Weekly News Roundup at 10:00 am on 10th December 2023

In today’s weekly round-up, we begin with RBI’s MPC meet. Reserve Bank of India Governor Shaktikanta Das-headed Monetary Policy Committee announced its decision on the monetary policy this week. The repo rate was kept unchanged at 6.50 per cent. This was the fifth meeting wherein the MPC decided to maintain the status quo on the repo rate. The MPC last raised this rate by 25 bps to 6.50 per cent at its meeting in February 2023. 5 out 6 MPC members voted in favour of withdrawal of accommodation, RBI Governor Shaktikanta Das revealed.

Meanwhile, Gautam Adani this week said that Adani Electricity is on course to provide 60 % renewable electricity to Mumbai by 2027 and will set a global record for the country’s financial capital. He further said that over 38 per cent of Mumbai’s power supply is green at present. Adani in a post on X said, quote, “As world leaders gather for COP28, Adani Electricity stands out with its green initiatives. We are on course to provide 60 per cent renewable electricity to Mumbai by 2027, setting a global record for a major city. Currently, over 38 per cent of our supply is green. This Diwali, we achieved a landmark by fuelling Mumbai entirely with 100 per cent renewable energy, demonstrating our dedication to a sustainable future,” unquote.

Moving on. Coal India Ltd is not looking to revise prices of coal as of now despite a widening of the gap between the domestic and international prices of the fuel, an official source told FE. The state-run company’s decision to refrain from seeking higher margins at this juncture augurs well for the power sector and consumers of electricity, and may also tend to have stabilising effect on fuel inflation. the source said that the revision of prices is not on the card as of now. Everything has to be taken into consideration like electricity prices and the economy before we consider revising prices. Analysts, however, see firm international prices of coal to have a trickle-down effect on e-auction prices.

In some more industry news, Razorpay, omnichannel payments and banking platform for businesses, has posted a 60 per cent growth in FY23 for its POS Business after acquiring Ezetap in 2022. In a statement, it saidm, quote, “In today’s business landscape, a hybrid approach has become essential for connecting with customers. Simply providing both online and offline payment options is no longer sufficient; the key lies in seamlessly integrating the two for a comprehensive omnichannel experience. Razorpay’s strategic alliance with Ezetap perfectly aligns with the company’s mission to transform the omnichannel payment experience for its customers,” unquote.

Adani Cements, the holding company of Adani Group’s cement firms, will power 60% of its cement production with renewable energy sources by 2028. Adani Group chairman Gautam Adani in a social media post on Thursday said, quote, “This ambitious goal will establish us as a front runner in the global arena of sustainable cement production,” unquote. At present, blended cements forms more than 90% of its production. It is produced by recycling waste, fly-ash and slag. He added that this significant shift not only enhances the environmental footprint of our cement but also marks a substantial step towards sustainability. Chief Economic Adviser V Anantha Nageswaran told FE that that external uncertainties would always remain, and it should not deter the private sector from investing.

Next up, economy. Most economists and market watchers expect the Monetary Policy Committee of the Reserve Bank of India to hold the key repo rate at 6.5% when it announces the monetary policy on Friday. They also believe the stance will be left untouched at “withdrawal of accommodation” even though crude oil prices have fallen below the $75 mark. The majority expects the RBI to raise it growth forecast for FY24 to 6.7% from 6.5% following a strong showing in Q2FY24, even though the consumption side is not faring so well. As some experts have pointed out, the proxy indicators that are used to assess the informal sector within the GDP data, have surprised on the downside.

Lastly, some exciting news for tech lovers. Redmi 13C series has officially arrived in India today, per schedule. The lineup boots two phones, Redmi 13C 5G and Redmi 13C 4G, and as you can probably tell already, one is 5G ready right out of the gate while the other is 4G-only and so, it’s a bit more affordable, too. Otherwise, the two are quite identical. While the Redmi 13C 4G starts at Rs 8,999, the Redmi 13C 5G price in India starts at Rs 10,999. The Redmi 13C 5G comes in a choice of 4GB/128GB, 6GB/128GB and 8GB/256GB for Rs 10,999, Rs 12,499 and Rs 14,499 respectively. General availability is pegged for December 16 across Xiaomi online, retail and Amazon India.