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Hours after RBI's jumbo rate cut, state-owned Punjab National Bank (PNB) on Friday announced up to 50 basis points reduction in lending rate, a move which will help existing and new borrowers. Other banks are also expected to make similar announcements soon. "Great News for Our Valued Customers! Punjab National Bank Makes Your EMIs More Affordable! Following the repo rate cut (6.00% - 5.50%), Punjab National Bank has reduced its RLLR by 50 bps, effective from June 9, 2025," PNB said in a post on X. With the reduction in the benchmark repo-linked benchmark lending rates (RBLR), the home loan of the bank will start from 7.45 per cent while vehicle loans from 7.8 per cent per annum. Earlier in the day, the Reserve Bank of India (RBI) cut interest rates by a larger-than-expected 50 basis points, and unexpectedly reduced the cash reserve ratio for banks to make available more money to lend in a bid to boost the economy. The RBI's six-member monetary policy committee, headed by Governor
Bengaluru-based Brigade Enterprises plans to raise up to Rs 1,500 crore by selling equity shares to institutional investors as part of its strategy to expand business. The company on September 2 launched its Qualified Institutional Placement (QIP) issue to raise funds. In a regulatory filing late on Monday, Brigade Enterprises informed that a committee of directors authorised the opening of the QIP Issue on Monday. The panel also approved the floor price for the QIP issue at Rs 1,164.70 per equity Share. The company's share price closed at Rs 1,239.80 apiece on the BSE. Its market capitalisation at Monday's closing price stood at more than Rs 28,000 crore. In March, Brigade Enterprises had taken approval from shareholders to raise funds through the issue of securities up to Rs 1,500 crore. Brigade Enterprises is one of the leading real estate developers in the country with a significant presence in South India. Last month, Brigade Enterprises reported more than two-fold jump i
Movement in the stock market this week will largely be driven by global trends, macroeconomic data announcements and trading activity of foreign investors, analysts said. Equity benchmark indices, which are on a dream run for the past several days, will also track trading in global oil benchmark Brent crude and movement of rupee against the US dollar. "The next FOMC (Federal Open Market Committee) meeting is scheduled for mid-September, but before that, the market will be closely watching upcoming US economic data. Key indicators like manufacturing PMI, non-farm payrolls, and unemployment rate will be released this week, all of which could significantly influence market sentiment. "Institutional flows will play a critical role," said Santosh Meena, Head of Research, Swastika Investmart Ltd. The primary driver behind the bullish momentum in the domestic market is the growing anticipation of a rate cut in the United States and buying support from domestic investors. Auto stocks woul