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RBI Takes a Pause

Good Evening,

Indian equity markets ended the volatile session with modest losses on Thursday. The domestic markets got clapped after the RBI monetary policy announcement.

As widely expected, RBI kept the repo rate unchanged and revised the inflation forecast to 5.4% from 5.1%. In a surprise move, RBI has asked Banks to maintain an additional cash reserve ratio (CRR) of 4.5% from 4%.

Let's dive in.


  • Bank, FMCG stocks drag Sensex 308 points lower; Nifty below 19,550

  • No impact on financial markets if international banks open special vostro accounts: RBI

  • Tata Sons Invested $2 Billion Into Airline, Digital In FY23; Energy Transition Next Focus

  • Most Adani Stocks Rise, Add Over Rs 17,000 Crore To Group Market Cap

  • Two-Wheeler Sales Slide 7% In July After Growing For Three Straight Months

  • Nifty struggling to hold 20-DM


  • Ola Electric Posts Loss Of Rs 784 Crore In FY22

  • Samvardhana Motherson Q1 Results: Cons PAT soars 4-fold YoY to Rs 601 crore

  • Page Industries Q1 Results: Profit falls 25% on sluggish demand

  • Thomas Cook India Q1 Results: Firm reports multifold jump in profit to Rs 71 crore

  • India's Pidilite Industries posts Q1 profit rise on strong demand, easing costs

  • Bajaj Electricals Q1 Results: Profit falls as unseasonal rains, inflation hit demand

  • Arvind Fashions Q1 Results: Loss deepens on demand slump

  • 3M India Q1 Results: 'Post-it' maker's profit rises on robust demand

  • Grasim Q1 Results: Consolidated PAT drops 18% YoY to Rs 1,576 crore on jump in expenses

  • Trent Shares Hit Record High After Q1 Profit Surges 45%


Headline Roundup:

  • RBI Keeps Repo Rate Unchanged, Stays Vigilant On Inflation

  • RBI Brings Temporary ICRR At 10% For Banks To Absorb Surplus Liquidity

  • Higher Rates Expected For Longer, Say Economists

  • Nirmala Sitharaman Says India Will Import Tomatoes From Nepal

  • RBI relaxes infrastructure debt funds guidelines

  • RBI's lending innovation: Can't prove creditworthiness? Now you will still get a loan

  • Don't camouflage stress, extend loans for reasonable period: Shaktikanta Das to banks


Deal Flow:

- M&A / Investments:

  • NCLT approves merger of Sony unit, Zee Entertainment

  • Axis Bank to raise stake in Max Life via $195 mn investment

  • Paytm's Sharma to acquire Ant Financial's 10.3% stake

- IPO:

  • TVS Supply Chain Solutions IPO: Retail quota fully subscribed

  • Sebi halves listing timeline to 3 days post-IPO closure

  • TVS Supply Chain Solutions raises Rs 396 crore from anchor investors ahead of IPO

  • Sebi changes IPO rules, listing timeline reduced to T+3 days

  • Pyramid Technoplast IPO to open on August 18

  • Concord Biotech IPO subscribed 25 times

- VC:

  • Picus Capital hires MPL exec as India head, plans Asia expansion

  • Bluwheelz and Metashot raise early-stage funding

  • Krafton earmarks $150 mn more to invest in Indian gaming startups

  • Springwel eyes majority stake in VC-backed D2C mattress startup

Tech / Startup:

  • Zerodha's Nithin Kamath commits Rs 1,000 crore to fund startups via Rainmatter

  • Early-stage VC firm Antler launches ONDC-focused platform for founders

  • D2C consolidation: Value creation for FMCG majors, wealth creation for founders

  • SoftBank sitting on $550 million of gains on listed Indian bets so far in 2023

  • No new SaaS unicorns so far in 2023 as funding winter lingers, says Bessemer report

  • Japan's Mixi debuts $50 million fund to back India's early-stage entertainment startups

  • Vijay Shekhar Sharma goes all in, is now the largest shareholder in Paytm



  • US stocks rise post inflation data

  • July consumer prices gained 3.2% on an annual basis, less than the 3.3% consensus from economists polled by Dow Jones

  • On a month-to-month basis, inflation increased 0.2%, in-line with estimates

  • The report also said real average weekly earnings were unchanged last month in another positive sign.

  • Shanghai’s SSE and Hong Kong’s HSI closed mixed after China reported economic data approaching deflation

  • UPS drivers are getting paid like investment bankers

  • Citadel boosted its fixed-income presence

  • Brookfield expects record inflows in 2023

  • WeWork’s struggles paint a dim picture for the NYC office market


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