₹855 whereas on BSE it opened at ₹850 apiece levels, giving more than 30% premium to the subscribers of FPO
RBI to maintain orderly financial condition in market and will take steps to contain impact of global spillovers: Das
Rupee surges 21 paise to 75.82 against US dollar as RBI maintains status quo on benchmark lending rate
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Read More: Share Market Live: Sensex Up 250 Points, Nifty Above 17,700; Rbi Holds Rates