VIVA “The Pinnacle” Economy Banks borrowed Rs 33,829 crore via MSF on October 22: RBI •Indian banks borrowed Rs 33,829 crore ($5.5 billion) from the Reserve Bank of Indias marginal standing facility (MSF) window on October 22, lower than the Rs 451.26 crore on October 21. The RBI cut the MSF rate by 50 basis points (bps) on October 7 to 9 per cent. It had raised the rate by 200 bps to 10.25 per cent in mid-July. Ban on import of gold coins and medallions to stay: P Chidambaram • Finance Minister P Chidambaram on Tuesday ruled out the possibility of lifting a ban on import of gold coins and medallions after he received suggestions that government should allow import of coins for shagun (auspicious gift) purposes. Panic grips Union government as onion price hits Rs 100 a kg •With onion prices continuing to be on fire in the run-up to crucial state polls, an embattled government scrambled to stem the surge but appeared to lack a coherent plan. As onion prices, defying the sharp dip in the rates in the countrys biggest wholesale market at Lasalgaon in Nashik, continued to spiral and touched the Rs 100 per kg mark in the city and elsewhere, panic in the government was obvious. Capital Market Wipro falls 8%: 6 brokerages advise how to trade it now •Shares of Wipro fell 8 percent intraday on Wednesday after reporting a dollar revenue growth in-line with estimates and beating margin forecast. Brokerages are mixed on the stock as Wipro has been a laggard in terms of revenue growth among the top four IT companies. Royal Bank of Scotland expects RBI to hike repo rate by 25 bps next week •: Royal Bank of Scotland expects the Reserve Bank of India to raise the repo rate in its monetary policy review on October 29, according to the findings of a survey of expectations. “RBI will go for a 25 basis point increase in repo and a 25 basis point reduction in marginal standing facility next week,” said Gyan Harlalka, MD and head of markets at RBS India. International China’s Stocks Slump as Small Companies Tumble on Money Rates •China’s stocks fell, with the benchmark index for smaller companies heading for the biggest two-day loss in 18 months, after money-market rates surged. Coutts Cutting Japan Stocks on Concern About Third Arrow •Coutts & Co., the wealth management unit of Royal Bank of Scotland Group Plc, is cutting holdings of Japanese shares on concern Prime Minister Shinzo Abe won’t pass the structural reforms needed to boost the economy. Currency Rupee up 57 paise vs dollar in early trade •The rupee today strengthened by 57 paise to 61.08 against the dollar in early trade at the Interbank Foreign Exchange market as the greenback fell against other currencies overseas after the weak US jobs report fuelled hopes the Federal Reserve will keep its stimulus programme in place. Commodity Reliance Gold Savings Fund reopens to investors • Indias third biggest gold fund will begin accepting fresh investments again after shutting off new buy-ins three months ago to support government efforts to curb bullion demand and control a rising trade deficit.
Posted on: Wed, 23 Oct 2013 06:30:12 +0000
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