Title – RBI’s monetary policy committee meeting starts today
Description – In this episode, find out Vodafone Idea plans to grow its post paid user base, also find out about TVS Motor’s plans to raise Rs 5000 crore in EV push
Business Term of the Day: ONDC
The Reserve Bank’s rate-setting panel will begin its three-day deliberations on Monday to decide the next monetary policy in the backdrop of high inflationary concerns and evolving geo-political situation
TVS Motor Co. Ltd is in advanced talks to raise ₹4,000-5,000 crore from private equity firms to fund the expansion plan of the group’s newly formed electric mobility arm, two people with direct knowledge of the matter said. TVS Motors is doubling down on electric vehicles as India sharpens its focus on reducing vehicular pollution in cities and cutting dependence on fossil fuels amid surging fuel prices.
Vodafone Idea Ltd plans to grow its postpaid user base and add more high-paying customers to its network through targeted marketing initiatives as part of its broader strategy to boost its average revenue per user. Ravinder Takkar, chief executive, Vodafone Idea, said the key challenge of payment mechanism for postpaid plans through online mode has been resolved and the time is ripe to examine the prepaid-postpaid divide within its customer base.
Sebi has revoked the securities market ban imposed on Abhay Bhutada, Managing Director of Poonawalla Finance, in a case pertaining to alleged insider trading activities in the shares of Magma Fincorp (which is now known as Poonawalla Fincorp). After conducting a detailed investigation in the matter, Sebi found that “Abhay Bhutada had not communicated UPSI (unpublished price sensitive information)”
The company has signed a share purchase agreement with Essar Power to acquire its 100 percent stake in Essar Power Transmission Company (EPTCL). The acquisition is in line with the company’s value added growth strategy through organic as well as inorganic growth opportunities. The deal is pegged at Rs 1,913 crore.
Moving on to markets
Indian indices may witness a flat to negative start on Monday.
The indices declined moderately in the last trading session on Friday.
Globally, caution is the dominant theme among the investors ahead of a critical reading on US inflation, while the euro gained on the yen amid wagers the European Central Bank will take a major step toward policy tightening this week.
Oil prices jumped in early trade after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.
In India, the Reserve Bank is likely to announce the outcome of its Monetary Policy Committee on 8 June. In Asia, shares gained marginally in Hong Kong and South Korea, while it fell in Japan, Shanghai, and Australia.
Business Term of the day
hat is ONDC, India’s project for an open e-commerce network? ONDC is a non-profit company whose network will enable the display of products and services from all participating e-commerce platforms in search results across all apps on the network. For example, if both Amazon and Walmart’s Flipkart integrate their platforms with ONDC, a user searching for a Bluetooth headset on Amazon would also see results from Flipkart on the Amazon app.
