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The company has received its first work order under the KUSUM-3 scheme. The shares of the company rose more than nine percent after the announcement.
Banking system liquidity has been affected by the liquidity tightening measures adopted by the Reserve Bank of India (RBI) in the August monetary policy meeting. If the incremental cash reserve ratio (ICRR) requirement continues in September, tightness in the system liquidity will aggravate meaningfully owing to quarterly advance tax payments and monthly goods & services tax (GST) payments during the second and third week of September. Although that will be temporary, a research note says the tightness will be critical to watch for.
Higher tax devolution, rising revenues, and lower subsidy outgoes have led to the improvement of public expenditure quality for states in Q1-FY24, according to India Ratings and Research. This positive trend of increased capital expenditure and the approval of projects under interest-free capex loans is expected to continue.
Get latest articles and stories on Business at LatestLY. The Reserve Bank of India in its three-day monetary policy committee meeting unanimously decided to keep the repo rate unchanged at 6.5 per cent – for the third time in a row, something most financial market experts had expected. Business News | RBI Maintains Repo Rate but Raises Inflation Forecast; Experts Have This to Say.
The export ban on non-basmati rice is expected to aid basmati producers through higher realisation and lower working capital requirements, says Ind-Ra.