Bank of Russia hints at Big rate cut to boost economy

Bank of Russia governor Elvira Nabiullina hinted at a bigger than normal interest rate cut when the central bank meets next week.

Bank of Russia usually favours moves of 25 Basis points ( 100 Basis point = 1 % ) at one point of time, but at ties opts for 50 basis point change in the rates.

Due to Covid -19 fears there has been approximately USD 2 Billion dollars exit of funds from Russian economy ( Note that USD 2 Bill = 15, 000/- Crores Indian Rupees ).

Still analysts see and feel that its a good time to invest in the Russian economy and its stock market as there is lots of scope for its growth as compared to the developed economies of Americans or Western Europeans countries.

Government allows partial withdrawal for NPS Subscribers

The Pension Fund Regulatory and Development Authority of India ( PFRDA ) on Friday and National Pension System ( NPS ) subscribers will now be allowed partial withdrawal for covering expenses related to treatment of Covid-19.

In a circular addressed to all stakeholders and subscribers under the nPS PFRDA said. " In view of the decision fo teh Government of India which has declared Covid-19 as pandemic, it has been decided to declare Covid-19 as a critical illness which is life threatening in nature."

The partial withdrawal shall be permitted to fulfil financial needs of the subscribers, if rquired to him / her against the request placed for partial withdrawals towards treatment of the illness of subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents, as per the regulations , PFRDA said in the circular.

India has adequate stock of virus drug Hydroxychloroquine : Govt

The government on Friday said that there is enough stock of hydroxychloroquine in the country and it is taking all steps to ensure that there is not shortage of the drug in the domestic market. India is the biggest manufacturer of the anti - malarial drug that is being touted as "game changer" in teh fight against the Covid-19 pandemic. ( Source Mint )

Meanwhile government has asked the pharma companies to ram up the production of the hydroxychloroquine so that there is no shortage of the drug in the country as well as if demand comes from other countries facing he Coroan Pandemic.

The above news is very much positive for Indian Pharma companies especially IPCA Labs.

Hence one can buy IPCA Labs at CMP of 1,600/- for target of 2300 by December 2020.