🕚 11:11 | RBI hits pause, SAP's India push, IPO buzz, Savan Kotecha’s India playbook & more
In this edition of 11:11, we decode the RBI’s policy signals, IPO listings, defence spending boost, and more. From SAP’s crore tech campus to a surge in holiday loans to Savan Kotecha’s India playbook, here’s your power-packed round-up of India’s most important macro, market and cultural moves.
🏦 RBI hits pause after three consecutive rate cuts; keeps repo rate unchanged at 5.5%, maintains neutral stance
After delivering rate cuts totalling 100 basis points across February, April and June, the Reserve Bank of India’s Monetary Policy Committee hit the pause button, keeping the repo rate steady at 5.5%. The move, unanimously agreed upon, comes amid stabilising inflation and uncertainty around global macroeconomic conditions. Both the Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) rates were also left untouched.
📈 RBI keeps FY26 GDP growth outlook unchanged at 6.5%
RBI Governor Sanjay Malhotra reaffirmed the central bank’s confidence in India’s economic resilience by maintaining the FY26 GDP growth forecast at 6.5%. The quarterly breakdown shows steady momentum with projections of 6.5%, 6.7%, 6.6% and 6.3% from Q1 to Q4 respectively. Growth is being powered by robust rural consumption and a buoyant services sector, though industrial output remains tepid.
📉 RBI trims FY26 inflation forecast again, now at 3.1%
For the second time in two months, the RBI has cut its FY26 inflation estimate, lowering it to 3.1% from 3.7% in June. The revision is attributed to sustained softening of food prices and muted headline inflation. However, inflation is expected to trend higher towards the end of the year due to seasonal factors and base effects—reaching 4.4% by Q4 FY26 and 4.9% in Q1 FY27.
📊 NSDL shares list at 10% premium to IPO price, hits day's high of ₹920
National Securities Depository Ltd (NSDL) saw a strong debut on Dalal Street, listing at ₹880—10% above its IPO price of ₹800. Investor enthusiasm continued post listing, with the stock climbing to an intraday high of ₹920. The healthy response reflects growing confidence in the capital markets infrastructure space.
🏗️ Sri Lotus Developers shares list at 19% premium to IPO price — what should investors do?
Sri Lotus Developers' shares debuted with a 19.4% premium on the BSE at ₹179.10, against an issue price of ₹150. The NSE listing was equally strong at ₹178. This performance aligns closely with grey market expectations and highlights strong investor appetite in the real estate sector. Analysts advise booking partial profits while keeping an eye on upcoming earnings for further direction.
🔰 These Defence stocks are likely to benefit from the ₹67,000 crore clearance by DAC
Shares of defence manufacturers such as Bharat Electronics, Bharat Dynamics, and Solar Industries saw modest gains after the Defence Acquisition Council cleared capital acquisition proposals worth ₹67,000 crore. The approvals include systems for the Army, Navy, and Air Force—ranging from autonomous surface craft to night-vision tech—positioning Indian defence firms for significant order inflows.
⚖️ India terms US tariffs on aluminium and steel as WTO violation, reserves right to retaliate
India has accused the US of violating World Trade Organization (WTO) norms by continuing to impose tariffs on aluminium and steel imports under Section 232. New Delhi had sought consultations under the WTO Agreement on Safeguards, which Washington rejected, citing national security grounds. India has now officially reserved the right to impose retaliatory trade measures.
🏢 SAP's €194 million campus investment signals long-term bet on India
SAP has opened its largest innovation campus outside Germany in Bengaluru, investing €194 million (approx. ₹1,740 crore). The 41-acre campus will house 15,000 professionals and will focus on enterprise AI and end-to-end product development. SAP Labs India MD Sindhu Gangadharan called it a strategic commitment to India’s talent and innovation potential.
🇺🇸 Trump says ‘don’t know’ when Indian media asks about US importing Uranium, fertilisers from Russia
When asked by ANI about whether the US is still importing fertilisers, uranium and other commodities from Russia, US President Donald Trump responded, “I don’t know anything about it.” The evasive comment has stirred conversation amid rising geopolitical scrutiny of global trade with Russia.
✈️ Over a quarter of personal loan borrowers used funds for travel in first half of 2025: Paisabazaar
According to Paisabazaar, 27% of personal loans issued in H1 2025 were used to fund holidays, up from 21% in 2023. Travel has now overtaken home renovation as the top use case for personal loans. The trend is particularly strong among young borrowers in Tier 2 and Tier 3 cities, indicating a growing appetite for leisure and experiences.
🎶 Savan Kotecha’s bold bet on India: Teen pop band and a fight for songwriters’ rights
After writing hits for global stars like Ariana Grande and The Weeknd, Grammy-nominated producer Savan Kotecha is turning his attention to India. Through his teen boy band ‘OutStation’ and publishing firm ‘Outwrite’, Kotecha wants to build an India-rooted, globally competitive pop scene—while also advocating for stronger songwriter rights and royalties in the country.
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