The week of August 4th to 10th was a busy one, marked by a series of political and financial developments, along with a few sporting controversies.
Political Turmoil and Resignation Rumours in Bangladesh
On August 5th, Bangladesh Prime Minister Sheikh Hasina, after 15 years in power, reportedly resigned and fled Dhaka. The Bangladesh Army Chief, General Waker-Uz-Zaman, announced her resignation on state television and indicated the formation of an interim government. However, subsequent reports suggest that Hasina might not have actually resigned before fleeing to India, with her son and advisor stating that she was still the Prime Minister.
Financial Highlights: RBI Keeps Rates Steady, Companies Release Q1 Results
The Reserve Bank of India (RBI), on August 8th, decided to maintain the policy repo rate at 6.5% for the ninth consecutive time. This decision came despite concerns over inflation, although the RBI cited the slower pace of disinflation as a contributing factor. The RBI also reiterated its commitment to controlling price rises.
Several companies released their Q1 results during the week. Bata India reported a significant 63% increase in standalone net profit for the April-June quarter, driven by a one-time gain from property sales. PB Fintech, the parent company of PolicyBazaar and Paisabazaar, also reported a third consecutive profitable quarter, with a net profit of ₹ 60 crore.
Sporting Disappointments and Controversies
The Paris Olympics saw a series of unexpected events, bringing disappointment for Indian athletes. Vinesh Phogat, a renowned wrestler, was disqualified from the 50 kg weight class competition for exceeding the weight limit by a mere 100 grams. This led to a string of events, with Phogat announcing her retirement from wrestling and wrestler Antim Panghal, along with her support team, being sent back to India due to a disciplinary violation.
Other Notable Events
US Vice President Kamala Harris named Governor Tim Walz as her running mate for the upcoming US Presidential elections. The popular investment platform Groww experienced significant technical issues, causing disruptions for users attempting to place orders and access their account balances.
LIC, India’s largest insurer, reported a 9% increase in consolidated net profit for Q1FY25, with total income reaching ₹ 2,10,910 crore during the quarter. Neeraj Chopra, India’s star javelin thrower, won a silver medal at the Paris Olympics, securing a second medal for India in the games.
