1. RBI Governor Shaktikanta Das announced that MPC has kept the policy rates unchanged (Repo rate 4%, Reverse Repo rate 3.35%) and is to maintain an accommodative stance.
2. The Union Cabinet on Wednesday announced a new e-bidding platform to promote market price discovery of natural gas produced from fields across a number of contractual regimes, where producers already have pricing freedom. This move would help boost incentives for gas producers to invest more in increasing natural gas production.
3. Securities and Exchange Board of India (SEBI) has tightened rules on inter-scheme transfers (ISTs) in mutual fund schemes. The regulator said inter-scheme transfers for managing liquidity should only be taken after all other avenues like using cash, market borrowing and selling securities in the market, for raising liquidity have been attempted and exhausted.
4. Vedanta delisting – The delisting of Vedanta Ltd will provide the group with enhanced operational and financial flexibility in capital intensive business and is expected to support an accelerated debt reduction programme in the medium term. Corporate simplification is the trigger behind delisting.
5. Titan exits joint venture with German luxury brand Montblanc in India. The development is in line with Titan’s strategy to focus on its primary business and proprietary brands, as per the JV agreement the partnership will end in December 2020. The India joint venture of Montblanc was formed by establishing Montblanc India Retail Pvt Ltd in 2014 in which Titan holds 49 percent stake.
6. Paytm vs Google: Over 5000 apps developers express interest to list mobile sites on home grown mini app store. The mini-app store will list mobile websites to offer users app-like experience without having to download them. To enable thousands of Indian mobile websites developers to break away from the alleged monopoly of Google Play Store, Vijay Shekhar Sharma of Paytm has announced a Rs10 crore grant. He envisages having 1 million mobile websites on the company mini app by Q1 2021.
7. Government to expand production-linked incentive (PLI) scheme to more sectors to boost domestic manufacturing says Amitabh Kant, CEO Niti Aayog. Recently , the government announced a PLI scheme for the pharmaceutical sector, mobile and electronic manufacturing companies.