Top Stories | Zerodha's IPO dilemma, Hyundai IPO date and price, RBI MPC decision, West Asian conflict and more
?? Top 10@10 — CNBC-TV18’s daily newsletter featuring the top 10 stories on markets, corporate updates, economic insights, and financial highlights — delivered at 10 PM
This edition brings you the key takeaways from the Reserve Bank of India's Monetary Policy Committee (MPC) meeting. For the tenth time in a row, the RBI has kept the repo rate unchanged at 6.5%, but with a crucial shift in stance from "withdrawal of accommodation" to "neutral." It also kept the GDP growth forecast for FY25 unchanged at 7.2%.
In the market, the Nifty 50 index slipped as consumer and heavyweight financial stocks reacted to the policy decision. On the corporate front, Hyundai Motor India is gearing up for its largest-ever IPO, with a price band set between ?1,865 and ?1,960 per share. The IPO will be open for subscription from October 15 to 17. Meanwhile, Zerodha’s founder expresses concerns about how new SEBI regulations are reshaping the brokerage industry.?
Plus, an update on escalating tensions in Gaza, global diplomatic efforts, and major developments affecting Indian and international markets.?
Zerodha founder believes the best days are behind for India's stockbrokers
In an exclusive interview with CNBC-TV18, Zerodha founder Nikhil Kamath said that new regulations set by the Securities and Exchange Board of India (SEBI) are reshaping the industry, forcing brokers to adapt and find new ways to generate revenue.
"The regulators, especially SEBI, want brokers to earn only from brokerage and not from anything else. This is a big challenge for the entire industry," Kamath said.
RBI MPC Meeting Highlights: Status quo for the tenth time, stance changed to 'neutral'
The Reserve Bank of India (RBI) governor Shaktikanta Das, on Wednesday, announced that the Monetary Policy Committee (MPC) has decided to keep interest rates unchanged at 6.5%, for the tenth straight instance. However, RBI revised its stance to 'neutral' from the withdrawal of accommodation, in line with CNBC-TV18 poll projections.
RBI MPC retains FY25 inflation forecast at 4.5%
The Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) maintained the inflation forecast for 2024-25 at 4.5% in its fourth bi-monthly policy decision of the year on October 9.
RBI warns some NBFCs for playing fast and loose
Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday (October 9) issued a warning to Non-Banking Financial Companies (NBFCs) regarding aggressive and unsustainable growth.
He acknowledged the impressive growth of NBFCs over the past few years but raised concerns about some entities pursuing growth at the cost of proper risk management and sustainable business practices.
Nifty 50 slips as consumer, heavyweight financials offset broader market gains
The Nifty 50 index fell on Wednesday, with losses in consumer and financial stocks offsetting broader market gains after the Reserve Bank of India's decision to maintain interest rates and shift to a 'neutral' stance, indicating potential rate cuts ahead.
The Sensex fell by 168 points to close at 81,467, while the Nifty dropped 31 points to finish at 24,982. The Nifty 50 had opened today 1,211.55 points shy of its recent record high of 26,277.35.
Hyundai Motor India's top brass discuss IPO plans, festive discounts, and upcoming launches
Unsoo Kim, Managing Director of Hyundai Motor India, sees the upcoming IPO as the start of a new growth phase for the company in India.
"We believe it is the right time to take a further step to Indianise our operation in India," he said in an interview with CNBC-TV18.
Hyundai Motor India IPO, which is set to open for subscription on October 15 will be India's largest IPO issue till date. The price band for the issue has been fixed between ?1,865 and ?1,960 per equity share.
Israel carries out new strikes in Gaza, UN chief says many trapped in north
At least 18 people were killed in overnight military strikes on Gaza, Palestinian medics said on Wednesday, as Israeli forces pressed on with a raid on the Jabalia refugee camp in the enclave’s north.
The Israeli military says the raid, now in its fifth day, is intended to stop Hamas fighters staging further attacks from Jabalia and to prevent them regrouping.
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It has repeatedly issued evacuation orders to residents of Jabalia and nearby areas, but Palestinian and U.N. officials say there are no safe places to flee to in the Gaza Strip.
Global powers should convince Israel to move towards de-escalation, says Iran’s Ambassador Iraj Elahi
As the Israel-Hamas conflict escalates, raising concerns of a wider regional confrontation, Iran’s Ambassador to India, Iraj Elahi, stressed the importance of global efforts for de-escalation.
In an interview with CNBC-TV18, Elahi expressed concerns over the growing tensions and discussed their potential impact on India, regional trade, and the broader geopolitical landscape.
“We hope that all countries who have influence on Israel will do their best to convince it to move towards de-escalation,” he said.
Ola Electric has over 10,000 plaints to fix and the consumer affairs authority and road ministry are watching
The Central Consumer Protection Authority (CCPA) has issued a show cause notice to Ola Electric following a wave of over 10,000 complaints received on the National Consumer Helpline (NCH), sources told CNBC-TV18 on October 7.
Sources also told CNBC-TV18 on October 8 that the Ministry of Road Transport and Highways may seek an explanation from Ola Electric regarding customer complaints. They said the ministry is “aware” of the customer grievances against Ola Electric but no action has been taken as yet.
CDSCO orders recall of 'not standard quality' drugs, trains crosshairs on five fake drugmakers
To ensure that good quality drugs are sold in the market, the Drugs Controller General of India (DCGI), Rajeev Singh Raghuvanshi, stated that the Central Drugs Standard Control Organisation (CDSCO) has already ordered a recall of drugs. Investigations have begun, and action has been initiated to hold the makers of five spurious drugs mentioned in the recent list accountable.
A day after Haryana poll result, these Independent MLAs extend support to BJP
As the Bharatiya Janata Party is set to form the government in Haryana for the third consecutive time, two Independent MLAs have extended their support to the saffron party.
In this election, only three Independent candidates registered a win. Out of these, MLAs Rajesh Joon and Devender Kadyan have extended their support to the BJP.
US considers asking court to break up Google as it weighs remedies in the antitrust case
The US Department of Justice is considering asking a federal judge to force Google to sell parts of its business in order to eliminate its online search monopoly.
In a late court filing on Tuesday, federal prosecutors also said the judge could ask the court to open the underlying data Google uses to power its ubiquitous search engine and artificial intelligence products to competitors.
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