RBI policy, selling in ITC drag Sensex 724 pts, Nifty near 21,700

Stock market highlights on February 8, 2024: The Nifty PSU bank index climbed 2 per cent, while the Nifty Private Bank index fell 2.5 per cent. Individually, Paytm, and ITC crashed up to 10 per cent

2:18 PM

IPO-bound travel distribution platform TBO Tek seeks to expand in West

TBO Tek, a travel distribution platform, has set its eyes on the Europe and North American markets for expanding its reach. The company, which filed its draft red herring prospectus (DRHP) to raise Rs 400 crore in fresh capital in November, derives about 15 per cent of its gross transaction value (GTV) from the two regions. About 60 per cent of its GTV comes from India, down from more 80 per cent in FY21. READ MORE

2:07 PM

RBI to introduce offline digital rupee transactions soon: Governor Das

RBI launched a pilot of the retail CBDC in December 2022 and achieved the target of having 1 million transactions a day in December 2023. READ MORE

1:57 PM

Shares Oil marketing companies extend rally; BPCL, IOC jump 4%

1:46 PM

HDFC Bank, Axis Bank: Why banks have taken a beating post the RBI policy?

A status quo on interest rate meant lenders may have to either hold or raise rates further in a bid to mobilise higher deposits. READ MORE

1:36 PM

COMMENT:: Contituation of the stance highlights RBI's vigilance in ensuring long-term financial stability

The Reserve Bank of India's decision to maintain the repo rate at 6.5 percent, as announced by Governor Shaktikanta Das, reflects a cautious yet steady approach towards India's economic management.

 

This sixth consecutive hold, following the Interim Budget announcement, underscores the MPC's commitment to carefully navigating the balance between fostering economic growth and containing inflationary pressures.

 

The continuation of the withdrawal from the accommodative stance highlights the RBI's vigilance in ensuring long-term financial stability.

 

- Suman Bannerjee, CIO, Hedonova, a Paris based Hedge fund, investing in alternative assets and P2P lending

1:24 PM

Paytm crisis: We give enough time to comply with rules, says RBI Governor

Das said, 'The RBI is and will continue to encourage and support innovation and technology in the financial sector'. READ MORE

1:14 PM

LIC surges 10%; storms into top-5 most-valued club as m-cap tops Rs 7 trn

LIC with a market cap of Rs 7.24 trillion overtook Infosys to break into the top-5 club; Stock has gained 38 per cent in the last one month. READ MORE

 

1:05 PM

COMMENT:: Fixed income markets would for now follow a buy on dip mind-set

The RBI-MPC kept the key policy rates unchanged. The MPC also retained the stance of withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.

 

The RBI Governor continued to sound cautious with an intention to achieve CPI inflation at 4% on a sustainable basis.

 

The uncertainties on account of unanticipated shocks emerging from food and supply chain disruptions, geopolitical tensions, volatility in international financial markets and geo-economics fragmentation may pose risk to both growth as well as inflation projections

We feel fixed income markets would for now follow a buy on dip mind-set reacting to demand-supply dynamics, liquidity as well as flows while remaining watchful on global developments.

 

- Gurvinder Singh Wasan, CFA, Senior Fund Manager and Credit Analyst – Debt, JM Financial Asset Management Ltd.

 

1:01 PM

RBI Presser LIVE: Action on Payments Bank unit to not impact Paytm app

12:48 PM

RBI Presser LIVE: Issue of compliance with Paytm is on various parameters

Regulations are robust, its an issue of compliance on Paytm with various parameters, says Das when asked if the action has been taken due to KYC non-compliance.

12:40 PM

RBI Presser LIVE: Banks will carry due diligence if partnership with Paytm has to happen

12:27 PM

RBI Presser LIVE: To issue FAQ next week on questions around Paytm action

We continue to support innovation in fintech, says Das.  

12:26 PM

RBI Presser LIVE: Restrictive actions are proportionate to the gravity of situation: Das on Paytm action

Our emphasis is always on bilateral engagement with a focus on nudging an entity to comply. 

When constructive engagement does not work, or when they dont take required action, we go for imposing restrcitions, which are proportionate to the gravity of the siutaion, says Das on Paytm action. 

12:21 PM

RBI Presser LIVE: Not worried about the fintech sector in wake of a specific case with Paytm, says Das

12:19 PM

Paytm extends day's decline, now down 9%