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Dhiraj Relli, MD & CEO at HDFC Securities said, “In a surprise meeting today, RBI announced a repo rate hike by 40 bps (to 4.4%) and an increase in the CRR rate by 50 bps. RBI is no longer behind the curve to react to rising inflation numbers. In terms of timing, it took everyone by surprise and the hike of 40 bps is higher than the market expectation of 25 bps in the June Meet. This apart, the increase in CRR by 50 bps will withdraw Rs 87,000cr liquidity in the system. Immediately on the announcement, all interest-rate sensitive stocks fell sharply including Banks, Auto, Real estate, etc. Coming ahead of the US Fed announcement due today, the RBI has taken the lead for the time being after being blamed for being behind the curve by some economists. Nifty could remain under pressure for some time.”"
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Rising costs for electric vehicle battery materials and projected slowdowns in US and European economies are putting pressure on automakers to cut expenses. The EV price war launched by Tesla Inc earlier this month has intensified that pressure, analysts said.",
Manchester City’s legacy under Pep Guardiola will not be defined by the trophies they have won but instead by the joy they have brought to fans, the Spaniard said as his side edge closer to winning their fifth Premier League title in six seasons.",
Jio recently disrupted the laptop market with the launch of an affordable and 4G-capable JioBook 11. A new report from ET suggests that the company is currently working on another budget laptop, and this time, it is said to be a “cloud” laptop.",
George Lazenby, who played Bond in the 1969 film On Her Majesty’s Secret Service, has commented on reports of Aaron Taylor-Johnson’s casting."
The Government on Tuesday introduced a bill in Lok Sabha which seeks to protect the interest of small depositors by bringing cooperative banks under the RBI regulations."
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