The Reserve Bank of India (RBI) cut its main lending rate — the repo rate — by 0.25 percentage points in a surprise announcement on Wednesday rekindling hopes of home loan rates falling below 10% for the first time in seven years. RBI governor Raghuram Rajan expects banks to cut lending rates by April.
Expect your EMIs to come down soon as banks indicated they would take a call on reducing lending rates within the next few days, soon after RBI sprung a surprise 25 basis points (bps) cut in the repo rate.
Anil Ambani-led Reliance Infrastructure Ltd on Wednesday announced the acquisition of Pipavav Defence and Offshore Engineering Company Ltd with management control for an estimated Rs 820 crore.
The day witnessed aggressive bidding by all eight companies to acquire airwaves in four bands, the premium 900 MHz band, 1,800 MHz and 800 MHz has been put on sale, besides 5 MHz in the 2,100 MHz band, across 17 out of 22 telecom areas in the country.
Banks hinted they could cut lending rates as early as next month, after a second interest rate cut in two months heaped pressure on lenders that have largely kept rates unchanged, citing weak credit demand and a lack of liquidity.
The Reserve Bank of India (RBI) lowered its policy repo rate by 25 basis points to 7.5% on Wednesday, delivering its second cut this year on the back of easing inflation and a government commitment to fiscal discipline.
Steel producer Usha Martin bagged Brinda and Sasai coal blocks in Jharkhand for Rs 1,804 per tonne, in the second round of auctions that began on Wednesday.
The Sensex on Wednesday made history by surpassing 30,000 level after RBI announced a surprise rate cut within days of the Budget but the benchmark wiped off all gains to end with a 213-point loss on heavy profit-booking.
In line with weak stocks, the rupee on Wednesday slipped by a hefty 33 paise -- its fourth straight daily loss -- to close at 62.25 against dollar amid RBI Governor Raghuram Rajan's comment that an "excessively strong rupee" is undesirable as it triggers disinflationary pressures.
The RBI has said the uncertainty surrounding global oil prices can have an adverse bearing on the inflation outlook though it will endeavour to bring it down to the target of 4% by 2016-17.
Chief economic adviser Arvind Subramanian has welcomed Wednesdya's repo cut by the RBI and described budget 2015-16 as a "balanced" one.
India Inc has hailed the the cut in the repo rate by 25 basis points by RBI, saying the move sends a positive signal to investors and will help boost growth by lowering the cost of capital.
The benchmark BSE Sensex breached the 30,000-mark and the NSE Nifty zoomed to hit a lifetime high of 9,119.20 in opening trade on Wednesday on buying in rate-sensitive stocks after RBI, in a surprise move, cut repo rate by 0.25%.
The much-awaited auctions 2G and 3G spectrum or airwaves began Wednesday morning. The govenment expects to fetch over Rs 80,000 crore from the auction.
The Sahara Group may lose its hold on the iconic Grosvenor House hotel in London as its largest creditor, Bank of China, has put the property up for sale to recover its dues.