Opening Bell | China interest rate cut puts RBI in focus; watch out for Vedanta, Jain Irrigation
China's central bank has cut interest rates and relaxed reserve requirements to crank support to slowing economy and falling stock markets
Asia opens in green after China cuts rates
US stocks closed lower. S&P lost 1.35% to 1,861 as concerns about China’s economy continued to haunt investors. China’s central bank has cut interest rates and relaxed reserve requirements to crank support to slowing economy and falling stock markets. Tracking the cues, Asian markets opened higher.
BJP reaches out to Congress on GST
Hope of the goods and services tax (GST) obtaining legislative approval revived after the Bharatiya Janata Party (BJP) reached out to the Congress for convening a special session of Parliament next month, reports Mint.
Moody’s cautions on the ratings revision
Rating agency Moody’s Investors Service cautioned that it would revise India’s rating outlook to stable from positive at present if there is a reversal of the policy reform process, if banking system metrics continue to weaken, or if there is a decline in foreign exchange reserves coverage of external debt and imports, reports Mint.
Majority of panel members wanted rate cut in August
Four out of seven external members of the central bank’s technical advisory committee on monetary policy have suggested that the Reserve Bank of India (RBI) cut its key rate at the last policy meeting, reports Mint. According to The Times of India, China’s monetary policy easing may put pressure on the RBI to cut policy rates.
Falling crude prices cast shadow on shale investments
The steep drop in crude oil prices have cast a shadow on the viability of investment in share gas assets, reports Business Standard. Reliance Industries Ltd, Indian Oil Corp. Ltd, GAIL (India) Ltd and Oil India Ltd have participating interest in shale gas assets. With crude prices tumbling, the realization from shale gas assets are also falling.
In another report the falling crude prices are expected to weigh on realizations of domestic oil producers like ONGC Ltd and Cairn India Ltd.
Vedanta begins process to shut alumina refinery
Non-availability of bauxite from Odisha and the prevailing turmoil in global aluminium prices have forced Vedanta to initiate the process of shutting down its one-million-ton-a-year alumina refinery at Lanjigarh, reports Business Standard.
Regulator defers tariff increase for Mumbai Airport
GVK Group-controlled Mumbai International Airport Ltd will have to wait longer to increase tariff at the Chhatrapati Shivaji International Airport as the airport regulator has extended the current tariff rate beyond 31 August, reports Mint.
Jain Irrigation to sell food unit to its subsidiary
Jain Irrigation Systems Ltd will sell its food business unit to its subsidiary to create strategic focus on the fast-growing food business. Read more.
IL&FS Engineering receives order worth ₹ 191 crore
IL&FS Engineering and Construction Co. Ltd has received an order worth Rs191 crore for rural electrification works in Shahjahanpur district of Uttar Pradesh. Read more.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!