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RBI to ‘wait and watch’ before further rate cuts: Governor Malhotra

New Delhi, Jul 16 (PTI) RBI (Reserve Bank of India) will “wait and watch” the evolving situation before deciding on any further rate cut, Governor Sanjay Malhotra has said as he emphasised that both growth and price stability are equally important. With inflation on a downward trend, the RBI’s Monetary Policy Committee (MPC) has been reducing the benchmark repo rate and has adopted a neutral stance, which also gives the flexibility to either cut or hike the rate going forward. The central bank has cummulatively reduced the repo rate by 100 basis points since February. In an interview to television

State Bank of India launches 250 billion rupee share sale to institutional investors

July 16 (Reuters) – State Bank of India, the country’s largest lender by assets, launched a 250 billion rupee ($2.9 billion) share sale to institutional investors on Wednesday. The so-called floor price of the fundraise is 811.05 rupees per share, a 2.5% discount to the Wednesday’s closing price, according to an exchange filing. In May, the lender approved, raising up to 250 billion rupees through modes including a so-called qualified institutional placement, which is used by listed Indian companies to raise funds from large institutions. Earlier in the day, SBI approved raising up to 200 billion rupees through bonds during

President Trump hints at trade deal with India soon; says US will have access to Indian market

Washington, Jul 16 (PTI) President Donald Trump has indicated that the ongoing negotiations between India and the US for a much-anticipated interim trade deal are on track and it could be sealed soon. Trump said the proposed deal could provide American companies greater access to the Indian market in line with the trade pact between the US and Indonesia. India and the US have been holding negotiations for the trade pact primarily to keep the tariffs below 20 per cent. “We made a deal with Indonesia…We have full access into Indonesia,” the US president told reporters. The US president said

Gold declines Rs 500 to Rs 98,870/10 g; silver falls Rs 1,000 to Rs 1.11 lakh/kg

New Delhi, Jul 16 (PTI) Falling for the second straight session, gold prices depreciated Rs 500 to Rs 98,870 per 10 grams in the national capital on Wednesday due to continuous selling by stockists, according to the All India Sarafa Association. On Tuesday, the precious metal of 99.9 per cent purity had declined by Rs 200 to close at Rs 99,370 per 10 grams. Meanwhile, gold of 99.5 per cent purity slipped Rs 400 to Rs 98,400 per 10 grams (inclusive of all taxes). It had settled at Rs 98,800 per 10 grams in the previous market session. Also, silver

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