Morning Business News Round Up_July 31, 2019

Morning Business News:

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  • CCD crisis: PE players, independent directors come under Sebi lens
  • India received FDI worth USD 64.37 billion in FY19
  • DoT working on a proposal for MTNL, BSNL merger
  • Trump urges Fed to make large rate cut as policymakers meet
  • CCD case: I-T sources doubt the authenticity of the note
  • GST compliance regime not yet simple says CAG
  • Axis Bank reports 95% YoY rise in PAT at Rs 1,370 cr; provisions rise QoQ
  • Vedanta to export over 50% of aluminum as India increases imports
  • Lok Sabha passes Wage Code Bill to ensure a minimum wage for workers
  • Govt likely to roll back MEIS incentive as part of the new export-import policy
  • Rajiv Kumar appointed Finance Secretary after Subhash Garg’s exit
  • NCLAT agrees to hear IL&FS auditors appealing against govt charges
  • Century Textiles to demerge cement arm by this quarter
  • Hero MotoCorp Q1 profit surges 36% on the one-off gain of ₹737.5 cr
  • PE deal structures need to be investigated: Samir Arora
  • Air India Express reports a net profit of ₹169 crore in FY19
  • Welspun India Q1 net profit up 17.49% at Rs 156.07 cr
  • Consolidation, strong demand to ease stress in the cement sector
  • Tech Mahindra Q1 net profit rises 7% to₹959 crore
  • Plenty of headwinds in way of $5 tn GDP goal.
  • DHFL submits a debt restructuring plan to core lenders
  • Jet Airways creditors to hold meet on 1 August
  • Union Bank of India cuts MCLR by up to 20 bps across tenors
  • Venezuela’s economic decline among the most severe globally: IMF
  • Bharti Airtel, Vodafone Idea may have to pay Rs 92,000 crore outstanding license fee
  • The period extended: NCLAT orders fresh bids for Jaypee Infra
  • Government revises solar pumps costs before installing 17.5 lakh units
  • Gujarat gives 3 years to Essar Power to pay Rs 200 crore penalty
  • Cotton yarn export falls 35 pct to $696 million in Q1
  • Power Finance Corporation board okays raising Rs 70,000 cr in one year
  • Rupee settles 10 paise down at 68.85 vs USD
  • Cement demerger this quarter: Kumar Mangalam Birla
  • Bank of India Q1 net up 156 percent
  • SBI tightens lending terms for auto dealers

Morning Business News Round Up_July 30, 2019

Morning Business News:

  • Panel to meet again on funds transfer: Bimal Jalan
  • IBC Amendments to ensure greater clarity: FM
  • Slowdown, NBFC crisis poses fresh NPA scare: Moody’s
  • India benefited modestly from US-China trade war: SBI
  • Paytm Money plans to start stockbroking services
  • SBI cuts deposit rates keep lending rates unchanged
  • Vodafone Idea to close m-pesa business
  • Parliament passes a bill to curb Ponzi schemes, protect poor investors
  • India bond yields drop as FM says govt won’t rethink the foreign bond plan
  • Number of pending appeals against Sebi’s decisions rose in FY19 at SAT
  • Tax rise for high earners may trigger fund flight from India: Bimal Jalan
  • India’s non-basmati rice export falls after govt withdraws tax incentive
  • As revival plans fail, NCLT orders IVRCL’s liquidation
  • IFSC boost: CBDT gives compliance relief to non-resident investors
  • India’s renewable energy cost lowest in the Asia Pacific: report
  • Shortage of cane: EID Parry to shut Pudukottai sugar factory
  • DLF Q1 profit zooms to ₹413 cr

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  • Cipla, Alvotech in pact for commercialization of Humira biosimilar
  • Sebi seeks public comments on issues related to proxy advisers
  • Telcos may have limited participation in 5G spectrum auction
  • Indian drug makers scouting for partners in China: report
  • IOC-Adani Gas JV to invest Rs9,600 crore in city gas projects
  • Dr. Reddy’s Lab Q1 net profit rises 45% to₹663 crore
  • Bank of Maharashtra clocks ₹81 crore profit in June quarter
  • Flipkart-owned PhonePe receives Rs 698-cr infusion from parent company
  • DoT issues guidelines for 5G trials across all available spectrum bands
  • CCI approves the acquisition of Sundaram BNP Paribas by Sundaram Finance
  • India’s crude steel output grows this much in June
  • Rupee does U-turn, settles 14 paise up at 68.75 against US dollar
  • Sensex ends 196 points lower on weak global cues
  • Sitharaman seeks more rate cuts, says no review on overseas borrowing plan: report
  • Leather exports decline despite government incentives

Morning Business News Round Up_July 29, 2019

Morning Business News:

  • Unsold homes pile up, huge battle looms for builders
  • Anil Agarwal’s Anglo American trade a gold mine
  • Green nod to Tata Chem’s Rs 1,042 cr soda ash project
  • Higher import duty could cut Indian gold demand by approximately 2.4% this year: WGC
  • NCLT told to start insolvency case against Raheja
  • Torrent Group plans Rs 3,000 cr investment for gas pipeline network in UP
  • FM Sitharaman rules out rethinking on overseas sovereign bonds: report
  • Adani Group to invest Rs 5,500 cr in UP’s food processing, power sectors
  • NCLAT grants 3 weeks to Dighi Port promoters to settle creditors’ claims

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  • Cipla urges govt to increase funds, ease policies for domestic pharma firms
  • Cash-strapped DHFL seeks bankers’ approval to restart loan disbursal
  • ‘Rupee rise, uneasy trade relations with US impact engineering exports’
  • FPI outflow crosses Rs 3,700 crore in July 2019
  • Centre issues new circular to deal ‘firmly’ with tax evaders
  • Adani plans Rs 5,500 cr investment in UP for power, food processing
  • Pfizer, Mylan set to form global generic drug giant
  • Steelmakers sound alarmed over the rising level of duty-free imports
  • Vijay Mallya moves Supreme Court seeking a stay on confiscation of properties
  • Cannot reject insolvency plea over claims disputed after demand notice: NCLAT
  • IDFC Ltd calls off plan to sell securities business to TCG
  • Govt identifies 3-4 regional rural banks for IPOs; public issue likely this year
  • RIL plans a big push for private-label brand
  • Pfizer plans to merge the off-patent drug unit with Mylan
  • World economy’s biggest week of 2019 as Fed prepares cut
  • Discoms make a beeline for cheaper power supplied by NTPC under SCED system
  • JLL India revenue grows 17 pc to Rs 4,000 cr in FY19; to hire 2,000 employees
  • RBI report on the secondary market for corporate loans likely by next month
  • Unchanged sugarcane FRP for 2019-20 season makes mills happy

Morning Business News Round Up_July 26, 2019

Morning Business News:

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  • Tata Motors Q1 loss doubles to Rs 3,680 crore
  • 66 lakh new jobs created in May: ESIC payroll data
  • RBI panel for the hike in a collateral free lending
  • PSBs’ gross NPA’s down by over Rs 89K cr till Mar
  • Coal India subsidiaries face Rs 53,331 crore penalties
  • Patanjali gets control of Ruchi Soya for Rs 4,350 cr
  • No plan to revise or withdraw Bhushan bid: Jindal
  • India’s planned maiden $10 bn foreign debt sale mired in confusion
  • Bajaj Finance Q1 net up 43% to Rs 1,195 crore on higher interest income
  • PMO wants FinMin to restudy issuing of overseas sovereign bond: Report
  • FPIs pour in $6.1 bn in Apr-July; equity segment gets a major chunk
  • Govt’s steps to ease NBFC liquidity crisis too short-term: Fitch report
  • GST Council meeting rescheduled for July 27
  • JSW Steel wants ‘sanctity’ in Bhushan Power deal
  • Delhi HC gives relief for companies in anti-profiteering probe
  • NCLAT clears decks for Nagarjuna Oil resolution plan
  • Reliance-Aramco stake sale talks to continue, says Saudi’s Falih
  • Govt introduces a bill to amend companies law in LS
  • Bank of Baroda Q1 net profit rises 34% to₹710 crore
  • TCS overtakes RIL to reclaim the m-cap crown
  • Apple to buy the majority of Intel’s modem chip business for $1 billion
  • Saudi Arabia struggles to end its oil addiction
  • Benefits from digital trade may grow 14-fold to $512 billion by 2030
  • Telecom firms slapped Rs 2.6 crore fine in 3 quarters for call drops
  • NCLT stays its own order to prosecute IL&FS auditors
  • JSW Steel plans to hike domestic capacity to 45 MT by 2030
  • Bharti Infratel-Indus Towers merger may come up into being in August
  • Rupee skids for 4th day; settles 6 paise down against the dollar
  • Gold imports increased 46 percent in June quarter
  • FPI net selling in stocks crosses Rs 15K crore in July
  • Assocham seeks inclusion of petroleum products in GST
  • Cayman Island court refuses worldwide freeze on Essar Global Fund

Morning Business News Round Up_July 25, 2019

Morning Business News:

  • DoT panel clears Rs 3,050 crore penalties on telcos
  • IL&FS says on course to clear Rs 20,000 crore debt
  • ICRA downgrades YES Bank’s bond program
  • Auto component industry fears the loss of 10 lakh jobs
  • Directive on payment security positive for IPPs: ICRA
  • 74 lakh homes in 220 projects stalled: Report
  • InvIT AUM may grow 5-fold in 2 years: Crisil
  • India jumps five places to 52nd rank in Global Innovation Index 2019
  • India’s $10 billion bond sale pitch meets a world desperate for yield
  • Govt approves the creation of 4 mn tonnes of sugar buffer stock during FY20
  • MMTC begins the process to exit unprofitable entities, starting with NINL, ICEX
  • Bombay High Court allows IATA to encash Cox & Kings bank guarantees
  • NTPC, BHEL ink pact to set up JV for eco-friendly power plant

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  • NCLT orders insolvency process against L&T Halol
  • Cabinet retains sugarcane FRP at₹275 a quintal
  • NMDC terms ECT’s steel-making technology unproven, irrelevant
  • Jubilant FoodWorks Q1 net profit dips marginally to Rs 71.48 cr
  • V Guard Industries Q1 PAT increases 54%
  • Govt may launch $10-billion global bond sale in October
  • Investors see wealth erosion of ₹5.86 tn as markets fall for 5th straight day
  • Asian Paints bucks the trend with high volume, profit growth in Q1
  • India’s monsoon rains 35% below average this week: IMD
  • Deutsche Bank on the brink of a Lehman moment as it suffers $3.5-bn loss in Q2
  • RIL, OMCs prepare to push doorstep delivery of fuel
  • Fitch downgrades long term IDR of Tata Motors
  • CPSU solar tender gets a dismal response
  • Committee constituted to examine issues related to FDI in e-commerce
  • Walmart, Flipkart to boost MSMEs, farmers’ income in UP
  • Sensex drops 135 points; Nifty slips below 11,300
  • Airtel, Voda Idea fume over Rs 3,050-crore penalty
  • US imposes record USD 5 bn fine, restrictions on Facebook in privacy probe

Morning Business News Round Up_July 24, 2019

Morning Business News:

  • IMF cuts India’s GDP growth forecast to 7% for FY20
  • Infra, power segments depress L&T Q1 earnings
  • HUL net up 15%; Q1 volume growth weak at 5%
  • NCLAT’s Essar Steel order not applicable to Ruchi Soya
  • DHFL’s insurance arms solvent, safe: IRDAI chief
  • NSE excludes Reliance Infra, Reliance Capital from F&O segment
  • IGPC wants banks to be allowed to buy gold, become bullion bankers
  • Brookfield’s plan to acquire cash-strapped Suzlon hits a roadblock
  • Rana Kapoor, Morgan Credits pledge 7.34% stake in YES Bank with lenders
  • Zee Entertainment reports 62.6% hike in Q1 net profit at Rs 530 cr
  • Promoter stake in Cox & Kings down to 39% overpayments default
  • SEBI may moot the peer review mechanism for credit ratings
  • Motor Vehicle Amendment Bill gets green signal in Lok Sabha
  • Fitch, Moody’s cut Boeing’s credit rating outlook to negative
  • Reliance Industries’ stake sale talks with Saudi Aramco hit a roadblock
  • Tata Power plans ₹2,500-cr asset sale to pare debt
  • Moody’s assigns ‘Baa3’ rating to Hero FinCorp
  • Oriental Bank of Commerce Q1 net profit at₹113 crore
  • RBI names Kanungo to run monetary policy portfolio after Viral Acharya quits
  • Aditya Birla Sun Life MF’s debt investors face a cliff-edge risk
  • Supreme Court extends NRC deadline to 31 August

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  • RBI launches a medium-term strategy framework Utkarsh 2022
  • RIL denies Oberoi Hotels stake buy report; says, no plan to buy EIH shares from ITC
  • Investments in Kisan Vikas Patra to now double in 9 years 5 months: FinMin
  • Capex revival 12-18 months away, says Larsen and Toubro
  • Rupee settles almost flat at 68.94 against US dollar
  • Sensex, Nifty end lower for 4th day; bank, auto stocks drag
  • IndusInd Bank plans to raise up to Rs 20,000 cr by issuing bonds
  • Crude oil up 0.28 percent on upbeat global cues
  • Supreme Court cancels Amrapali registration, asks NBCC to complete projects

Morning Business News Round Up_July 23, 2019

Morning Business News:

  • Government to exit out of 23 CPSEs
  • Need to grow over 8 % to become a 5-turn economy: Kant
  • GST Council may weigh GST on petroleum on July 25
  • HPCL refuses to recognize ONGC as its promoter
  • No estimate of Black Money in Swiss Banks: Sitharaman
  • Icra, Care question Grant Thornton’s report on IL&FS
  • NSE to suspend trading in eight DHFL NCDs
  • India’s edible oil imports may rise by 7.3% to record highs in FY20: Expert
  • IOC plans to invest Rs 1 trillion more in Odisha to set up patches units
  • Jaypee Infra promoters propose to repay all lenders, complete projects
  • NTPC to seek shareholder nod to raise Rs 15K crore, hike borrowing limit
  • SC orders status quo on NCLAT verdict in Essar Steel insolvency case
  • TVS Motor’s Singapore arm invests $7 m in the US credit underwriting firm
  • United Spirits Q1 net up 25.66% at Rs 181.7 cr
  • Tata Power plans ₹2,500-cr asset sale to pare debt
  • With customs duty hike, cement importers in the south in a bind
  • NCLAT stays liquidation order against Adhunik Metaliks
  • TVS Motor posts 7.22% growth in Q1 standalone revenues at Rs4,469 crore

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  • Kotak Mahindra Bank Q1 net profit rises 33% on lower provisions
  • Oriental Bank of Commerce Q1 net profit at₹113 crore
  • Investments via P-notes decline to ₹81,913 crore in June
  • HDFC twins erase $6.4 billion market value
  • Housing sales down 11 percent in Q1; demand to rise on tax sops: PropTiger
  • Bengaluru-based Jana Small Finance Bank has the second highest NPAs under Mudra scheme
  • Osaka Gas, JBIC invest $100 million to take a minority stake in AG&P
  • ‘IMF, World Bank should consult developing economies’ not RBI’s official view
  • India will achieve 8 pc plus growth from FY 2020-2021 onwards: NITI Aayog
  • Gold touches an all-time high of Rs 35,970 per 10 gram
  • The inter-ministerial group suggests a ban on cryptocurrencies in India
  • Big Four accountants may face CCI probe

Morning Business News Round Up_July 22, 2019

Morning Business News:

  • Govt looks to cut stake in PSUs to up to 26%
  • RBI has a piece of advice for IMF, World Bank
  • Modi govt sets sights on making India $5 in economy
  • ‘LIC offers Rs 1.25L-cr line of credit to fund projects’
  • Main gas fields in KG-D6 block in late-life stage: Reliance
  • FPIs withdraw Rs 7,712 crore from stocks in July so far
  • Etihad, Hinduja Group back at the deal table for grounded Jet Airways
  • After 12 years, RBI set to modify fit-and-proper norms for bank directors
  • Jio to keep adding subscribers despite a decline in average revenue per user
  • Strong rupee, lower GDP likely to tame inflation in India to 4.1%: ADB
  • Embassy likely to mop up an additional 14% stake in Indiabulls Real Estate
  • CII identifies 31 items with high export potential
  • 345 infrastructure projects show cost overruns of Rs 3.28 lakh crore
  • Cairn Oil opts for cluster approach, outsourcing model for new fields
  • BHEL bags Rs 486 cr order from NPCIL for Kudankulam project
  • Dr. Reddy’s announces the closure of transactions with Upsher-Smith Lab

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  • Canada’s pension fund OMERS seeks new green energy deals
  • Railways seek cabinet nod to build 3 freight corridors at ₹3 trillion
  • Investcorp closes maiden India PE fund at₹1,000 cr
  • Post-$34 billion acquisition by IBM, Red Hat bets big on India
  • Piramal raises ₹1,500 crore from StanChart Bank through NCDs
  • IL&FS case: Sebi expands probe into the role of 5 credit rating agencies
  • SME credit lending grows at 15.6% YoY; Gujarat top state for MSME lending
  • USFDA found different dietary, medicinal claims on Patanjali’s sharbat bottles
  • Govt to amend IBC to facilitate mediation for individuals
  • Dip in India demand hits Russian diamond miner
  • S’pore woes ring trade alarm bells
  • Mukesh Ambani keeps salary capped at Rs 15 crore for the 11th year in a row
  • First time in a month, forex reserves fall by USD 1.11 billion
  • Brookfield to invest Rs 25,215 cr in Reliance’s telecom tower arm

Morning Business News Round Up_July 19, 2019

Morning Business News:

  • SEBI chief reignites autonomy debate over sharing surplus funds to govt
  • Credit, deposit growth manage to remain in double- digits
  • Sebi proposes tighter disclosure on auditor resignation
  • India’s CAD grew to $68 billion in 2018-19: IMF
  • Direct Tax Code report to be submitted by July 31: FM
  • Yes Bank stabilised in Q1 in terms of asset quality
  • REC raises $650 million via bonds, aids sovereign sales
  • No relief from super-rich tax for FPIs structured as trusts: Sitharaman
  • Vodafone Idea hires Bank of America, Morgan Stanley for $1.9-bn fibre sale
  • IL&FS senior management asked ICRA for ‘desired ratings’: ED probe
  • 17% of corporate social responsibility fund unspent among listed companies
  • Draft labelling regulations for packaged food and beverages divide the industry
  • Jet Airways interim RP receives claims worth Rs 24,000 cr from lenders
  • Escorts eyes double-digit growth in construction equipment biz
  • ACC’s profit up 39% on higher realisation
  • EU clears Vodafone’s $22 billion deal to expand in Europe
  • BHEL bags ₹750-cr order from NTPC-Railways JV
  • HDFC m-cap tops ₹4-lakh cr mark as shares zoom to record high
  • Consumer goods growth slows as rural demand cools: Report
  • India’s current account balance deficit grew to $68bn in 2018-19: IMF
  • IL&FS conducts a forensic audit of group firms’ rating agencies in the last 10 years
  • New amendments to IBC will protect the interest of homebuyers: Centre to SC
  • Ultratech to complete Century Cement merger by September: Kumar Mangalam Birla
  • IL&FS: NCLT allows govt to prosecute auditors Deloitte, BSR
  • CCI approves Nippon Life Insurance’s acquisition of up to 75 per cent stake in RNAM
  • Government considering capital infusion in BSNL

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  • ADB cuts India’s GDP growth forecast to 7 per cent for FY20
  • Amid a row over RBI reserves, Modi govt eyes SEBI funds
  • Icra revises rating for Reliance Powers’ Rs 8,015-crore debt to ‘default’
  • G7 ministers reach consensus on taxing tech giants like Google, Amazon: France
  • Gold rises by Rs 170 on jewellers’ buying, silver jumps Rs 910
  • Rupee skids for the 3rd straight day; settles 15 paise down at 68.97 vs USD
  • Sensex tanks 318 pts; Nifty closes below 11,600

Morning Business News Round Up_July 18, 2019

Morning Business News:

  • IMF sees dangers from trade tensions, an overvalued dollar
  • FPIs pull out Rs 4,120 cr in July, highest this year
  • BP, Reliance investing $5 bn in KG-D6
  • Adani Transmission seeks shareholders’ nod to raise Rs 5,000 crore
  • Wipro Q1 profit up 13% YoY to Rs 2,388 crore
  • Transition to e-cars may take longer than 2030: TERI
  • Singapore based First Degree to buy Essel para banks
  • Jalan panel to suggest RBI transfer surplus capital to govt in over 3-5 yrs
  • Govt may hive off Coal India into separately listed firms to raise funds
  • Govt clears 7 amendments to IBC, extends Finance Commission’s term
  • Yes Bank Q1 consolidated net profit slumps over 92% to Rs 96 crore
  • Govt likely to oppose NCLAT’s Essar Steel order in Supreme Court
  • Sebi chief questions Budget plan for the transfer of surplus funds to govt
  • Weak economy drags steel, cement prices down
  • Strategic sale of Hindustan Antibiotics, Bengal Chemicals cleared
  • CAG finds deficiencies in ONGC’s marine logistics operations
  • Bill to amend companies law to be re-introduced in Parliament
  • RINL targeting ₹25,000-cr turnover: CMD
  • Japan’s Uniqlo sews up a plan for India entry
  • Thirteen banks move Delhi HC against service tax demand of ₹38,000 crore
  • Fifth CPSE ETF tranche set to open

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  • US FDA red flags significant violations at Strides Pharma’s Puducherry unit
  • Mindtree Q1 consolidated net profit falls 41% to ₹92.7 crore
  • Microsoft, AT&T sign cloud deal worth more than $2 billion
  • Yes Bank probing whistleblower claim of irregularities in operations
  • Jaypee insolvency: NCLAT asks IDBI Bank to furnish conditions for fresh bidding
  • BP, Reliance investing USD 5 billion in KG-D6 to produce 1 bcf of gas
  • Easing business climate, trade norms to help India attract FDI, improve CAD, says IMF
  • Govt to prepare national data on the unorganized sector
  • Rupee falls 11 paise to 68.82 vs USD on foreign fund outflows
  • Govt may cap overseas borrowing at USD 5 billion this year: Report
  • 330-day deadline for insolvency resolution
  • Strides shredded dumped key documents: US Food and Drug Administration