From policy decisions and market moves to courtroom interventions and a food controversy, the week saw developments across business, finance and public affairs. Here's a recap of the week that was.
RBI Keeps Rates Unchanged
The Reserve Bank of India maintained a status quo on its benchmark policy rate for the fourth consecutive meeting and retained the stance as "neutral", with Governor Sanjay Malhotra saying the next move of the central bank on interest rates, as well as policy stance, will be data dependent.
Rupee Settles At Rs 95.17
The rupee settled with a 5 paise gain at 95.17 against the US dollar on Friday, backed by an inflow of foreign capital despite heightened risk aversion due to fragile negotiations between Iran and Oman over the Strait of Hormuz. Forex traders said risk aversion in global markets due to uncertainty on the deal between Iran and Oman and an overnight jump in crude oil prices weighed on investor sentiments.
At the interbank foreign exchange, the rupee opened at 95.27 against the greenback and traded in a range of 95.16-95.28 during the session. It eventually settled at 95.17, higher by 5 paise from its previous close. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 99.90, down 0.02%
FDA Commissioner Tukaram Mundhe Faces Flak Over 'Saoji' Remarks
Maharashtra's Food and Drug Administration (FDA) Commissioner Tukaram Mundhe's remark about Nagpur's famous Saoji mutton has drawn sharp criticism from restaurant owners making this popular dish. Speaking at a public event recently, Mundhe had said that if someone like him consumed Saoji food, he would “end up in hospital for at least a month.” Eating such oily foods could increase the risk of serious health issues like heart disease, he added.
The remarks evoked a strong reaction from Saoji restaurant operators, who said Saoji cuisine is not just a food item but Nagpur's cultural legacy.
Ardee Industries IPO
The initial public offering of Ardee Industries Ltd. received strong participation from investors, with the issue getting subscribed 133.66 times on the final day of bidding on August 7. The price band for the IPO was fixed at Rs 50-53 per equity share, valuing the company at Rs 1,671 crore. The non-institutional investors subscribed their category 255.24 times. The Qualified Institutional Buyers (QIBs) segment was booked 197.77 times and the retail quota was subscribed 45.71 times.
Delhi HC Stays FSSAI Ban On Dabur
The Delhi High Court stayed an FSSAI directive prohibiting Dabur India from selling food products such as honey, cow ghee, and edible oils with "100%" claims. In a social media post, the FSSAI said it has issued the prohibition order to Dabur India Ltd over the sales of food products carrying misleading "100%" claims, including honey, apple cider vinegar, virgin coconut oil, sesame oil, cow ghee, coconut water, coconut milk and other such items.
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