Vodafone Idea shares bounce back; end over 2% higher
At the NSE, it dipped 1.77 per cent to Rs 6.65 in morning trade. Shares of the firm ended at Rs 6.92, up 2.21 per cent.
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New Indian Express
19 minutes ago
- New Indian Express
RBI opens happy hour window, borrowers can pack themselves a picnic basket
It's a big week for interest rates with the RBI trailblazing a rate cut bonanza on Friday. The benchmark repo rate is reduced by a larger-than-expected 50 bps with immediate effect, while the cash reserve ratio (CRR) will be reduced by 100 bps in four equal tranches by November. This is the third consecutive rate cut and the benchmark repo rate now stands at a 6-year-low of 5.5%. With 100 bps rate cuts coming in quick succession, the RBI also decided to change the policy stance to accommodative from neutral. In other words, the rate cut kindness party has well and truly begun and as RBI officially opens its happy hour window keeping the path for rates downwards, analysts expect the repo rate to settle at 5%-5.25% or even lower this fiscal. It also means, borrowers can pack themselves a picnic basket as interest rates on fresh home loans are set to fall lower than 7.5% over the coming weeks. India Inc too can spread a thick layer of jam and kickstart the much-awaited capex cycle. It's true that money is important to revive credit growth, but perhaps Governor Sanjay Malhotra believes that a lot of money is important. So he crushed the CRR, or the money banks need to set aside as liquid cash, to 3% from 4%, releasing primary liquidity of as much as Rs 2.5 lakh crore. This is expected to do multiple things at once. It'll reduce the cost of funding, improve monetary policy transmission, provide cheap credit to industry and above all stimulate consumption and investment. In short, RBI has finally emerged victorious seizing the inflation monster by the throat and has now turned its single-minded focus towards growth, though Malhotra reasoned that he wasn't favouring one over the other. Few expected RBI to brake this harder on policy rate cuts. While SBI Research was an outlier giving out a rare prediction of 50 bps reduction to revive the credit cycle and stimulate growth, others argued that a super sized rate cut may be seen as a underlying symbol of tough times and set off inflationary expectations, which are harder to manage than inflation itself. But Malhotra stressed that inflation expectations have moderated and will continue to moderate. And putting a cherry on the picnic cake, he revised FY26 inflation forecasts downwards to 3.7% from 4% projected in April. Q1 estimates are pegged at 2.9% lower than 3.6% estimated earlier, followed by Q2 at 3.4% (3.9% earlier), Q3 at 3.9% (from 3.8%) and Q4 at 4.4%. While the inflation monster has retreated back to the barn, RBI is well aware that the devil can be a liar. Moreover, as Malhotra noted, globally the last mile of disinflation is getting a little more protracted and so central banks remain extremely cautious. Back home though, we are witnessing broad-based moderation in price rise and the above normal-monsoon is expected to rein in food price pressures in the coming quarters. As for growth, although consensus estimates project India's FY26 real GDP at about 6.2%, RBI retained its previous forecast of 6.5%. But given the potential downside risks from geopolitical tensions and trade policy uncertainties, it revised the quarterly growth projections with Q1 set at 6.5%, Q2 at 6.7%, Q3 at 6.6% and Q4 at 6.3%. Meanwhile, transmission remains uneven with big banks like SBI yet to pass on the February and April rate cuts to borrowers. Analysts expect the rate transmission to gain momentum and with Friday's cut, home loan rates are expected to fall below 7.5%. External economic pressures like trade policies and others would require continued RBI's accommodative stance and policy support for the Indian industry to sustain the growth. Besides, subdued manufacturing growth, uneven consumption demand, a delayed recovery in private capital expenditure and weak exports need attention.
Hans India
22 minutes ago
- Hans India
Hyderabad: Duo Arrested for Alleged Fraud at Private Firm
Nacharam police detained two employees of a Mallapur-based private company scam on charges of defrauding their employer and misappropriating Rs 2.1 crore. The operations manager MNS Bhushan Reddy and accountant D Srinivas from Neon Metal Crafts supposedly violated company regulations by forming Adinath Industries. Police reports show that the two individuals created corporate cheating Hyderabad sales invoices and work documents under their employer's name and transferred roughly Rs 35 lakhs illegally from Neon Metal Crafts' bank account to an Adinath Industries account online. The two arrested in fraud misappropriated about Rs 2.1 crore through fraudulent work orders. The Nacharam police initiated a case investigation and apprehended the suspects after receiving a complaint from the company owner. Over 4,000 people duped Through the Falcon Invoice Discounting Application platform the accused managed to collect Rs 4,215 crore from 7,056 depositors. By presenting fraudulent investment deals as opportunities from well-known multinational firms the accused managed to entice investors with promises of high returns on short-term plans. Scams involving cheating and conspiracy have resulted in a loss of Rs 792 crore for nearly 4,065 people according to initial reports. The Economic Offences Wing of Cyberabad Hyderabad police update filed charges under sections 316(2), 318(4), 61(2) of the BNS and Section 5 of the TSPDEF Act, 1999 based on the filed complaint. CID Telangana began supplementary investigations into these cases from March 6 onwards. The younger brother Sandeep escaped to Dubai soon after the scam became known. He entered India through the Nepal-India border without official permission before establishing residence with his family in Danapur, Patna.
Time of India
24 minutes ago
- Time of India
Vijay Mallya claims Pranab Mukherjee told him to keep flying despite crisis in Kingfisher cabin
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Fugitive businessman Vijay Mallya has laid bare a dramatic accusation against former Finance Minister Pranab Mukherjee , claiming that his request to downsize Kingfisher Airlines during the 2008 global financial crisis was firmly denied, with Mukherjee assuring him that the banks would keep the airline a podcast interview with Raj Shamani, Mallya traced the roots of Kingfisher Airlines' fall, pointing fingers at decisions made at the highest corridors of power. 'I went to Shri Pranab Mukherjee... and said I have a problem. Kingfisher Airlines needs to downsize, cut the number of aircraft, and lay off employees, as I can't afford to operate under these depressed economic circumstances,' Mallya recounted. 'I was told not to downsize. You continue, banks will support you. That is how it all started.'For Mallya, the 2008 global financial meltdown was the pivotal blow. 'So agreed then it worked in your favour till 2008. What happened then? Simple. You ever heard of Lehman Brothers? You ever heard of the global financial crisis, right? Did it not impact India? Of course, it did,' he said. The crisis, he explained, was relentless, striking every sector, drying up capital, and dragging down the Indian rupee, deepening Kingfisher's financial Airlines had soared high since its 2005 launch, celebrated as a luxury carrier. But the refusal to allow the airline to shrink forced it to fly beyond its means, ultimately grounding all flights amid mounting the podcast, Mallya also confronted the controversy over his financial liabilities. He claimed to have made four settlement offers to the banks, all rejected despite his clear intent to repay. He slammed the banks for a veil of secrecy, claiming that he never received a formal statement of accounts despite sending 15 reminders. 'The total debt of Rs 14,131.6 crore was only revealed through a finance minister's statement in Parliament,' he revealed, questioning the transparency and accuracy of the debt his stance, Mallya cited a Debt Recovery Tribunal certificate to dispute media reports claiming a Rs 9,000 crore debt, insisting the official figure is Rs 6,200 crore. Challenging his vilification as a 'chor' (thief), he asserted that he has repaid more than owed. 'I am prepared to stand trial, not for wrongdoing, but for alleged bad intentions,' he his 'fugitive' label, Mallya admitted it was 'fair' to call him that for not returning to India after March 2016, but stressed he left on a pre-scheduled visit and did not 'run away.' 'If you want to call me a fugitive, go ahead, but where is the 'chor' coming from… where is the 'chori'?' he this year, Mallya informed the Karnataka High Court that the Rs 6,200 crore debt owed to Indian banks has been 'recovered multiple times over,' requesting a detailed account of sums recovered from him, United Breweries Holdings Limited (now in liquidation), and others linked to the 2016, Mallya has remained in the United Kingdom, locked in a legal battle against extradition to India on fraud and money laundering charges related to Kingfisher's massive bank loans.
