Month: August 2019

Morning Business News:

• NBFC funding to commercial sector plunges 20%: RBI
• Govt to announce two big steps to boost industry
• Bank fraud touches Rs 71,543 crore in 2018-19: RBI
• Stimulus package “too little, too late”: Fitch
• Wipro expands its partnership with Google Cloud
• Client securities: Sebi extends the deadline by a month to implement new provisions
• Banks contain gross NPAs at 9.1% in FY19: RBI
• Currency in circulation increases 17% in FY19 to Rs 21.1 trillion: RBI
• Coal India gets jittery over 100% FDI, commercial mining in sector
• ONGC plans to borrow $2 billion through overseas debt program
• Foreign players to get the nod for offshore G-secs: RBI annual report

• Tiger Global, WestBridge Capital leads $42 million funding round in Vedantu
• ADB willing to lend over $12 billion to India over the next three years
• Ambani: India will be a leader in adopting technologies of 4th industrial revolution
• Essel to sell solar power assets to Adani Green Energy for ₹1,300 cr
• Despite mild inflation, crops expected to get better prices
• JM Financial’s PE arm invests ₹45 cr in Mumbai-based Innovcare Lifesciences
• Mutual funds continue to cut exposure to the debt of NBFCs
• MG Motor ties up with Delta Electronics for setting up charging stations
• RBI’s FY19 profit rises over three-fold at Rs1.76 trillion
• Adani Green to pick up 205MW of solar assets from Essel for ₹1300 crore
• Reliance Jio market share may jump to 45%: India Ratings
• RBI to soon issue new salary norms for private, foreign bank heads
• Tata Projects executes 41.42-km transmission line in Thailand
• RBI plays down deepening slowdown as just ‘cyclical downswing’
• Microfinance industry grew by 42.9 percent in Q1 of FY20
• Sensex tanks 383 points on F&O expiry; Nifty ends below 11,000
• Gold crosses record Rs 40,000-mark as recession fears seep in
• Auto sales to decline sharply across segments this fiscal
• Retail FDI norms to increase exports

Morning Business News:

• New FDI rules to lure Apple, Oneplus, others: ICEA
• Cabinet clears Rs 6,268 crore sugar export subsidy
• Nestle to replace Indiabulls Housing Finance in Nifty
• US-China trade dispute presents the opportunity for India
• DGCA calls an urgent meeting with Indigo, GoAir
• Voda gets the nod to raise share capital to Rs 50K cr
• India Ratings cuts growth forecast for FY 2019-20 to a 6-year low at 6.7%
• Govt okays 100% FDI in contract mfg, eases rules for single-brand retail
• Moody’s downgrades YES Bank’s ratings, changes the outlook to negative
• After EOI submission, Synergy Group eyes 49% stake in Jet Airways
• IOC to invest Rs 2 trn in 5-7 yrs, develop a new energy storage technology

• Iran suggests barter trade with India for sectors like Agri, drugs
• Govt mulls scrapping cap on foreign investment in coal mining
• Piramal Enterprises defers NCD plans
• NCLT allows IL&FS to sell seven wind assets to Orix for Rs 4,800 cr
• Every economy faces headwinds, India no exception: Vedanta
• Indian Oil to build a 1 GW electric vehicle battery plant
• Gains from massive bond-buying helped transfer higher surplus: RBI
• Moody’s revises Indian steel producers’ outlook to negative
• IIFL Wealth to acquire L&T Finance’s wealth management business
• Trai issues a draft of broadcasting and cable services interconnection regulations
• Despite climate concerns, India further opens up its coal sector
• Iran to open a bank branch in India in 2-3 months to boost trade
• Iran, India could seal preferential trade agreement by 2019 end: Iranian envoy
• US-China trade dispute presents an opportunity for India, says DBS report
• Every economy faces headwinds, India no exception: Vedanta
• Gold nears Rs 40,000; silver soars Rs 2,110
• Rate cuts not enough to re-fire damp India housing market: Report
• Government weighing options on using RBI payout
• Nestle India will replace Indiabulls Housing Finance in the Nifty-50 Index

Morning Business News:

• China’s new pharma law may open the door for India: Report
• Jio beats Airtel to be a top telecom revenue earner
• Bank recapitalization unlikely to deliver much: S&P
• Major relief to stressed realty sector on the anvil
• Mutual funds are not there to provide risk capital: Sebi chief
• HDFC Life will continue to beat industry growth: CMD
• Rupee posts biggest single-day gain in 5 months
• RBI’s fund transfer eases Centre’s gross tax revenue target to 16%
• RBI’s bonanza to give govt ammunition to fight slowdown, boost capex
• Govt to consider relaxing FDI norms in single-brand retail on Wednesday
• Microfinance industry to cross Rs 1 trn loan portfolio in Q2 FY20: Report
• Sebi asks MF trustees to be more proactive, not wait for the regulator to act

• India calls for uniform GAP standards in SAARC nations
• Chemical industry seeks to restore tax incentive for R&D
• Tata Metaliks plans to double ductile iron pipe production
• Elgi Equipments’ US-subsidiary Pattons expands into LA
• IndiGo looking for new formula to induct wide-body aircraft: CEO
• PFC gets shareholders’ approval to raise ₹70,000 cr in a year
• S&P places IDBI Bank on credit watch negative owing to capital breach
• Antitrust watchdog CCI to assess media, broadcasting sector
• CG Power to monetize non-core assets, raise fresh equity
• Irdai sets up single point of contact for regulatory sandbox
• DHFL seeks board’s approval to raise funds via share sale
• FM Nirmala Sitharamana blasts critics of RBI transfer of surplus funds to govt
• SBI says doesn’t need capital from government
• Cabinet to soon consider India-Mauritius free trade agreement for approval
• The government says FDI in the chemical industry very low; asks industry to introspect
• With the aim to create 40,000 jobs, vivo to pump in Rs 7500 cr to ramp up mfg in India
• Maruti Suzuki cuts 3,000 contract jobs
• Infosys closes Rs 8,260 cr buyback offer, takes back 11.05 cr shares
• Indian economy set for weakest quarter of growth in five years: report

Morning Business News :

• RBI accepts Jalan panel report, approves Rs 1.76 lakh crore surplus transfer to govt
• India offers 7 oil, gas blocks for bidding under OALP-IV
• India to import more from US after solving differences
• No impact of US-China trade war on India: CEA
• Maruti view at CNG to fill space vacated by diesel cars
• Last date to file GST annual returns extended
• Govt to soon consider relaxing FDI norms in single brand, digital media
• EPFO to launch e-inspection system for companies to simplify process
• Bank of Baroda wants to buy Rs 6000 cr of securitised NBFC loans in Q2
• ED probes new IL&FS Financial Services investment in Chennai Super Kings
• Apple’s $44 billion valuation drop shows growing cost of reliance on China
• Tata, Adani, Essar file bids to build captive berths at Paradip port
• 5% duty mooted on Malaysian palm oil imports
• Jet crisis: Lenders extend deadline for EoIs to August 31

• Lupin’s South African arm inks pact with Creso Pharma
• L&T bags ‘significant’ order from NTPC
• Titagarh Wagons to move out from French arm Arbel Fauvet Rail
• BPCL to invest up to Rs1,700 crore in building floating LNG terminal in AP
• RBI employees for consensus on Jalan panel report
• PE investments, exits in auto parts sector dry up
• OMCs not to resume fuel supply to Air India without written commitment
• India to import more from US, commerce ministers to talk to reduce trade deficit
• India biggest potential thermal coal market for Australia, says report
• India’s GDP to grow at 6 per cent in April-June, says Ficci report
• NCDRC directs Unitech to refund over Rs 1 crore to two home buyers
• Gold hits fresh all-time high of Rs 39,670; silver soars Rs 1,450
• Sensex soars 793 points on FPI surcharge rollback; Nifty reclaims 11,000
• Steel consumption set for slowest growth in 3 years

Morning Business News :

• Considering to relax local sourcing norms for FDI: Govt
• Australian Minister likely to meet Gautam Adani in India
• CVC sets up body to probe bank frauds above Rs 50 cr
• Assets under gold ETFs jump to Rs 5K cr in FY20
• India needs single corporate tax rate of 25%: KPMG
• Over 75% NCD issues of NBFCs went undersubscribed
• India calls upon nations to leverage its workforce
• RBI board meeting on Monday to consider Bimal Jalan committee report
• IT industry on hiring spree, adds record number of employees in Q1

• Peak investment cycle for Indian telecom companies is over: Analysts
• Two-wheeler makers are exploring new ideas to keep going as sales flag
• Drug regulator making list of dual-use APIs imported from unregistered cos
• Stimulus package will boost growth and stabilise economy: CII
• Bengal gets proposal for 800 MW solar power project: Minister
• Stimulus Package : More noise, less action for Auto sector
• Glenmark recalls 31,000 tubes of anti-fungal cream from US market
• Investors, lenders want Gautam Thapar removed as Chairman of CG Power: Sources
• Tata Motors’ plan to raise foreign debt off the table
• FPI surcharge removal, stimulus measures likely to boost markets: Experts
• Retail lending tells yet another slowdown story
• Office real estate is defying the slowdown
• US-UK trade deal within a year of Brexit will be tight: Boris Johnson
• Govt’s economic measures will attract investments, boost leather exports, said CLE
• NCLT starts insolvency proceedings against Today Homes Noida
• Multi-sectoral, multi-dimensional policy stimulus to boost stability, growth, says CII
• India urges nations to join hands to leverage its strong workforce
• HDFC bank says no risks to consumption story yet
• Seven of top-10 firms lose Rs 86,880 cr in m-cap; ITC takes biggest knock

Morning Business News:

• Ambani’s $4-bn natural gas plan is facing a problem of plenty
• Reserve Bank allows e-mandates on cards
• Sebi okays Rs 1 cr reward for corporate whistleblowers
• Data usage revenue jumps to 54,671 crores in 2018: Trai
• China slowdown to hit banks in the Asian market: Fitch
• Changes in STT on Options from September 1
• EPFO appoints UTI AMC, SBI MF as fund managers
• From simplified KYC process to re-categorization, Sebi eases norms for FPIs
• Need to examine issues on 35% minimum public shareholding plan: Sebi chief
• Sebi mandates full disclosure on loan defaults with rating agencies
• Rupee can depreciate another 4% against the USD by 2019-end

• Regulatory worries, price erosion may pull down Dr. Reddy’s US revenues
• Centre to amend MMDR Act to expedite coal exploration
• Nippon Life Insurance increases stake in RNAM to 54%
• Centre keeps cancellation of NMDC’s Donimalai mining lease in abeyance
• Zydus Cadila gets USFDA nod to market generic chronic angina drug
• Supreme Court issues notice to DLF, SEBI on non-disclosure of key information in QIP
• Fixing weak growth is the highest priority: RBI MPC minutes
• Sebi eases rules for ‘muni bonds’ to help smart cities raise funds
• JPMorgan is shutting down its Chase Pay app
• INX Media case: P. Chidambaram to be produced in court, will plead for bail
• Sebi reverses previous decision prohibiting debt MFs to invest in unlisted NCDs
• Not in a race to pick stake in Coffee Day Enterprises: ITC
• RTGS system for customer transactions to open at 7 am from August 26: RBI
• Sebi will look into details gathered on CG Power, says Ajai Tyagi
• The second leg of ideation exercise for PSU banks to begin from Thursday
• Rupee recovers 16 paise to close at 71.55 a dollar
• Gold hits a new high of Rs 38,820; silver jumps Rs 1,140
• India Inc reports lower revenue, profit growth in Q1: Report
• Sensex tumbles 268 points; Tata Motors tanks 9 percent
• SBI plans to establish nearly 10 lakh YONO Cash Points

Morning Business News:

• Sebi board mulls tighter checks on rating agencies
• Sebi to consider easier rules for buybacks, reward for informants
• NCLAT refuses relief to Deloitte, BSR Associates
• COAI urges cut in USO fee to 3%, license fee to 4%
• Govt allows airlines to use Jet slots till end Dec
• NCLT admits Insolvency resolution plea against HDIL
• Economists estimate GDP growth of 5.5-5.6% in Q1 FY20 amid a slowdown
• Bharti Airtel may not buy 5G spectrum and ‘expensive’ 700 MHz airwaves
• IL&FS board seeks NCLT nod to sell wind assets to Orix Corp for Rs 4,800 cr
• Karnataka govt cancels NMDC lease for Donimalai mine, opts for auction

• EY sets 18-month timeline for a merger of three insurance companies
• CG Power reports huge financial fraud
• Dr. Reddy’s gets 8 observations from USFDA for its Duvvada facility
• Emami Agrotech plans Rs 700-cr cap-ex over next 12 months
• Floods, landslides lay waste areca plantations on 1,900 acres
• IndiGrid eyes power transmission assets worth Rs 8,000 cr
• Govt cancels coal block jointly allocated to NTPC, JKSPDC
• Compliance culture of Indian banks unsatisfactory: RBI deputy governor
• Apple to pump in $6 billion to compete with Amazon, Netflix
• TCS surpasses RIL to reclaim most valued firm by market capitalization
• Lenders may be forced to convert Rs 4,00,000 crore of their DHFL debt into equity: Union Bank
• Jaiprakash Associates to appeal against CCI order
• GAIL to invest Rs 45,000 crore in expansion of pipelines, city gas network
• Rupee hits a fresh 6-month low of 71.71; dives 28 paise
• Gold touches a fresh all-time high of Rs 38,770 on jewelers’ buying
• Crude oil futures up on positive cues
• Hyundai to put in Rs 7,000 crore

Morning Business News:

• Indian Oil Corporation to invest Rs 25,000 cr in green energy
• Agri, rural labor CPI base year to be revised
• Sebi brings in stricter norms on disclosure lapses
• FM says corporate tax for companies to be cut gradually
• SC gives DoT a boost in RCom one time spectrum fee case
• NTPC plans 5,000-MW ultra-mega solar plant in Kutch
• DHFL defaults on Rs 1,571 crore bond payments
• FinMin considers stress fund for infra sectors: Urban Affairs Secretary
• Voda Idea, Airtel lose over 4 mn users in June; Jio and BSNL gain: Trai
• Credit rating agencies, auditors on ED radar in the IL&FS charge sheet
• Govt removes debenture reserve requirement for HFCs, NBFCs, listed firms

• Adani Group likely to acquire 72% stake in Andhra’s Krishnapatnam Port
• Import of 30,000 tonnes of crude soya oil from Paraguay notified
• KEC bags Rs 845-cr orders from NCRTC, Kochi Metro
• PTC inks pact for 720 MW Mangdechhu plant in Bhutan
• Minor landslide affects MRPL’s operations
• Morgan Stanley re-rates Reliance Ind stock to ‘over-weight’, post-AGM moves
• CCI puts in place green channel route for M&A approvals
• RIL’s Aramco deal to lower its FY21 earning by 9%: report
• US economists expect a recession in the next 2 years
• Govt may consider amendments in RERA to make it more effective: Govt official
• DHFL parent WGC sells its loan distribution biz to Metdist Group
• Foodgrains production almost flat at 284.95 MT in 2018-19, says Government data
• RIL again becomes the most valued firm by market valuation
• China lost 20 lakhs jobs in short period of time, says US President Donald Trump
• Coal ministry panel approves fuel supply to Tamil Nadu power plants
• Rupee plunges to over 6-month low of 71.43; skids 29 paise
• Passenger vehicle retail sales fall 11 pc in July: FADA
• Time has come for banks to link loans, deposits to repo rate: RBI Gov Das
• PE-VC investment in India zooms to an all-time high of USD 8.3 bn in July: Report

Morning Business News:

• The US, China seeking to revive trade talks: Trump’s advisor
• Brexit minister signs order to end EU laws in Britain
• Credit demand subdued, the economy needs stimulus: SBI
• Govt to clarify on FDI policy on digital media
• Govt increases oil, gas bidding round to 3 times a yr
• Scraps may help India’s carmakers beat the slump
• BOI hoping to recover around Rs 2,500 crore: Official
• More than 4 lakh unsold apartments in 9 cites, estimates brokerage firm
• Govt plans debt waiver for small distressed borrowers under insolvency law
• Moglix to set up industrial distribution centers in 25 major hubs of India
• M&M lays off 1,500 temporary workers, seeks govt stimulus for industry

• Maruti seeks GST benefit for hybrid, CNG cars to promote green mobility
• Ministry keeps new CSR amendments on hold
• Economic ties between India and China will continue to grow, finds CII survey
• Coffee Day Enterprises debt at Rs 4,970 crore
• Cipla shareholders approve raising up to Rs 3,000 crore
• CBI raids Moser Baer office, directors’ premises
• Kharif sowing improves on widespread rain
• Traders body calls for the boycott of Chinese goods, seeks up to 500% import duty
• ‘NBFCs will get recapitalized, banks will get more prudent with lending’
• SBI extends the repayment period for stressed automobile dealers by 15-30 days
• Confident of coming out of RBI’s PCA framework by March next year: UCO Bank CMD
• Power gencos’ outstanding dues from discoms rise by 30% to ₹46k crore in June
• SBI expects 12-14% credit growth this fiscal, says Chairman Rajnish Kumar
• Tech Mahindra divests 73.38% stake in subsidiary to US-based Resolve Systems for $2 million
• Government sets up committee to rationalize additional taxes on Air Turbine Fuel
• India’s holding of US govt securities jumps to USD 162.7 bln
• FPIs pull out Rs 8,319 cr in Aug amid persisting negative sentiment
• NCLAT spikes banks’ plea against MBL resolution
• Nine of top-10 firms lose Rs 84,354 cr in market valuation