Business
RBI may raise policy rates by 75 bps cumulatively in next 2 reviews: SBI Research
SBI Research expects the central bank, Reserve Bank of India (RBI), to raise key policy rates both in its June and August policy meeting by a cumulative 75 basis points.
Beyond August, rate actions might be more balanced and judicious and the terminal repo rate is expected to be at 5.15-5.25 per cent by FY23, it said.
This is tantamount to saying that the RBI should not increase the repo rate by more than 1.25 per cent for an incremental negative contribution to kick in.
Retail inflation surged to 7.79 per cent on yearly basis in April 2022, as compared to 6.95 per cent in March 2022, mainly on account of food price inflation.
Inflation prints are now likely to stay higher than 7 per cent till September, the SBI Research said in a report.
“Beyond September, inflation prints could hover between 6.5-7.0 per cent. Our FY23 inflation forecast is at 6.5 per cent, taking into account the possibility of an extended food price shock,” it said.
The Russia-Ukraine conflict has significantly impacted the trajectory of inflation.
The latest April inflation print shows wheat, protein items (chicken in particular), milk, lemon, cooked meal, chillies, refined oil, potato, chillies, kerosene, firewood, gold and LPG are contributing to overall inflation in a substantive manner.
Interestingly, inflation in protein items like chicken, mustard oil etc, softened in April.
However this might be an aberration, given that April was the month of Navratri and other religious festivals, it added.
Surprisingly, the contribution of petrol and diesel in overall inflation has been declining steadily since October 2021, while there is a steady increase in the weighted contribution of kerosene and firewood in headline inflation.
The significant increase in weighted contribution of kerosene perhaps reflects the impact of high fuel costs in rural areas. This does not augur well for rural demand.
“The weighted contribution of LPG has also increased, reversing a downward trend. This however, may be attributed to commercial usage of LPG.”
Besides, the report said the RBI may increase the CRR rate by another 100 bps, after raising it by 50 basis points recently.
The RBI can give back to the market at least 3/4th of the Rs 2.6 lakh crore absorbed through the CRR hike, or Rs 1.95 lakh crore, in some form to address duration supply.
It would lower the market borrowing to around Rs 12.36 lakh crore for FY23 compared to the Budget estimate of Rs 14.3 lakh crore, the report added.
Further, SBI research added that the fall of the rupee to new lows, with spiking volatility breaching the psychological levels of 77 augurs the uneasy situation, reflective of the turbulence in broader markets globally, and the limited choices before the central bank in managing the exchange rate, even with seemingly comfortable levels of forex reserves close to $600 billion.
“We don’t expect the rupee to breach the levels of 80 and instead show an appreciative bias over time,” it said.
Business
Meta launches ‘Muse Voice Transcribe’ with native support for five Indian languages

New Delhi, Sep 2: US-based technology giant Meta has introduced its first real‑time audio‑perception model — Muse Voice Transcribe — which offers native support for five major Indian languages and advanced streaming features.
Muse Voice Transcribe — developed by Meta Superintelligence Labs — delivers streaming transcription, speaker separation across over 20 voices in hour‑plus recordings, native code‑switching and diarisation from a single model with no post‑processing step, the company said in a statement.
Muse Voice Transcribe is trained across over 70 languages spoken in multiple countries with 25 validated at launch.
“It ranks first on the Artificial Analysis streaming speech-to-text leaderboard as of September 1, 2026,” the statement added.
Available via the Meta Model API and already running dictation in Meta AI for Mac and Muse Code, Muse Voice Transcribe delivers real‑time automatic speech recognition, diarisation with over 20 speakers and endpointing.
It is multilingual with seamless code-switching and improves accuracy with language, keyword, and context biasing.
“The longer the model waits to predict, the more accurate the transcript, but the higher the latency. Muse Voice Transcribe has “adaptive delay,” dynamically changing delay for each word based on difficulty,” the statement noted.
This is enabled with reinforcement learning (RL), where word error rate (WER) reward and a delay reward are combined multiplicatively.
“Muse Voice Transcribe is an autoregressive multimodal model from the Muse Spark family,” Meta said.
It explained that the audio is processed in 80 ms chunks (12.5 Hz), each of which is transformed into a single soft token. At each audio chunk, the model decides to either continue listening to the next audio chunk or emit a text token.
With adaptive delay, Muse Voice Transcribe achieves the Pareto front on speed-accuracy trade-off measured by time to final transcription, the company said.
Business
Annu Projects shares list at 27 pc discount against IPO price

New Delhi, Sep 2: Annu Projects shares made a weak debut on the stock exchanges on Wednesday and have listed at a discount of up to 27 per cent to the issue price.
The stock listed at Rs 75 on the BSE, a discount of 24.24 per cent to the issue price of Rs 99.
Meanwhile, on the National Stock Exchange, the stock debuted at Rs 72, down 27.27 per cent from the offer price. In addition, the stock declined as much as 28 per cent in early trading hours, hitting an intraday low of Rs 71.25.
The company’s initial public offering received bids for 5.18 crore shares against 1.76 crore shares on offer, resulting in an overall subscription of 2.93 times.
The IPO comprised an entirely fresh issue of up to 1.7683 crore equity shares with a face value of Rs 10 each, with no offer-for-sale component.
Moreover, the company showed several key risks in its IPO offer document like business concentration in telecom and sewerage segments, which together contributed 94 per cent of FY26 revenue, higher revenue dependence on government clients of up to 65 per cent in FY26, customer concentration in which top 10 customer contribution 98 per cent each in FY25 & FY26.
Annu Projects plans to use Rs 15.408 crore of the net proceeds to fund capital expenditure for the purchase of machinery and equipment, while Rs 115 crore will be used to meet working capital requirements. The remaining proceeds will be used for general corporate purposes.
The price band for the issue was fixed at Rs 94-99 per share with investors allowed to bid in lots of 151 shares.
The issue had reserved 10 per cent of the issue for qualified institutional buyers, 40 per cent for non-institutional investors and 50 per cent for retail investors.
Established in 2003, Annu Projects is engaged in the design, development, implementation, operations and maintenance of overhead and underground utilities infrastructure across telecom, sewerage, gas pipeline and railway signalling segments.
Business
7.8 pc GDP growth reflects country’s progress: Maha CM Fadnavis, Dy CM Shinde

Mumbai/Thane, Sep 1: Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde on Tuesday hailed India as it registered a real GDP growth rate of 7.8 per cent in the first quarter of the 2026–27 financial year (Q1 FY27, April–June 2026) under the leadership of Prime Minister Narendra Modi reflecting the country’s progress.
Chief Minister Fadnavis in his post on social media platform X said, “Yehi hai right choice, Bharat! Let’s keep going the same way, same direction. 7.8 per cent growth in such times prove our potential and possibilities as a Nation with PM @narendramodi’s leadership! Congratulations Bharat!”
On the other hand, Deputy Chief Minister Eknath Shinde said that India’s economy continues to demonstrate strong growth with a 7.8 per cent GDP expansion at a time when several nations globally are grappling with conflict and economic fallout.
“This reflects economic progress and stability, this marks another key step toward achieving the vision of ‘Viksit Bharat 2047’,” The Deputy Chief Minister added.
Speaking to reporters on the country’s economic outlook, Deputy CM Shinde expressed confidence that under the leadership of Prime Minister Narendra Modi, India is moving steadily toward becoming an economic superpower and achieving its target of a $5 trillion economy.
He assured that the Maharashtra government will contribute significantly to this journey.
Highlighting the adverse global backdrop, the Deputy Chief Minister noted that ongoing wars and geopolitical conflicts have impacted multiple world economies.
“In contrast, India’s 7.8 per cent growth rate presents a highly promising picture and signals the nation’s rising economic strength.”
Deputy CM Shinde emphasised that every citizen should take pride in the nation’s strengthening economy.
However, he criticised the opposition parties for taking a negative stance on national progress due to political bias against PM Modi.
He remarked that appeals made by the Prime Minister are always aimed at national interest, upliftment, and growth, but are often viewed through a narrow political lens by his critics.
“Instead of questioning progress, everyone should contribute toward accelerating development,” Deputy Chief Minister Shinde added.
Reaffirming the state’s commitment, the Deputy CM said that Maharashtra will fully cooperate with the Central government to reach the $5 trillion target and realise the ‘Viksit Bharat 2047’ roadmap.
He asserted that India’s economic strides are a matter of pride for all 140 crore citizens, adding that the public will appropriately respond to those opposing the country’s growth.
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