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Mumbai, Feb 6 () Equity benchmark BSE Sensex jumped over 200 points in afternoon session on Thursday, after the Reserve Bank of India kept key policy rates unchanged, but maintained its accommodative stance to support the economy. In the sixth bi-monthly review of the policy, the central bank also kept GDP growth rate unchanged for the current fiscal at 5 per cent and projected a pick up in growth to 6 per cent in the next financial year. After opening on a positive note, the 30-share index turned choppy minutes ahead of the policy outcome. However, it gained lost ground, rising 209.42 points, or 0.51 per cent, to 41,352.08 in afternoon session. Similarly, the broader NSE Nifty was trading 61.20 points, or 0.51 per cent, higher at 12,150.35. Top gainers in the Sensex pack included IndusInd Bank, SBI, Bharti Airtel, Bajaj Finance, Axis Bank, HDFC, Tata Steel, PowerGrid and HCL Tech. On the other hand, Infosys, Titan, M&amp;M, Kotak Bank and TCS were among the laggards. Rate-sensitive banking stocks rallied, with the BSE bankex surging 1.21 per cent, while BSE auto and realty indices turned red. According to Deepthi Mary Mathew, Economist at Geojit Financial Services, it was an expected move by the RBI, maintaining the repo rate unchanged at 5.15 per cent. "With the inflation rate breaching the upper band, it will take time for the central bank to revive the rate cuts. By maintaining the accommodative stance, there is scope for rate cuts once the inflation rate falls back to a comfortable level, she said. Meanwhile, the rupee was trading flat at 71.25 against the US dollar in afternoon session. ANSANS

Sensex jumps over 200 pts after RBI policy outcome

Reserve Bank of India on Friday lowered India's FY23 GDP growth projection to 7.2 per cent from an earlier estimation of 7.8 per cent. In a statement after the Monetary Policy Committee's bi-monthly meet, <keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> said the real GDP growth is projected at 16.2 per cent in Q1FY23, at 6.2 per cent in Q2; at 4.1 per cent in Q3 and Q4 at 4 per cent, assuming that crude oil (Indian basket) price is at $100 per barrel during 2022-23. "As the horizon was brightening up, escalating geopolitical tensions have cast a shadow on our economic outlook. Although India's direct trade exposure to countries at the epicentre of the conflict is limited, the war could potentially impede the economic recovery through elevated commodity prices and global spillover channels," he said. "Further, financial market volatility induced by monetary policy normalisation in advanced economies, renewed Covid-19 infections in some major countries with augmented supply-side disruptions and protracted shortages of critical inputs, such as semi- conductors and chips, pose downside risks to the outlook." Besides, the governor said that going forward, robust Rabi output should support recovery in the rural demand, while a pick-up in contact-intensive services should help in further strengthening urban demand. "Investment activity may gain traction with improving business confidence, pick up in bank credit, continuing support from government capex and congenial financial conditions." "'Capacity utilisation' (CU) in the manufacturing sector recovered further to 72.4 per cent in Q3:2021-22 from 68.3 per cent in the previous quarter, surpassing the pre-pandemic level of 69.9 per cent in Q4:2019-20." On Friday, the <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>'s Monetary Policy Committee (MPC) of the central bank maintained the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. In addition, the growth-oriented accommodative stance was also retained. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/one-in-three-women-have-no-knowledge-about-periods-before-their-first-menstruation/slidelist/90721792.cms">One in three women have no knowledge about periods before their first menstruation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/profit-margins-of-tcs-infosys-wipro-and-other-tech-companies-under-pressure-for-jan-mar-due-to-record-hiring-and-salary-hikes/articleshow/90719782.cms">Profit margins of IT companies must be under pressure for January-March quarter due to record hiring and salary hikes</a>

RBI lowers FY23 GDP growth forecast to 7.2% due to global headwinds

Mumbai, Feb 5 () The Indian rupee pared initial gains to settle flat at 71.25 against the US dollar on Wednesday as participants exercised caution ahead of Reserve Bank's monetary policy outcome.The domestic currency opened the session on a stronger note amid reports of a breakthrough in battling the coronavirus epidemic.But, as the day progressed, the rupee gave up its gains as experts felt the apex bank might go for a status quo in its monetary policy decision on Thursday amid surge in inflation.The RBI is scheduled to announce the outcome of its sixth bi-monthly monetary policy statement for 2019-20 on February 6, 2020. During the day, the local unit saw a high of 71.16 and a low of 71.29. The rupee finally settled at 71.25, unchanged from its previous close.Moreover, rising crude oil prices and strengthening of the American currency in the overseas market also weighed on the domestic unit, while heavy buying in domestic equities and foreign fund inflows supported the local unit."Rupee gained on hopes of a breakthrough in battling the coronavirus epidemic. Risk appetite back on reports of possible vaccines and treatments for the deadly Wuhan virus," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities."All eyes will remain on RBI policy stance as markets do not expect any change in interest rate amid surge in inflation. We expect central bank to continue accommodative stance amid temporary spike in inflation," he added.Meanwhile, the global crude benchmark Brent futures rose 2.98 per cent to trade at USD 55.57 per barrel.The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.10 per cent to 98.05.The 10-year Indian government bond yield was at 6.51 per cent.On the domestic stock market front, the 30-share BSE Sensex settled 353.28 points, or 0.87 per cent, higher at 41,142.66. It hit an intra-day high of 41,154.66. Similarly, the broader NSE Nifty rose 109.50 points, or 0.91 per cent, to 12,089.15.In a positive sign, India's services sector activity surged to a seven-year high in January driven by sharp increase in new business orders, leading to job creation and business optimism amid favourable market conditions, according to a survey by IHS Markit.Foreign institutional investors purchased equities worth Rs 248.94 crore on a net basis on Wednesday, according to provisional exchange data.The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.1350 and for rupee/euro at 78.6857. The reference rate for rupee/British pound was fixed at 92.6021 and for rupee/100 Japanese yen at 65.36. DRR MKJ

Rupee ends flat at 71.25 against USD ahead of RBI policy outcome

Mumbai, Feb 6 () Market benchmark Sensex jumped over 100 points in opening session on Thursday ahead of the outcome of Reserve Bank of India's monetary policy review amid strong cues from global markets. The 30-share BSE index was trading 125.32 points or 0.30 per cent higher at 41,267.98, and the broader NSE advanced 46.20 points, or 0.38 per cent, to 12,135.35. In the previous session, Sensex ended 0.87 per cent or 353.28 points higher at 41,142.66. While, Nifty rose 109.50 points, or 0.91 per cent, to settle at 12,089.15. Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 248.94 crore, while domestic institutional investors purchased shares worth Rs 262.75 crore on Wednesday, data available with stock exchanges showed. HCL Tech, ITC, Maruti, Bajaj Finance, Hero MotoCorp and TCS were the top gainers in the Sensex pack. While, Kotak Bank, NTPC, PowerGrid and HDFC were the laggards. According to traders, investors are bullish ahead of outcome of the Reserve Bank of India's (RBI) sixth bi-monthly monetary policy statement for 2019-20. This will be the central bank's last monetary policy for the current financial year. According to experts, the RBI is likely to maintain status quo on rates as well as its monetary policy stance, and to continue an accommodative stance to support growth. Further, strong gains in global markets have also boosted investor sentiment here, traders said, Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains. Exchanges on Wall Street too ended higher on Wednesday. Brent crude oil futures rose 1.65 per cent to USD 56.19 per barrel. The rupee was trading flat against the US dollar at 71.27 in morning session. ANSANS

Sensex rises over 100 pts ahead RBI monetary policy outcome

The Reserve Bank of India on Friday raised the retail <keyword id="854917" type="General" weightage="20" keywordseo="inflation-target" source="Orion">inflation target</keyword> for the current financial year to 5.7 per cent on the back of rising global prices amidst the ongoing geo-political tensions, even as it expected the prices of cereals and pulses to soften on prospects of good winter crop harvest. "Global food prices along with metal prices have hardened significantly. Economy is grappling with a sharp rise in inflation... Inflation is now projected at 5.7 per cent in 2022-23 with Q1 at 6.3 per cent; Q2 at 5 per cent; Q3 at 5.4 per cent and Q4 at 5.1 per cent," RBI Governor Shaktikanta Das said while unveiling the first monetary policy review for the current fiscal year. In its earlier policy review in February, the RBI had projected retail inflation to be at 4.5 per cent in 2022-23. The apex bank kept the benchmark interest rate -- repo, at which it lends short-term money to banks -- unchanged at 4 per cent. The Monetary Policy Committee (MPC) also decided unanimously to remain accommodative, while focussing on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth. This is the 11th time in a row that the Monetary Policy Committee (MPC) headed by Das has maintained the status quo. "It may, however, be noted that given the economic volatility on global crude oil prices... the evolving geopolitical tensions, any projection of growth and inflation is fraught with risk," Das said. RBI, however, hoped that the likely good harvest from the rabi (winter) crop will keep prices of cereals and pulses under check. The Reserve Bank has been mandated to keep retail inflation at 4 per cent with a bias of 2 per cent on either side. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/one-in-three-women-have-no-knowledge-about-periods-before-their-first-menstruation/slidelist/90721792.cms">One in three women have no knowledge about periods before their first menstruation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/you-will-soon-be-able-to-use-upi-for-cardless-cash-withdrawals-at-all-banks-and-atms/articleshow/90721884.cms">You will soon be able to use UPI for cardless cash withdrawals at all banks and ATMs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/profit-margins-of-tcs-infosys-wipro-and-other-tech-companies-under-pressure-for-jan-mar-due-to-record-hiring-and-salary-hikes/articleshow/90719782.cms">Profit margins of IT companies must be under pressure for January-March quarter due to record hiring and salary hikes</a>

RBI ups inflation target for FY23 to 5.7% on rising global prices amidst geo-political tensions

New Delhi, Dec 3 () Following are the top business stories at 1810 hours:
 
DEL73 BIZ-FM-LD REFORMS
Govt open to further reforms: Sitharaman
New Delhi: Seeking investment from global players, Finance Minister Nirmala Sitharaman on Tuesday said the government is open to further reforms for making India a more attractive investment destination.

DEL74 BIZ-BANK-LOANS
PSU banks disburse record Rs 4.9 lakh cr loans during Oct-Nov
New Delhi: Public sector banks disbursed a record Rs 4.91 lakh crore of loans during the festive month of October and November, the finance ministry said on Tuesday.

DEL64 BIZ-LD STOCKS
Benchmark indices skid over fresh global trade worries
Mumbai: Benchmark stock indices Sensex and Nifty on Tuesday fell in line with subdued Asian markets after the US decision to slap tariffs on imports from Brazil and Argentina opened a new front in global trade war.
 
DCM27 BIZ-RBI-POLICY
RBI MPC starts deliberations on monetary policy
Mumbai: RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) on Tuesday started its three-day deliberations on the policy review amid high expectations of another round of reduction in the key policy rate to revive the sagging economy. 

DCM30 RS-DISINVESTMENT
Govt raises Rs 2.79 lakh cr through divestment in last 5 years
New Delhi: The government raised Rs 2,79,622 crore from the disinvesment of public sector undertakings (PSUs) during 2014-19 compared to Rs 1,07,833 crore during the 10-year UPA rule from 2004-14, Union minister Anurag Singh Thakur said on Tuesday.

DEL41 BIZ-RSQ-MUDRA-NPA
Nearly 3 pc of Mudra loans turn into bad loans: Govt
New Delhi: The government on Tuesday said close to 3 per cent of Rs 6.04 lakh crore worth of loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) has turned into bad loans.
 
DCM15 BIZ-FITCH-BANKS
Indian banks need USD 7 bn additional capital :Fitch 
New Delhi: Indian banks need an additional USD 7 billion (Rs 50,000 crore) equity by 2020-21 to support loan growth and cover for bad loans, Fitch Ratings said on Tuesday adding a slowing economy could exacerbate asset-quality tension for a sector grappling with weak recoveries and ageing provisions.

DEL79 BIZ-LD RUPEE
Rupee ends steady ahead of RBI policy outcome 
Mumbai: The Indian rupee closed on a steady note against the US dollar on Tuesday as the domestic forex market turned cautious ahead of the RBI monetary policy outcome. 
 
DCM29 RSQ-DIRECTORS
Over 19 lakh director identification numbers deactivated for want of KYC info: Govt
New Delhi: The Corporate Affairs Ministry has deactivated more than 19 lakh director identification numbers (DIN) as the individuals concerned failed to file KYC details under the companies law. 


 RVK

Business highlights

NEW DELHI: The government on Sunday left it to RBI to decide on <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">interest rates</keyword> even as the two have begun discussions on putting in place a new monetary policy framework, which is a fresh mechanism to fix rates. 
 
While the government wants Parliament to set the inflation target under the proposed plan, RBI has already gone ahead and begun work towards a glide path, which targets 8% retail inflation by next January and 6% by January 2016. 
 On Sunday, <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">finance minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, who spoke at the RBI board meeting, did not comment directly on RBI's plan but made it clear that it was the central bank, which will decide on rates. "On last two occasions RBI has announced its policy on interest rates, I had, on the same evening, issued clear statement. I think that is very clear. This is the issue which the Reserve Bank decides and I am sure they will factor in various circumstances," he told reporters after meeting. 
 
Although some viewed it as a "prod" from the government to cut rates, since taking charge Jaitley has maintained that RBI is the final authority on deciding when the time is ripe to tweak rates. 
 "<keyword id="130" type="POSITION" weightage="20" keywordseo="Governor">Governor</keyword>, RBI has already stated that RBI will not hold interest rates high any longer than is necessary and if disinflation proceeds as warranted, there will eventually be room to cut rates. Going forward, the RBI should examine the liquidity situation, inflation and growth in setting policy rates," the <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> minister had said on Tuesday, when RBI had left policy rates unchanged, while signaling more liquidity infusion into the system. 
 
 
 After the board meeting, RBI governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> was more emphatic in saying that time was not ripe. "At this point, uncertainty is two way... Then, of course, if news come on either side we can change what the policy is. But, as of now we think the policy is on target. This is contingent on data coming in," he said. 
 In recent weeks, inflation, industrial production and trade data have been positive but RBI's main worry stems from <keyword id="67286" type="UNKNOWN" weightage="20" keywordseo="Food-inflation">food inflation</keyword> due to weak monsoon rains in several parts of the country. 
 
On the monetary policy framework, Rajan said that so far preliminary discussions have been held and indicated that a final outcome will take time.

New Monetary Policy Framework Under Way

Mumbai, Feb 6 () The Indian rupee opened on a cautious note at 71.22 against the US dollar in opening trade on Thursday, registering a rise of 3 paise over its previous close as investors exercised caution ahead of the RBI's monetary policy outcome. The Reserve Bank of India (RBI) is scheduled to announce the outcome of its sixth bi-monthly monetary policy statement for 2019-20 later in the day. Forex traders said positive opening in domestic equities and foreign fund inflows supported the local unit, but rising crude oil prices and strengthening of the US dollar weighed on the domestic currency. The rupee opened at 71.22 at the interbank forex market, then lost ground and fell to 71.28, down 3 paise over its last close. The rupee had settled at 71.25 against the US dollar on Wednesday. Brent crude futures, the global oil benchmark, rose 1.70 per cent to USD 56.22 per barrel. Foreign institutional investors remained net buyers in the capital markets, as they purchased shares worth Rs 248.94 crore on Wednesday, as per provisional data. Domestic bourses opened on a positive note Thursday with benchmark indices Sensex trading 197.37 points up at 41,340.03 and Nifty up 44.50 points at 12,133.65. DRR RVK ANSANS

Rupee opens at 71.22 against USD ahead of RBI policy decision

Mumbai, Feb 5 () The rupee pared initial gains to settle nearly flat at 71.24 (provisional) against the US dollar on Wednesday, as market participants await fresh cues from the RBI's monetary policy.The rupee opened stronger as hopes of a breakthrough in battling the coronavirus epidemic strengthened investor sentiments, forex traders said.The domestic unit eroded the initial gains as investors are anticipating no change in key interest rate in the RBI policy meet amid surge in inflation, they added.The Reserve Bank of India (RBI) is scheduled to announce the outcome of its sixth bi-monthly monetary policy statement for 2019-20 on February 6, 2020.Moreover, rising crude oil prices and strengthening of the American currency in the overseas market also weighed on the domestic unit, while heavy buying in domestic equities and foreign fund inflows supported the local unit.At the interbank foreign exchange market, the local currency opened at 71.25. During the day, the local unit saw a high of 71.16 and a low of 71.29. The Indian rupee finally settled at 71.24, up 1 paisa from its previous close."Rupee gained on hopes of a breakthrough in battling the coronavirus epidemic. Risk appetite back on reports of possible vaccines and treatments for the deadly Wuhan virus," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities."All eyes will remain on RBI policy stance as markets do not expect any change in interest rate amid surge in inflation. We expect central bank to continue accommodative stance amid temporary spike in inflation," he added. BSE Sensex settled 353.28 points, or 0.87 per cent, higher at 41,142.66. The broader NSE Nifty rose 109.50 points, or 0.91 per cent, to 12,089.15. DRR BALBAL

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Sensex jumps over 200 pts after RBI policy outcome

PTI

RBI lowers FY23 GDP growth forecast to 7.2% due to global headwinds

IANS

Rupee ends flat at 71.25 against USD ahead of RBI policy outcome

PTI

Sensex rises over 100 pts ahead RBI monetary policy outcome

PTI

RBI ups inflation target for FY23 to 5.7% on rising global prices amidst geo-political tensions

PTI

Business highlights

PTI

New Monetary Policy Framework Under Way

Times Of India

Rupee opens at 71.22 against USD ahead of RBI policy decision

PTI

Rupee settles nearly flat at 71.24 against US dollar

PTI

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