Mint Morning Digest: Impact of rising RBI rates, falling coal imports, and more

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Impact of rising RBI rates: what stock and bond investors need to know

Indian stock markets rose, the rupee strengthened and bond yields rose after the Reserve Bank of India raised the repo rate to pre-covid levels. The Reserve Bank of India (RBI) raised the main repo rate by 50 basis points while Governor Shaktikanta Das remained bullish on domestic growth. He said the national economic recovery was broadening despite many uncertainties on the global front. Learn more here.

EMI loans set to rise as RBI offers another rate hike

Loan repayments are expected to rise for the third time in four months, following Friday’s decision by the Reserve Bank of India (RBI) to raise the benchmark rate by 50 basis points (bps) to 5.4%. Learn more here.

Russia overtakes Saudi Arabia to become India’s second crude supplier: report

Amid rising fuel demand in India and high crude oil prices in the global market, Russia managed to beat OPEC+ ally Saudi Arabia to increase its market share in the one of the largest importers of rough, Bloomberg reported on August 5. Learn more here.

Parliamentary committee suggests phasing out coal imports

The parliamentary standing committee on energy said the union’s energy and coal ministries should ensure optimum use of locally produced coal through effective collaboration so that imports can be phased out. Learn more here.

Nykaa acquires the digital lifestyle platform Little Black Book

Online fashion retailer Nykaa has agreed to acquire digital lifestyle guide Little Black Book for an undisclosed sum. Learn more here.

HDFC seals $1.1 billion social loan for affordable housing

HDFC on Friday announced the completion of the $1.1 billion syndicated social loan facility for financing affordable housing in India. The company called it the largest social loan in the world and the first ECB social loan in India. Notably, this is also the largest ECB loan deal from a private housing finance company/NBFC in the country. The HDFC loan was offered at a competitive price with a margin of 90 basis points over the guaranteed overnight funding rate (SOFR). Learn more here.

India offers to sell Tejas jets to Malaysia, say 6 other interested countries

India has responded to a tender issued by the Royal Malaysian Air Force offering to sell 18 Light Combat Aircraft (LCA) “Tejas” to Malaysia. Argentina, Australia, Egypt, the United States, Indonesia and the Philippines are also interested in the single-engine jet, according to the Defense Ministry statement. Learn more here.

Companies will be able to consult CCI to avoid delicate mergers and acquisitions

Firms should be given more leeway to salvage mergers and acquisitions (M&A) deals in consultation with India’s Competition Commission (ICC) under a new corporate-friendly deal approval process that helps fine-tune proposed transactions that fear harm to competition. Learn more here.

Vice presidential poll today: numbers in favor of Jagdeep Dhankhar. 10 things you need to know

The ballot for the election of the vice-president is to be held today, August 6. Jagdeep Dhankhar (71) is a Jat Chief of Rajasthan and was also a former Governor of West Bengal while Margaret Alva (80) is a Congress veteran and served as Governor of Rajasthan. Learn more here.

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