NEW DELHI, TUESDAY, MAY 24, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOL XLVIII NO. 71, 32 PAGES, `10.00 (PATNA & RAIPUR `10.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 54,288.61 ▼ 37.78 NIFTY: 16,214.70 ▼ 51.45 NIKKEI 225: 27,001.52 ▲ 262.49 HANG SENG: 20,470.06 ▼ 247.18 `/$: 77.52 ▲ 0.02 `/€: 82.80 ▼ 0.66 BRENT: $113.20 ▲ $0.65 GOLD: `51,156.00 ▲ `371.00 POSITIVE REAL RATE IS THE GOAL More rate hikes coming: Das RBI governor asserts central bank would not allow runaway depreciation of the rupee FE BUREAU Mumbai, May 23 THE RESERVE BANK of India (RBI) will raise policy rates further in the coming months,governor Shaktikanta Das said on Monday, simultaneously asserting the central bank would not allow a runawaydepreciation of the rupee. In an interview to CNBC TV18, Das said,“Expectations of higherrates are a no-brainer”and added a fresh inflation forecast would be put out at the June meeting of the Monetary Policy Committee (MPC).“Therewill be some hike, to say it would go to 5.15% may not be accurate,”the governorsaid,adding the idea was to move to positive real rates soon, though how soon was difficult to forecast. TheRBIhadraisedthereporateby40 basis points (bps) to 4.4% in early May. Ahead of that in April, it had altered its stanceandintroducedtheSDF(standing depositfacility)atarateof3.75%,40bps higherthan the reverse repo rate. Das said the central bank and the governmenthadenteredanotherphase of coordinated action to check inflation GOVERNOR-SPEAK The governor said he thinks the Centre is committed to the 6.4% fiscal deficit target for the year Expectations of higher rates are a no-brainer... There will be some hike, but to say it would go to 5.15% may not be accurate. SHAKTIKANTA DAS, RBI GOVERNOR YOOSEF KP Mumbai, May 23 STEEL STOCKS CRASHED on Monday, driving down the BSE Metal Index by 8.3%, its biggest single-day fall since March 2020, as companies saidthenewexporttaxonkeyprimarysteelproducts would force them to cut output and defer investments.With Monday’s fall, the index has come off 25.2% from its April highs,wiping out `2.6 trillionworth of investorwealth. OnSaturday,thegovernmentannouncedthat with effect from Sunday, an export tax of 15% would apply on select pig iron, flat-rolled productsofironornon-alloyedsteel,barsandrods,and various flat-rolled products of stainless steel. While the newimpost is aimed at curbing risingpricesofthealloyandboostitsavailabilityand consumption in the local market, all primary steelmakersfeelthegovernment’sdecisionis“illtimed”,as“steel priceswere alreadycorrecting”. Dilip Oommen,CEO of ArcelorMittal Nippon Steel India Ltd, said the export tax would hit the firm’s90,000tonneofsteelexportseverymonth. Continued on Page 2 and added that his sensewas the Centre would be committed to the fiscal deficit target fortheyearof 6.4%. Asked about rising yields and the Centre’s large borrowing programme, thegovernorsaidallinstrumentswould beusedtoensuretheyieldcurveevolved in orderlyfashion. Continued on Page 2 Steel stocks tumble on export tax ● BSE Metal 18,800 Intra-day, May 23 18,683.17 18,350 17,655.22 17,900 volatility with Balanced Advantage Funds. Give your portfolio a dynamic mix of equity and debt. Funds in the Balanced Advantage category aim to offer optimum market linked returns while helping you manage market volatility. Diversify your investments with 17,450 17,000 Ride market Prev. close: 19,259.77 Open Close Balanced Advantage Funds Covid created new billionaire every 30 hours: Oxfam ● REPORTS ON PAGES4,8&24 AS THE RICH and powerful from across the globe gatherin Davos for the World Economic Forum (WEF) Annual Meeting 2022,Oxfam International on Monday said the Covid-19 pandemic has seen one new billionaire emerging every 30 hours, while nearly 1 million people could be pushed into extreme poverty every 33 hours this year. Releasing a report titled ‘Profiting from Pain’in Davos, the rightsgroup furthersaid as thecostofessentialgoodsrises faster than it has in decades, billionaires in the food and energy sectors are increasing their fortunes by $1 billion every two days. The WEF, which describes itself as an international organisation for public-private partnership, is hosting its annual meeting in Davos after a gap of more than two years. Full report on Page 24 Contact your MFD/RIA. 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