Mumbai: The US central bank (Federal Reserve) has cut interest rates for the first time in 2025. This step is expected to support the US economy. Fed Chairman Jerome Powell said the decision was not due to political pressure, even though President Donald Trump had been demanding a rate cut for a long time.

The Fed has also hinted that it may cut rates two more times this year. This is to help the weak US job market. In the recent two-day meeting, almost all Fed members supported the 25 basis points cut. Only one member, Stephen Miran, voted against it.

Stephen Miran works with the White House and was earlier Trump’s economic advisor. He wanted a bigger cut—50 basis points. Trump had promised rate cuts during his election campaign.

New interest rate: 4 percent to 4.25 percent

Repo operation rate: 4.25 percent

Interest on reserve balance: 4.15 percent

Reverse repo rate: 4 percent

Prime credit rate: 4.25 percent

This US rate cut could help Indian markets. Lower US interest rates may push foreign investors to invest in India for better returns. This could lead to growth in the Indian stock market.

Gold may also get a boost. When interest rates fall, investors often look for safer and better returns—like gold. So gold prices might rise further.

The US job market is still weak. Looking at this and other economic risks, more rate cuts may happen in the coming months.

New Delhi, Sep 17: Under Prime Minister Narendra Modi’s leadership, the dream of a developed India by 2047 has today become the collective resolve of every citizen, Union Minister Pralhad Joshi said on Wednesday.

Wishing PM Modi on his 75th birthday, the minister said that in the past 11 years, “your tireless hard work and dedication have brought unprecedented transformation in the lives of crores of Indians”.

“You have ignited the lamp of patriotism in the heart of every citizen and awakened a resolve for active participation in nation-building. May God grant you excellent health and a long life, so that you continue to serve Mother India with the same dedication and energy in the coming years,” Joshi noted in a post on X.

Union Minister Jyotiraditya Scindia said that meeting PM Modi for the first time as a member of his cabinet was a truly unforgettable experience for him.

“His deep interest in every subject, open mindedness, and out of the box perspective gave me new energy and inspired me to fulfill my responsibilities with even greater dedication and enthusiasm,” he posted on X.

“That one experience endowed me with the ability to serve the people with complete devotion for a lifetime, and for that, I will always remain deeply grateful to him from the bottom of my heart,” Scindia emphasised.

He further stated that PM Modi is dedicated to the development of every individual and is devoted to the principles of Antyodaya.

Minister of State for Commerce and Industry, Jitin Prasada, said that under PM Modi’s leadership, the significant decision of GST reforms will not only simplify and ease the lives of citizens but also provide new energy to the industry and business world, while promoting local production and entrepreneurship.

Mumbai: Urban Company created a big buzz on its first day in the stock market. The company’s IPO (Initial Public Offering) was listed on September 17 on both the BSE and NSE. The issue price was Rs 103 per share, but it opened much higher at Rs 162.25 per share. This gave investors an immediate listing gain of almost 60 percent, which is a huge return on the first day itself.

The Rs 1,900 crore IPO opened for subscription from September 10 to 12, and it received an overwhelming response. The IPO was subscribed more than 103 times in total. This means demand was over 100 times more than the number of shares available. Big institutional investors showed the most interest, but retail and high-net-worth investors also participated in large numbers.

Out of the total IPO amount, Urban Company raised Rs 472 crore as fresh issue, and the rest came through an Offer for Sale (OFS) of Rs 1,428 crore. The company plans to use the fresh funds for marketing initiatives and technology upgrades, which will help it grow faster. Before the IPO, Urban Company also raised Rs 854 crore from major anchor investors, including names like SBI Funds, HDFC Mutual Fund, Fidelity, Nomura, Goldman Sachs, and others.

Urban Company is a popular platform that offers home and beauty services. Customers can book services such as cleaning, pest control, plumbing, carpentry, electrical work, painting, beauty treatments, grooming, and massage therapy. The company currently operates in 51 cities across India, UAE, and Singapore, and it is also present in Saudi Arabia through a joint venture. Urban Company is growing quickly and aims to become a global leader in home services.