Top News Of The Day: Inflation Up, RBI Hikes Repo Rate After 4 Years

The Reserve Bank of India on Wednesday announced a hike in the repo rate by 40 basis points, a first in almost four years. The central bank's surprise move comes as a measure to control the persistent high inflationary pressure; The much-anticipated initial public offering (IPO) of Life Insurance Corporation of India opened today. The government is selling shares in the price band of Rs 902-949 apiece and hopes to mop up Rs 21,000 crore through this issue and other top stories.