Moneycontrol Selects: Top stories this evening

A round-up of the big stories (Representative image)

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

Adani stocks make some recovery on bullish trading in 7 of 10 group companies

Shares of Adani group firms traded higher for the second session with stocks of seven of the 10 group companies logging in gains against the backdrop of its decision to prepay $1.11 billion of loans on shares ahead of maturity in 2024. Investor sentiment too got a boost from positive statements by some lenders to quell the turbulence in Adani Group firms and earnings reported by the group also helped drive investor confidence.

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RBI on Adani: Exposure of Indian banks to group not significant, lenders resilient and strong

Reserve Bank of India (RBI) Governor Shaktikanta Das on February 8 said the Indian banking sector, including non-banking finance companies (NBFCs), continues to be strong and their exposure to the crisis-ridden Adani group was not a cause for major concern. "I will only add that the Indian banking sector is resilient and strong," said Das speaking at post-policy presser at the central bank. He said in the last three-four years, the RBI has taken a number of steps to strengthen this resilience.

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World looking at India with hope, some 'frustrated' ones can't accept it: PM Modi

Prime Minister Narendra Modi on February 8 said the world was seeing its prosperity in India's growth story but a few ''frustrated'' people were not ready to accept the achievements of the nation. Replying to the debate on the Motion of Thanks on the President's Address in Lok Sabha, the prime minister said the world was looking at India with hope amid instability in some parts of the globe due to the once-in-a-century pandemic and conflicts.

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PM Modi can't be blamed for what’s happening with Adani, says Mark Mobius

Emerging market guru and veteran investor Mark Mobius sees minimal political impact from the Adani-Hindenburg fiasco. “Many think the Adani situation will upset India’s politics and Prime Minister Modi will be blamed for what happened. I don’t believe that will be the case as there is lack of evidence,” the founder of Mobius Capital Partners said in an interview with Moneycontrol.

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UK govt offers counter-package to Tata Steel for Port Talbot plant

The UK government has offered a counter-package to Tata Steel against its proposal seeking a financial package to execute its decarbonisation plans for its plant in Port Talbot, its global CEO and MD TV Narendran has said. However, there is a big gap between what Tata Steel had asked for and what the British government has offered, he said without sharing any details of the government's offer.

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RBI raises repo rate as expected, but does not hint at end to hikes

The six wise men and women comprising the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), met to deliberate and decide the course of interest rates in the country. The RBI Governor beamed up on television on February 8 morning, to announce the outcome. Most people in the market were expecting an interest rate hike of 25 basis points, i.e., 0.25 per cent. And this is exactly what happened. The possible reason the RBI’s Monetary Policy Committee has kept the door open for future rate hikes is that while inflation has eased, it is still higher than the RBI’s target.

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Govt taking strenuous steps to scale up oil exploration, production: Oil Minister Puri

India’s energy story is unfolding, with unprecedented dynamism and the country is taking strenuous steps to increase exploration and production of crude oil and gas, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said.

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Petrochemicals to be integral part of Indian Oil's growth story: Chairman

Indian Oil Corporation Ltd hopes that its green hydrogen initiatives and collaborations will accelerate the conversion of grey hydrogen to green and help achieve the ‘1-1-1 goal,’ Chairman Shrikant Madhav Vaidya, told Moneycontrol at the ‘India Energy Week 2023’.

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