• RBI stays repo rate, CRR; cuts Jan-Mar inflation goal 0.2%
The Reserve Bank of India Tuesday kept the benchmark repo rate unchanged at 7.25 percent as well as the cash reserve ratio (CRR) at 4 percent. However, it trimmed consumer inflation forecast for January-March 2016 by 0.2 percent and said that growth was beginning to look up gradually. The RBI cited lower crude prices and better-than-expected monsoon as the reasons for trimming its January-March consumer inflation target.
• Alstom T&D wins three new contracts
Alstom T&D India has been awarded three new contracts worth approximately Euro 33 Million (Rs231.7 crore) by Power Grid Corporation of India to supply transformers and shunt reactors for 765/400 kV substation situated in Uttar Pradesh and spare units of 765 kV transformers and reactors as part of Eastern and Southern Region Strengthening Schemes.
• Bajaj Allianz ties up with Snapdeal to sell Insurance for 2-wheelers
Bajaj Allianz ties up with Snapdeal to sell Insurance for 2-wheelers – positive read thru for Bajaj Finserv. Bajaj Allianz General Insurance, the general insurance arm of Bajaj Finserv, is tying up with Snapdeal to sell two-wheeler insurance to the growing number of people who are buying motorcycles from the online marketplace. The two-wheeler motor insurance policy will be available only for new vehicles and later it will be rolled out for the used vehicles as well. Given the growing popularity of one line platforms for buying insurance, the company stands to benefit from the tie-up in terms of lower opex and higher turnover.
• Crude Oil price falls below $50 a barrel
Crude oil price falls below $50 a barrel – Positive for OMC’s, paints, tires . The world’s benchmark oil price fell to less than $50 a barrel Monday for the first time in six months as a sluggish global economy and rampant oil production make crude prices fall and production from United states and Iran continue to put downward pressure on oil price. Positive for industries using crude and its derivatives as raw materials like OMC’s , paints, tires, lubricants for example HPCL, BPCL, Asian paints, Castrol.
• Nestle India to re-introduce Maggie in domestic market
Nestle India will consider introducing new products, including under the Maggi brand, while looking to drive growth of other categories with increased advertising spending, as it looks to overcome the setback from the ban on its Maggie noodles. However bringing back Maggie (top brand for the company) in the domestic market is the top priority of the company. The company will increase spends on Advertisement and promotions to improve the sales of the products in the near to medium.
• Indian Bank revises FCNR interest rate
Indian Bank said that it has revised its Foreign Currency Non-Resident (banking) term deposit interest rates with immediate effect. For FCNR (B) deposits, in US Dollar terms, the revised interest rate has been fixed at 1.59% for deposits of one year and above but less than two years from the existing 1.515. For deposits of two years and above, but less than three years, the interest rate has been revised to 1.97% from the existing 1.90%, the Chennai-based bank said in a statement.
• Ajanta Pharma gets USFDA approval for 3 ANDA
Pharma major Ajanta Pharma said it has received final approval for its 3 ANDA’s (Abbreviated New Drug Application) by the US FDA (Food and Drug Administration). The company has received approval for Montelukast Tablets of 10mg, Montelukast sodium chewable tablets of 4mg & 5mg and Montelukast oral granules, it added. Montelukast Tablets of 10mg is indicated for the treatment of prophylaxis and chronic treatment of asthma and to relieve symptoms of seasonal and perennial allergic rhinitis in patients in the age of two years and above.
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