RBI keeps Repo Rate unchanged at 4%; raises GDP projection for FY21
The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. This is the third time in a row that the rates have been kept on hold. The RBI expects the GDP to contract 7.5% in the year ending March 2021. Thus, it has revised its earlier expectation of a 9.5% contraction. The MPC expects inflation based on the Consumer Price Index (CPI) to be at 6.8% in Q3 and 5.8% in Q4.
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Covid-19 vaccination drive to begin soon after scientists’ approval: PM Modi
Prime Minister Narendra Modi, on Friday, said that India will begin its Covid-19 vaccination programme after experts give the necessary approvals. He was addressing an all-party meeting to discuss the Covid-19 pandemic situation in India. PM Modi said, “experts believe that the wait for a Covid-19 vaccine will not be long and it may be ready in a few weeks”. He also stated that the Centre and state governments are conducting discussions to fix the price of the vaccine in India.
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Sensex crosses 45,000 mark for first time as RBI revises GDP target to -7.5%
The BSE Sensex crossed the 45,000 points mark for the first time on Friday, after the RBI announced its optimistic stance on India’s economy. The RBI revised the real GDP growth projection for FY21 from -9.5 to -7.5. Shaktikanta Das, the RBI Governor, also stated that the central bank expects the economy to record positive growth in the second half of the current financial year.
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Zydus Cadila gets DGCI approval for Phase-3 clinical trials with biological therapy
Zydus Cadila has received approval from the Drugs Controller General of India (DGCI) to start Phase-3 clinical trials with its biological therapy ‘PegiHep’ in Covid-19 patients. The company had completed Phase-2 clinical trials with PegiHep last month. The Phase-3 trials will commence in December and will be conducted on 250 patients across 20-25 centres in India.
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DBS Bank India gets Rs 2,500 crore capital support from parent company
DBS Bank India Ltd (DBIL) has received a capital infusion of Rs 2,500 crore from DBS Bank Ltd, Singapore, to support its amalgamation with Lakshmi Vilas Bank (LVB). The scheme of amalgamation came into effect on November 27, 2020. The lender stated that the amalgamation provides stability and better prospects to LVB’s depositors, customers, and employees, after a period of uncertainty.
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Govt extends NMDC’s Donimalai iron ore lease after two-year suspension
The Government of India has signed an agreement with the Government of Karnataka and the Ministry of Steel to extend the Donimalai iron ore lease. NMDC stated that this decision by the government has been taken in a situation when steel companies are facing a shortage in the supply of iron ore. NMDC’s Donimalai had remained non-operational since 2018 after NMDC and the Karnataka Government got into a legal battle over the asset.
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RBI raises limit for contactless card transactions to Rs 5,000 from Jan 1
The Reserve Bank of India (RBI) has proposed to increase the limit for contactless transactions from Rs 2,000 to Rs 5,000 from January 1, 2021. This covers contactless and recurring payments through debit and credit cards, prepaid instruments, wallets, and the Unified Payments Interface. This move is to expand the adoption of digital payments in a safe and secure manner.
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Tata Power gets letter of intent for 2 Odisha discoms
Tata Power Ltd announced that it has received the Letter of Intent (LoI) for Odisha’s WESCO and SOUTHCO power distribution utilities (discoms). The LoI has been issued by the Odisha Electricity Regulatory Commission (OERC). The license enables Tata Power to serve the consumers of the western and southern part of Odisha with a geographical spread of more than 47,000 sq km each. The license period for the two distribution utilities will be 25 years.
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Burger King India IPO subscribed 157 times on final day of bidding
The Rs 810 crore initial public offering (IPO) of Burger King India was subscribed 157 times on the final day of bidding. This makes it the second most successful IPO of 2020, after Mazagon Dock Shipbuilders. The allotment status will be announced on December 9, and the shares will be listed on the stock exchanges on December 14.
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SAIL crude steel output grows by 7% in November
Steel Authority of India Ltd (SAIL) said that its crude steel production rose by 7% to 1.417 million tonnes (MT) during November. The company had produced 1.328 MT of crude steel in November 2019. SAIL stated that it has taken a number of initiatives towards increasing its sales in both domestic as well as export markets.
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JSW Steel offers Rs 450 crore to close deal with Bhushan Power: Report
As per a report from CNBC-TV18, JSW Steel has proposed to raise its offer by Rs 400-450 crore for Bhushan Power and Steel Ltd (BPSL), in a bid to close the acquisition at the earliest. The report states that JSW Steel wants to close the deal as soon as possible to take the benefit of rising steel prices. The company had initially offered Rs 19,350 crore for BPSL under the bankruptcy process and was declared the highest bidder almost a year back.
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