RBI to pump Rs12Kcr in markets on Oct 11 to manage liquidity
The Reserve Bank of India (RBI) has announced that it will pump in Rs12, 000cr of liquidity into the system by purchasing government bonds on October 11. This is mainly to aid the markets to meet the festive demand for funds.
This exercise will be undertaken by purchasing government bonds with a maturity ranging between 2020 and 2030. What’s more, this auction will be part of the open market operations to overcome liquidity tightness.
Dr Reddy’s launches the generic while Alkem get final USFDA approval
Dr. Reddy’ Lab has said that the company has launched Colesevelam HCL tablet in the US market. As per the USFDA drug database, Alkem Lab has also received final USFDA approval for Colesevelam HCL tablet.
The Colesevelam HCL tablet is sold under the brand Welchol by Daiichi Sankyo Inc. Colesevelam HCL is a non-absorbed, polymeric, lipid-lowering and glucose lowering agent intended for oral administration. Glenmark launched this drug in May 2018 while in the same month Sun Pharma also launched AG of this drug.
SBI: Can buy up to Rs30, 000cr more of NBFC loans
State Bank of India, the country’s largest lender, has extended its support to the beleaguered non-bank lenders. Initially, the bank had planned for a growth of Rs15, 000cr through portfolio purchase. Now, it has enhanced its target to double the previous amount.
Meanwhile, as per the bank’s internal assessment, it may have the opportunity to buy additional portfolio in the Rs20, 000-30,000cr range.
NBFCs usually sell off part of their loan portfolios after they have held it for a stipulated amount of time. Banks then buy these portfolios to show growth or to meet priority sector lending requirements.
Indiabulls Housing Finance raises home loans rates by 20bps
Indiabulls Housing Finance Ltd. (IBHFL), the country’s second largest housing finance company, announced an increase in interest rates on home loans by 20bps. The increase in lending rates reflects the rise in the cost of funds.
The rate of interest on new home loans for women applicants/co-applicants is 8.80% for loans of up-to 35lakhs and 8.95% onwards for loans above 35lakhs. The interest rates would be 5bps higher for non-women applicants.
Dilip Buildcon climbs ~7% on alteration of MoA
Shares of Dilip Buildcon climbed ~7% in noon session on Wednesday after the company altered the main object clause of its Memorandum of Association (MoA) to start a new business activity.
As per the modification, "the company will carry on with the business of purchasing and selling petroleum and petroleum products and will act as dealer and distributor for petroleum companies. It will run a service station for repair and servicing of automobiles and to manufacture or deal in fuel oils, cutting oils, and greases", Dilip Buildcon said in a press statement to the exchanges on Wednesday.
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