Month: March 2019

Morning Business News :

• RBI eases office opening process for foreign entities
• Banks’ consumer durable loan business shrinks 75%
• Merger of Vijaya, Dena banks with BOB to continue: SC
• Lenders ask for fresh round of bidding for Amtek Auto
• L&T’s construction division bags Rs 2,500 cr orders
• ZF signs agreement to acquire WABCO for $7-bn
• PFC completes REC acquisition, hopeful of merger soon
• Irdai keeps third party motor insurance rates unchanged
• Bank union to write to govt, RBI against infusing money into Jet Airways
• Donald Trump presses OPEC to boost output to bring down oil prices
• S&P downgrades Tata Motors, subsidiary JLR credit rating for weak profits
• Govt to infuse Rs 5,042 cr into BoB ahead of merger with Dena, Vijaya

• Infosys to buy 75% stake in ABN AMRO’s mortgage services arm for $143.5 mn
• India keen to re-start talks on trade package with the US
• Lupin launches generic skin treatment cream in US market
• Siemens Gamesa commissions 10 MW solar project for Lakshmi Machine Works
• Indonesia, India palm groups to propose tax incentives to certified palm
• PE, VC investment in India at $20.5 bn in 2018: Report
• Jet defaults on ECB due to ‘temporary constraints’
• Need to reinvent Niti Aayog, says former RBI Guv Y V Reddy
• M&M to raise vehicle prices due to high commodity rates
• Alstom bags ₹700 cr contracts from Mumbai, Pune metros
• PFC is now the second largest govt-owned financial firm after SBI
• DLF’s over ₹3,000 crore QIP closed; issue price fixed at ₹183.4 a share
• IOB receives shareholders nod for ₹3,806 crore capital infusion
• Bigbasket valuation hits $2.2 billion; turns unicorn with $150 million funding from Alibaba, others
• Manappuram Finance withdraws release on securing funding from NABARD
• Bandhan Bank, Gruh finance merger by Dec; to push affordable housing
• Axis Trustee, IndusInd invoke 15.6% pledged shareholding in RCom
• Orchid Pharma’s promoter firm too goes under resolution process
• Sensex rebounds over 400 points, Nifty ends at 11,570
• Commerce ministry for imposition of countervailing duty on Chinese pneumatic tyres
• Rupee plunges 42 paise to 69.30/USD on stronger dollar
• Singapore recalls BP drugs with India-made ingredient

Morning Business News :

• Sebi exempts government from PNB open offer; directs reducing non-public holding post capital infusion
• Bank of Baroda to Raise up to $1b by Selling Bonds Abroad
• Vedanta reports oil discovery in KG basin
• Currency in circulation dips since note ban
• Digital adoption may result in economic growth: Report
• MERC approves 700 MW PPA of Tata Power for 5 yrs
• Sale of UBHL shares of Mallya fetch Rs 1,008 cr: ED
• UK to not impose any new tariffs on Indian seafood exporters after Brexit
• Govt to crack down on mills for selling sugar below MSP, letter warns

• Sebi defers implementation of new royalty payment corporate code
• Adani becomes 1st Indian port operator to record 200 MT cargo movement
• NCLT approves revised resolution plan for Jyoti Structures
• India produces 8.74 MT crude steel in February: worldsteel
• CBDT raises alarm as direct tax collection falls short
• Tata, GIC to buy stake in GMR Airports for Rs 8,000 cr
• NTPC raises $450 million from global markets
• L&T Hydrocarbonbags large order from Oman
• DLF QIP issue subscribed two times; to raise Rs 3,200 crore
• Dr Reddy’s China focus will require deft manoeuvring
• Govt may ease norms for EVs to qualify for FAME incentives
• Essar Steel CoC meets over payout of Arcelor Mittal’s ₹42,000 crore offer
• Gold prices fall for second day, silver bucks trend
• HC refuses to stay proceeding in defamation case against Ratan Tata, others
• RIL to gain from personal data laws: Merrill Lynch
• India-US joint crackdown on tax evasion by MNCs
• City gas distribution rights to help oil marketing firms diversify, says Fitch Ratings
• Mindtree drops share buyback plan, panel to look into open offer by L&T
• Raghuram Rajan joins the chorus, says GDP growth numbers may be overstated
• Tatas to enter airport business with GMR stake buy
• Consumption Fund from ICICI Prudential Mutual Fund
• Infected US shale oil faces rejection in Asia
• Changes in APEDA Act, Essential Commodities Act required to help farmers: Kant
• Rupee settles marginally lower at 68.88 vs US dollar

Morning Business News :

• Jet to start operating 75 planes by April-end: Govt
• PFC to pay entire Rs 14,500 crore for REC acquisition
• Europe adopts copyright reform in blow to tech giants
• NCLAT stays notice for RCom’s spectrum cancellation
• Uco Bank gets Rs 14,000 crore windfall
• NCLT probes Sterling lenders on absconding promoters
• FTC seeks more information to review Bristol-Celgene’s $74 billion planned merger
• High Court allows Vedanta to take part in Nalco’s alumina sale tender
• HCC to raise Rs 1,750 crore through monetisation of claims

• Trai to hold consultation with BSNL, MTNL on 4G spectrum allocation: Govt
• RBI accepts $5 bn from banks at currency swap auction to ease liquidity
• NCLT asks RP of Jyoti Structures to submit revised resolution plan
• Centre may look at diluting stake in PSUs to below 51% without ceding control
• L&T bags ₹352-cr solar plant order from Raasi Green Earth
• ‘Domestic tractor sales may log double-digit growth this fiscal’
• ‘India maintains lead in consumer optimism’
• SAIL supplies first batch of LHB wheels to Railways
• ITC’s John Players now part of Reliance Retail’s wardrobe
• RBI sets high cut-off premium at debut dollar/rupee swap auction
• ‘India now seeing more buyout-style transactions’: PwC’s Sanjeev Krishan
• RBI slaps ₹2 crore penalty on PNB for violating SWIFT norms
• L&T makes open offer to buy 31% in Mindtree for ₹5030 crore
• Allahabad Bank to raise ₹4,000 crore equity capital via various modes
• India becomes second largest market for Marks & Spencer after UK
• Rail Vikas Nigam IPO fixes price band at Rs 17-19 per share; to start this Friday
• JCB to start new production facility in Gujarat; invests Rs 650 crore
• Nirav Modi case: NCLAT notice to corp affairs ministry on PNB ex-CEO’s plea
• BoB to develop agri-digital platform; inks 6 MoUs
• Sensex zooms 425 pts on global rebound ends up at 38,233.41; Nifty above 11,450
• Goldman too warns against yield curve panic
• Jet Air buyer will have to bring in Rs 4,500 crore

Morning Business News :

• ‘Job creation dips 6.9 pc in Jan to 11.23 lakh’
• Govt notifies new rules for drugs and clinical trials
• Naresh Goyal writes an emotional letter to Jet staff
• Expect buyer for Jet by May 31, says SBI Chairman
• Sebi changes commission, disclosure norms for MFs
• Prudential Holdings to sell up to 3.71% in ICICI Pru Life
• Govt moves NCLT seeking immunity for directors of IL&FS subsidiaries
• BSNL-MTNL merger likely to solve their problems, say telecom experts

• L&T knocking at its door, Mindtree board to decide on buyback Tuesday
• DLF to raise Rs 3,200 crore via QIP programme

• ‘Regulatory sandbox’ norms for fintech firms in 2 months: Shaktikanta Das
• HDFC To raise Rs 3,000 crore through NCDs
• Varun Beverages gets CCI nod to acquire PepsiCo’s franchise
• KPTL to buy 85 % stake in Swedish firm for $24 m
• Tata Power-backed company to sell power from Prayagraj plant without discount
• IndianOil, BPCL arm bag entire stake in Abu Dhabi block
• Food inflation likely to go up to 2% in FY20: Report
• Sun Pharma gets observation from USFDA for Gujarat plant
• Fortis facilitating PE stake sales in SRL Diagnostics
• Tata Power inks pact to sell EEPL for $11 million
• Hotel Leelaventure seeks shareholders’ nod for asset sale
• US markets extend losses as treasuries advance
• France, China sign 15 commercial deals, including with Airbus, EDF
• Edelweiss eyes $1 billion corpus for latest fund
• Netmeds buys health tech startup KiViHealth, draws up $10-million investment plan
• Credit and debit cards make for over half of electronic payments volume: RBI Governor
• Axis Bank eye branch expansion to match HDFC Bank, ICICI Bank
• IGST-credit-first rule: Taxpayers unsure of GSTN fiat’s legal status
• IREDA likely to blacklist Birla Sunlife Mutal Fund
• Coal makes way for solar energy in United States
• Syndicate Bank extends deadline for ESPS till March 30
• Sensex sinks 355 points tracking global sell-off

Morning Business News :

• Power may create another Rs 3L cr NPA mess
• NCLAT sets aside Jyoti Structures liquidation
• Gold imports dip 5.5 pc during April-Feb to $29.5 bn
• Reliance Communications Enterprises pledges 12.50 crore shares of RCom with IndusInd Bank
• Sebi seeks greater powers to inspect books, financial records of listed firms
• Govt garners Rs 700 crore via first ever sale of enemy shares
• Ministry seeks legal reform to ease transferring shares from firms to govt

• Board approval to crisis-hit Jet Airways management change today
• Mindtree takeover plan: L&T explores backchannel talks for bid
• M&A deal value drops 34% to $1.24 billion in February
• Vision Fund may lead $100-million funding round in Faasos’ parent
• Uber set to buy Dubai rival Careem for $3.1 b
• FPIs invest Rs 38,211 crore in March on improved global liquidity
• Sale of ‘enemy shares’, buybacks by CPSEs yield Rs 11,300 cr to exchequer in FY’19
• Centre gets ₹1,629-crore interim dividend from PowerGrid, ₹1,143-crore from REC
• Tata Capital raising $100 m in ECB
• Reliance Project Ventures pledges 41 lakh shares of RInfra
• Deal or no deal: Etihad to take final call on Jet Airways on 31 March
• Cibil pushes banks for faster submission of credit data
• The RCom-Ericsson case is a one-off in banking sector’s NPA crisis
• BHEL powers up but not enough to light up investor portfolio
• Indian start-ups gain the most when accelerated by the world’s best
• Sri Lanka begins construction of $3.85 billion oil refinery backed by Indian firm, Oman
• China to import more from US to balance bilateral trade, says official
• Govt crosses budget target for disinvestment, courtesy ETFs
• Rs 3 trillion investment in pvt power plants at risk of turning into NPA
• Karnataka Bank reports Rs 13 crore fraud to RBI
• MPC to meet six times during 2019-20: RBI

Morning Business News :

• Brexit is ‘national emergency’ for UK: Business, unions
• Pharma MNCs wary of illegal import of innovator drugs
• State banks want Goyal to reduce stake to 10 %: Report
• Pharma MNCs wary of illegal import of innovator drugs
• Reliance selling fuels from India to Venezuela
• BoE keeps rates on hold as UK braces for no-deal Brexit
• Mindtree board to meet again on Mar 26; to decide on share buyback
• Bank employees oppose lenders’ plan to take control of ailing Jet Airways
• Unilever’s UK investors gear up for tussle over dual headquarters
• Austria’s Pierer Industrie in talks with Bajaj for 48% stake in KTM
• United Bank of India’s turnaround plan hinges upon BPSL resolution
• RBI likely to change disclosure norms for bonds

• Outstanding listing fee can’t be recovered under IBC, rules NCLT
• Tata Steel to offer packaging assets in ThyssenKrupp JV talks: Sources
• Greenlam Industries expects new businesses to break even soon
• GHCL launches innovative wellness products
• GSPC to sell 12 of its 21 hydrocarbon blocks to pare debt
• KKR said to raise first Asia real estate fund, targeting $1.5 billion
• Value of China’s metal e-waste to double to $24 billion by 2030: Greenpeace
• Religare Enterprises rebranding Finvest after Singh brothers exit
• BFSI, public sector, start-ups spearhead blockchain business in India
• RPG’s Seniority to launch private label products by next year
• Rs 50,000 crore tax shortfall upsets budget maths
• Oil slips but holds near 2019 peak as supplies tighten
• Telecom subscriber base crosses 120 cr; Jio, BSNL, Airtel add customers
• Sebi asks exchanges dealing in agri-commodity derivatives to create fund for farmers
• EU fines Google USD 1.7 billion for abusing online ads market

Morning Business News:

• Economists raise concerns over slowdown with RBI chief
• RBI seeks modification of NCLAT order in ILFS case
• Lenders may invoke Goyal’s 51% stake in Jet
• SBI inks pact with Bank of China for biz opportunities
• BofA buys its biggest distressed asset in India
• Sebi asks Singh brothers not to dispose assets
• LTI-Mindtree combined entity to overtake TechM in two major verticals
• Trade deficit touches $165 billion, highest since FY13
• GST Council approves transition plan for new tax rates for real estate

• State-owned oil companies move poll panel to allot 31,800 new fuel outlets
• Rs 2,000 cr of unclaimed dividends lying with investor protection authority
• BSNL seeks to rent its land to other state-owned units instead of selling
• Etihad may exit Jet Airways by selling 24% stake to SBI
• Zydus Cadila gets USFDA nod for antiviral ointment
• Ebix commences due diligence to acquire Yatra
• DGCA clears Jet Airway’s schedule with 41 aircraft
• TCG Lifesciences receives USFDA nod for Hyderabad plant
• India’s fuel demand rises 3.8% in Feb
• Jaitley slams 108 economists for doubting Govt’s economic data
• CPSE ETF receives bids worth ₹6,072 cr from anchor investors
• IOC pays 2nd interim dividend; ONGC to consider on 23 March
• Pine Labs acquires Qwikcilver for $110 million
• DLF-Hines JV to develop ₹1,900 crore Gurugram commercial project
• Aluminium hits 3-month high after Hydro cyber attack
• IDBI Bank to borrow up to Rs 4,000 crore via bonds next fiscal year
• India becomes top importer of Gold Doré Bars from Bolivia
• India’s bad loans worst in world, surpass Italy in dubious record; see map
• No input tax credit for post-supply discounts: AAR
• Sensex jumps 268 pts; Nifty above 11,500
• Sale deal in final stage of completion: Star Health
• PowerGrid says it fully utilised JPY 22 billion loan from SMBC
• Kotak Mahindra group sets up USD 400 mn fund to build office properties

Morning Business News:

• India mulls Iran-model to buy Venezuelan oil
• RBI Governor to hold pre-policy meet on March 26
• CPSE ETF: 5th tranche subscription to open on Mar 19
• IL&FS to receive first set of bids on Monday
• RBI not in favour of changing IDBI Bank’s name
• Schlumberger seeks deviations in ONGC oilfield tender
• Deutsche Bank set for merger talks with Commerzbank
• Lakshmi Vilas Bank to avoid PCA with fresh capital
• India to post customs officers in China to check black money, frauds
• BSNL to knock on NCLT’s door this week to recover Rs 700-cr dues from RCom
• Beating drums to shouting aloud, Sebi flags outdated ways to recover funds
• FPIs pump in Rs 20,400 crore in first half of March on positive global cues

• At 7.25 million tonnes, NTPC eyes 170% rise in FY19 captive coal production
• Steel firms urge Govt to rein in clandestine imports from Iran
• Tata Realty set to acquire Tata Sons’ stake in housing arm for₹3,000 cr
• India proposes pact with Africa to enhance bilateral trade
• Assocham pitches for 8-8.5 per cent growth rate
• Kalyani Group to set up Missile MRO in Hyderabad
• LIC may propose 3-5 year time for IDBI Bank stake cut
• L&T set to acquire Mindtree for ₹16,250 crore
• Deadline for ACCIL’s bid likely to see extension
• GST Council to issue new tax norms for real estate
• BSNL, MTNL may leverage assets in their turnaround plan
• Reserve Bank of India’s unusual liquidity tool finds praise in timing
• ING money laundering woes worsen after Bank of Italy inspections
• RBI not in favour of changing IDBI’s name to LIC Bank
• US says door open for India to bring serious trade proposal to table
• Glencore, Edelweiss offices raided over probe into pulses price fixing
• CAIT urges govt to probe Chinese goods imported via hawala route
• Acquisition of Chennai firm at centre of fraud investigation
• SEBI mulls reducing rights issue listing time
• NTPC’s captive coal output to nearly treble in 2018-19
• US Court dismisses visa fraud lawsuit against Infosys, Apple

Morning Business News:

• Brookfield to acquire Ambani’s pipeline for Rs 13,000 crore
• India’s oil imports from Iran slump 60% in Feb y/y
• NCLAT adjourns Essar Steel case till March 15
• Panel of regulators discuss issues concerning economy
• Fresh NPAs to moderate in FY’20: ICRA
• Vedanta to shut Namibian zinc refinery for five weeks
• Sebi asks REL, RFL to recall Rs 2,315 crore loan given to Malvinder, Shivinder Singh
• Govt may receive Rs 2600 cr more from Coal India as second interim dividend
• China industrial output growth falls to 17-year low; jobless rate rises
• RInfra to sell entire stake in Delhi-Agra Toll Roadway for Rs 3,600 cror
• RBI’s $5 bn forex swap to keep rates, rupee appreciation down: Analysts

• Airtel arm applies for licence to offer in-flight connectivity: Sources
• Export credit dips 45% on rise in NPAs, regulatory reforms
• Jet faces $140-m ECB payment default to HSBC
• Indian companies need not worry about Brexit: UKIBC Chair
• MAX grounding could cost global industry $10 m a day
• Govt sets new deadline for loan eligibility for sugar mills
• Zydus Cadila gets USFDA nod to market generic anti-diabetic drug
• DHFL denies report of clean chit by regulator
• SBI, ICICI & HDFC Bank to comply with additional capital norms by 1 April: RBI
• Jet Airways’ equity partner Etihad reports $1.28 billion loss in 2018
• Mahindra takes second crack at US auto market with ‘India tough’ off-roader
• Tata Motors’ JLR recalls 44,000 cars over CO2 emission levels
• 21 lakh jobs in the offing as these sectors lead blue-collar revolution
• Bank of India to raise Rs 400-500 crore from non-core asset sale this month
• Brexit impasse sees UK property price index drop to 7-year low
• BSNL-MTNL losses will be far more than even Air India
• Life insurers register 33 pc growth in new premium income at Rs 18,209 cr in Feb
• Harley looks to consolidate position in big bike segment in India
• ONGC’s Mumbai High, Vasai East saved from going into pvt hands
• RBI classifies IDBI a private bank

Morning Business News:

• Sebi provides framework, timeline for counter offer process
• EC gives go-ahead to GST Council meeting on March 19
• India far away from being less-cash economy: Nilekani
• Don’t believe Rcom will let Anil Ambani go to jail: SBI
• Govt pushes IOC, ONGC to pay 2nd interim dividend
• Patanjali raises bid value to take over Ruchi Soya
• Tata Motors bags orders for over 2,500 CVs
• RBI to swap $5 billion with banks to aid system liquidity
• DoT mulls Rs 13,000cr bailout package for debt-ridden BSNL

• Auto retail sales drop 8.06 % in Feb as weak demand continues: FADA
• PFC, REC merger may leave discoms with higher-than-usual dues on books
• Iron ore supply disruptions spike demand for low-grade Indian fines
• Tata Steel BSL prepays Rs 3,000 crore loan riding on massive turnaround
• MCA releases national guidelines on business conduct
• Auto industry, organisations can buy bulk vehicle data from next fiscal: Policy
• Tea Board issues fresh guidelines with eye on quality
• CERC mulls regional power market for South Asia
• Oil regulator hikes tariff of pipeline transporting Reliance gas by 37%, half of sought
• Acko General Insurance raises $ 65 million in Series C Funding
• Reliance halts oil exports to Venezuela in view of US sanctions
• Jet Airways grounds 5 more planes due to rental default
• COAI asks e-commerce firms to stop sale of illegal network boosters
• Shrinking LME stocks push zinc prices to 8-month high
• Moody’s assigns Baa2 rating to Hudco; outlook stable
• Azim Premji raises philanthropy bar with $21 billion total pledge
• NCLAT reserves order on RCom plea to release funds
• Sun pharma ties up with China’s HitGen for molecular discovery
• Narendra Modi’s MUDRA Yojana spells trouble for banks; bad loans jump 53%
• GST officials detect tax fraud of Rs 224 crore by 8 companies
• Market rallies for 3rd straight day; Sensex jumps 216 points
• Rupee rallies for 3rd day, up 17 paise against US dollar
• CCI clears Radiant Life Care-Max Healthcare merger
• Pvt manufacturing firms posted 24.9 pc growth in net profit in Q3: RBI
• Tata expands Formula 1 presence with Williams tie-up