Top events of today: RBI’s MPC meeting, Waqf Act amendment bill in Lok Sabha, SAIL, Bharat Forge Q1 results, and more

On August 8, several key events are scheduled to take place. The Reserve Bank of India will announce the outcome of the Monetary Policy Committee (MPC) that commenced on August 6. A bill proposing changes to the Wakf Act is likely to be discussed in Parliament today. Several companies such as Steel Authority of India, Biocon, Unitech, Rail Vikas Nigam Ltd (RVNL) are scheduled to announce quarterly results for Q1 FY25 today.

Monetary Policy Committee

The RBI Governor headed Monetary Policy Committee (MPC) will conclude its three-day meeting on the key repo rate and other monetary policy indicators today. This is the third MPC meeting for 2024-25. The central bank has kept the key repo at 6.5% for 18 months. RBI’s decisions will be important amid global market volatility and as central banks in countries such as the United States and Japan have changed their stance on monetary policy. Mint reported earlier that the MPC will likely to continue with its current stance and keep the rates unchanged at 6.5%.

Wakf Act amendment

The central government is likely to introduce a bill to amend the Wakf Act, 1995 governing endowments made to religious organisations under the Muslim law. Wakf is an endowment made by a Muslim for religious, charitable purposes. The property given as Wakf, is considered inalienable, and its benefits are used for the intended religious or charitable purposes. The present Act enables the establishment of Wakf Boards in each state and Union Territory for the administration of Wakf properties. In 2013, amendments were made to the Act to strengthen the Wakf Board.

Election Commission to visit Jammu and Kashmir

Election Commissioner Rajiv Kumar will be visiting Jammu and Kashmir from August 8 to August 10 to review the preparedness of the union territory (UT) to conduct the assembly polls. This comes weeks before the Supreme Court’s deadline of September 30 to conduct elections in the UT.

Q1 results today

Major companies including Steel Authority of India (SAIL), Rail Vikas Nigam Ltd (RVNL), Biocon, Bayer CropScience, Bharat Forge, Unitech, Astral will announce quarterly results for Q1 FY 25 on August 8.