India’s Markets on the Rise: Key Developments in Banking, Telecom, and Energy Sectors

Market Summary

The benchmark Nifty index rose by 0.51% to close at 24698.8 on 20-Aug. The Nifty Midcap150 index rose by 0.83% to close at 21529.1. The Nifty Smallcap250 index rose by 0.54% to close at 17732.5. The 10yr yield fell by 1 bps to close at 6.9%. The rupee gained 0.13% to close at 83.76 against the US Dollar.

Key News

* The RBI’s approval for Indusind Bank to establish a wholly owned AMC could set a precedent for other banks to create similar para-banking subsidiaries, reports ET
* IDBI Bank has raised its fixed deposit rate to 7.85% for a 444-day tenure and 7.75% for a 375-day tenure to attract more deposits. This offer, valid until September 30,
2024, reports ET
* TRAI asked telecom operators to ensure that trail of all messages from senders to recipients is traceable. The same is being done to curb the spam messages and block any unregistered telemarketer, reports FE
* RBI’s Governor ruled out any possibility of a reduction in the policy repo rate due to fall in headline inflation below the target in July, as it was mainly due to the effect of a higher statistical base, reports BS
* The provisional payroll data released by the Ministry of Labour and Employment shows a surge of 7.86% in net new subscriber additions compared to the 1.78 million net new subscriber additions in June 2023, reports ET
* GST intelligence detects tax evasion of Rs 1.2 trillion so far since 2020, reports BS
* The government has banned exports of de-oiled rice bran, used in the cattle feed industry, till January 31, 2025, reports BS
* India aims to become global leader in green hydrogen and ammonia production, says Minister Joshi, reports Moneycontrol