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Weekly News: RBI has decided to maintain status quo, keeps rates unchanged at 6% - IndiaNotes.com
Weekly News: RBI has decided to maintain status quo, keeps rates unchanged at 6%
SMC | Published: 07 Oct, 2017  | Source : IndiaNotes.com

Economy


- The Reserve Bank of India (RBI) has decided to maintain status quo and keep its key interest rate, the repo rate, unchanged at 6 per cent. The bank reduced the statutory liquidity ratio by 50 basis points to 19.50 percent. The RBI downgraded the projection for real GVA growth for 2017- 18 to 6.7 percent from 7.3 percent, with risks evenly balanced.


- India's service sector activity recovered from the GST-related contractions registered in the previous two months, survey figures from IHS Markit showed. The headline Nikkei Services Purchasing Managers' Index climbed to 50.7 in September from 47.5 in the prior month.


- The Nikkei manufacturing Purchasing Managers' Index, or PMI, came in at 51.2 in September, unchanged from August.


Engineering


- Mahindra and Mahindra (M&M) has forayed into construction equipment business by launching its first motor grader. The company rolled out its first motor grader -- Mahindra Road Master G75 -- under the business vertical.


IT


- Wipro has acquired US-based design and business consultancy firm Cooper, which counts Google and Starbucks as clients, as it looks to strengthen its digital offerings to clients globally.


- Infosys has bagged a contract from KONE, a leading player in the global elevator and escalator industry.


- Infosys will also set up its first design and innovation centre in Helsinki to consolidate its presence in the Nordic region. The facility will provide end-to-end technology, consulting, and systems integration services. The centre will house a Design Thinking and Innovation lab where Infosys customers across the Nordic region will have access to disruptive tools and technologies to help transform thei  businesses.


Automobile


- Pricol Limited has entered into an exclusive agreement with China-based Wenzhou Huirun Electrical Machinery, for technical collaboration, and supply and production of fuel pump and fuel pump modules in India.


Chemical


- BASF has received `197.63 crore from Stahl India for sale of its leather chemicals business.


Cable


- Sterlite Technologies will enable UAE-based telecommunications service provider due to roll out futuristic networks, Internet of Things (IoT) and Fibreto- the-Home (FTTH) services through its smarter network technologies, over the next three years. As part of the agreement, Sterlite Tech will supply smarter optical fibre cables for outdoor and indoor requirements.


Pharmaceuticals


- Natco Pharma 's marketing partner Mylan's has received US Food and Drug Administration (FDA) approval for Glatiramer Acetate Injection in strengths of 40 mg/mL and 20 mg/mL. The drugs are indicated for the treatment of patients with relapsing forms of multiple sclerosis (MS), a chronic inflammatory disease of the central nervous system.


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About SMC
SMC Research, founded in 1990, is India’s leading share and stock broker, provides a wide range of financial services and investment solutions. A blend of extensive experience, diverse talent and client focus has made us the 4th largest broking house in India(Source: Dun and Bradstreet, 2008). Over the years, SMC has expanded its operations domestically as well as internationally. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Cochin, Ahmedabad, Jaipur, Hyderabad, Bangalore plus a growing network of 2100+ offices spread across 425 cities/towns in India.


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