Business

• RBI hikes repo rate by 50 bps to 5.90%
  
  In a fourth straight hike, the Reserve Bank of India (RBI) on Friday hiked repo rate by 50 basis points to 5.90 per cent with immediate effect.
• Indian equities have entered bear markets when US slips into recession
  
  Historically, Indian equities have entered bear markets when the US has slipped into recession, foreign brokerage, Morgan Stanley said in a report.
• 100 mn Indian mobile users want 5G, half of them won't mind paying extra
  
  More than 100 million users with 5G-ready smartphones in India wish to upgrade to a 5G subscription in 2023, while more than half of them are open to upgrading to a higher data tier plan in the next 12 months, an Ericsson report said on Wednesday.
• Apple likely to move 25% iPhone production to India by 2025: JP Morgan
  
  As India doubles down on local manufacturing of technology products, Apple is likely to move 5 per cent of its new iPhone 14 production to India by end of this year, and 25 per cent by 2025, according to a JP Morgan analysis.
• Rupee hits new all-time low as dollar index rises to 20-year high
  
  The Indian rupee has depreciated to the record low since the morning trade after the dollar index surged to 20-year high and 75 basis points rate hike by the US Fed, and hint at more rate hikes in the future.
• US Fed delivers another big interest rate hike
  
  The US Federal Reserve announced another interest rate hike to fight inflation amidst growing concerns that the central bank could end up slowing down the economy.
• SpiceJet places nearly 80 pilots on leave without pay for 3 months
  
  In a temporary measure to rationalise cost, airline SpiceJet has decided to place nearly 80 pilots on leave without pay for a period of three months.
• India's trade deficit widens 139% to $27.98 bn in August
  
  India's trade deficit in August widened by 139 per cent to $27.98 billion from $11.71 billion recorded during the corresponding period of last year.
• Gujarat partners with Vedanta, Foxconn to set up semi-conductor, display manufacturing units
  
  The Gujarat government has partnered with Vedanta and Foxconn aiming an investment of Rs 1.54 lakh crore to achieve self-reliance in the field of semi-conductor manufacturing.
• India's industrial production growth less than estimates: Morgan Stanley
  
  India's industrial production (IP) growth moderated to four month low of 2.4 per cent year-on-year (YoY) in July, from 12.3 per cent YoY in June, partly due to base effect, said Morgan Stanley in a report.
• Infosys comes cracking down on dual employment, warns termination
  
  Indian IT major, Infosys has come cracking down on moonlighting (dual employment) and warned employees if found out, it could lead to termination of services, sources said on Tuesday.
• Akasa Air issues apology after data breach, says no intentional hacking attempt
  
  Akasa Air suffered a data breach, allowing unauthorised individuals to view data of some of its customers, India's new airline has admitted.
• Rupee falls to record low against US dollar
  
  The Indian rupee fell sharply on Monday and touched the 80 mark against the US dollar after the Federal Reserve chair Jerome Powell's hawkish speech.
• India's forex reserves fell by $6.687 bn to $564.053
  
  India's forex reserves fell by $6.687 billion to $564.053 billion in the week ending August 19, the RBI's weekly statistical data showed.
• Adani to acquire 29.18% stake in NDTV, launch open offer
  
  AMG Media Networks Ltd's wholly-owned subsidiary VCPL, which holds warrants of NDTV's promoter group company RRPR Holding Private Ltd, entitling it to convert them into 99.99 per cent stake in RRPR, has exercised the option to acquire 99.5 per cent stake in RRPR and acquire control of it.
• RBI ups policy rate to 5.40% to contain inflation
  
  Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced the rise of policy rate or repo rate by 50 basis points (bps) to 5.4 per cent.
• ED attaches Rs 105.32 cr bank balances of fintech firms having Chinese links
  
  The Enforcement Directorate (ED) on Wednesday said that they have attached balances of Rs 105.32 crore, lying in various bank accounts and with payment gateway accounts of 12 NBFCs in connection with a money laundering case.
• India still fastest growing economy, no sign of recession: FM on price rise
  
  Finance Minister Nirmala Sitharaman said on Monday that India is still the fastest growing economy whose financial situation is much better than most other countries.
• Startup funding slows but strong core policies will help tide over uncertainties, say experts
  
  Even as funding into Indian startups in the April-June quarter slowed down significantly at about $7 billion compared to about $10 billion in the corresponding period in the previous year, most entrepreneurs in the country remain unfazed.
• ED notices to CoinSwitch, CoinDCX; seeks info under FEMA
  
  A few firms, including CoinSwitch and CoinDCX dealing in cryptocurrency have been asked by the Enforcement Directorate (ED) to submit some documents in connection with an ongoing case of the Foreign Exchange Management Act (FEMA).
• IDBI Bank to sell property owned by Great Indian Tamasha Company
  
  IDBI Bank has invited bids through e-auction for the sale of property of Great Indian Tamasha Company, which was running the Kingdom of Dreams in Gurugram.
• NSEL Case: SAT notes serious charges against brokers, asks SEBI to probe afresh in 6 months
  
  The Securities Appellate Tribunal (SAT) has directed the SEBI to conduct an independent inquiry against five brokers and persons associated with the brokers, and probe their role in the Rs 5,600-crore NSEL payment default case afresh within six months.
• HDFC raises home loan interest rate by 50 bps
  
  Lending major Housing Development Finance Corporation (HDFC) has increased its Retail Prime Lending Rate (RPLR) on housing loans -- on which its Adjustable Rate Home Loans (ARHL) are benchmarked -- by 50 basis points.
• Moody's Analytics sees another 60-80 bps hike in repo rate this year
  
  Hours after the Reserve Bank of India raised key lending rates, or repo rate, by 50 basis points to 4.9 per cent, global financial services company Moody's Analytics said the central bank could hike the repo rate by another 60 to 80 basis points through the rest of the year.
• Okinawa pips Ola Electric to become No 1 electric 2-wheeler brand
  
  Despite the incidents of fire, electric two-wheeler manufacturer Okinawa Autotech has overtaken Ola Electric to become India's top electric two-wheeler brand.

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