Latest news with #VRC
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Business Standard
6 days ago
- Business
- Business Standard
RBI sees tepid demand at overnight VRR Auction ahead of ₹2 trn reversal
The Reserve Bank of India received tepid demand at its overnight Variable Rate Repo (VRR) auction on Thursday, with bids amounting to Rs 1,421 crore against a notified amount of Rs 50,000 crore. Market participants said that the bids were lower because of the reversal of VRRR funds worth Rs. 2 trillion on Friday. 'It was an overnight auction, and there is a reversal of Rs 2 trillion tomorrow (Friday), that's why there was no demand at the VRR auction,' said V R C. Reddy, head of treasury at Karur Vysya Bank. 'The RBI may have anticipated that overnight rates would remain elevated today, which likely prompted the auction. Their objective is to keep the overnight rate within the Standing Deposit Facility (SDF)–repo corridor, and not near the Marginal Standing Facility (MSF),' he added. The marginal standing facility rate, set 25 bps above the policy repo rate, is the ceiling of the liquidity adjustment facility corridor. The standing deposit facility, which is 25 bps below the repo rate, is the floor. The policy repo rate is currently at 5.5 per cent. The RBI's two-day VRR auction conducted on Wednesday led to a decline in overnight money market rates, which had been trading above the MSF rate of 5.75 per cent. Market participants said that fine-tuning via VRR auctions became necessary due to the large withdrawal during a week of liquidity stress. Next week, the RBI may not need a VRR because government spending typically picks up in the last week of the month, they said. 'The banks needed funds after parking Rs 2 trillion at the seven-day VRRR auction last Friday; hence the VRR auction was conducted,' said the treasury head at a private bank. 'Next week, when government spending kicks in, we won't need VRRs,' he added. After government spending resumes in early August, VRRRs are expected to continue given the significant surplus liquidity in the banking system, said market participants. The net liquidity in the banking system was in a surplus of Rs 2.17 trillion on Wednesday, the latest data from the RBI showed.
The Age
23-07-2025
- Automotive
- The Age
Flemington is favourite to host 2026 Cox Plate, but bookies say it's not past the post yet
The TAB entered a six-year, $40 million broadcasting deal with the VRC last year, which includes the owner of this masthead, Nine, broadcasting Melbourne Cup week. But the two sources said TAB boss Gillon McLachlan would welcome a Cox Plate at Flemington and has had positive ongoing discussions with the VRC and Entain, which owns Ladbrokes, about sharing oncourse advertising space. Both racing clubs have several conflicting brands that would need to be onboard before a Cox Plate venue was announced. The VRC has ongoing deals with the TAB, Lexus, Crown, beer brand Furphy and is about to start a partnership with De Bortoli Wines, while Moonee Valley lists some of its key carnival partners as Ladbrokes, Mercedes dealership 3 Point Motors and Seppelt Wines. Moonee Valley CEO Michael Browell said last week that an announcement on the Cox Plate was close. 'We would have liked to have had that wrapped up by now, but a decision on that is imminent,' he said. The VRC chose not to answer specific questions about its corporate partners, but CEO Kylie Rogers continued to hold the line that her club wanted next year's Cox Plate run at its famous racecourse. 'It would be a privilege to host the Cox Plate at Flemington,' Rogers said. 'We have been a key player in discussions and await official confirmation.' A TAB spokesperson said it was working 'collaboratively with all stakeholders on future Spring Carnival scheduling options that can benefit both the industry and our customers', while a Ladbrokes spokesman said the betting giant was 'working closely with the Moonee Valley Racing Club, Racing Victoria, and all relevant stakeholders to support discussions around the most appropriate venue for the 2026 Ladbrokes Cox Plate'. Racing Victoria said it was awaiting a final recommendation from Moonee Valley before making its decision. 'It will be run at a group 1 track that maximises wagering returns for the industry and where the host track partner can maximise engagement and the best promotion of the race,' an RV spokesperson said. Both Melbourne Racing Club, which runs Caulfield, and its major sponsor Sportsbet said they would support any decision Racing Victoria made about the venue for next year's Cox Plate. The ongoing delay comes as Moonee Valley reopens negotiations with major sporting organisations and sporting companies on the long-term lease of its racecourse infield. The Valley will lock its gates after this year's October Cox Plate and major work will begin on shifting its amphitheatre track as well as building a new grandstand and clubhouse. The AFL, Harness Racing Victoria, soccer organisations and a golf driving range firm are among those seeking exclusive access to the land. 'We haven't ruled anything out, but we haven't ruled anything in at this stage,' Browell said. The AFL wants two new ovals inside the racecourse that would be open to the public and could also potentially provide a training base for the league's homeless umpiring fraternity. Loading Harness Racing Victoria CEO Matt Isaacs said his organisation remained ambitious for a return to Moonee Valley and was in regular dialogue with the club about opportunities for such a move. 'It is an attractive option with significant potential, including exposing harness racing to a greater metropolitan market and building what would be one of the world's greatest harness racing venues,' Isaacs said. 'However, it would require significant investment and carries with it timing challenges. 'We will continue to do due diligence and work with the club and the state government to make sure any decision is in the best long-term interests of the sport.' The state government announced last week it would contribute $5 million to Moonee Valley's $220 million redevelopment, which will go towards new lights, grass and horse stalls.
Sydney Morning Herald
22-07-2025
- Automotive
- Sydney Morning Herald
Flemington is favourite to host 2025 Cox Plate, but bookies say it's not past the post yet
The TAB entered a six-year, $40 million broadcasting deal with the VRC last year, which includes the owner of this masthead, Nine, broadcasting Melbourne Cup week. But the two sources said TAB boss Gillon McLachlan would welcome a Cox Plate at Flemington and has had positive ongoing discussions with the VRC and Entain, which owns Ladbrokes, about sharing oncourse advertising space. Both racing clubs have several conflicting brands that would need to be onboard before a Cox Plate venue was announced. The VRC has ongoing deals with the TAB, Lexus, Crown, beer brand Furphy and is about to start a partnership with De Bortoli Wines, while Moonee Valley lists some of its key carnival partners as Ladbrokes, Mercedes dealership 3 Point Motors and Seppelt Wines. Moonee Valley CEO Michael Browell said last week that an announcement on the Cox Plate was close. 'We would have liked to have had that wrapped up by now, but a decision on that is imminent,' he said. The VRC chose not to answer specific questions about its corporate partners, but CEO Kylie Rogers continued to hold the line that her club wanted next year's Cox Plate run at its famous racecourse. 'It would be a privilege to host the Cox Plate at Flemington,' Rogers said. 'We have been a key player in discussions and await official confirmation.' A TAB spokesperson said it was working 'collaboratively with all stakeholders on future Spring Carnival scheduling options that can benefit both the industry and our customers', while a Ladbrokes spokesman said the betting giant was 'working closely with the Moonee Valley Racing Club, Racing Victoria, and all relevant stakeholders to support discussions around the most appropriate venue for the 2026 Ladbrokes Cox Plate'. Racing Victoria said it was awaiting a final recommendation from Moonee Valley before making its decision. 'It will be run at a group 1 track that maximises wagering returns for the industry and where the host track partner can maximise engagement and the best promotion of the race,' an RV spokesperson said. Both Melbourne Racing Club, which runs Caulfield, and its major sponsor Sportsbet said they would support any decision Racing Victoria made about the venue for next year's Cox Plate. The ongoing delay comes as Moonee Valley reopens negotiations with major sporting organisations and sporting companies on the long-term lease of its racecourse infield. The Valley will lock its gates after this year's October Cox Plate and major work will begin on shifting its amphitheatre track as well as building a new grandstand and clubhouse. The AFL, Harness Racing Victoria, soccer organisations and a golf driving range firm are among those seeking exclusive access to the land. 'We haven't ruled anything out, but we haven't ruled anything in at this stage,' Browell said. The AFL wants two new ovals inside the racecourse that would be open to the public and could also potentially provide a training base for the league's homeless umpiring fraternity. Loading Harness Racing Victoria CEO Matt Isaacs said his organisation remained ambitious for a return to Moonee Valley and was in regular dialogue with the club about opportunities for such a move. 'It is an attractive option with significant potential, including exposing harness racing to a greater metropolitan market and building what would be one of the world's greatest harness racing venues,' Isaacs said. 'However, it would require significant investment and carries with it timing challenges. 'We will continue to do due diligence and work with the club and the state government to make sure any decision is in the best long-term interests of the sport.' The state government announced last week it would contribute $5 million to Moonee Valley's $220 million redevelopment, which will go towards new lights, grass and horse stalls.
The Age
22-07-2025
- Automotive
- The Age
Flemington is favourite to host 2025 Cox Plate, but bookies say it's not past the post yet
The TAB entered a six-year, $40 million broadcasting deal with the VRC last year, which includes the owner of this masthead, Nine, broadcasting Melbourne Cup week. But the two sources said TAB boss Gillon McLachlan would welcome a Cox Plate at Flemington and has had positive ongoing discussions with the VRC and Entain, which owns Ladbrokes, about sharing oncourse advertising space. Both racing clubs have several conflicting brands that would need to be onboard before a Cox Plate venue was announced. The VRC has ongoing deals with the TAB, Lexus, Crown, beer brand Furphy and is about to start a partnership with De Bortoli Wines, while Moonee Valley lists some of its key carnival partners as Ladbrokes, Mercedes dealership 3 Point Motors and Seppelt Wines. Moonee Valley CEO Michael Browell said last week that an announcement on the Cox Plate was close. 'We would have liked to have had that wrapped up by now, but a decision on that is imminent,' he said. The VRC chose not to answer specific questions about its corporate partners, but CEO Kylie Rogers continued to hold the line that her club wanted next year's Cox Plate run at its famous racecourse. 'It would be a privilege to host the Cox Plate at Flemington,' Rogers said. 'We have been a key player in discussions and await official confirmation.' A TAB spokesperson said it was working 'collaboratively with all stakeholders on future Spring Carnival scheduling options that can benefit both the industry and our customers', while a Ladbrokes spokesman said the betting giant was 'working closely with the Moonee Valley Racing Club, Racing Victoria, and all relevant stakeholders to support discussions around the most appropriate venue for the 2026 Ladbrokes Cox Plate'. Racing Victoria said it was awaiting a final recommendation from Moonee Valley before making its decision. 'It will be run at a group 1 track that maximises wagering returns for the industry and where the host track partner can maximise engagement and the best promotion of the race,' an RV spokesperson said. Both Melbourne Racing Club, which runs Caulfield, and its major sponsor Sportsbet said they would support any decision Racing Victoria made about the venue for next year's Cox Plate. The ongoing delay comes as Moonee Valley reopens negotiations with major sporting organisations and sporting companies on the long-term lease of its racecourse infield. The Valley will lock its gates after this year's October Cox Plate and major work will begin on shifting its amphitheatre track as well as building a new grandstand and clubhouse. The AFL, Harness Racing Victoria, soccer organisations and a golf driving range firm are among those seeking exclusive access to the land. 'We haven't ruled anything out, but we haven't ruled anything in at this stage,' Browell said. The AFL wants two new ovals inside the racecourse that would be open to the public and could also potentially provide a training base for the league's homeless umpiring fraternity. Loading Harness Racing Victoria CEO Matt Isaacs said his organisation remained ambitious for a return to Moonee Valley and was in regular dialogue with the club about opportunities for such a move. 'It is an attractive option with significant potential, including exposing harness racing to a greater metropolitan market and building what would be one of the world's greatest harness racing venues,' Isaacs said. 'However, it would require significant investment and carries with it timing challenges. 'We will continue to do due diligence and work with the club and the state government to make sure any decision is in the best long-term interests of the sport.' The state government announced last week it would contribute $5 million to Moonee Valley's $220 million redevelopment, which will go towards new lights, grass and horse stalls.
The Hindu
19-07-2025
- General
- The Hindu
Foundation course on Ramayana for students launched in Vizianagaram
The Valmiki Research Centre (VRC) of Ramanarayanam temple, in association with National Sanskrit University, (NSU), Tirupati, on Saturday launched the three-month Roots Foundation course to help students understand the core values of Ramayana. Around 250 students from different schools across Vizianagaram enrolled their names and attended the training programme organised by the VRC director and former Vice-Chancellor of Dr. B.R. Ambedkar University, Hanumanthu Lajipathirai, and temple trustee Narayanam Srinivas. Speaking on the occasion, Mr. Lajipathirai said that the students would tread the right path and follow dharma throughout their life when they understand Indian culture, traditions and epics like Ramayana and Mahabharata. 'Thavaasmi', a conversational Ramayana book writer R. Srirama Chakradhar, explained to the students about Lord Rama's simple lifestyle, crisis management techniques and efficient administration. VRC course director N.G. Nitya said that the students would attend online classes on Saturday and offline classes every Sunday for the next three months to complete the course designed by academic experts and religious scholars.
