RBI’s MPC Meeting Update – Repo Rate Hiked By 50 bps
The Reserve Bank Of India (RBI) has increased the repo rate by 50 basis points to 4.90%. The decision has been made after Monetary Policy Committee’s meeting on Wednesday. RBI’s decision is not a stunner as many polls and economists were expecting a 40 basis point hike. RBI has reduced the repo rate in March…
Suyashi Shukla
Zomato Board Likely To Sign Blinkit Deal Next Week
The board members of food tech giant Zomato will meet on June 17 to sign off the acquisition of the quick-commerce platform Blinkit (formally known as Grofers). Before this, in August 2021, Zomato invested around $100 million into Blinkit and revealed its plan to invest a total of $400 million. At that time, Zomato earned…
Rishita Sharma
UBI Appoints A Manimekhalai As MD & CEO
A Manimekhalai has been appointed as the new managing director and chief executive officer (MD & CEO) of Union Bank of India for a period of three years, the government announced on June 2. Before this, Manimekhalai was executive director at Canara Bank. After Vijaya Bank was merged with the Bank of Baroda in 2019,…
Vipin
Central Should Allocate 5G Spectrum Directly To Private Firms, Says TCS
Tata Consultancy Services (TCS), India’s top information technology company, wants the government to allocate the 5G spectrum directly to private enterprises. “Private networks or enterpriser will enable organisations to accelerate their IoT (Internet of Things) and digitalisation agenda,” TCS’s chief operating officer, N Ganapathy Subramaniam said. “For this to happen in a secure manner and…
Dentsu International’s South Asia CHRO Rohit Suri Resigned
In the last eight days, three top-level executives quit Dentsu International India. The latest name to move on is the company’s South Asia chief human resource officer (CHRO) Rohit Suri, revealed by multiple sources. Rohit has not commented on this scenario yet. According to the sources close to this development, Suri is to join the…
Petrol And Diesel Prices On June 1 In Delhi, Mumbai, And Other Cities
Petrol and Diesel Price In India on June 1: The petrol and diesel prices remain unchanged for the tenth day running on Wednesday. Finance Minister Nirmala Sitharaman had announced a cut in excise duty on petrol and diesel earlier in May by 8 and 6 rupees per litre, respectively. Public sector Odisha Mining Corporation or…
Toyota Missed April Production Target Due To Parts Shortage
Japan’s largest automobile company Toyota said on Monday that it missed the global production target for April due to the COVID-19 outbreak and parts shortage that slowed its post-pandemic recovery. Toyota is the world’s largest vehicle producer by sales, produced 692,259 vehicles last month, a 9.1% drop from the same month of last year and…
Sheldon
US Surpasses China And Become India’s Top Trading Partner
The United States of America (USA) surpassed China and became India’s biggest trading partner in FY22, reflecting a strong economic bond between the two countries. The Commerce ministry’s data shows that bilateral trade between the US and India stood at $119.42 billion in 2022 while it was $80.51 billion in 2020-2021. Exports to the US…
India’s Q1 GDP Growth Slows From Previous 2 Quarters
India’s economic growth is likely to stumble again in the first quarter of this year due to Omicron-related restrictions and higher inflation, according to the reports. The reason behind this consecutive drop in the GDP is the surge in COVID-19 infection caused by the coronavirus variant – Omicron, which resulted in restrictions on the activity…
Govt. To Sell Entire Remaining Stake In Hindustan Zinc
The cabinet committee on Economic Affairs (CCEA) on Wednesday, 25 May, approved the sale of the entire remaining stake in the Hindustan Zinc Ltd (HZL). The government holds a 29.5% stake in HZL which would fetch the Centre Rs. 38,062 crores according to the closing price of the company’s share. Share of Hindustan Zinc surged…
Monika Gola