Bajaj Auto Reports Stellar July Sales Numbers
Two and three-wheeler giant, Bajaj Auto Limited reported its best July sales growth since 2010. The company sold 4 lakh units during the month, registering a growth of 30 per cent over the same period last year. The company in its filing to the exchanges also said that the Domestic sales during the month grew by 27 per cent YoY to 2.37 lakh units and exports increased 34 per cent to 1.63 lakh units.
The company’s motorcycle segment reported a 25 per cent growth in sales to 3.32 lakh units whereas its three-wheeler division posted its highest ever monthly sales of 67,663 units, registering a growth of 59 per cent YoY.
RBI Surprises With 25 bps Repo Rate Hike
The central bank has increased the repo rate by 25 bps to 6.5 per cent in its third bi-monthly RBI policy review meeting for 2018-19. However, RBI has maintained a neutral stance on the economy. This is the first time the RBI has raised the benchmark interest rate by 25 basis points in two consecutive policy meets. RBI also hiked reverse repo rate by 25 bps to 6.25 per cent. RBI’s monetary policy committee (MPC) cited impressive corporate earnings, increase in investment activity as a basis for this raise.The central bank has forecast GDP growth for the current fiscal at 7.4 per cent and expected it at 7.5 to 7.6 per cent for the second half of the fiscal.
BSE Investments Limited Acquires 24% Stake In CDSL Commodity Repository Limited
BSE Investments Limited (BSEIL), a 100% subsidiary of BSE acquired 24 per cent stake in CDSL Commodity Repository Limited (CCRL). Regulated by the Warehouse Development and Regulatory Authority (WDRA), CCRL will record the storage and transfers of commodities including warehouse receipt transfers, although deliveries are in physical form. It is similar to the way depositories function for equities and other financial securities. A trade repository is another important step forward in improving regulatory transparency in the commodity derivatives markets in India. CCRL will enable electronic accounting of commodities, thereby ensuring ease of use, higher accuracy and lower costs for document transmission. The commodity repository will also provide the legal and regulatory environment for inventory financing and warehouse receipt lending. Shri Ashishkumar Chauhan, MD & CEO, BSE said, “We are delighted to partner with CCRL to provide a repository for commodities that will support regulatory reporting requirements for development of the commodities derivatives in India. We believe this partnership will further strengthen our quest of developing and strengthening Commodity markets in India” 