Morning Business News Round Up_May 20, 2019

Morning Business News:  

  • MCA sees Rs 2.8 lakh cr recovery from IBC-led RP
  • IOC to examine US sanction’s impact on CPCL plans
  • India may witness slowdown as oil imports decline
  • DoT to soon settle merger/transfer of licences in M&As
  • BoB looks to rationalise 800-900 branches
  • Pre-monsoon rainfall deficit drops to 22 per cent
  • Reliance Capital protests ratings downgrade
  • India reports trade deficit with 11 RCEP members in FY 2018-19
  • OPEC members meet to assess oil market after US sanctions on Iran

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  • NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
  • Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
  • ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
  • CBDT allows AMCs to directly manage offshore funds out of India
  • NBFC crisis to top agenda of new govt
  • Jet employee group offers to invest $700 million
  • AgMA Energy plans to launch India-specific agri products
  • No interest in taking control of IndiGo: Rakesh Gangwal
  • Dredging Corporation of India wins annual contracts from Cochin and Paradip port trusts
  • ONGC, GIP, Tripura govt eye to buy out IL&FS’s 26% stake in OTPC
  • TCS eyes double-digit growth in FY20, says COO Subramaniam
  • Dr Reddy’s Laboratories serves a bitter medicine in March quarter
  • RBI’s vision document on payment systems to spur digital economy: Fintech firms
  • Life insurance industry to focus on millennials, digital-human interface
  • IMFA posts loss of Rs 74 cr in January-March qtr
  • Power producers seek removal of double taxation on imported coal
  • RBI to boost card payments with 34% increase in PoS terminals by end of 2021
  • Japan’s Orix to acquire wind assets of IL&FS
  • GST Council may consider national bench of AAAR next month
  • FPIs withdraw Rs 6,399 crore in May so far
  • AstraZeneca moves US court against Aurobindo
  • RBI releases ‘Vision 2021’ for payment systems for ‘cash-lite’ society

Morning Business News Round Up_May 17, 2019

Morning Business News:  

  • PNB not to sell stake in housing finance arm
  • Niti Aayog bats for ending data monopoly
  • India to benefit from US-China trade war: Experts
  • RBI directs NBFCs to appoint chief risk officer
  • Arcelor Mittal clarifies terms of Essar Steel bid
  • Trump’s Huawei threat is to halt China’s global rise
  • Reliance-BP makes 1st bid for oil block
  • Govt buys 29.26 mn tonnes wheat, set to achieve target of helping farmers
  • Funding crisis to worsen unless India pumps more cash into financial system
  • Only Rs 39,500 cr for distribution among Essar creditors, CoC tells NCLAT

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  • Hindalco Industries Q4 profit down 37% to Rs 236 cr on higher input costs
  • HFCL Q4 profit dips to Rs 52 crore, order book at record high
  • Vedanta, ONGC, RIL-BP in fray for oil, gas blocks offered under OALP-II, III rounds
  • Ashok Leyland bags order for 400 minibuses from Senegal
  • KPIT net profit at ₹30.9 cr in March quarter
  • JSW Energy logs Rs 6 cr profit in Q4
  • Petronet LNG Q4 net falls 16% to₹440 crore
  • JK Tyre skids on high raw-material cost; Q4 net plunges 79% at ₹34 crore
  • Goldman Sachs to buy United Capital for $750 million
  • L&T acquires 8.86 lakh shares of Mindtree; takes overall holding to 26.48%
  • Hindalco not perturbed by European Commission process on Aleris
  • Indian rice prices slide to 7-month low as demand stalls
  • Essel Group to sell 3 road assets to CDPQ
  • SIDBI Q4 net jumps 28% to ₹519.36 crore
  • Mastercard to invest Rs 7,000 crore, double headcount in India
  • Electricity generation seen rising 6.4% in FY20
  • Bank of India back in the black, posts Rs 252 crore profit in Q4
  • Jet Airways sale: SBI Caps rules out Darwin as potential investor
  • Rupee rises for 3rd day; vaults 31 paise to 70.03 vs USD
  • COAI favours minimum broadband speed of up to 2 Mbps for 4G network
  • Vedanta bids for 30 oil & gas blocks
  • Pennar Industries gets NCLT nod for merger

Morning Business News Round Up_May 16, 2019

Morning Business News:  

  • Trade Deficit widens to $15.33 billion in April
  • S. factory output drops for third time in 4 months
  • Independent directors come under corp ministry scanner
  • TCL and TGBL to merge consumer businesses
  • NCLAT admits HUDCO plea claiming dues from Bakshi
  • Sterlite Power commissions first project in Brazil
  • ArcelorMittal resolution plan violative of IBC: Ruia
  • India’s services exports rise 6.6% in March; services imports up by 10.55%

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  • Hindustan Zinc, Tata Steel lean on ‘digitised mines’ to boost productivity
  • Home buyers to pay 12% GST on dues if project gets completed before Apr 1
  • Indian Railways eyes Maruti cars to boost freight business by 2030
  • Lupin’s Q4 disappoints on soft India sales, higher tax and interest costs
  • Coonoor tea earnings surge by over 21 per cent
  • Maharashtra sugar czar slaps seizure notices on 68 mills
  • Global sugar deficit likely to be 2.34 mn tonnes in 2019-20
  • Govt plans to divest 15% stake in RITES; to fetch ₹700 Cr
  • Welspun Enterprises Q4 net up 17% at Rs 30 cr
  • Lupin reviews details of US lawsuit on drug pricing
  • MEA refuses to share details on extradition of Vijay Mallya, Nirav Modi
  • NSE penalises 250 companies for non-compliance of listing, disclosure norms
  • HDFC ties up with India Mortgage Guarantee Corp
  • Mahindra Partners buys out Matrix’s stake In Centre For Sight for ₹206.5 crore
  • Central Bank of India Q4 loss widens to₹2,477cr on high provisioning
  • SAT sets aside Sebi’s order against Piramal Ent, others in insider trading control lapses case
  • GSP countries to benefit from trade war with China, says report
  • Govt plans 400 MW storage-linked renewable projects
  • Jet Airways’ overseas rights to be allotted to other carriers
  • Rupee rises for 2nd straight day; settles up 10 paise at 70.34 vs USD
  • Sensex tumbles 204 points; Nifty ends below 11,200
  • CII to focus on enhancing industry competency, job creation
  • Promoters find it difficult to exit insurance business
  • Audit report finds 107 cases of shady lending at IL&FS

Morning Business News Round Up_May 15, 2019

Morning Business News:  

  • NPA recoveries via IBC in 18-19 at Rs 70,000 cr: Crisil
  • Govt committed to strategic disinvestment of AI: Sinha
  • Jet sinks deep, resolution faces many challenges
  • US puts Chinese, Pakistani companies on entity list
  • Vodafone’s annual loss at 7.6 billion euros
  • India postpones retaliatory tariffs on US products
  • Voda-Idea board OKs merger of 2 units for efficiency
  • RBI needs to go for larger rate cut in June monetary policy: SBI report
  • Monsoon to arrive late on June 4, 15% chance of drought, says Skymet

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  • Indian industry fears dumping of Chinese steel, seeks govt protection
  • At $26.3 bn, PE investment in India in 2018 was second-highest in a decade
  • NCLAT refuses to stay Jaypee Infratech creditors’ voting on NBCC plan
  • Mahindra Logistics eyes acquisitions in SE Asia to strengthen freight wing
  • Demonetisation: I-T Dept probinggains made in agriculture
  • WPI inflation slips to 3.07% in April, food prices still high
  • MCX crude options register turnover of ₹716 crore
  • NMDC to invest $1 billion on infrastructure, says official
  • Rothschild withdraws from advising Adani on Australia project
  • Nestle India Q1 profit up 9.25%
  • Citigroup looks to vastly expand India reach with Paytm tie-up
  • Sebi told Fortis Healthcare Ltd to recover₹403 crore from Singh brothers
  • Union Bank of India posts ₹3,369-cr loss as RBI finds divergence in bad loans
  • InnoVen Capital raises $200 million from Temasek, United Overseas Bank
  • UCO Bank posts net loss of ₹1,552 crore in March quarter
  • Monsanto ordered to pay $2 billion in weed killer cancer case
  • IndiGo wins big, gets 38 of Jet Airways’ 118 plum Delhi slots
  • Jaypee Infratech creditors decide to put on vote NBCC’s revised bid
  • Trade tussle: India voices concern over ‘existential’ threat to WTO
  • Rupee recovers 7 paise along with stocks, ends at 70.44 vs USD
  • L&T acquires 1,168 shares of Mindtree
  • GST details not needed in tax audit till Financial Year 2020
  • Outlook gloomy for auto, brightening for property: Survey
  • SME listings nearing 500-mark

Morning Business News Round Up_May 14, 2019

Morning Business News: 

  • Automated GST refund for exporters by next month
  • Arcelor paying Rs 39,500 crore for Essar Steel and not Rs 42,000 cr: SCB counsel Kapil Sibal
  • Tata Power, Mahanagar Gas ink pact to offer various services
  • India smartphone market grew 7% in Q1 2019: IDC
  • India’s car sales decline 16% in April, the worst in eight years: Siam
  • Saudi oil tankers attacked as Gulf tensions soar amid US, Iran standoff
  • Hudco wants Rs 190 cr bite out of McDonalds-Bakshi deal, NCLAT to hear plea
  • US antitrust probe singes India’s pharmaceutical firms; Sun Pharma falls 9%

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  • Amazon introduces new machines that pack orders and replace jobs
  • SEBI slaps two showcause notices on HDFC AMC
  • Oriental Bank back in black, net profit in FY’18-19 at Rs 55 cr
  • Pre-monsoon showers may see a 5-year low
  • Retail inflation may rise to 4 per cent in FY20: Crisil
  • Relief for TCS as US court rejects CSC’s demand for restraining order
  • Kwality insolvency: Lenders to vote on deadline extension for submitting bids
  • United Bank of India posts profit in Q4, after seven quarter of losses
  • US markets tumble, treasuries rally on China tariffs
  • Vodafone Idea loss at Rs 4,881.9 crore in Q4 amid brutal tariff war, triggered by Reliance Jio
  • April retail inflation climbs to 6 month high of 2.92% as food prices rise again
  • India likely to add 80 GW of renewable energy capacity in next 5 years: Survey
  • Ola credit card: Uber rival is marrying digital payment with mobility in India
  • Home Ministry cancels registration of Infosys Foundation
  • Nabard announces Rs 700-cr VC fund for agri, rural startups
  • ITC Q4 net profit rises 18.72 pc to Rs 3,481.9 crore; Sanjiv Puri is new Chairman
  • Amul expects revenue to grow by 20 per cent to Rs 40,000 cr in 2019-20

Morning Business News Round Up_May 13, 2019

Morning Business News: 

  • Piramal Group plans to buy operational renewable power projects of Mytrah
  • NBFC crisis imminent, says Corp Affairs Secy
  • RBI study finds why there’s a dip in bank deposits
  • Positive sentiment continues for manufacturing sector in Q4, capacity utilisation up at 80%: FICCI survey
  • NCLT dismisses ICICI Bank’s plea to initiate insolvency proceedings against Era Infrastructure
  • FPIs press exit button, pull out Rs 3,207 crore from markets in May
  • DMart Q4 net profit rises 21.4% at Rs 203 crore but margins remain weak

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  • PNB Housing Finance reports net profit of Rs 379.7 cr in Q4FY19; up 51%
  • Apple’s wait bears fruit with sub-continent’s biggest store in Mumbai
  • Reliance entry to digitise 5 million kirana stores by 2023: report
  • SRF to sell engineering plastics business to DSM India for ₹320 crore
  • PC Jeweller gets board’s nod for export division demerger
  • Tata group’s perfume brand Skinn eyes Rs 500-crore turnover by 2023
  • Vedanta’s benign March quarter results bring no solace for investors
  • Accor in talks to invest up to $50 million in Treebo Hotels
  • NCLAT dismisses insolvency plea against SpiceJet
  • Unilever considers $1 billion bid for skincare brand Drunk Elephant
  • Govt to set up panel under DGFT to look at steel availability for engineering exporters
  • Moody’s India probing IL&FS AAA rating by ICRA executives after whistle-blower complaint
  • US-China talks break up with no deal after Trump hikes tariffs on $200 billion in Chinese imports
  • Dalmia Bharat Q4 profit jumps over 2-fold to Rs 264 cr
  • Jaypee Infratech insolvency: Lenders ask NBCC to withdraw some conditions
  • COAI approaches DoT to stop sale of mobile signal boosters on e-commerce sites

Morning Business News Round Up_May 10, 2019

Morning Business News:

  • Reliance acquires iconic British toy brand Hamleys
  • India seeks greater access for farm products in China
  • Realty firms can opt for old GST rate till May 20
  • India urges UK to tweak tax rules for professionals
  • Tata Motors denies reports of sale of Jaguar Land Rover
  • RCom’s bankruptcy begins; next hearing on May 30
  • Coal India to increase auction offering by 14% in FY20
  • L&T acquires additional 2% stake in Mindtree; takes total holding to 26%
  • Sebi initiates proceedings against Icra over rating given to client

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  • Promoter stake in McLeod Russel dips as ABFL sells pledged shares
  • HDFC puts Jet’s Mumbai office space for sale to recover Rs 414 cr
  • UP sugar mills risk Rs 500 cr loss as regulator cuts power tariffs
  • Maruti Suzuki cuts production by around 10% in April
  • Sundram Fasteners Q4 standalone net up 15% to Rs109.54 cr
  • Tata Steel to sell 19% stake in Oman mining arm
  • Granules India Q4 profit zooms over 3-fold to Rs 64 cr
  • Voltas consolidated net falls 27% to ₹ 141.75 cr in March quarter
  • Asian Paints Q4 net slips to Rs 487.50 cr
  • Oil dips as US-China trade worries outweigh supply disruptions
  • PNB Housing Finance profit up 51% at ₹380 crore
  • Indian Overseas Bank Q4 loss narrows to₹1,985 crore
  • Inflows into equity mutual funds slump 61% in April
  • US-China trade gap shrank in March to smallest since 2016
  • MCA may refer Jet Airways to SFIO for fund diversion probe
  • McDonald’s strikes out-of-court settlement with Vikram Bakshi
  • India may export 10-11 million tonnes iron ore pallets to China this year, say traders
  • Dubious firms in MCA-21: Govt says no impact on GDP numbers
  • Gold rises for second day on positive overseas trend
  • India Ratings downgrades Yes Bank with negative outlook
  • Vodafone pledges entire stake in Vodafone Idea with foreign banks
  • E-purchase of jewellery up 38 per cent this time

Morning Business News Round Up_May 9, 2019

Morning Business News:

  • US to raise duty on $200 bln worth Of Chinese imports
  • RBI allows banks to treat IL&FS expsoure as NPAs
  • India to add 11.5L jobs in first half of FY20: Report
  • RBI warns of more fiscal slippages by states
  • Saudi Aramco offers to increase oil supply to India
  • Stability will return to telecom mkt by Q4 FY20: COAI
  • India’s domestic passenger market falls to 3.1% in March, says IATA
  • Four-fold rise in total solar capacity but rooftop meets just 10% of target
  • Lenders set to realise Rs 80,000 cr from insolvency process in FY20: Icra
  • Sebi allows foreign portfolio investors to invest in municipal bonds

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  • Lupin gets govt nod for more time to complete project in Indore SEZ
  • Vodafone’s merger with TPG Telecom blocked by Australian regulators
  • Home buyers have no say in choice of GST rate: FinMin
  • Titan Q4 net up 14% at Rs 348 cr
  • McLeod Russel’s short-term rating downgraded
  • Brigade Enterprises posts ₹72-cr profit
  • Zee Entertainment set to announce Q4 results on May 27
  • RBI withdraws circular that asked banks to disclose IL&FS exposure, provisions
  • CCI approves General Atlantic’s 6.5% stake buy in PNB Housing Finance
  • SC seeks Centre’s reply on Essar Power plea to surrender coal block
  • IRCTC draft RHP likely to be filed with Sebi next month
  • Tata Communications losses widen to ₹199 cr in Q4 FY19
  • PNB-scam accused Nirav Modi denied bail by UK court for third time
  • IndiGo awaiting approvals to enter China
  • Chotia coal block output to reach one MTPA in near term: Vedanta
  • Japan’s Softbank to spend $4 billion to hike stake in Yahoo
  • China’s investment in US drops 83 per cent amid growing mistrust
  • Sensex plummets 487 pts to close below 38,000-mark
  • Crude oil futures gain 1.13 pc on firm cues
  • Zee stake sale at advanced stage, progressing steadily: Essel Group
  • Lupin gets more time from govt to complete project in Indore SEZ

Morning Business News Round Up_May 8, 2019

Morning Business News: 

  • Oil imports from Iran down 57% y/y in April: Trade
  • US commerce secy warns India against retaliatory tariffs
  • Airtel to merge VSAT ops with Hughes India unit
  • NCLT begins bankruptcy process for RCom
  • Essar shareholder seeks ban on Mittal’s bid
  • India IT & biz market to reach $14.3 bn by 2020: IDC
  • Wipro builds blockchain digital currency in Thailand
  • Kerosene subsidy bill builds up 21% to Rs 5,800 cr in FY19; LPG jumps 49.4%
  • Alembic Pharma forms JV to enter a difficult $100 bn Chinese market
  • Zee stake sale at advanced stage, progressing steadily: Essel Group

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  • Vedanta Q4 PAT at Rs 2,615 cr, down 34% yoy on Tuticorin plant shutdown
  • Jalan panel to hold 2 more meets before final report on RBI capital size
  • With $41-billion borrowing, ECBs hit five-year high in 18-19
  • Hindalco in consortium to promote use of aluminium cans for beverages
  • Mahindra Logistics Q4 PAT rises 14.5 per cent
  • Porsche fined 535 million euros over diesel emission cheating
  • Merck Ltd renamed as Procter & Gamble Health Ltd
  • ONGC reaffirms strong financials post HPCL takeover
  • Moderate demand dampens Q4 results for FMCG firms
  • DCB Bank expects to double balance sheet in next four years
  • Yes Bank acquires eight crore pledged shares of CG Power
  • Escorts Q4 net profit up 8% at ₹121 crore
  • Saudi Aramco said to give extra oil to Asian buyers
  • Piramal, CPPIB in tie-up for India’s 1st renewables InvIT
  • Centrum’s PE Fund invests Rs 15 cr in Ayurveda Experience, Dunzo
  • BSE Q4 net profit drops 16.46 pc to Rs 51.86 crore
  • RBI’s holding company model for banks will help contain NPAs, says Charan Singh
  • IMF chief Christine Lagarde says US-China tensions ‘threat’ to world
  • Rupee slips to 69.43 against US dollar
  • Multifold increase in investments in B2B startups
  • Reserve Bank of India plans more forex swaps, cash injection
  • NBCC offers just Rs 20 crore to operational creditors

 

Morning Business News Round Up_May 7, 2019

Morning Business News:  

  • E-comm policy, data localisation figure in Indo-US meet
  • Trade war would be ‘bad for the world’: Buffett
  • Bharti Airtel posts surprise Q4 profit of Rs 107 crore
  • L&T buys Rs 113 cr Mindtree shares in open mkt
  • ICICI Bank Q4 profit drops 5% to Rs 969 crore
  • Jaypee Infra lenders to mull NBCC revised bid
  • Policy to boost exports on anvil as trade deficit hits new high of $176 bn
  • State-owned discoms’ debt set to rise to pre-Uday levels of Rs 2.6 trn
  • Forgers are forcing $9-trillion global trade financing into digital age
  • Govt cannot ensure cheaper oil to India, says US commerce secretary

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  • HDFC Bank board may go for splitting stock into two later this month
  • Wockhardt Q4 net loss narrows to Rs 14.47 cr
  • Industry bodies list key issues for GST Council meet next month
  • Gujarat Gas net jumps 77% in March quarter
  • PFS reports Q4 net profits at Rs 36.76 crore
  • Liquidation process for ABG Shipyard commences
  • Medlife acquires Bengaluru-based Myra Medicines
  • NRIs can remit up to $1 mn from sale of property in India
  • Investor wealth erodes by ₹1.24 lakh cr as markets plunge
  • Finance Commission to meet RBI governor, bank officials during Mumbai visit
  • ICICI Bank: Asset quality improves but trend in slippages, provisions key
  • UK entrepreneur says SBI allows him to bid for Jet Airways
  • Mastercard commits $1 bn investment in India in next 5 yrs; to develop India as global tech node
  • Anand Piramal, Kris Gopalakrishnan, Accel Partners, others pouring $74 million in Mukesh Bansal’s CureFit
  • China gives modest boost to economy with RRR cut amid renewed trade tensions
  • India’s services sector output growth at 7-month low in April: PMI
  • Sensex slumps 363 pts as US-China trade talks derail
  • End-user IT spending in India to reach USD 15 bn in 2019: Report
  • Sun Pharmaceutical eyes Chinese market
  • Over 100 US cos visiting India to explore business opportunities