Business News Highlights: RBI Maintains Status Quo On Key Rates, Projects Growth For FY25 At 7%

Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world

Background

Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the stock market, economy, and the corporate world.

The stock markets closed on a flat note on Friday following the announcement from the Reserve Bank of India (RBI) to maintain the status quo on repo rate at 6.5 per cent. The S&P BSE Sensex settled marginally higher by 21 points at 74,248, while the NSE Nifty50 closed above the 22,500 mark at 22,514, up by 1 per cent. 

This marked the seventh consecutive repo rate call taken by the RBI. The SDF rate also continues to be at 6.2 per cent, while the bank rate and MSF rate stood at 6.75 per cent. The regulator also maintained its stance of ‘withdrawal of accommodation’. 

Sharing an outlook on the economy, Governor Shaktikanta Das said that the real GDP growth for FY25 is estimated at 7 per cent, with the first quarter growing at 7.1 per cent, second at 6.9 per cent, while third and fourth quarters are projected to grow at 7 per cent each. 

The Consumer Price Index (CPI) inflation projection for the fiscal year stood at 4.5 per cent, Das noted. He added, “The headline inflation has eased to 5.1 per cent during both January and February, and this has come down to 5.1 per cent in these two months from the earlier peak of 5.7 per cent in the month of December... Looking ahead, robust growth prospects provide the policy space to remain focused on inflation and ensure its descent to the target of 4 per cent.”

Zee Entertainment Enterprises Ltd announced on Friday that the firm will be reducing its workforce by 15 per cent. The company issued a regulatory filing and said that the firm is adopting the pruning process after the MD and CEO, Punit Goenka, suggested a lean organisational structure with broadcast, digital, movies, and music as the core business units of the media entity.

"In line with his overall strategic approach, the MD & CEO has initiated the process of rationalisation of the workforce by 15 per cent, that will prune the staff strength across the company to arrive at a streamlined team that is sharply focused on the set goals for the future," the firm noted.

19:40 PM (IST)  •  06 Apr 2024

Wipro CEO Thierry Delaporte Steps Down

Wipro announced the resignation of its Chief Executive Officer (CEO), Thierry Delaporte, In a regulatory filing. Subsequently, the tech giant named Srinivas Pallia, the new CEO and Managing Director. “The Board of Directors noted the resignation of Mr Thierry Delaporte with effect from April 6, 2024. He will be relieved from the employment of the Company with effect from the close of business hours on May 31, 2024,” the company filing read.

19:04 PM (IST)  •  06 Apr 2024

Tesla Ditches Low-Cost Car Plans Amidst Intense Chinese EV Competition: Report

Tesla has reportedly scrapped its long-anticipated affordable car, which investors had been relying on to propel its expansion into a mass-market automaker. Despite this decision, the automaker intends to persist in the development of self-driving robotaxis using the same compact vehicle platform, according to a news agency Reuters report citing sources.

18:10 PM (IST)  •  06 Apr 2024

Ather Launches Rizta Electric Scooter

Ather has introduced its latest electric scooter model, the Rizta, catering to a more family-oriented demographic compared to its sportier counterpart, the 450. Priced at 1.10 lakh for the base variant and Rs 1.45 lakh for the top-end version, the Rizta prioritises practicality with an emphasis on spaciousness and comfort. This is evident in its elongated seat design, providing ample room and enhanced comfort for riders. Read Here

17:45 PM (IST)  •  06 Apr 2024

Former CEA Krishnamurthy Subramanian Hits Back At IMF Over India's Economic Growth Projections

One day after the International Monetary Fund's (IMF) decision to disassociate itself from Krishnamurthy Subramanian's projection of 8 per cent growth for India, the former Chief Economic Adviser (CEA) and executive director at the global organisation responded in a statement, asserting that the IMF staff have consistently provided inaccurate assessments regarding India's growth statistics.

During my tenure at @IMFNews (since Nov-22), IMF staff’s estimate of India’s growth rate has been consistently INACCURATE. While India’s growth has been >7%, IMF staff estimates have ALL been <7%.
In contrast, I've made accurate predictions. See my Sep-21 prediction - Expect more… https://t.co/SzA5aXrbrt

— Prof. Krishnamurthy V Subramanian (@SubramanianKri) April 6, 2024

17:03 PM (IST)  •  06 Apr 2024

Potato, Onion Prices Surge Escalates Concerns About Food Inflation

The BoB Essential Commodity Index (BoB ECI) surged by 5.9 per cent year-on-year in March 2024, marking the most rapid increase since August 2023, according to Dipanwita Mazumdar, Economist at Bank of Baroda. On a sequential basis, it rose by 0.4 per cent. When adjusted for seasonal variations, the increase was more pronounced at 0.8 per cent. This upward trend is primarily attributed to the escalation in vegetable prices, particularly potatoes and onions.