Category Archives: News

New Nissan Magnite Launched at Provincial Nissan Pune

Pune(S.N) -Nissan Motor India Pvt. LTD. has Launched New Nissan Magnite at Provincial Nissan Pune at Glittering Function.The car was unveiled by Shri Prakash Bhegde,Shivsena Bhor Assembly Oraganizer & Shri.Sandip Amale,Sarpanch Ghotwade Mulshi in presence of Rajdeep Bose,Area Sales Manager-NMIPL,Mukul Borkar,Area Manager-Service NMIPL,Jitendra Patil GM Sales,Vishal Kamble AGM Sales Provincial Cars LLP.New Nissan Magnite combines a bold road presence with a redesigned premium new exterior and interior design, and 20+ Segment-First features in India.The New Magnite directs attention with a bigger & bolder redesigned “Honeycomb” grille, higher ground clearance giving it a prominent stance, while the interior design boasts a more premium appeal with a sharp leatherette finish.

New Nissan Magnite offers enhanced safety with reinforced body structure, 40+ Standard Safety Features including six Airbags, Electronic Stability Control, Traction Control System and Hydraulic Brake Assist.Now available in 18 Variants across 4 Powertrain Options: 1.0L Petrol MT & EZ-Shift and 1.0L Turbo Petrol MT & CVT.New Nissan Magnite comes with LED bi-projector headlamps,LED lightsaber-style turn indicators,Best-in-class Rear knee room, Best-in-class ‘couple distance’ (shoulder room in the front row)New Nissan Magnite LED Tail Lamp with 3D Honeycomb Gradient Effect (Best-in-Class),LED L-shaped Daytime Running Lights, LED fog lamps, 205 mm ground clearance ,LED fog lampsBest-in-class turning radius (5.0m), 360 leather pack – Seat Upholstery, Door trim, Wrapped Dashboard,Functional roof rails with 50kg load bearing, Best-in-class 19L+ Cabin storage space, 336L to 540L Expandable Boot Space with Standard 60:40 seat split.

New Nissan Magnite comes with 12 Exiting colours Dual Tone:- “Sunrise Copper Orange & Black,Blade Silver & Onyx Black,Flare Garnet Red & Onyx Black,Vivid Blue & Onyx Black,Pearl White & Onyx Black”.

Ankura Hospital brings new hope for 29 year old woman suffering from a complex gynecological ailment

Vijayawada: October 09th, 2024: Ankura Hospital for Women & Children, a prominent healthcare institution known for its specialized services in women and child health, has achieved a remarkable feat by successfully performed a challenging gynecological surgery on a 29 year old woman who was suffering from abdominal distention- a tight and swollen abdomen. An open Myomectomy was performing on the patient by the skilled doctors at Ankura Hospital, thereby curing the patient of the discomfort and preserving her fertility.

When the patient was brought to Ankura Hospital, she exhibited abdominal distention. Recognizing the need for urgency, she was taken to the Department of Obstetrics and Gynecology, where a thorough clinical examination and ultrasound were performed by Dr Pujita Myneni, Senior Obstetrician, Gynecologist, and Laparoscopic Surgeon, and her team. Following thorough clinical examination and ultrasound, the investigations led to the diagnosis of large fibroids in her uterus. Though fibroids are very common benign tumors of the uterus, Fibroids larger than 10 cm are called large fibroids, and they are rare. Since the patient was diagnosed with huge fibroids that measured, 37 x 33 cm and weighing 7.115kgs, her ailment demanded immediate attention and cure. An open Myomectomy was planned to remove the fibroids. Unlike Hysterectomy, in Myomectomy, only the fibroid portion is removed while preserving the uterus.

Speaking about the challenging surgery, Dr Pujita Myneni, Senior Obstetrician, Gynecologist, and Laparoscopic Surgeon, Ankura Hospital said, “The patient presented with abdominal distention. Further investigations revealed that she had a large fibroid, which required immediate care. Hysterectomy is normally recommended for patients with such large fibroids. However, keeping in mind the age of the patient, we preferred to proceed with Myomectomy, that would remove only the portion with fibroids. In such cases of large fibroids, maintaining haemodynamic stability is also a challenge due to the increased risk of severe haemorrhage during and after surgery. We were successful with the procedure and were able to preserve the uterus. Now the patient is not only fine, but pregnancies are possible in future. This is a boon for young women like her.”

Adding to this, Dr. T. V. Vijay Kumar, Medical Director, Ankura Hospital, Vijayawada said,” At Ankura Hospital, it is our mission to save lives and ensure the well-being of our patients. We have a team of experienced doctors trained in using state-of-the-art facilities to handle the unique challenges. This case is a testament to the exceptional level of care and expertise provided at Ankura Hospital, Vijayawada. The highly skilled team of doctors performed the challenging procedure of Myomectomy on the patient, to remove the fibroid of this size, while navigating the risk of injury to the adjacent structures. With meticulous planning, skillful intervention, and world class infrastructure at Ankura Hospital, open myomectomy was successfully performed in this case. The woman was kept under observation postoperatively and was happily discharged with no complications. Stories like this, bring renewed hope to young women, reassuring that with advanced care, even the most challenging conditions can be overcome.”

Ankura Hospital advises that women with unusual symptoms like heavy menstrual bleeding, painful periods, bleeding in between periods, pelvic pain, pain in the lower back, or abdominal distention, as in this case, may have fibroids and require attention. Apart from these, women should consult a gynecologist at the earliest in case they notice any other unusual symptoms. An early diagnosis and treatment ensures an effective cure and prevents complications.

NueGo Flags Off Historic Kashmir to Kanyakumari Electric Bus Expedition

National, 9th October 2024 – NueGo, India’s leading electric bus brand from GreenCell Mobility, is proud to announce the official commencement of the Kashmir to Kanyakumari (E-K2K) Electric bus expedition. This historic journey marks a significant leap in promoting sustainable mass mobility in India. With this expedition, NueGo is set to become the first EV bus brand in the world to accomplish such a historic feat. NueGo aims to cover over 4,000+ kms from 3,500 feet above sea level to the coastline.

As the bus passes through over 200 cities and towns, it will serve as a symbol of India’s rich cultural heritage, while also spreading the message of sustainability. The E-K2K bus will be making a positive impact throughout its journey by engaging in various meaningful activities, such as student workshops, tree plantation, clean-up initiatives, safety-themed Nukkad Natak in cities like Jaipur, Hyderabad, Bhopal and Bangalore. Doing such impactful events along the way—truly embodies the spirit of “the E-bus that does good.”

The journey was kicked off in Jammu on 4th Oct by Dr Devansh Yadav, CEO Jammu Smart city and JMC Commissioner. Today at the NueGo depot hub in Ghaziabad, several distinguished guests gathered for the flag-off ceremony from Delhi NCR. Sudhendu J. Sinha, Advisor, NITI Aayog; Dr. Sanjeev K. Lohia, Senior Advisor, The World Bank; Mahua Acharya, Ex-MD & CEO at CESL; Abhijeet Sinha, Project Director at NHEV; and Amit Bhatt, MD at ICCT India; were present as guests of honor to witness the beginning of this groundbreaking journey.

Mr. Devndra Chawla, CEO and MD of GreenCell Mobility, delivered the welcome address, emphasizing the need for green mass mobility solutions in India. ” “NueGo’s ambitious E-K2K journey will see us travel over 4,000 Kms from Kashmir to Kanyakumari, demonstrating the resilience of electric buses across diverse terrains in India. This expedition is more than just a record-breaking feat; it symbolizes India’s rich cultural heritage. By passing through 200+ cities and towns, the journey will inspire transition to EV buses. Engaging in various impactful activities, the E-K2K bus truly embodies the spirit of “the E-bus that does good” while highlighting India’s commitment to innovation and green technology, said Mr. Chawla.

Dhanpal Jhaveri, CEO – Eversource Capital said, “We applaud GreenCell in its groundbreaking ‘Kashmir to Kanyakumari’ (E-K2K) expedition. This initiative is a significant step toward demonstrating the commercial viability and environmental benefits of electric mobility in India. At Eversource, we believe that investments in clean technologies, such as electric vehicles, are critical to addressing the climate challenge while creating long-term value and accelerate the transition to a low-carbon economy, fostering long-term value for both people and the planet.”

From picturesque valleys to bustling cities, the expedition is designed to showcase the rich cultural diversity of India while demonstrating the practicality of electric bsues across varying terrains. As the journey progresses, NueGo’s electric buses will continue to inspire communities across India, spreading awareness about the benefits of electric mobility and the importance of adopting cleaner transportation solutions for people and planet.

Tembo Global Industries Ltd. Expands Operations with Innovative Divisions Targeting Infrastructure and Defense Industries

In a transformative move, Tembo Global Industries Ltd. has announced the creation of two distinct companies aimed at redefining the landscape of their respective industries. This announcement marks a significant milestone for Tembo Global Industries Ltd. as it integrates the umbrella of the new divisions – Tembo Global Infra Ltd. and Tembo Defense Products Ltd.

The first of these initiatives positions Tembo Global Infra Ltd. as the key project executor, significantly enhancing the company’s portfolio. Operated under the general supervision of Tembo Global Industries Ltd, this division has been designed to enhance and streamline project execution efficiency. With a steadfast commitment to delivering excellence, the division stands poised as the driving force behind the company’s future ventures, committed to innovation and maintaining impeccable quality standards.

Tembo Global Industries Ltd.’s strategic decision to launch this division underscores its commitment to business adaptability in the dynamic commercial landscape. With a team of seasoned professionals and acknowledged experts, the division aims to leverage specialized expertise by consolidating project execution within its operations. This approach ensures that each project receives personalized attention, bespoke solutions, and achieves the highest standards of delivery excellence.

Furthermore, as part of its strategic integration, Tembo Global Industries Ltd. introduces its second division, Tembo Defense Products Ltd. This initiative is driven by increasing production demands and underscores Tembo’s commitment to aligning with the “Make in India (Atmanirbhar Bharat)” initiative. This move supports the country’s overarching objective of fostering self-reliance in defense manufacturing.

This ground-breaking programme demonstrates Tembo Global Industries Ltd commitment to optimizing its organizational structure, improving operational effectiveness, and encouraging innovation throughout its businesses. With these two divisions taking the stage, Tembo Global Infra Ltd. and Tembo Defense Products Ltd.; the company maintains its standing as a progressive leader in the sector, ready to meet any challenges that may arise and provide unparalleled value to its stakeholders.

Commenting on the launch of the new divisions, Mr. Sanjay Patel, Managing Director of Tembo Global Industries Ltd., stated, “The introduction not only demonstrates our company’s dedication to growth but also marks the beginning of a new era of innovation and excellence in project execution and diverse business ventures. Our company’s divisions are examples of our strategic vision and commitment to setting the standard in their respective fields.”

Successful completion of USFDA inspection at Alembic Pharmaceuticals Limited’ Oncology Formulation Facility at Panelav.

9th October, 2024, Mumbai: Alembic Pharmaceuticals today announced that it has successfully completed the United States Food and Drug Administration (USFDA) inspection for its Oncology (Injectable and Oral Solid) Formulation Facility (F-2) located at Panelav.

 The inspection was successfully completed without any Form 483 observation. The inspection was conducted from 7th October, 2024 to 8th October, 2024.

RBI Holds Repo Rate Steady at 6.5% Amid Mixed Economic Signals

9th Oct 2024: The Reserve Bank of India (RBI) has decided to maintain the repo rate at 6.5%, marking a continuation of its current monetary policy stance. This decision comes amid mixed economic signals, with inflation showing signs of moderation but still remaining above the central bank’s comfort zone. The RBI aims to strike a balance between fostering economic growth and controlling inflation, recognizing the potential impact of external factors such as global economic conditions and geopolitical tensions.

 By holding the repo rate steady, the RBI hopes to provide stability to the financial markets and support ongoing recovery in key sectors like manufacturing and services. Analysts suggest that the decision reflects the central bank’s cautious approach, allowing for a careful assessment of economic indicators before considering any adjustments. As businesses and consumers navigate this environment, the RBI’s commitment to monitoring inflation trends and growth prospects remains critical in shaping India’s economic landscape.

 Anuj Puri, Chairman – ANAROCK Group

 With the fundamentals of the Indian economy remaining strong despite global headwinds, geopolitical tensions and inflation well within control, the RBI has once again decided to keep the repo rates unchanged at 6.5% – thus helping the housing market to maintain momentum during the festive season. While a repo rate cut would have been preferable, it is clear that the RBI is on a tightrope walk and must keep various macro-economic factors in mind.

 From the point of view of homebuyers, the relatively affordable home loan interest rate regime will continue at a critical time for the Indian housing market – the festive season – amid rising housing prices and tapered sales. Q3 2024 saw average housing prices rise by a cumulative 23% in the top 7 cities even as average prices in these markets collectively rose to approx. INR 8,390 per sq. ft. by Q3 2024-end, from approx. INR 6,800 per sq. ft. in Q3 2023.

 Housing sales also declined to an extent in Q3 2024, even as prices rose. As per ANAROCK data, Q3 2024 saw residential sales go down by 11% annually against Q3 2023. New launches also fell by 19% in this period.

 The unchanged home loan rates are much-needed demand support in the ongoing festive quarter. We are expecting faster sales momentum in Q4 2024 when compared to the preceding quarter. This year’s festive quarter may see similar demand to that seen in this period a year ago, if not higher. Over 1.27 lakh units were sold across the top 7 cities back in Q4 2023. Unchanged interest rates will play and important role in achieving and maintaining this momentum.

Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd

The RBI’s decision to hold rates steady aligns with expectations, to keep inflation under check. While the recent rate cut by the US Federal Reserve has sparked similar hopes in India, the domestic situation remains distinct, with the central bank prioritizing inflation management within its target range. Yet policy stability bodes well in the ongoing festive season which promises to be a significant phase in terms of real estate demand as the industry is hopeful of the continued rise in residential sales. As and when a rate cut is anticipated soon, which, when implemented, will benefit both homebuyers and real estate developers to capitalize on the market and strengthen overall economic growth.

Mr. Mohit Jain, Managing Director, Krisumi Corporation

The apex bank’s stance to keep the rates unchanged for the tenth consecutive time is on the expected lines. While the real estate industry was hoping for an interest rate reduction, a status quo is the next best outcome for the industry. Stable rates ensure consistent EMIs, giving homebuyers the confidence to plan their purchases. Furthermore, the expectation of potential rate cuts in the coming months is also boosting optimism in the real estate market and we expect the robustness in demand to continue over the next few years.

Mr. Pankaj Kalra, CEO, Essar Oil & Gas Exploration & Production Ltd (EOGEPL)

“The RBI’s decision to keep the interest rate steady at 6.5% reflects a measured response to current inflationary concerns. This decision provides a stable economic environment that is vital for planning and investing in long-term project financing and capital allocation. The decision to uphold the ‘Withdrawal of Accommodation’ stance aligns with our expectations and supports economic stability, ensuring that we can continue our exploration and production activities without the added uncertainty of fluctuating borrowing costs. At EOGEPL, we will use this stable interest rate to promote growth and help strengthen India’s energy sector.”

Dr. Esha Khanna, Assistant Professor at Sarla Anil Modi School of Economics, NMIMS

 MPC’s adjustment in monetary policy to neutral is much needed and exhibits a balanced outlook on inflation and growth. Revised upward growth forecasts, downward adjustments of headline inflation toward the target, sufficient liquidity conditions, diminished volatility in the rupee, and robust external demand are several positive factors. Moving forward, decisions regarding rate cuts will be contingent on changing inflation dynamics, as core inflation has increased. There is a considerable risk related to food and metals, with uncertainty arising from volatile global factors, as highlighted in today’s policy statement. The RBI may postpone a rate cut by an additional quarter if upside risk to inflation continues, though real policy rates currently hover around 2 percent. Despite high real policy rates, Investment demand is at a decadal high, indicating that investment is propelled by robust economic demand and favorable production conditions owing by a gradual reduction in inflation rather than by alterations in interest rates. Overall, the shift in stance to neutral has created opportunities for a rate cut in the near future, which is expected to affect bond yields and likely result in a bullish market in the short term.

However, a subtle reminder to non-banking financial companies (NBFCs) to thoroughly assess their exposures in unsecured segments was essential, as NBFCs play a crucial role in financing MSMEs and have experienced significant growth in rural, small-scale, and unbanked sectors. These cover the varied financial requirements of the Indian economy, propelled by growth in lending, credit, and vehicle financing. Consequently, non-banking financial companies (NBFCs) must exercise greater caution as they experience larger balance sheets and an influx of public funds.

 Mr. Arsh Mogre, Economist Institutional Equities, PL Capital – Prabhudas Lilladher

  “The RBI’s Monetary Policy Committee held the repo rate steady at 6.5% for the tenth consecutive meeting, reflecting a cautious, data-driven approach amidst a global easing trend. Shifting to a ‘neutral’ stance indicates flexibility but not readiness for immediate easing. Governor Das’s firm message is clear: any rate cut will be contingent on achieving a durable alignment of inflation to the 4% target—a critical threshold that remains elusive amid persistent food price volatility and global uncertainties. The RBI’s inflation forecast for FY25 was kept at 4.5%, but the upward revision in Q3 to 4.8% signals rising caution over the impact of erratic monsoon patterns and geopolitical tensions. While strong Kharif sowing and high reservoir levels provide some relief, risks from La Niña and potential global supply shocks keep the inflation outlook precarious.

On growth, the RBI’s FY25 GDP projection remains robust at 7.2%, supported by resilient private consumption and investment, though early signs of moderation are evident in manufacturing and credit activity. This ‘neutral’ stance is not a precursor to rate cuts but a strategic recalibration which is “a calculated wait-and-see approach”, allowing the central bank to act swiftly if inflationary or growth dynamics shift sharply. Future cuts will likely be shallow (50-75 bps in FY25, starting from the Dec-24 meeting if growth indicators continue to show weakness), reinforcing that every policy decision remains ‘live’ and meticulously data-driven. The RBI’s stance is a clear signal: stability over stimulus, ensuring inflation is durably anchored before committing to a looser policy.”

Manish Chowdhury, Head of Research, StoxBox

 An unexpected change in monetary policy stance from “Withdrawal of Accommodation” to “Neutral” has provided leeway to the RBI for a rate cut going ahead. However, we believe that a December rate would hinge upon multiple factors aligning including the trajectory of food inflation, the global economic and monetary policy setting and major commodity prices including crude oil and metal. With high frequency indicators showing signs of fatigue recently, we believe that the upcoming festive season would be a crucial factor in deciding the possibility of any downward revision to economic growth forecast. Though the central bank has tried hard to downplay an early rate cut expectation, our sense is that a rate cut in Q4FY25 is on cards, with the probability of the event happening in December looking evenly balanced.

Vaibhav Shah, Fund Manager,Torus Oro PMS

 In line with expectations, MPC kept the interest rates unchanged at 6.5%. However with the change in stance to Neutral from Withdrawal of accommodation, we believe that the MPC has set the base for rate cuts either in December or early next year, as inflation seems to be on a continuous downward trajectory. The projections related to inflation and growth have not been altered significantly, leading on confidence on achieving the inflation path without any disrupting growth engine. MPC had a mention of cooling food prices which were the key volatile variable in the overall food inflation equation, which should help achieve the overall inflation target.

Mr Ashwin Chadha, CEO, India Sotheby’s International Realty

We were more hopeful of a rate cut this time around, after moves by the U.S. Federal Reserve and other central banks. But the RBI’s decision to hold the repo rate steady for the 10th time in a row shows that India is laser-focused on its own economic landscape, rather than following global cues.

One standout from the Monetary Policy Committee’s (MPC) meeting is the shift to a neutral stance, which suggests they’re open to more flexibility. While inflation is on a downward trend, it’s still not entirely stable, and the MPC is aiming for that 4% sweet spot.

A rate cut is certainly on the cards if inflation keeps cooling off, which looks promising in the near term.

For real estate, this steady approach is a win. With stable interest rates, homebuyers, especially during the festive season, will feel more confident in making their purchase decisions.

Mr Vimal Nadar, Head of Research, Colliers India

While RBI has kept the benchmark lending rates unchanged at 6.5%, a change in stance from “withdrawal of accommodation” to “neutral” indicates its clear direction for a possible reduction in interest rates in the foreseeable future. This ongoing stability in repo rate should provide a significant thrust to residential real estate during these festive months as home loan interest rates are likely to remain steady.

Typically, Q4, marked by higher inclination of homebuyers to wrap-up property purchases during the auspicious period combined with instantaneous liquidity benefit aided by developers offering attractive discounts, has historically provided the final push to housing sales across the major markets in the country. Additionally, steady borrowing costs and recent extension of Input Tax Credit (ITC) by the Supreme Court can potentially benefit property developers engaged in construction of commercial office buildings.

Nishant Srivastava CEO of Torus Wealth

 Decision to maintain the repo rate at 6.50% aligns with expectations and demonstrates a continued focus on managing inflation. While neutral stance suggests a cautious approach to future monetary policy. Given the ongoing geopolitical tensions and global economic uncertainties, the RBI’s decision to prioritize inflation control is prudent. Its important to monitor economic indicators closely to assess the impact of this policy on growth and development.

Gurmit Singh Arora, National President, Indian Plumbing Association

In the RBI’s policy review on June 8, 2023, it was decided once again to keep the [repurchase] policy rate stable at 6.5% and the bottle is one available option after the 9th hike justification. It is the economy which is performing on many indicators but struggling on inflation to give room to the other idea. By going for a neutral stance they dispense with the necessity or the ability to undertake any policy action even in the future, it is more flexible. Though this stability in rates provides some breath to the present borrowers especially the schul creditors, this is a far shot from the sort of demand which an easing in the rates could have provided especially to the real estate space. The stable forecast on the GDP growth and inflation rates for FY25 still entails the possibility of India’s growth recovery over the medium-term based on prudent assumptions. However, the concern regarding the swelling enthusiasm in the property market that was sought before the holiday season might remain unfulfilled. Barring those two strategies, it seems homebuyers and of course new home owners will have to contend with this moderate rate environment either by way of new market innovations or cash inducements and adjusted value proportions in order to spark actions in real estate sales and purchase transactions.

Anurag Goel, Director at Goel Ganga Developments

In this case, there was nothing particularly surprising in what RBI Governor Das said regarding the repo rate remaining unchanged at 6.5%. Especially considering the RBI, Das said that in the environment of uncertainty existing at the time. This shift towards neutral posture is somewhat soft speaking, it’s a preparatory change it makes for easing policy. This decision, while keeping the status Quo of EMIs, vertically disadvantages the real estate sector.

On the one hand, it offers a stable environment in which planning and investment may be conducted over the long term. On the other, it deprived the market of the increased demand which a rate cut could have delivered during the all-important festive period. There is no change in GDP and inflation estimates for FY25, indicating faith in the do-nothing policy. However, volumetric parameters in strategy may need to be revisited by property market stakeholders as interest rate cut policies are likely to be absent.

LC Mittal, Director, Motia Group

The RBI’s decision to keep the repo rate unchanged for the tenth time at 6.5% is acknowledged to be a reasonable move under the current circumstances given high inflationary tendencies. The shift to a neutral stance signals the RBI’s commitment to aligning inflation with growth, ensuring that the market conditions remain favorable for sectors like real estate. As for the lack of a hinge to echo any change in borrowing rates, we perceive home loan EMIs currently to remain steady, which would, in turn, positively impact demand in the housing market.

Aman Gupta, Director, RPS Group

The RBI’s neutral stance after a prolonged period of holding the repo rate at 6.5% indicates a cautious yet optimistic approach towards managing inflation and growth. In addition, while this decision reduces volatility in borrowing rates which are of concern to real estate contractors and individuals, it also calls for budgeting because the threat of inflation still exists. We believe this move will help maintain confidence in the housing sector, but continuous vigilance is required to adapt to any shifts in the economic landscape.

Keshav Mangla, General Manager Business Development, Forteasia realty pvt ltd.

Like every other major financial institution in the world, the RBI has experienced criticism of its decision to keep the repo rate unchanged at 6.5%, the tenth such posture in a row, while easing the stance to neutral. Such policy directed at mitigating growth in the economy versus controlling inflation has its consequences on the real estate market. For instance, the result of stable interest rates may not necessarily be the most favorable for homebuyers and developers as it cuts off the advantage that comes with decline in interest rates. On the other hand, with the onset of the festive season which is characterized by a matter of fact annual surge in property sales, the sector is likely to have to offer additional cuts in pricing in order to stimulate sales. It is doubtful that given the unchanged GDP growth and inflation targeting for FY25, the RBI continues to view such a policy mix as appropriate for efficient growth of the economy. In any case, the audience of challenges in the real estate sector is however, a favorable environment that does not mean all the real estate industries equally benefit from such stability in the interest rates.

Ms. Rajani Sinha, Chief Economist, CareEdge Ratings on RBI Policy

 “With the change in stance, the MPC has given itself the flexibility to cut rates going forward, depending on how the domestic and global conditions pan out for CPI inflation. While the RBI governor indicated the comfort provided by surplus monsoon and healthy Kharif harvest, he remained cautious of certain inflationary risks. Any adverse weather conditions, escalation of geo-political conflicts and the recent sharp increase in commodity prices needs to be monitored for future inflation trajectory.

 We feel that there are chances of a shallow rate cut of 25 bps in the December policy, followed by another 25 bps in the March policy, provided food inflation moderates. While the Central Bank remains optimistic on growth, some moderation in recent high frequency economic indicators like core sector, PMI Manufacturing, GST collections, passenger car sales also give reason for the RBI to look at rate cuts going forward. Expectations of further rate cuts by major global Central Banks including US Federal Reserve is also supportive of a rate cut by RBI.”

Ms. Madhavi Arora, Lead Economist, Emkay Global Financial Services

 RBI strikes a balance
The policy decision this time around wasn’t easy, and was indeed tricky for the RBI to find a balance in its policy biases with so many moving pieces. The MPC had a lot to process on domestic and external front:
(i) Incipient weakness in growth indicators,
(ii) Demand-led core disinflationary impulse despite noisy food dynamics, but a still-elusive 4% inflation target;
(iii) Comfortable banking liquidity, easy financial conditions on net;
(iv) The fluidity of global narratives with global fears of re-ignition of ‘high for long’ scenario, amidst Fed’s massive 50bp cut in Sep;
(v) Geo-political stress and upcoming US election event risk which could materially disturb Asian FX dynamics, amid ratcheting up of US-China trade war.
Thus, no rate action, in conjunction with stance change to neutral with stress on being ‘actively disinflationary’ is indeed their best bet to prep ground for start of a shallow easing cycle, possibly but not necessarily from December.
✓ The Gsec market has rejoiced the stance change and this, in conjunction with announcement of FTSE EMBI inclusion, has led to a 7-8bps rally in 10-yr yield from yesterday’s levels. The Repo-10yr spread has now compressed to 25bps.

Mr. Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited

The RBI’s decision to keep the repo rate unchanged was expected, considering ongoing inflation concerns and global geopolitical uncertainties. However, with each MPC meeting, the likelihood of a rate cut increases, and we could see one in the coming reviews if current improvements continue.

Currently, home loan interest rates hover around 9.25%, a level that remains manageable for many borrowers. Also, given the stable rates for over two years, real estate demand has consistently grown, fueled by rising incomes, lifestyle upgrades, and economic growth. We are already seeing strong demand this festive season, which is likely to continue, regardless of any changes in interest rates.

Mr. Raoul Kapoor, Co-CEO, Andromeda Sales and Distribution Pvt Ltd

The RBI’s decision to keep the repo rate unchanged wasn’t a surprise, though many expected a rate cut, which could have boosted retail loan demand during the festive season.

However, lending institutions are stepping up with festive offers. For example, SBI is offering car loans starting at 9.05% interest with zero processing fees, providing borrowers with significant savings. HDFC Bank has launched its “Festive Treats” campaign, with car loans starting from 9.40% interest and up to 100% financing on select models, along with special cashback and down payment discounts.

These offers are aimed at capitalizing on the festive demand and helping customers secure better deals.

Rajiv Agrawal, Co-Founder, Saarathi Realtors

 The RBI has once again decided to hold the repo rate for the tenth consecutive time. It brings cheers among the homebuyers as the relatively affordable home loan interest rate regime will continue during the festive season. This means if you have already applied for a home loan your EMI burden will not go up for the next couple of months. The RBI move will give a much needed relief to the realty sector as the festive spirit has gripped the industry.

Certified Financial Planner, Lt. Col. Rochak Bakshi (Retd.), Founder and CEO of True North Financial Services

Given the recent food inflation volatility and the escalation in the Middle East crisis, I expected the RBI to remain cautious and consider a rate cut only in the December meeting. While the 10 year bond has reacted by the yield falling by 7bps to 6.74%, the inflation related data going ahead will decide the future course of action. As of now, it’s only a wait and watch mode for both the bond and equity markets after the immediate fall in the 10 year bond rates.

Samir Jasuja, Founder & CEO, PropEquity

The property market has exhibited consistent growth despite stable interest rates. The property market looks buoyant and both homes sales and launches will get a festive push to stabilise the total number at 2024 levels after experiencing a record high 2023. A rate cut would only add to this buoyancy.

Sanju Bhadana, MD, 4S Developers

In view of the ongoing geo-political tensions in the Middle East and the fear of food and oil inflation inching up, the RBI’s move to maintain status quo on interest rate is prudent. While growth and inflation projections are broadly in lines with RBI’s estimates, the global political and economic developments could play out in the coming quarters on India’s growth and inflation.

Shiwang Suraj, founder and director of Gurugram-based property consulting firm InfraMantra
We expected a slight cut in repo rate considering the fact that property sales and launches have been slowing down over the last three quarters of 2024. Amid global uncertainties and fear of growth slowing down and inflation going up, a rate cut would have been an ideal scenario to boost the property market.

VS Realtors (I) Pvt Ltd founder and CEO Vijay Harsh Jha

 A rate cut would have helped in reducing interest on home loans thereby increasing homebuyers’ participation in the property market. This would have given a boost to the already flagging housing sales and launches during the festive season.

Saurav Ghosh, Co-founder, Jiraaf

“Clearly the Monetary Policy Committee is cautious about its movement. The current inflation drop is being attributed to positive base effects. Therefore, the RBI seems to be taking a wait-and-watch approach to carefully monitor the trajectory of inflation and then move the needle in the right direction. It’s likely that before the next financial year, the RBI will decide to cut the interest rates.”

Nikunj Agarwal, CFO and Head of Lending Alliance, Propelld

“The RBI’s decision to hold the repo rate at 6.5% and shift to a neutral stance brings stability to the lending sector. With no immediate hikes in lending costs, institutions can continue providing affordable loans. This also offers directional optimism for a potential rate reduction regime in the near future. However, the neutral outlook signals cautious monitoring of inflation, which could influence future rates, making this period crucial for expanding access to credit while watching economic trends closely.”

Rahul Jain – CFO, NTT DATA Payment Services India

“Increase in per transaction limit to Rs 10,000 from Rs 5,000 under UPI 123 and enhanced limits in UPI Lite is a big positive. Under-served categories such as senior citizens, and users from rural India with limited usage of digital means may find this beneficial. Enhanced limits can be particularly useful to make utility bill payments and for payments to other users.

This welcome move from the RBI comes after the SEBI’s directive to allow UPI based block mechanism for funding secondary market trades in the capital market. Overall, the use-cases for UPI are increasing. This augurs well for both the consumer as well as for the industry, as payments become more efficient and convenient.”

Mr. Gaurav Garg, Research Analyst, Lemonn Markets Desk

“The RBI’s shift to a neutral stance, is in line with our expectations, and indicates readiness for potential rate cuts, possibly starting in December, depending on incoming data. Overall, we believe MPC acted in a prudent way to balance the domestic growth priorities with global uncertainties like rising crude prices and geopolitical tensions. RBI appears to be comfortable with the growth outlook for H2 FY25 while remaining confident on the last mile disinflation process. As such, we expect any rate cut cycle to be shallow – may be limited to two 25bps rate cuts in the H2 FY25, possibly starting from December.

From markets perspective, Equities had reacted positively after the decision of stance change with rate sensitive realty and banking stocks seeing gains while benchmark yields moved lower.”

Manish Jain, director – institutional business (equity & fi) division at mirae asset capital markets views on RBI MPC.

RBI turned to be slightly dovish Little twist in quarterly numbers due to unfavorable quarter (extended monsoon and elections this year). But overall maintained annual estimates with improvement in 2nd half of year which is estimated to continue till next fiscal. Upcoming indicator prints will be unfavorable but the above average rainfall (will support agricultural growth), rising manufacturing activities, improving rural/ urban demand and rebounding investments will drive the growth. MPC highlighted concerns on the NBFC sector on unsecured loan segments; could expect slowdown in bank credit growth going forward Globally growth is resilient. Major central banks have started easing cycles and improving global trade will aid growth. Risks/ uncertainties from manufacturing slowdown, geopolitical escalations, adverse weather and US elections persist. Possible rate cuts in upcoming meetings. Continuation of inflation downward trend, strength in core sector growth and contained geo-political escalations will support the possible RBI pivotal.

Zhejiang Medical Manufacturing Enters South Asian Market

The 2024 Zhejiang International Trade (India) Exhibition, it started from October 5th and will be going on till 7th October at the Pragati Maidan Convention and Exhibition Center in New Delhi. The main event, the 39th MEDICALL exhibition, is recognized as the premier medical trade show in India and South Asia. It attracted medical manufacturers and providers from countries such as Germany, the United States, Japan, South Korea, and Italy.

The three-day exhibition featured a dedicated Zhejiang area with 70 booths, showcasing 41 companies from cities including Hangzhou, Wenzhou, Jinhua, Yiwu, Shaoxing, Taizhou, Jiaxing, and Huzhou. Exhibits spanned a wide range of products, including medical devices, consumables, in vitro diagnostics, disinfectants, protective equipment, rehabilitation care, traditional medicine, home healthcare, as well as the latest innovations in smart healthcare and medical industry services.

Prominent companies such as Zhejiang Orient Gene Biotech Co., Ltd., Hangzhou Clongene Biotech Co., Ltd., MDK, and Zhejiang Haisheng Medical Device Co., Ltd. showcased their cutting-edge products and technology, highlighting the quality and competitiveness of Zhejiang’s medical manufacturing industry and reinforcing the “Made in Zhejiang” brand image.

Throughout the exhibition, international buyers, distributors, agents, import-export traders, pharmacies, and rehabilitation centers gathered in the Zhejiang exhibition area for trade discussions, negotiations, and potential collaborations.

India’s economy has experienced continued growth in recent years, with significant government investment in healthcare infrastructure. The Indian healthcare market is poised for further expansion, and India ranked among the top ten export destinations for Chinese medical device companies in the first half of 2024. Leveraging its core technological advantages, Zhejiang’s medical and healthcare sector is accelerating its expansion into South Asia. This exhibition provided a valuable platform for Zhejiang enterprises to connect with potential customers, partners, and industry experts in the Indian and broader South Asian markets. It also enabled them to stay abreast of market trends and customer needs, enhancing their competitiveness in India’s medical and healthcare industry.

IndoSpace commits to increasing investments upto INR. 4500 crores in TN over the next three years

October 9, 2024 : IndoSpace, India’s largest investor, developer, and operator of Grade A industrial and logistics real estate, today announced plans to increase its investments up to INR 4,500 crore in new logistics and warehouse parks in Tamil Nadu. Following an INR 2000 crores MOU with the Tamil Nadu government last year, this new announcement highlights the firm’s dedication to both the state and the Make in India initiative. These parks will support the growing manufacturing sectors like automobile and electronics in the state.

 Significantly, this investment is expected to create 8000 + new jobs, accelerating economic growth and enhancing the state’s already credible industrial infrastructure.

 Tamil Nadu continues to be a preferred destination for global Original Equipment Manufacturers (OEMs), with companies like Hyundai, Nissan, Foxconn, and Pegatron announcing significant expansions in the state. IndoSpace has helped in developing an ancillary ecosystem that supports these OEMs, facilitating seamless supply chain operations and enabling faster industrial growth. The company’s strategic parks, located across key industrial zones, have provided state-of-the-art infrastructure to industries, contributing significantly to Tamil Nadu’s growing prominence as a global manufacturing hub.

 IndoSpace’s presence in Tamil Nadu: With a portfolio comprising 15 Grade A parks, IndoSpace has developed over 8.8 million square feet of completed infrastructure, with an additional 2 million square feet under construction and 4.6 million square feet planned for future development. These parks are spread across 649 acres of land and serve 66 unique tenants from a variety of sectors, including automotive, electronics, logistics, and engineering. IndoSpace’s total equity committed to the state as on date stands at USD 380 million, and the facilities offer a potential chargeable area of 15.4 million square feet, reinforcing IndoSpace’s strong presence in Tamil Nadu’s industrial ecosystem.

 IndoSpace industrial and logistics park have supported Tamil Nadu’s ‘Make in India’ and ‘Make in Tamil Nadu’ initiatives through Plug-n-Play manufacturing solutions. These customizable, ready-to-use facilities have enabled businesses to set up operations quickly, thereby reducing time to market and enhancing manufacturing efficiency.

 “Tamil Nadu’s industrial landscape has seen remarkable growth, and IndoSpace is proud to have played a key role in this transformation. Our ongoing investments, including a recently signed MoU with the Tamil Nadu Government, demonstrate our strong belief in the state’s potential as a global manufacturing powerhouse. Through innovative infrastructure solutions such as Plug n Play manufacturing facilities and customized industrial spaces, we are helping businesses thrive while also driving the state’s economic development. IndoSpace remains fully committed to supporting Tamil Nadu’s and thereby the larger national vision for industrial advancement and job creation,” said Mr. Rajesh Jaggi, Vice Chairman, Real Estate, The Everstone Group.

BioPrime Closes Dollar6 Million in Funding to Advance Development of Biologicals for Sustainable Agriculture

National 09 Oct 2024: BioPrime, a pioneer in the biologicals space, announced today that it has raised a $6 million Series A round, led by Edaphon, with equal participation from existing investors Omnivore and Inflexor. This investment marks Belgium-based Edaphon’s first investment in Asia. This investment will fuel BioPrime’s research in the crop protection segment, focusing on the co-development of novel biofungicides & bioinsecticides.

The company plans to launch its existing range of innovative biostimulants in North America, Brazil & Southeast Asia with trials in the US currently underway. Furthermore, BioPrime plans to advance & accelerate product development based on BioNexus, the patented technology platform, which has identified over 170 novel microbial strains from its library of close to 18,000 strains. BioPrime will continue to steadily move away from a one-product-fits-all approach and enhance B2B customer experience by offering products customized to the exact customer needs. The startup’s goal remains – From Nature, For Nature.

Dr. Renuka Diwan, Co-founder & CEO, commented on the funding, “Securing this investment is a testimony to the strength & impact of our technology and the dedication of our team. We will continue to pursue our strategic priorities of accelerating the development of industry solutions in the biologicals space. We look forward to enhancing the offerings to our existing B2B customers & entering into strategic co-development & licensing with industry players.”

BioPrime was founded in 2016 by Dr. Renuka Diwan, Dr. Amit Shinde, and Dr. Shekhar Bhosale. The founders bring together a wealth of knowledge & expertise in plant and microbe biotechnology with patents in targeted secondary metabolite production & animal feed. Since 2016, the company has experienced remarkable growth, expanding its workforce by 10X, tripling its product offerings, and evolving from a presence in just two states to establishing a strong footprint not only across India but also expanding in Southeast Asia and US. In under a decade, BioPrime has emerged as the preferred biologicals R&D partner for agrochemical companies and other farmer facing agri companies.

“We invested in BioPrime because of its impressive balance between a strong portfolio of commercial products and a high-potential innovation pipeline. The company has already demonstrated success in delivering impactful solutions to the market, while its advanced R&D platform is set to unlock significant future growth. Operating within India’s rapidly growing biostimulant market, BioPrime is deeply connected to the country’s agricultural core, providing crucial solutions to smallholder farmers and addressing sustainability challenges. This combination of proven market performance, forward-looking innovation, and strong market potential makes BioPrime well-positioned to drive both immediate and long-term impact” says Vincent Vliebergh, Managing Partner of Edaphon

“The current round of investment further strengthens the growth path being charted by BioPrime leveraging its IP and consumer product portfolio. It also further deepens the conviction on the biologicals space in India,” quoted Pratip Mazumdar, Managing Partner of Inflexor.

“The climate crisis threatens the very future of agrifood systems and rural communities across India. The complex web of challenges threatening food security and rural livelihoods demands innovative approaches with potential for systemic change,” says Jinesh Shah, Managing Partner of Omnivore. “Our investment in BioPrime underscores our steadfast commitment to advancing sustainable farming practices.”