Top headlines: Ola Electric to produce EVs in 2024; SBI hikes MCLR

SBI hikes MCLR for various tenures by 20 bps; third hike in three months

State Bank of India (SBI) has increased its marginal cost of funds-based lending rate (MCLR) by 20 basis points (bps) across tenors from August 15, announcing the decision after the monetary policy committee (MPC) raised benchmark policy rates by 50 bps earlier this month to tame headline inflation. SBI’s overnight, one-month, and three-month MCLR stands at 7.35 per cent; six-month is at 7.65 per cent; one-year at 7.70 per cent; two-year at 7.90 per cent; and three-year MCLR stands at 8 per cent, according to its website. Read more

Covid intranasal vaccine Phase III trials over, proven safe: Bharat Biotech

Bharat Biotech International Limited (BBIL) on Monday said its COVID-19 intranasal vaccine (BBV154) has proven to be safe, well-tolerated, and immunogenic in subjects in controlled clinical trials phase III. The vaccine candidate was evaluated earlier in phase I and II clinical trials with successful results. BBV154 has been specifically formulated to allow intranasal delivery. Read more

Ola Electric to produce EVs in India in 2024 with 500 km range, says CEO

SoftBank Group-backed Ola Electric will produce electric cars in India in 2024 with a range of up to 500 km, Chief Executive Bhavish Aggarwal said on Monday. Ola's electric car with the most advanced features would go from 0 to 100 km per hour in four seconds, he said. "This is the most ambitious car project ever undertaken in India," Aggarwal said while announcing the plans at a virtual event coinciding with India's Independence Day. Read more

World shares mostly higher after China cuts key rate on gloomy eco data

World shares were mostly higher early on Monday after China's central bank cut a key interest rate and Japan reported its economy picked up momentum in the last quarter. US futures edged lower and oil prices fell more than USD 2. Paris, Frankfurt, Tokyo and Sydney advanced while Hong Kong and Shanghai fell. Read more