Banks bid Rs 3 trn against notified amount of Rs 1.25 trn in VRR auction
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Banks submitted bids amounting to Rs 3 trillion, against the notified amount of Rs 1.25 trillion, at the 7-day Variable Rate Reverse Repo (VRR) auction conducted by the Reserve Bank of India (RBI) on Friday. Banks borrowed the amount at a weighted average rate of 6.74 per cent.
The deficit liquidity in the banking system widened to Rs 2.7 trillion on Thursday, according to data by the central bank.
In the preceding three VRR auctions, the central bank received a significant response, with banks submitting bids ranging between 2.5 to 3.2 times the bidding amounts due to tight liquidity conditions in the system. Liquidity has remained largely in deficit mode in the current quarter.
Banks had submitted bids worth Rs 1.6 trillion, around 3.2 times against the notified amount of Rs 50,000 crore, at the two-day VRR auction conducted by the RBI on Wednesday.
The central bank had conducted a VRR auction after six months on December 15.
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Chief Minister Nayab Singh Saini will be meeting the senior BJP leadership in Delhi on Wednesday, a day after the ruling party pulled off a hat-trick of wins in Haryana to retain power.
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Boeing said on Tuesday that it had withdrawn its pay offer to around 33,000 US factory workers and no further negotiations were planned with their union representatives as a financially damaging strike nears its fourth week.
Boeing and the union held their latest round of negotiations with federal mediators on Monday and Tuesday, but talks collapsed and the sides were left locked in acrimonious stalemate showing no signs of being resolved anytime soon, a person briefed on the talks said.
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Torrent Power shares gained 8 per cent in trade on Wednesday, October 9, and registered an intraday high of Rs 1,976.6 per share. The stock advanced after Torrent Power secured a letter of award from Maharashtra State Electricity Distribution (MSEDCL). It also inked a share subscription and shareholders' agreement (SSSA) with Lakshmi Mills and Torrent Urja 17 Private Limited (TU17).
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Hyundai Motor India's IPO will open next week for subscriptions and will likely be priced in the range of Rs 1,865 to 1,960 ($22 to $23) per share, sources said on Tuesday, valuing the automaker at up to $19 billion in the country's biggest stock offering this year.
The India IPO will be Hyundai's first stock market listing outside South Korea. In India, it will also mark the first carmaker to go public in two decades since Maruti Suzuki in 2003, and comes just after Indian stock markets touched record highs and saw many companies making debuts.
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In the Jammu and Kashmir Assembly elections, the Bharatiya Janata Party (BJP) secured the highest share of votes, although the Congress-National Conference (NC) alliance ultimately won the polls. This was the first election in J&K following the abrogation of Article 370. The Congress-NC alliance is now set to form the government, having secured a majority of seats in the Assembly.
Notably, Independent candidates won more seats than Mehbooba Mufti’s People’s Democratic Party (PDP).
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