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Country’s largest private sector lender ICICI Bank jacked up auto loans by up to 0.75 per cent even before the RBI decided to increase statutory deposits last week as a part of inflation controlling measure. ICICI Bank could further revise rates depending on the market condition and competition.

Auto loan prior to the hike was in the range of 13.5-14 per cent, which have gone up by 0.75 per cent during the month.

Last week, the Reserve Bank (RBI) hiked Cash Reserve Ratio, the amount of depositors’ money that banks need to park with it, by half a per cent to tighten money supply. The hike, which would take CRR to 8 per cent, will impound Rs 18,500 crore from the banking system leading to reduction in the margins of the banks.

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• Reliance Ind Q4 net up 24% at Rs 3,912 cr but stock ends flat at Rs 2,642.15
• Weak dollar and OPEC’s refusal to increase production: oil prices hit record high of $117.40
• Inspite of CRR hike, Mkts cheer- Sensex closes up 258 pts
• IBM to sell $85.8 mn stake of Lenovo
• TCS Q4 net up 7 pc; lags forecast

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• BMW scraps plans to launch ‘Mini’ in India by ‘09
• Maruti to hike prices in May first week due to increase in steel prices
• No hike in interest rates at least till Apr 29: Bankers
• RBI move will moderate inflation: Chidambaram
• IPL: Rs 20,000 cr rides on the betting league

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• Oil hits new record $117 a barrel as Nigerian supply under threat
• Edible oil prices up on heavy buying, poor supply
• Pandit faces major test as Citigroup posts $5.11 bn losses, plans to cut 9k jobs
• Wall St braces for tens of thousands of pink slips- Citigroup Inc, Merrill Lynch and Wachovia Corp announce 12,400 job cuts this week.
• IIT, IIM professors can expect salary hike up to 200%: HRD’s special committee

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The RBI move perhaps has changed the financial landscape quite significantly. All markets will react on Monday, but there is considerable surprise at what the RBI has done, in changing the CRR and the repo rate.

It is very bad news for markets. It is almost certain that stock markets and bond markets will both sell off on Monday morning. Being led by the rate sensitive sectors, Markets are in for a blood bath on Monday morning because this has come as a surprise, particularly because the markets were expecting that rates might actually start cooling down in the end of April as inflation cools down but the RBI has not even waited for its monetary policy meeting.

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The RBI hiked Cash Reserve Ratio, the amount of depositors’ money that banks need to park with it, by half a per cent to tighten money supply as part of concerted efforts with the government to ease inflation. The CRR would be hiked by 0.25 per cent from April 26 (taking CRR to 8%) and by an identical percentage from May 10.

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Inflation eased off a bit and was seen at 7.19 pc on April 5 compared to the previous week’s 7.41 per cent. Inflation figures for a particular week are generally announced on Fridays, but Friday being a public holiday, the figure was announced earlier this week.

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• Equities cheer, Sensex surges over 237 points : nears six-week high
• RBI hikes CRR by 0.5 per cent to control inflation
• Indian economy likely to grow at 7.5 pc this fiscal: Experts
• Oil surges to a new record of $115.45, dollar’s extended slump and a big fall in US gasoline stockpiles blamed
• Infosys plans 11 to 13 per cent wage hike
• Delhi to sweep streets clean of 15-yr-old cars

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Mukesh Ambani Group’s Reliance Petroleum today said its 5,80,000 barrel per day export- oriented refinery at Jamnagar in Gujarat will be completed ahead of the December 2008 schedule. RPL is building the refinery adjacent to the existing 6,60,000 barrel per day refinery at Jamnagar.

In a filing to the Bombay Stock Exchange, the firm said that based on the progress made till date, the project is expected to be completed ahead of December 2008. Shares of Reliance Petroleum closed at Rs 184.85, down 2.61 per cent, on the BSE.

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• China’s growth slows down to 10.6% in the first quarter of 2008, compared to 11.7 percent in the same period last year
• Oil price hits record high of $114.50, as the USD tumbled to an all-time low against the Euro
• Indices end off highs as rally fizzles, Sensex up 90 points
• Inflation seen at 7.19 pc on Apr 5, lower than the previous week’s 7.41 per cent
• Gold demand low as prices rise
• E-waste likely to increase to eight lakh tonnes by 2012, up from 1.5 lakh tonnes in 2005

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