Business News at 05:30 pm on 5th April, 2024

Let’s begin. The Reserve Bank of India on Friday kept the benchmark interest rates unchanged at 6.5 per cent for the seventh time in a row, citing concerns over food inflation in view of IMD’s prediction of above normal maximum temperatures during April to June. As RBI has held key policy rates steady, the EMIs on home and auto loans are likely to remain stable for some more time. The central bank has kept interest rates unchanged since February, 2023. While unveiling the first bi-monthly monetary policy for the current financial year, RBI has retained its growth and inflation forecast for the current fiscal at 7 per cent and 4.5 per cent respectively. RBI governor Das further said that the six-member MPC would remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth. Referring to inflation, Das said food price uncertainties continue to weigh on the inflation trajectory going forward. Also, the tight demand-supply situation in pulses and the production of key vegetables warrant close monitoring, given the forecast of above normal temperatures in the coming months. Retail inflation in February was 5.1 per cent, with food basket inflation at 8.66 per cent. For the full 2023-24 fiscal, inflation is projected at 5.4 per cent. In the current fiscal, the RBI expects inflation to be around 4.5 per cent. In a major decision, the Reserve Bank on Friday said it will soon facilitate cash deposit facility in banks through use of the popular UPI, an instant real-time payment system for inter-bank transactions through mobile phones. The central bank also decided to permit linking of Prepaid Payment Instruments through third-party Unified Payments Interface applications. Announcing the first bi-monthly monetary policy of the current financial year, RBI Governor Shaktikanta Das said that cash deposit machines deployed by banks enhance customer convenience while reducing cash-handling load on bank branches. The facility of cash deposit is presently available only through use of debit cards. Meanwhile, The National Stock Exchange is awaiting approval from the capital markets regulator Sebi to kickstart the much-awaited Initial Public Offering process, its MD and CEO Ashishkumar Chauhan said. Additionally, he said that retail investors should avoid trading in the high-risk-derivatives and, that only informed investors should get into such markets. According to a Sebi study in the past, nine of the 10 traders lose money in derivatives trades. When asked about NSE’s IPO plans, Chauhan on Thursday said, quote, “We will submit a revised Draft Red Herring Prospectus as and when we get approval from Sebi,” unquote. BSE launched its IPO in 2017 and is currently listed on the NSE. Moving on. HDFC Life Insurance Company on Friday announced that it has received a GST demand order from the Appellate Authority for Rs 102.5 crore for April 1, 2018 to March 31, 2019 period. “We wish to inform that the company has received a GST order from State Tax – (2), Unit 8, Ahmedabad, Gujarat on April 04, 2024,” the company said in a regulatory filing. The demand order of Rs 102.5 crore includes tax demand of Rs 51.23 crore, interest of Rs 46.16 crore, and a penalty of Rs 5.12 crore. The allegations, it added, are short payment of GST on outward supply by treating the adjustments made to turnover in GSTR-9C as a part of taxable turnover and GSTR-3B v/s. Now some good news for auto lovers. BMW will begin its bookings for the first-ever i5 on 04 April 2024. BMW i5 will be available in the country as a Completely Built-Up (CBU) model.BMW i5 could be booked through their dealership network or their online shop. President, of BMW Group India, Vikram Pawah said, quote, “We are very excited to announce the pre-launch bookings of the first-ever BMW i5 M60 xDrive in India. The BMW i5 M60 xDrive is an epic athlete – it captivates from start to finish, and leads with elegant design, innovative technology, and dynamic performance,” unquote. BMW enthusiasts can have a 360° view of its interior as well as exterior through their website. Lastly, the share market. Indian equity indices ended on a flat note in the volatile session on April 5 after Reserve Bank of India kept its key rates unchanged. At close, the Sensex was up 20.59 points or 0.03 per cent at 74,248.22, and the Nifty was down 1points at 22,513.70. About 2134 shares advanced, 1353 shares declined, and 101 shares unchanged. Kotak Mahindra, SBI Life Insurance, HDFC Bank, Bajaj Finserv and ITC were among the top gainers on the Nifty, while losers were UltraTech Cement, Grasim Industries, Bajaj Auto, Bajaj Finance and L&T. Among sectors, bank, FMCG, realty up 0.5-1.5 per cent, while Information Technology and Media down 0.4 percent each. The BSE midcap and smallcap index rose 0.5 per cent each.