Word on the street is that the RBI is set to cut interest rates tomorrow, with the call being taken, for the first time in Indian history, by a Monetary Policy Committee. While there remain risks to inflation, bankers believe that the hike in government salaries and a better monsoon will boost spending. Urjit Patel has so far declined to make his position on inflation clear, saying at one point that he is 'neither a hawk nor a dove'. He went instead for a different bird, claiming to be an owl, 'vigilant while others are resting'. 

India is planning stake sales in at least 22 listed and unlisted PSUs to reach its disinvestment target of Rs 56,500 crore. So far disinvestment sales have added up to around Rs 22,000 crore. Companies likely to be on the block include Container Corporation of India and assets of SAIL. Air India may also be on the list depending on its recent performance.

The penalty imposed on Reliance Industries for the natural gas it used from the ONGC fields will be determined based on the natural gas price at the time. The penalty will be paid to the government, and not ONGC. The amount will be decided in a month, according to Oil Minister Dharmendra Pradhan.

Bajaj Auto has taken a hit on sales as international exports continue to decline, and its sales dropped for the fourth straight month in September. Strong growth in domestic sales has not been enough to offset the international drop, and exports for the company fell 30% YoY. This comes at a time that the company is struggling with worker unrest in two of its three plants - workers in Pune have gone on strike demanding wage review and the rehire of eight dismissed workers. The workers union has been demanding a 40% hike in wages. 

Photo of the day: Residents of 1,000 villages evacuated near the Punjab border, displacing close to 15 lakh people, following the surgical strike against Pakistan. Firstpost/Parabjot