RBI leans towards economic growth, keeps policy rates unchanged at 4%

The (RBI) on Friday kept its unchanged and promised to continue its accommodative stance this fiscal year and into the next, while sharply revising its inflation forecast upward and retaining its earlier stand that the economy could start recording growth from the third quarter itself.

The repo rate stays at 4 per cent and the stance “accommodative”. The rate pause was on expected lines, and all the six members on the Monetary Policy Committee were unanimous on the matter, RBI Governor said in a post-policy interaction with the media.

Economists and bankers had expected the central bank to remove some of the liquidity overhang that had brought down money market rates way below the policy repo rate. But the central bank did not seem to be in a mood to spoil the party for the bond market, perhaps to manage the Rs 12 trillion borrowing programme by the government.

The central bank will continue to support easy liquidity, Das said.

“The Reserve Bank, on its part, stands ready to undertake further measures as necessary to assure market participants of access to liquidity and easy financing conditions,” Das

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UltraTech Cement shares close with over 4% gain on investment plan

Shares of Cement on Friday closed with over 4 per cent gain after the firm announced an investment plan worth Rs 5,477 crore.

The stock, which zoomed 6.25 per cent to a one-year high of Rs 5,198.30 during the day on BSE, later closed at Rs 5,092.90, a gain of 4.10 per cent.

On NSE, it gained 4.01 per cent to settle at Rs 5,089.80.

The country’s largest cement maker on Thursday announced a Rs 5,477-crore investment to add 12.8 million tonnes (MT) capacity, taking its overall output to over 136 MT per annum.

In a statement, the company said its board in a meeting approved capacity expansion to the tune of 12.8 MT per annum with a mix of brown-field and green-field expansion.

Upon completion of the latest round of expansion, UltraTech’s capacity will grow to 136.25 MT per annum, reinforcing its position as the third-largest cement company in the world, outside of China.

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Nations Plan For Vaccine As Global Virus Cases Top 65 Million

Global coronavirus infections surged past 65 million on Friday even as countries doubled down on restrictions and plans to roll out vaccines gathered pace.

The World Health Organization warned against complacency and what it said was an erroneous belief that because vaccines are on the near-horizon, the Covid-19 crisis is over.

Daily covid infections per world region since February 2
 AFP / Bertille LAGORCE

“Vaccines do not equal zero Covid,” WHO emergencies director Michael Ryan told a virtual news conference, adding that not everyone will be able to receive it early next year.

Britain on Wednesday became the first Western country to approve a vaccine for general use, piling pressure on other countries to follow suit swiftly.

Other nations are also moving ahead with plans to roll out the vaccines. The United States is expected to give a green light later this month.

A 99-year-old Croatian woman gives the thumbs up after she successfully beat the coronavirus

A 99-year-old Croatian woman gives the thumbs up after she successfully beat the coronavirus

Belgium, France and Spain have said jabs would begin in January for the most vulnerable.

WHO director-general Tedros Adhanom Ghebreyesus said that progress on vaccines “gives us all a lift and we can now start to see the light

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