Moneycontrol Selects: Top stories this evening

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Here is a collection of the most important stories this evening:

Repo rate hikes warranted to combat high inflation risks, MPC minutes show

An increase in the policy repo rate was necessary to combat rising inflationary risks, minutes of the Monetary Policy Committee’s (MPC) September meeting released on October 14 showed.

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RBI MPC member Jayanth Varma argues  it's time to take a pause on policy rates

The minutes of the monetary policy committee (MPC) meeting held on September 28-30 show strong arguments from member Jayanth Varma in terms of a pause after nearly two percentage rate hikes in four months. Varma argued that too much rate tightening will hamper the nascent recovery seen in economic growth.

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Bajaj Auto Q2 profit jumps 30% YoY to Rs 1,530 crore

Bajaj Auto on October 14 said its consolidated net profit for the quarter ended September 2022 stood at Rs 1,530.00 crore. The figure was 30 percent higher than Rs 1,274.55 crore reported in the same quarter last year. On a Quarter on Quarter (QoQ) basis, it has gone up by 20% during Q2 FY 2022 from 1,173.30 crore in the previous quarter.

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Shree Cement Q2 Result | Profit falls 67% on year to Rs 189 crore as input costs jump

Shree Cement Limited on October 14 reported a 67 percent decline in standalone net profit of Rs 189 crore in the second quarter of FY23, as against a profit of Rs 578 crore recorded a year ago. On a sequential basis, the profit has dipped by 40 percent from Rs 316 crore earned during the previous quarter.

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IT Hiring | Employee addition by TCS, Infosys, Wipro, HCL Tech down 45% in Q2 compared to Q1

India's largest software exporters TCS, Infosys, Wipro, and HCL Tech together added 28,836 employees in the second quarter ended September, a significant drop of 45 percent compared to the 52,842 they added in the previous quarter.

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IRDAI imposes Rs 3 crore penalty on Max Life Insurance over rules violation
Insurance Regulatory and Development Authority (IRDAI) on October 14 said it has imposed a total of Rs 3 crore penalty on Max Life Insurance Company due to violation of rules in the Axis Bank-Max Life deal. The insurance regulatory stated that historical transactions between Axis Bank and Max Financial are in violation of IRDAI code. Due to rules violation, it has directed Axis Bank to pay Rs 2 crore within a period of 21 days.

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EC announces dates for Himachal Pradesh assembly polls

The Election Commission of India (EC) announced on October 14 the dates for the upcoming assembly elections in the state of Himachal Pradesh.
The state will go to polls on November 12, 2022; vote counting will be done on December 8, 2022, and the entire process will conclude by December 10, 2022.

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