The heads of some of India’s biggest banks met with the RBI on Monday to talk about their concerns. On top of their agenda was inflation. The head of the Indian Bankers Association, M.V. Nair, told reporters containing rising prices was the biggest priority. But he warned that increasing policy rates would put pressure on bank margins. The RBI is expected to increase policy rates by another 25 basis points when it meets on 20 April. Last month the RBI surprised analysts by hiking policy rates by 25 basis points.
Also on Monday, automaker Ashok Leyland said it sales increased at top speed last month. The company reported a nearly 100% jump in its vehicle sales in March to more than 10,000 units. Most of the increase in sales came from the domestic market and not from exports.
ArcelorMittal has a new reason to build its proposed steel plant in Jharkhand. The company says it’s got a license from the government to prospect for iron ore in a 600 acre zone. The area under question is thought to hold 200 million tonnes of iron ore. And ArcelorMittal’s proposed project is estimated to be worth Rs50,000 crore.
Indian stocks shot up on Monday taking their cue from Asian markets. The Sensex jumped 243 points to close at 17,936. And the Nifty climbed 78 points to end the day at 5,368.