Not thinking about an IPO as of now, says chairman

Dr Krishna Ella

Higher discounts on Russian oil this month may help Indian refiners reduce crude sourcing costs and trim fuel marketing losses even as Brent crude crosses $95/barrel, weakening the country's finances

oil refinery, crude oil, oil

The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank and Reliance Industries taking the biggest hit, amid an overall weak trend in equities.
Last week, the BSE benchmark fell 1,829.48 points or 2.69 per cent, and the Nifty declined 518.1 points or 2.56 per cent.
Equity markets were closed on Tuesday on account of Ganesh Chaturthi.
From the top-10 pack, Reliance Industries, HDFC Bank, ICICI Bank, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance were the laggards while Tata Consultancy Services (TCS) and Hindustan Unilever were the gainers.
The market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore. Shares of the company fell by nearly 8 per cent last week.
The valuation of Reliance Industries plunged Rs 71,715.6 crore to Rs 15,92,661.42 crore. The company's shares declined over 4 per cent past week.
ICICI Bank's valuation dropped Rs 29,41

HDFC Bank

The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts.
The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled for October 4-6, 2023. The last meeting of the MPC, the highest rating-setting panel, was in August.
"We do expect the RBI to hold on to a status quo position this time as inflation is still high and liquidity tight. In fact, going by RBI forecast on inflation, it would be above 5 per cent in Q3 too

RBI, Reserve Bank of India

NABARD to issue social sector bonds on Tuesday

Bonds, Govt bond

Rajasthan Chief Minister Ashok Gehlot on Thursday said the women's reservation bill has been welcomed by everyone but is incomplete without OBC reservation and the caste census.
Speaking to reporters after a programme here, Gehlot said the bill has been brought for political gain with an eye on upcoming elections under the pressure of the opposition.
"If they (Centre) wanted, they could have done it nine years ago because they had full majority. If you have majority then the work becomes easy. Even then they did not do it.
Now elections are also coming. It is understood that if the opposition (India alliance) is raising the issue of caste census, then caste census is also important," Gehlot said.
The Government of India itself should come forward and do what Sonia Gandhi and many opposition parties felt that you should give reservation to SC/ST/OBC. Make reservation for them also in the 33 percent reservation for women. Then only, all castes, all classes will get a chance to come .

Rajasthan Chief Minister Ashok Gehlot at the foundation day program of new districts and divisions of Rajasthan, at Birla Auditorium in Jaipur on Monday.

Day 5 of the special session of the Parliament will commence today. Catch all the latest updates from the session here

Rahul Gandhi, rahul gandhi lok sabha

Republican presidential hopeful Vivek Ramaswamy swiped at former President Donald Trump on Thursday for failing to repeal and replace the health care overhaul championed by his predecessor, President Barack Obama.
I am never somebody who will make a false promise, Ramaswamy said at an event in a suburb of Columbus, Ohio. My friend Donald Trump promised us: repeal and replace Obamacare. Eight years later, did it happen? No, it did not. It is a false promise if it is contingent on Congress.
It was a rare dig at Trump by Ramaswamy, a 38-year-old businessman who is a fierce defender of the former president even while running against him for the 2024 Republican nomination. Ramaswamy has referred to Trump as the best president of the 21st century and at times has drawn criticism from other campaigns for his praise of Trump.
Ramaswamy is among a pack of candidates trailing Trump and generally falling behind Florida Gov. Ron DeSantis in national polls.
Some polls suggest that he is perform

Vivek Ramaswamy

A low-interest rate regime in India during the pandemic resulted in a "paradigm shift" of households' savings from financial to physical assets.

Home-Loan-Balance-to-Another

Stocks to Watch today, September 22, 2023: Glenmark Pharmaceuticals Board has approved the divestment of a 75 per cent stake in its subsidiary Glenmark Life Sciences to Nirma for Rs 5,651 crore

Markets, market valuation, stocks, Sensex, Adani Group

He made the remarks during a press conference at the United Nations headquarters in New York. Lavrov said that his upcoming visit to North Korea follows the agreement between Putin and Kim Jong Un

Russian Foreign Minister Sergei Lavrov speaks at a press conference, during the G20 summit, in New Delhi, Photo: Reuters

Here is the best of Business Standard's opinion pieces for today

Bond yields slide as reports tout progress in global listing of Indian debt

Government bonds, bond yield

She also congratulated India on its successful lunar mission Chandrayaan-3 and stated that it is a great advancement

A view of the Bharat Mandapam, where Session 1 of the G20 Summit is being held, in New Delhi on Saturday.

Prime Minister Narendra Modi on Sunday lauded athletes who won medals in various events at the ongoing Asian Games in Hangzhou.
He praised the Lightweight Men's Double Sculls team for winning the first medal at the Asian Games for India, a silver.
"Congratulating the incredible duo Arjun Lal Jat and Arvind Singh, the prime minister wished for continuous rowing towards glory, representing the spirit and strength of the nation," a statement issued by the Prime Minister's Office said.
He also hailed shooters Ramita Jindal, Mehuli Ghosh and Ashi Chouksey for securing silver medal in the 10m Air Rifle Women's team event at the Asian Games, it said.
Applauding the feat, the prime minister said that "this silver medal is the fruit of your hardwork and dedication". "Let's keep the up momentum as we continue to shine at the Asian Games," he said.
On the Men's Coxed Eight team winning the silver medal at the Asian Games, the prime minister praised the dazzling display of coordination, power

PM Modi addresses media on the first day of the special session of Parliament, in New Delhi, Monday, Sept. 18, 2023. (PTI Photo/Manvender Vashist Lav)

Andrei Medvedev, fled Russia after the Russian guards opened fire on him in his account of his January flight from Russia over the country's Arctic border with Norway

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Bharat Biotech plans to invest Rs 3,000-4,000 crore in post-Covid shift

After lower sales in August, Russia ups discount on crude sale to India

M-cap of 8 of 10 firms lose Rs 2.28 trn; HDFC, Reliance biggest laggards

RBI likely to keep interest rate unchanged as inflation still high: Experts

JP Morgan EM index addition: Banks, FIs look to raise Rs 18,000 crore

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