The Reserve Bank of India’s Monetary Policy Committee has begun its three-day meeting today to discuss interest rates and assess the state of the economy. The committee, consisting of six members, is responsible for setting India’s benchmark interest rate, the repo rate. The decision on interest rates will be announced by RBI Governor Shaktikanta Das on April 5 at 10 am.
In other news, cement stocks saw a significant increase today following reports of major cement companies implementing price hikes ranging from Rs 10-15 per bag across the country. Companies like UltraTech Cement, Shree Cements, and Ambuja Cements experienced gains in their stock prices. Industry sources suggest that the price hikes may stabilize at Rs 10-20 per bag in the future.
India’s manufacturing Purchasing Managers’ Index reached a 16-year high of 59.1 in March, indicating strong growth in the sector. Barclays forecasts a moderated growth in Q1 2024 but predicts a full-year growth of 7.8 percent for FY23-24. Additionally, HCLTech announced an expanded alliance with Google Cloud to develop industry solutions using AI technology.
On the healthcare front, the World Health Organization introduced S.A.R.A.H., a digital health promoter powered by generative artificial intelligence. This prototype aims to provide users with up-to-date health information and support on various health topics.
Lastly, Ola Electric unveiled Solo, a fully autonomous scooter, which could potentially be the world’s first of its kind. The Indian equity market ended on a flat note on April 3, with various sectors experiencing mixed performances.