Morning Business News Round Up_SEPT 30th, 2019

Morning Business News:

  • China to send its top trade negotiator to the US for talks
  • PMC’s HDIL loan stands at Rs 6,500 crore
  • IRCTC offers attractive prospects going forward
  • JSPL to reduce debt by over Rs 10,000 crore
  • Govt to set up a working group on new industrial policy
  • The RBI recommendation that PMC bank ignored
  • Govt may seek Rs 30,000 crore interim dividend from RBI, says the report
  • Iran’s petroleum industry on ‘full alert’ against attacks: Oil minister
  • UP energy regulator slashes solar tariffs, approves bidding for 550 MW
  • Saudi Arabia to invest $100 billion in India, eyes long-term partnership
  • Privatization plan of BPCL will need a prior nod of Parliament: Officials
  • Value of Indian brands rises 6% to $228.2 billion: BrandZ

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  • SIS India eyes ₹21,000-cr revenue in the next five years
  • Elgi opens new European headquarters in Belgium
  • Govt plans to update national water policy: Jal Shakti Minister
  • Mazagon Dock IPO shelved due to lack of demand for shipbuilding stock
  • Adani group firms plan to raise $2 bn from dollar bonds
  • PMO steps in to ease the supply of credit for green energy firms
  • China vows ‘two-way’ financial opening as trade talks near
  • Govt is listening to the market: Samir Arora
  • India set to lose major WTO dispute to the US
  • BSNL-MTNL: Finance Ministry turns down DoTs Rs 74,000 crore revival package
  • RBI may go for another rate cut on October 4: Experts
  • Economic slowdown: Central PSUs vow to meet 2019-20 Capex target
  • DHFL lenders led by SBI expected to complete debt resolution plan quickly
  • Telcos war: COAI hopes the industry’s IUC discussion will be reasonable, objective
  • Sri Lanka faults India for setting pepper MIP high

 

 

Morning Business News Round Up_SEPT 27th, 2019

Morning Business News:

  • India turns to UAE to fill in for Saudi oil
  • Govt plans PSU selling spree; to let go of ‘whatever is saleable’
  • RBI eases withdrawal limit for PMC customers
  • Pawan Hans divestment: Third extension in three months
  • RBI group suggests longer-term repo to manage liquidity
  • IL&FS seeks the release of Rs 145 cr held by Gujarat discom
  • NCLAT allows Jet Airways’ Dutch insolvency court to be part of CoC
  • No liquidity crisis says FM Sitharaman after bankers meeting
  • New resolution framework for finance companies likely on Friday
  • Sebi refuses to lift the market ban on 19 entities for sending misleading SMSes
  • India jumps 4 places to 44th rank in world digital competitiveness rankings

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  • India-Chile set to expand preferential trade, explore the possibility of a free trade pact
  • Indian economy to start recovering from late FY20: Report
  • Eveready looks to raise Rs 250-300 crore from sale of non-core assets
  • Tata Steel eyes new businesses to tackle future challenges
  • Mergers and Acquisitions activity records 70% growth in 2018: Study
  • Economy to start looking up in days ahead: FM after meeting Pvt sector lenders
  • Fairfax sells ICICI Lombard stake worth over Rs2,500 crore
  • AP govt cancels Bauxite mining in Visakhapatnam
  • Vivint Capital to raise ₹500 crore debt fund
  • Bitcoin falls below $8,000 for the first time since June
  • CBDT gives one more month to file returns of income tax cases that need an audit
  • PMO convenes a meeting of secretaries on draft national logistics policy
  • RBI data shows bank credit grows by 10.26%, deposits 10.02%
  • Telecom CAPEX intensity to see moderation till 5G comes in: ICRA
  • Govt to appoint a global consultant to sell surplus land of PSUs
  • Mehul Choksi a crook, Indian officials free to investigate him: Antigua PM
  • Rupee darts up 16 paise to 70.88 against USD as Trump dangles trade deal hopes

Morning Business News Round Up_SEPT 26th, 2019

Morning Business News:

  • The US slaps news curbs on Chinese entities over Iran oil
  • Essel gets more time from mutual funds to repay the loan
  • Take advantage of the opportunity, invest in India: Modi
  • ‘Faster decisions by the judiciary, banks will boost growth’
  • ADB cuts India’s GDP growth forecast to 6.5 pc for FY20
  • Sebi floats tighter norms for defaults disclosure with rating agencies
  • Emerging economies to continue to lead global growth: Euromonitor survey
  • Sugar industry expects to bounce back after the price rise, govt measures
  • 25 richest Indians now have a net worth equal to 10% of the country’s GDP
  • Global economic uncertainties dampen India’s M&A activity in August
  • NCLT directs Jet Airways lenders to disburse lifeline funds within 15 days
  • IRCTC IPO to open on September 30
  • Oil companies withdraw 0.75 percent cash back on fuel purchases

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  • Spicejet eyes over $10 billion deal with Airbus amid Boeing woes
  • NTPC to set up 520 MW of hydro projects in Himachal Pradesh
  • Lupin ropes in Jon Stelzmiller to head US specialty business
  • Sachin Bansal acquires microlender CRIDS, marks the entry into financial services
  • GSK Pharma suspends the sale of ranitidine on detection of carcinogen
  • Sebi lays the framework for startups to shift to main stock exchange after 1 year
  • Listed companies asked to promptly disclose all details on default
  • Remove Dividend Distribution Tax, promote investment: Direct Tax Code panel
  • 24 lakh new jobs created in July, says ESIC payroll data
  • Iraq urges Indian companies to participate in energy and infra projects: Envoy
  • Trade deal off Efforts on to end India-US impasse
  • Sebi relaxes FPI norms; allows the off-market transfer of securities
  • Govt reconstitutes Economic Advisory Council under Bibek Debroy
  • Sensex ends over 500 points lower; Nifty below 11,500
  • Mukesh Ambani richest Indian with a net worth of Rs 3,80,700 cr: Report

Morning Business News Round Up_SEPT 25th, 2019

Morning Business News:

  • NPAs are giving banks a new cause for worry
  • India turns to UAE for extra LPG as Saudi cuts supplies
  • The inadvertent effect of India’s $20 billion mega tax cut
  • Labour Ministry notifies 8.65% interest rate on EPF
  • NCLT allows RP 90 more days to finish RCom insolvency
  • Infy, TCS, HDFC among Forbes best ‘regarded’ cos
  • Coal shortage puts Rs 5 trn investment in power plants at risk: Official
  • Govt will maintain borrowing plan, likely sell Rs 2.68 trn of bonds: Report
  • Supreme Court resuscitates Amtek Auto, allows fresh bids for the company
  • GMR Infra, Reliance among 19 companies bidding to build Noida airport
  • IDBI Bank puts Rs 9,750-crore non-performing loans on the block
  • Corporate tax stimulus might not lead to higher buybacks or dividends

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  • India must aspire to be the top recipient of FDI: Ravi Shankar Prasad
  • Lebanon’s geo-tech engineering firm ACTS acquires two Indian companies
  • Pennar Ind to double its cold drawn welded tubes capacity
  • DLF reworking strategy to increase food and beverages share to 18-20%
  • RBI puts curbs on PMC Bank, customers panic
  • Recycle, reuse policy to drive India’s plan to become resource-efficient
  • Lower corporate tax should fetch India higher investments: RBI’s Das
  • India, US expected to sign interim trade agreement today
  • JSW Steel raises $400 million in overseas debt
  • The India-us trade deal will help achieve a bilateral trade target of $500 billion
  • Textile bodies urge center to come up with stimulus measures
  • Leather sector exports can touch $9 billion by 2020
  • As NPA resolution crawls, banks stare at the spike in credit cost
  • RIL’s tax liability to fall by 4 percentage points: Morgan Stanley
  • The steep jump in demand for basic motor insurance
  • Rupee rises 22 paise against US dollar in early trade
  • Wind energy can light up the entire world

Morning Business News Round Up_SEPT 24TH, 2019

Morning Business News:

  • The stimulus will take growth to over 7.5% in H2: NITI boss
  • Telcos fight amid Trai’s review of call connect rates
  • India’s container trade growth slows to 1% in Q2 2019
  • Maruti sees higher sales in September
  • ICICI Bank to set up 450 new branches this fiscal
  • JSW Steel for 25% duty on steel imports
  • Muthoot Fincorp’s NCD issue to offer up to 11.03%
  • RBI turns down Sebi plan for credit rating agencies’ access to defaults
  • From ONGC to Coal India, PSUs set to pay a higher dividend with tax savings
  • Handle income tax-related issues of startups with utmost care: CBDT
  • Debenture trustee sells Rs 200 crore of Zee Entertainment shares
  • Sebi imposes Rs 22 cr fine on Aurobindo Pharma, promoters, related entities
  • Tata Realty, Actis looks to raise $1 billion for commercial properties
  • NCLT grants Amalgamation relief in 20-year row

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  • Parle Agro to invest in plastic waste management
  • CCI gives green signal to rejig Apollo Hospitals’ pharma biz
  • L&T Construction begins work for Telangana Fibre Grid Corporation
  • MSMEs’ power costs need to be reined in Nitin Gadkari
  • GST cut in hotel tariffs will boost the tourism sector: Minister
  • Reliance Industries likely to go on a spending spree after becoming debt-free
  • Vacations upended, jobs lost as UK’s Thomas Cook collapses
  • India’s corporate tax cut to boost smartphone manufacturing
  • Govt issues notification announcing amendments in pension rules
  • Saudi Arabia to restore full oil output by next week: Report
  • India, UAE discuss areas of cooperation to strengthen economic ties
  • The government estimates Kharif crop output at 140.57 MT in 2019-20
  • RCEP: India readies tougher rules to curb dumping
  • The UK launches biggest peacetime operation after Thomas Cook collapse
  • Closed sugar mills may see revival soon as govt mulls ethanol production
  • Rupee ends flat at 70.94 against the dollar despite steller stocks rally
  • Sensex jumps 1,075 points; Nifty reclaims 11,600 mark
  • Petronet Board disfavoured USD 2.5 bn US LNG deal in Apr; signs non-binding MoU now

Morning Business News Round Up_SEPT 23rd, 2019

Morning Business News:

  • Blackstone REIT’s success lures global funds to India
  • No plans to revise fiscal deficit target: Sitharaman
  • SBI to roll out co-lending model with 4-5 NBFCs
  • Committed to meet India’s energy needs: Saudi envoy
  • Default rating puts RCap’s $5 bn debt at risk
  • Scooters India strategic sale on hold amid the auto slump
  • Petronet signs $ 2.5 bn deal for stake in US LNG plant
  • Top 1,000 listed firms may see tax savings of Rs 37k cr on tax cut: Crisil
  • PM Modi meets energy sector CEOs in the US, discusses investment opportunities
  • 361 infra projects show cost overruns of over Rs 3.77 trillion, says the report
  • Reliance Capital protests after rating agency downgrade debt to ‘default’
  • Hero MotoCorp might see a reduction in earlier-projected CAPEX of Rs 1,500 cr
  • The tax cut a big boost for foreign firms to invest in India: FM

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  • India’s coal import declines by about 4% to 19 mn tonnes in July
  • Petrol price soars ₹1.59/ltr, diesel ₹1.31/ltr after Saudi Arabia attacks
  • Oil and gas sector expects 5% GST to favour hydrocarbon exploration
  • Cipla announces the closure of USFDA inspection at Bengaluru facility
  • Dr Reddy’s halts the worldwide supply of Ranitidine
  • Govt working on measures to make the steel sector ‘globally competitive’
  • Altico says evaluating options after default
  • Big Oil’s future may rest on climate debate over natural gas
  • HKEX said to rope in UBS, other banks to court LSE investors
  • Cipla announces the closure of USFDA inspection at Bengaluru facility
  • The US likely to escalate the trade war with China if no deal is agreed soon
  • WTO dispute over India’s tariffs on ICT goods: the US seeks to set by up of dispute panel
  • Government to make changes in rules of trade remedies to make them more effective
  • Thomas Cook nears collapse as travel giant relying on unlikely govt bailout
  • Non-life insurers register 17 pc rise in Aug new premium income at Rs 15,964 cr
  • FPIs withdraw Rs 4,193 cr from capital markets in Sept so far
  • Sugar industry set to start exports to China, Iran
  • SFIO challenges NCLT probe orders
  • Banking, FMCG to benefit from corp tax cut; pharma, IT to remain untouched: Report

FM cuts corporate tax, Sensex up 1,900 pts , Nifty up 500 pts

FM ANNOUNCEMENT

  • Corporate tax rate to be 22% without exemptions, inclusive of surcharge and cess.
  • No Minimum Alternate Tax (MAT) applicable on such companies
  • Effective corporate tax rate after surcharge to be 25.17 percent
  • To attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15 percent
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  • That effective tax for new companies shall be 17.01 percent, including cess and surcharge. Companies enjoying tax holidays would be able to avail concessional rates post the exemption period.
  • Will give MAT relief for those opting to continue paying surcharge and cess. MAT has been reduced to 15 percent from 18.5 percent for companies who continue to avail exemptions and incentives:
  • To stabilise flow of funds into the market the enhanced surcharge announced in Budget 2019 will not apply on capital gains arising on sale of any security, including derivatives by foreign portfolio investors (FPI)
  • For listed companies which made announcement for public buyback before July 2019 it is provided that tax on buyback on shares of such companies will no be charged
  • Total revenue foregone by undertaking these measures is Rs 1.45 lakh crore per year

Morning Business News Round Up_SEPT 20th, 2019

Morning Business News:

  • Oil crisis to have a limited impact on inflation: RBI Guv
  • Banks won’t declare NPA for MSME loans till Mar: FM
  • Trai floats paper to simplify, speed up M&A approvals
  • Coming up: Rs 20k-cr fund for non-NPA housing projects
  • Rana Kapoor sells 2.3% stake in YES Bank
  • Telecom body approves Rs 8,588 crore infra projects
  • JSW Steel promoters release pledged shares worth Rs 1,150 crore
  • Bank stake sales in a mutual fund, insurance subsidiaries hit a wall
  • RCom resolution professional seeks status quo on spectrum licenses
  • Lenders approve Rs 5071 crore debt restructuring plan of three IL&FS firms
  • Aluminum producers likely to see pressure on profits says NALCO chief
  • Reliance Jio has widest 4G network, Airtel’s network grows 3-fold: Trai
  • Tata Motors rolls out new EV powertrain tech

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  • Apollo Hospitals in pact with US firm to launch healthcare drones
  • Modi to attend two round tables with CEOs of US companies
  • Mukesh Ambani’s shareholding has not increased in the company, says Reliance
  • No economic crisis in India, govt taking steps to make it stronger: Javadekar
  • Sitharaman may announce more measures on Friday to support the economy
  • Wipro Consumer Care and Lighting set up a venture fund to invest in startups
  • RBI caps term for banks’ concurrent auditor at three years
  • Banks to hold public meets with NBFCs until 15 Oct in 400 districts: Sitharaman
  • Coal mine allottees must do their bit to start output: Secy
  • Factory investment at a 3-year low of Rs 3.31 lakh cr in 2017-18: Survey
  • Global steel industry facing surplus production, says Union minister Dharmendra Pradhan
  • CBDT member hints at lower tax rates indirect tax code regime
  • Essel Group seeks time till March 2020 from mutual funds to clear dues
  • Rupee slips 10 paise to 71.34 against USD
  • Maruti Suzuki crosses 10-lakh-exports milestone from Mundra Port
  • Parliament nod on pesticide and seed bills likely next session: MoS Agri
  • Carcinogen scare sets off a global race to contain ranitidine

Morning Business News Round Up_SEPT 19th, 2019

Morning Business News:

  • Fed cuts rates by 25 bps, gives mixed signals
  • Govt doing everything to bring high growth: Kant
  • FDI norms in coal mining, single-brand retail relaxed
  • Nalco declares record Rs 1,073 cr dividend for FY19
  • RBI plans to structure loan rates of NBFCs, HFCs
  • Trump orders more Iran curbs, Saudi shows evidence
  • Jio adds 85.39 lakh users, rivals lose 60 lakh: TRAI
  • Govt plans to give Rs 10L-cr EPFO corpus to a body
  • NTPC contains tariff rise with fall in coal imports, power blending
  • Govt bans e-cigarettes amid global concern over health risks
  • RBI decision to cut risk weights for retail loans credit negative: Moody’s
  • Icra sees FY20 steel demand growth shrinking to 5-6% from 7.9% in FY19
  • NCLAT asks RCom’s RP to approach NCLT for a refund of Rs 577 cr from Ericsson
  • Chinese cheer for Indian cancer-drug manufacturers

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  • India’s steel consumption growth likely to slow to 6 percent: ICRA
  • Government scraps import duty on open cell LED TV panels
  • NTPC to build 5GW solar park in Gujarat
  • SRF shuts technical textiles plant in Thailand
  • Essar to double CBM gas production to 1 mmscmd
  • Strategic sale of BEML, NMDC unit accelerates
  • Electricity discoms owe ₹74,710 crores to gencos
  • Amazon partners with Western Union to allow purchases in cash
  • Government open to selling part of Air India to the foreign airline: Report
  • Bankers can now take the decision without fear; CVC sets up panel to examine fraud
  • After banks, RBI plans to structure loan rates of NBFCs, HFCs
  • London overtakes Mumbai in rupee trading
  • Tax collection misses the target by a wide margin; inches up 4.7%
  • 44 lawmakers urge Trump administration to reinstate GSP for India
  • Rupee stems losses, rallies 54 paise to 71.24 vs USD on easing oil prices
  • Coffee Day sells tech park for Rs 2,700 cr to Blackstone to reduce debt

Morning Business News Round Up_SEPT 18th, 2019

Morning Business News:

  • 3 yr lock-in period on NRI’s bond investments waived
  • Mutual Fund units held by non-residents decline
  • Discom sector needs drastic reforms: Power secy
  • Sitharaman to announce another booster dose this week
  • Saudi attack: India may raise oil imports from Russia
  • Cos drag govt to court over GST on land lease pacts
  • CG Power case: Sebi bans Gautam Thapar, 3 others from mkts; orders a forensic audit
  • FDI in coal mining requires better pricing, logistics and regulation
  • Sebi seeks RBI help to attract corporate participation on comexes
  • Sebi seeks RBI help to attract corporate participation on comexes

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  • Srei Infra moves regulators for buyback of NCDs from retail investors
  • Coffee Day inks deal with Blackstone to sell Global Village for Rs 2,700 cr
  • SAIL allowed to offload 25% of iron ore output
  • Trade interests, not diplomacy, will decide the RCEP pact, says Jaishankar
  • Over 6 crore EPFO subscribers to get 8.65% interest for 2018-19: Gangwar
  • AIAHL to issue bonds worth Rs 15,000 crore in September
  • Adani Power arm gets the nod to charge Rajasthan discoms higher coal cost
  • Oil prices sink 5% as quick Saudi output recovery seen
  • IL&FS group firms to sell 494 acres of land to pare debt
  • Indian equity, hybrid MFs have the highest expense ratios in the world: Morningstar
  • Saudi oil output to recover in two or three weeks after the attack
  • Meddo raises $3 million in pre-Series A funding led by SRI Capital
  • Srei seeks Sebi, RBI nod to buy back NCDs from retail investors
  • Icra revises the outlook on auto component sector to ‘negative’
  • Tata Power arm to exit South African JV Cennergi for $106 million
  • $45 billion at stake: Global investors unwinding as Narendra Modi euphoria wanes
  • Sensex crashes 642 points as crude oil woes persist
  • Investor wealth plummets Rs 2.72 lakh crore in two days of market fall
  • Rupee furthers loss by 18 paise as crude worries hurt sentiment
  • Emerging economies like India more vulnerable to big oil price moves: Report