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SBI Raises Benchmark Lending Rates By 10bps et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jun 2, 2018 12:14 PM 2 min read

End of Day Wrap-up (Saturday / June 02, 2018) #ONGC #Oil #SBI #PNB #ICICI #KotakMahindra #HDFC #Maharashtra #Punjab #MadhyaPradesh #Google #Pentagon #Transfin

Editor's comment: Govt in talks with ONGC to freeze price of crude oil it supplies to oil-marketing companies. PSU may waiver dividend to be paid to Centre, equalling INR5,000cr-INR6,000cr annually. Chairman says the company is "already in the red” after acquiring HPCL and GSPC in FY17-18.


SBI raises benchmark lending rates by 10bps, followed by PNB, ICICI, Kotak Mahindra, and HDFC. Management says rise due to higher cost of funding. Hike takes place in a build up to RBI's next Monetary Policy Committee meeting scheduled for June 6th. 


IT department to reward informants with "specific information" on any benami property transaction or undisclosed black money stashed abroad. Reward can go up to INR5cr.


10 day farmer agitation commences across Maharashtra, Rajasthan, Madhya Pradesh, and Punjab leading to supply constraints and price spikes. Farmers demand for a blanket waiver of farm loans, MSP for farm produce and rate caps for milk etc. 


India pushes to export 1.5m tonnes of sugar to China in a bid to reduce surplus stocks. 50 official of 25 Chinese sugar companies attend a close door interactions with top officials of the Indian Sugar Mills Association to discuss the possibility to import and potentially lead to $350m revenue generation.  


Google says it will not renew a controversial contract with the Department of Defense where it assisted the Pentagon in drone strikes and surveillance.