State Bank of India (SBI) on Monday raised its benchmark lending rates by up to 50 basis points (or 0.5 per cent), a move that will lead to an increase in EMIs for borrowers. The increase in lending rate comes days after the Reserve Bank of India hiked its benchmark lending rate by 50 basis points to tame inflation. External Benchmark based Lending Rate (EBLR) and Repo-Linked Lending Rate (RLLR) have been raised by 50 basis points while the hike in Marginal Cost of funds-based Lending Rate (MCLR) is 20 basis points across all tenure.
The meeting comes amid rising global concerns over a new strain of the coronavirus which the World Health Organisation has named 'Omicron' and classified as a highly transmissible virus of concern.
The UK's health authorities have confirmed that a new and "most significant" variant of COVID-19 is officially under investigation in the country as the government on Friday added six countries to its travel ban red list from southern Africa, where B.1.1.529 strain was first identified.
More than 16,000 cases have now been reported from 75 countries and there had been five deaths so far as a result of the outbreak.
"A recent risk assessment of the situation in India conducted by WHO found that resurgence and acceleration of COVID-19 transmission in India had several potential contributing factors, including increase in the proportion of cases of SARS-CoV-2 variants with potentially increased transmissibility; several religious and political mass gathering events which increased social mixing; and, under use of and reduced adherence to public health and social measures. The exact contributions of these each of these factors on increased transmission in India are not well understood," it said.
Earnings growth, attractive valuations and change in FPI flows from negative to positive over the next 12 months are some of the key triggers for an upside. "A poor monsoon, high inflation and further rate hike are some of the key risks
The WHO said the four current 'Variants of Concern' being monitored closely - Alpha, Beta, Gamma and Delta - are widespread and have been detected in all WHO regions.
The states were requested to take a stock of hospital preparedness such as availability of drugs and medical oxygen, vaccination coverage against COVID-19 and influenza.
A gradual approach to privatise public sector banks (PSBs) is more ideal than taking a big-bang approach, a study by Reserve Bank of India (RBI) staff has concluded. It has backed the government's idea to privatise two PSBs initially. Such a gradual approach would ensure that large-scale privatisation does not create a void in fulfilling important social objectives of financial inclusion and monetary transmission, the study has argued.
'Since the Covid virus has a tendency to mutate, we can continue to expect new variants of the virus to emerge and keep circulating and recirculating in the communities.'
Booster doses of COVID-19 vaccines are the easiest barrier that must be created immediately against Omicron, according to eminent virologist Dr T Jacob John, who noted that it may not seed the third wave of the pandemic, but breakthrough infections may be common due to the new variant.
Business conglomerate Adani Group's chairman Gautam Adani is now the world's second-richest person after overtaking Louis Vuitton's Bernard Arnault, according to Forbes' Real-Time Billionaires List. At the time of writing this report, Gautam Adani's net worth was $153.9 billion, compared to Arnault's net worth of $153.7 billion. Adani is now just behind business magnate Elon Musk, according to Forbes' data.
As the air pollution in Delhi-NCR ameliorated over the last two days, the Centre's air quality panel Sunday directed authorities to lift the ban on plying of non-BS VI diesel light motor vehicles in the region and the entry of trucks into the capital imposed under the final stage of the Graded Response Action Plan.
Though Covid cases are rising in Delhi and its satellite towns, the focus should be on hospital admissions that have remained the same or changed just marginally, say several scientists, underscoring that the uptick is not an indication of a fourth wave in the country at this point.
As temperatures soar across the country, amid searing heat wave, analysts see power demand hitting fresh record highs this year. The time, therefore, may be opportune to add related stocks on dips as higher demand boosts earnings visibility, they said. On April 18, India's electricity demand touched a new high of 216 gigawatts.
'There will be many Omicron cases in India, but much less hospitalisation and death than you had in the Delta wave'
A set of seven symptoms, considered together, can be used to maximise detection of COVID-19 in the community, according to a study.
Villagers say that the wooden temple chariot, with parts being iron based fitment, was decorated with colourful lights especially on the top, and it came into contact with the overhead electricity line.
'We are working in association with the state government and other transmission companies to make sure that the city never experiences blackouts'
CreditSights has dialed back on its language on debt levels at richest Indian Gautam Adani's group but has maintained that the group's leverage is elevated. In a new note published after discussions with the group's management, CreditSights, a Fitch group firm, said it "has discovered calculation errors" in its recent debt report on two Adani Group companies but these did not change its investment recommendations. On August 23, CreditSights stated that the Adani group was "deeply over-leveraged" and may "in the worst-case scenario" spiral into a debt trap and possibly a default.
The vaccine would not have production scalability issues unlike Covaxin, Bharat Biotech's COVID-19 virus vaccine.
Housing sales are likely to be hit, especially in affordable and mid-income categories, following the RBI's decision to hike repo rate, according to real estate developers and consultants. However, the impact of RBI's decision to raise the benchmark lending rate by 50 basis points to 5.40 per cent is expected to be for a short term, they added. This is the third consecutive rate hike after a 40 basis points and 50 basis points increase in May and June, respectively.
India has so far reported nine cases of monkeypox, including one death.
The Meridian feels comfortable and upright with the quality of gadgetry, interiors and plastics expected from an international brand car. However, it lacks the overall premium-ness that may come with a top-end Japanese car or even a mid-range German car, says Pavan Lall.
Prime Minister Narendra Modi and Chinese President Xi Jinping shook hands on Tuesday at a side event at the G20 Summit in Bali, a gesture drawing some attention because of the strained relations between the two countries over a border clash two years back.
Kerala Health Minister Veena George on Sunday said the health department will examine the reasons behind the death of the man.
'Call it by whichever name, but there is transmission happening between people.'
Omicron has started replacing Delta variant in the country in terms of the number of COVID-19 cases and positive international travellers are almost 80 per cent Omicron now, official sources said on Friday.
Core to the planning is the rigidly-enforced closed loop that physically separates Games-related personnel from the local population
'Areas within 100 km of the landfall could suffer catastrophic effect.'
India reported 3.52 lakh fresh coronavirus cases in the last 24 hours. This is the highest single-day spike registered since the onset of the pandemic.
As concerns mounted and some people wondered whether this could possibly turn out to be another Covid, pulmonologist Anurag Agrawal said he doesn't expect to see a massive wave.
Chief Justice of India (CJI) N V Ramana-led bench was irked over the increasing number of reports regarding delay in implementation of the orders passed by the top court and has recently taken suo motu cognisance of news reports of delay by Uttar Pradesh authorities in releasing 13 prisoners who were granted bail by it on July 8.
Bharat Biotech is also looking at nasal vaccine as a booster dose as its scaling up capacity is very easy when compared with Covaxin, he added.
India's equity markets are on a roller-coaster ride, after delivering spectacular returns for two consecutive years - in 2020 and 2021. The benchmark National Stock Exchange's (NSE's) Nifty50 is down 1.5 per cent in the first nine months of the current calendar year 2022 (CY22) as foreign portfolio investors sold Indian stocks due to rising bond yields in the US and across global markets, including India. The sell-off in the Indian equity markets has, however, not been broad-based and largely limited to sectors facing earnings headwinds from rising interest rates, lower commodity and energy prices, and likely economic recession in advanced economies.
The success of recent IPOs and the stability in the secondary market are propelling many firms and investment bankers to remove their IPO plans.
In his fresh directive, Xi said that more targeted patriotic health campaigns should be conducted as the country's COVID-19 epidemic prevention and control faces new situations and new tasks.
The power failure comes at a time when the state is reeling under power deficit.
The company claims that when the Nitric Oxide Nasal is sprayed over nasal mucosa it acts as a physical and chemical barrier against the virus.
'Considering Mumbai's population density, one can expect to see more positive cases in areas like Dharavi in the days to come.' 'That is the challenge before the public health infrastructure and preparation of the city in dealing with such crises.'
