Top Headlines: RBI to push rates by 30-50 bps, task force for monkeypox

The Reserve Bank of India's MPC is likely to announce a repo rate hike of 35-50 basis points in its policy statement on August 5, a Business Standard poll showed

The Reserve Bank of India’s Monetary Policy Comm­ittee (MPC) is likely to announce a repo rate hike of 35-50 basis points (bps) in its policy statement on August 5, a Business Standard poll showed. Meanwhile, the consensus earnings estimate for Nifty companies for the ongoing (FY23) and next financial (FY24) have seen minor downward revisions. Read more on these in our top headlines.

BS policy poll: RBI may push rates up by 30-50 bps, say economists

The Reserve Bank of India’s Monetary Policy Comm­ittee (MPC) is likely to announce a repo rate hike of 35-50 basis points (bps) in its policy statement on August 5 in a bid to tackle elevated inflation, according to a majority of respondents in a Business Standard poll. Read more

Consumer firms hint at a breather from price hikes as costs decline

Indian consumers are likely to get respite from rising prices ju­st before the festival season. So­me consumer companies, in­cl­uding automakers, have indicated that they are planning to pause price hikes just before demand picks up in Au­gust, while keeping a close eye on volatile raw material prices. Read more

Adani raises $5.25 bn from global banks to fund acquisition of Ambuja, ACC

Shepherded by BNP Paribas, Barclays, and Citigroup, top international banks have endorsed Adani Group’s plans of acquiring Swiss firm Holcim’s stake in Ambuja Cements and ACC. The group raised $5.25 billion as debt financing, acknowledging support to the acquisition from international bankers. Read more

Nifty FY23, FY24 EPS estimates see minor downward revisions, shows data

The consensus earnings estimate for Nifty companies for the ongoing (FY23) and next financial (FY24) have seen minor downward revisions. This is on the back of an uncertain global economy environment and cost pressures. Nifty earnings per share (EPS) is now pegged to grow 14 per cent year-on-year in FY23 to Rs 857 and by another 14 per cent to Rs 978 in FY24, as per Bloomberg data. Read more

ED arrests Sanjay Raut in money laundering case linked to Mumbai chawl

The Enforcement Directorate (ED) has arrested Shiv Sena MP Sanjay Raut in a money laundering case linked to alleged irregularities in the redevelopment of a Mumbai 'chawl', officials said. Raut, 60, was arrested after over six hours of questioning at the ED's zonal office in south Mumbai's Ballard Estate. Read more

Centre forms task force to monitor monkeypox virus situation in nation

Centre has formed a task force in the wake of Monkeypox cases in India to monitor and provide guidance to the government on the expansion of diagnostic facilities and to explore vaccination for the infection in the country. "The team will be headed by Dr VK Paul, member (Health), NITI Aayog and members including Secretary, Union Health Ministry, Pharma and Biotech," sources told ANI. Read more