1. RBI cuts repo rate by 0.25 percent to 6.25 percent, lower EMIs expected on housing loan
In the first monetary policy review under RBI Governor Urjit Patel, the interest rate was, on Tuesday, cut by 0.25 per cent to six-year low of 6.25 per cent in a unanimous decision by the new rate-setting panel MPC.
The cut, first in six months, came amidst big clamour for easing rates especially after the departure of former Governor Raghuram Rajan, who was often accused of stifling growth by keeping rates too high.
Also Read: RBI cuts repo rate by 0.25 percent to 6.25 percent, lower EMIs expected on housing loan
2. Ericsson notifies Sweden's government that it will to cut 3,000 to 4,000 jobs
Telecommunications equipment company and equipment maker Ericsson has notified Sweden's government that it will announce on Tuesday the cutting of 3,000 to 4,000 jobs, Swedish public television SVT reported on Monday.
Ericsson announced in April that it would target structural changes by expanding an existing nine billion kronor (936-million-euro; USD 1 billion) global cost and efficiency programme to bolster efficiency and growth.
3. Indian stock markets record gains post RBI's favorable monetary policy
The BSE Sensex ended with a gain of 91 points at 28,335. It opened at 28,378, touched an intra-day high of 28,405 and low of 28,242. The NSE Nifty closed with a gain of 31 points at 8,769. It opened at 8,770, hit a intra day high of 8,784 and low of 8,736.
Indian stock markets recorded gains after RBI announced interest rate cuts in its monetary policy on Tuesday afternoon.