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You are here : IndiaNotes >> Research & Analysis >> Economy Watch >> Growth Prospects

Weekly News: The RBI kept its benchmark policy rate unchanged for a second consecutive meeting

SMC | 13 Feb, 2017  | Follow Author | Add to my Favourites 
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Economy


- The Reserve Bank of India kept its benchmark policy rate unchanged for a second consecutive meeting, the repo rate stands at 6.25 percent. The committee decided to change the stance from accommodative to neutral while keeping the policy rate on hold to assess how the transitory effects of demonetization on inflation and the output gap play out.


- The value of loans in India increased 5.10 percent year-on-year in the two weeks to January 20th 2017. Loan Growth in India averaged 12.72 percent from 2012 until 2016, reaching an all time high of 18.70 percent in April of 2012 and a record low of 5.10 percent in December of 2016.


- According to sales numbers released by industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales increased 14.4% year-on-year, manufacturers sold 2,65,320 cars, utility vehicles and vans in January as markets got back on track with the effects of cash crunch slowly wearing off.


Auto


- Sundaram-Clayton, the holding company TVS Motor, is investing 400 crore to expand its facilities in India and `350 crore to build a 50-acre greenfield plant in the US. The expansion, including the US venture, will raise the company's production capacity to 80,000 tonnes.


- Pricol has inaugurated a new factory on the outskirts of Pune. The company expects the new facility in Phulgaon, which is spread over 6.58 acres to bring in 200 crore of incremental business in the next couple of years. The new investment will cater to the growing electronic cluster business for two wheeler, commercial vehicle, off road and tractor segments.


Power


- NTPC is looking to add upto 2,000-2,500Megawatt capacity in a phasedmanner over the next few years. This is in line with the Central Electricity Authority's (CEA) projection of thermal capacity addition in the next five years.


- Kalpataru Power Transmission Ltd (KPTL) has bagged orders of over 823 crore in domestic and overseas markets. The company has bagged transmission line construction project in West Africa of approximately 737 crore. The second order is for the construction of 220 kw GIS substations project for Haryana Vidyut Prasaran Nigam Ltd of approximately 86 crore.


- The Competition Commission of India has approved the acquisition of power transmission business of Reliance Infrastructure by Adani Transmission. As per the deal, R-Infra will sell its Western Region Transmission Gujarat project (WRTG) and the Western Region Transmission Maharashtra project (WRTM) to Adani Transmission.


Oil & Gas


- ONGC has planned 78,000-crore investment for development of oil and gas discoveries in Andhra Pradesh, the huge capital outlay will be credit negative for ONGC and lead to an upfront increase in leverage, Moody's Investors Service reported.


Consumer Durables


- Havells India has announced entry into the personal grooming space with an aim to capture 25% market share in next three years, while drawing up plans to enter the baby care segment by June.


Banking & Finance


- Federal Bank Limited has partnered with online data and information portal Commodity Online for the distribution of loans against warehouse receipts and collateral management services across the country.

 


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About SMC
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