Morning Business News Round Up_SEPT 17th, 2019

Morning Business News:

  • Apple takes on EU’s Vestager in record $14-bn tax fight
  • Allahabad Bank board okays merger with Indian Bank
  • Next Trump tariffs may hit Europe’s luxury products
  • ED slaps Rs 230 cr fine on PwC for FEMA violations
  • Piramal Enterprises to raise Rs 690 crore via NCDs
  • Govt to cut insurance premium rates for small exporters
  • RBI reviews GDP forecasting after Q1 print surprise
  • Saudi attacks to hit India’s oil import bill, rupee immediate casualty: DBS
  • Govt reveals a slew of measures to increase export credit to 30% in FY20
  • Tata to invest Rs 580 cr in realty biz for new projects, debt reduction
  • Warburg Pincus may buy Andhra Bank’s 20.5% stake in IndiaFirst, says the report
  • Bhushan Power case: NCLAT seeks govt’s response on JSW Steel’s plea

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  • Ashok Leyland in talks with Michelin, Marubeni, SBICap for the e-Mobility venture
  • Hero MotoCorp announces a voluntary retirement scheme for employees
  • Cost of credit for exporters to come down under expanded scheme says, Goyal
  • IL&FS invites bids for the sale of six land parcels, enlists services of JLL
  • The slump in steel sector spreads to small, medium companies
  • Current account under threat if oil surge continues, says Shaktikanta Das
  • Farm bodies exempted from 2% tax at source on payments above ₹1 crore
  • Govt to cut insurance premium rates for small exporters: Piyush Goyal
  • Spike in oil prices couldn’t come at a worse time for a slowing world economy
  • Reliance Communication’s undersea cable unit GCX files for bankruptcy
  • Jet Airways lenders make a presentation to Synergy Group
  • TRAI seeks views on the maximum duration for phone calls to ring
  • Government asks Apple to manufacture, export more from India
  • Saudi assures India of no oil supply shortage: Oil Min
  • Unsold spectrum resulted in Rs 5.4 lakh crore losses, claims BIF
  • Sensex drops 262 points as crude oil prices boil
  • P-note investments continue to drop; stands at Rs 79,088-cr in Aug-end
  • Govt keen to bring India among the top 25 countries in ease of business: Kant

Morning Business News Round Up_SEPT 16th, 2019

Morning Business News:

  • Reliance, BP take over Niko’s 10% stake in KG-D6
  • Exports, housing sops in FM’s third growth booster
  • Sebi mulls whistle-blower mechanism for auditors
  • Govt mulls measures to improve the financial health of STC
  • SBI shelves IPO plans for general insurance arm
  • Dues rise as power sector reels under stress
  • DLF sells 9 acres to AmEx for Rs 300 crore
  • Recent CoC decisions raise hopes for the return of errant promoters
  • Power gencos outstanding dues on discoms jump 57% to Rs 73,000 cr in July
  • Saudi oil attacks raise the spectre of oil at $100 per barrel, say, analysts
  • Former NSEL promoter Jignesh Shah shifts gear, bets on water conservation
  • General Motors hit by the first strike in 12 years in the clash over Jobs, benefits

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  • Canada pension board set to become the controlling shareholder in L&T
  • India staring at a price flare-up after a drone attack on a Saudi oil facility
  • Power Finance raises global bond issuance size to $5 billion
  • The merged entity of PNB, OBC and United Bank to become operational by next April
  • Lee Fixel sets sights on Indian startups again, may invest $1 billion
  • Kae Capital in talks to raise the third fund of up to $60 mn
  • Tata, Vedanta mining leases end in March; Govt to reject leases of many firms
  • Air India posts ₹4,600 crore operating loss in 2018-19
  • Altico Capital default hit debt funds, side pockets created
  • Ericsson acquires Niche AI workforce for India center
  • Exporters say govt incentives will boost shipments
  • SBI to move RBI to offer fixed-floating rate home loans
  • FPIs turn net buyers, infuse Rs 1,841 cr in the first half of September
  • Rubber futures hit a six-month low
  • Man-made yarn imports up multi-fold in July
  • Kharif crops to keep agri-GDP at 3 percent

Morning Business News Round Up_SEPT 13th, 2019

Morning Business News:

  • Aug retail inflation rate climbs, rate cut hopes high
  • RBI cuts risk weight on consumer credit to 100 percent
  • S., China tariffs could lower global GDP by 0.8%: IMF
  • Domestic air passenger traffic slips to 1.8% in July
  • Govt cover for borrowers with bad credit score
  • SBI revises service charges from October 1
  • Altico defaults on interest payment raise concern
  • RIL’s e-auction mechanism for new KG-D6 gas; bidding likely on Oct 11
  • Hindustan Unilever emerges front-runner for Dinshaw’s Dairy Foods
  • For the first time in FY20, RBI becomes a net seller of dollars in July
  • L&T bags contract worth up to Rs 2,500 in Maharashtra and Odisha
  • Bhushan Power: JSW Steel to move NCLAT on Sept 13

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  • Finance Secretary to chair review meeting of PSBs
  • Saudi, Russia call for compliance with OPEC+ supply curbs
  • India Inc revenue growth in Q1 skids to an 11-quarter low of 5.7%
  • Reliance moots ‘supply or pay’ model for new gas fields
  • Vedanta Sesa Goa working on drought mitigation measures in Chitradurga
  • RBI increases banks’ loan exposure limit to single NBFC
  • PE-backed real estate lender Altico defaults on debt payment
  • ECB cuts key rate, to restart bond purchases
  • Ola, Uber factor not major reason for the auto slowdown: Maruti to FM
  • SBI launches OFS to sell stake in the life insurance biz
  • Hiranandani plans ₹2,000 crore investment in the warehousing business
  • Finance Secretary Rajiv Kumar to meet heads of PSU banks on September 19
  • NCLAT to hear Shapoorji Pallonji’s plea on Adani Power bid for Korba West Power
  • Govt may provide incentives to the leather sector to boost exports
  • Rupee rises for 6th-day spurt 52 paise to 71.14 vs USD on trade truce hopes
  • Iron ore glory days numbered as China slows
  • Retail inflation inches up to a 10-month high of 3.21 pc in August

Morning Business News Round Up_SEPT 12th, 2019

Morning Business News:

  • SBI to sell 4.5% stake in SBI Life for Rs 3,465 crore
  • Hong Kong Exchange makes $39 bn bid for LSE
  • India wants industry protected in RCEP deal: Goyal
  • Indian high tech sector has the potential to attract $21 bn
  • PNB, UBI & OBC forms groups to oversee a merger
  • NCLAT impleads Sebi as a party in the plea filed by RIL in Alok Industries matter
  • ONGC signs MoU with Assam to invest Rs 13,000 cr for exploration
  • India hopes to tap $1-billion of jewelry export opportunity to the US
  • China exempts 16 US goods from retaliatory tariffs ahead of trade talks
  • Tata Motors global sales decline 32% to hit 72,624 units in August
  • JSW’s August crude steel output dips 13% YoY to 1.25 million tonnes
  • India to align trade remedy rules with global best practices
  • India agrees to lower import duties on Indonesian palm oil

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  • Azim Premji, group cos sell ₹7,300-cr worth shares in Wipro buyback
  • IL&FS gets bids worth ₹13,000 cr for road assets
  • Cyient signs pact with UK defense firm QinetiQ Target Systems for unmanned target systems avionics
  • Strides Pharma buys 70% stake in Switzerland’s Farmed Healthcare
  • Warburg Pincus exits ICICI Lombard; sells remaining 2.7% stake for $194.5 mn
  • Schneider expects to complete L&T’s electric unit acquisition by early 2020
  • India plans to set up ultra mega solar parks worth $1.5 billion each
  • Adani Power’s Tiroda plant gets MERC nod for higher coal price
  • HDFC Bank doubles mid-corporate loan book to over Rs 90,000 crore in 3 years
  • Advance intimation of steel imports will help the industry face challenges
  • Rupee rises by 5 paise to 71.66 vs USD, extends gains for 5th day
  • Gold prices fall Rs 372; silver to drops Rs 1,150
  • Blackstone plans Rs 1.5,000 crore investment in Allcargo unit
  • Debt crisis hurts corp bond market

Morning Business News Round Up_SEPT 11th, 2019

Morning Business News:

  • Govt wants to revive confidence in markets: FM
  • India’s energy demand to grow by 4.2%: Pradhan
  • India, ASEAN agree to review decade-old free trade pact
  • China to build massive carbon trading market
  • Aditya Birla Capital to raise Rs 2,100 crore equity capital
  • Task Force in the process to identify infra projects: FM
  • Yes Bank nears deal to sell a minority stake to the global tech firm, says CEO
  • Latest monsoon spell boosts Kharif sowing across crops in Gujarat
  • Telecom dept intends to hold spectrum auction by December: Report
  • India has limited room to ease fiscal policy due to high debt: Fitch
  • Earnings rebound seen for PFC, REC by 2020-21 on 50-60% NPA provision
  • IOC, Haldia Petro projects worth Rs 2 trillion may trip on land hurdles

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  • Independent Financial Advisors blame MFs for the mess in debt schemes: Survey
  • SBI mulls lending ₹35,000 cr to NHAI for highway projects: Rajnish Kumar
  • JSW, Adani may bid for Coffee Day group-owned Sical Logistics
  • Moody’s downgrades Ford’s credit rating to junk
  • IL&FS gets bids worth ₹13,000 cr for road assets
  • ArcelorMittal to explore the sale of a construction business
  • PE/VC investments climb to an all-time high of $36.7 bn in January-August
  • ‘Make in India’ push: ABB, NITTTR set up digital simulation lab in Chandigarh
  • Goldman Sachs top executive charged with fraud
  • Daimler to make India export hub, to serve Latin America initially
  • DGFT notification to hurt steel imports: EEPC to Commerce Minister
  • Government allocates Badam coal block to NTPC
  • Exim Bank expects India’s merchandise exports to grow marginally to $82 billion in Q2
  • Hero MotoCorp to cut Capex by 15-20 pct
  • Essel group completes 1st tranche of stake sale in ZEEL
  • India-China spat delays RCEP deal
  • India, Nepal inaugurate cross-border oil pipeline
  • India-China spat delays RCEP deal
  • Zee starts repaying mutual funds before the deadline

Morning Business News Round Up_SEPT 06, 2019

Morning Business News:

  • Sebi orders forensic audit of Sun Pharma’s books
  • Banks unlikely to trim lending rates despite new norms
  • Auto sector slowdown may wipe out a million jobs: SIAM
  • Reliance targets more retail acquisitions abroad
  • M&M defers Rs 1,000-cr CAPEX plan amid the slowdown
  • India to give $1bn line of credit for Russia’s the Far East
  • PNB board approves merger with OBC, United Bank
  • RBI deputy governor BP Kanungo fears the risk of dwindling bond supply
  • Discoms may be asked to pay 50% advance payments to power companies
  • Govt launches updated Credit linked Capital Subsidy Scheme for MSMEs
  • Aditya Birla Capital to raise Rs 2,100 crore from a promoter, PE firms
  • JSW gets NCLT nod to acquire Bhushan Power and Steel for Rs 19,700 crore

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  • PowerGrid declares ₹4,356-cr dividend
  • Indian auto industry growth story about to collapse: Tata Motors MD
  • Solar installations in the first half of 2019 at 3.2 GW, down 35 percent
  • India’s per capita water availability to decline further: ICAR
  • US Dept of Justice rejects Hindalco arm Novelis’ deal to buy Aleris
  • Dr. Reddy’s launches generic version of Zyban tablets in the US
  • Maruti Suzuki bats for a separate platform for making regulation on the auto industry
  • FinMin to meet heads of CPSEs for capital expenditure push
  • NCDRC directs Unitech to pay compensation to home buyers at 8% rate
  • ED issues show-cause notice to Amnesty Intl for FEMA violation of over ₹51 cr
  • Birla Estates enters Bengaluru market with two projects
  • Ashok Leyland sees demand-pull for MHCVs soon
  • Lenders optimistic of supporting the resolution plan: DHFL
  • Big firms grab most bank funds: Less than 1% of companies have 50% of bank loans
  • Import of 215 iron, steel items need compulsory registration under SIMS
  • Heavy foreign investment in the telecom sector; 25% of total FDI in India in Q1
  • Sensex rises over 100 points; oil and gas, metal stocks rally
  • Bajaj Finance plans $1 billion share sale
  • Hindalco bid to buy US aluminum firm Aleris faces the anti-trust hurdle
  • Gold imports drop 73 percent in August

Morning Business News Round Up_SEPT 05, 2019

Morning Business News:

  • Govt may miss the fiscal deficit target despite RBI’s money
  • Service activity slows in August, PMI declines to 52.4
  • CRISIL cuts GDP growth to 6.3% in fiscal 2020
  • HC grants relief to KPMG firm BSR in IL&FS case
  • Wipro bags $300 mn deal from ICICI Bank
  • NCLAT asks Jet IRP to cooperate with Dutch Court
  • Mandatory to link loans for housing, autos, MSEs to external benchmark: RBI to banks
  • Synergy Group, RA Treasury make the cut for reviving defunct Jet Airways
  • India to manufacture spare parts, components for Russian defense equipment
  • Auto industry stares at tough year due to transition to BS-VI norms: SIAM
  • Lupin, Boehringer Ingelheim ink $700-mn deal for anti-cancer drug
  • Moody’s upgrades PNB’s outlook to ‘positive’ from ‘stable’

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  • Yes Bank settles ‘selective disclosure’ of asset quality case with Sebi
  • H-Energy and Russia’s Novatek sign LNG cooperation pact
  • Weak demand to hit steel cos profit this fiscal: Report
  • Sharp fall in cement demand likely due to lower government spending
  • India, Russia agree to step up trade to $30 bn by 2025
  • BPCL to invest Rs 25,000 cr on an Ethylene cracker unit at Rasayani
  • RBI asks banks to link retail and MSME loans to external benchmark from 1 Oct
  • JLR to launch 30 new vehicles in China over the next 2 years
  • Moody’s affirms ratings of five PSU banks following the merger announcement
  • Unitech asked to clear ₹2,734 crore dues in 15 days or lose Noida land
  • Volkswagen introduces Polo and Vento facelifts in India
  • Modi govt in talks with World Bank, ADB, KfW for low-cost capital to MSMEs
  • FPI flows to remain under pressure despite tax surcharge reversal, benign monetary policy: Ind-Ra
  • AMCHAM bats for the free-trade pact between India, US
  • India got most migrant worker money last year; leaves behind China, US, others
  • AMCHAM bats for the free-trade pact between India, US
  • Russia plans to set up above 20 nuclear power units in India in the next 20 years
  • Gold gains Rs 122, silver jumps Rs 2,070
  • Maruti to halt production at Haryana plants for 2 days amid auto crisis

Morning Business News Round Up_SEPT 04, 2019

Morning Business News:

  • Allow FPIs to buy bad loans from banks: RBI panel
  • NPAs may come down to Rs 9.1 lakh cr by FY20: Report
  • Donald Trump warns China about delaying trade talks
  • ESIC ties up with SBI for DBT facility
  • RBI task-force moots central corp loan contract registry
  • Govt hikes ethanol procurement price for fuel blending
  • NSEL an ’employee fraud’, could be resolved in 6 weeks: Jignesh Shah
  • Ind-Ra lowers outlook on steel sector on sluggish demand expectation
  • Government approves over Rs 9,000 cr capital infusion in IDBI Bank
  • At $4.8 trn, Japan Inc has more cash than most nations’ GDP sitting idle
  • Reliance Power, Japan’s JERA to set up a 750-Mw power plant in Bangladesh

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  • L&T’s construction arm bags contract for Navi Mumbai International Airport
  • Government weighs privatization of a few Maharatna and Navratna PSUs
  • TVS Motor sales down 15 percent in August
  • MCA sets up expert committee for valuation professionals
  • Dredger owned by Mercator sinks near Mangalore port
  • NMDC revokes cancellation of Chhattisgarh project contract to BHEL
  • Maruti Suzuki records cumulative sales of 1 million utility vehicles
  • RBI panel recommends the self-regulatory agency for secondary markets
  • CPSE exchange-traded fund lags Nifty in 2019
  • IT outsourcing sector faces heat from global in-house units
  • CCI clears Capgemini’s acquisition of Altran Technologies
  • Bank merger woes: Bank officers associations to launch protests
  • Ashok Leyland plans light commercial vehicles range in sub-5 tonne segment
  • Tractor volume set for 5-7% de-growth this fiscal, says a report
  • Centre may soon come out with measures to boost the real estate sector
  • Jaypee Infratech insolvency: Supreme Court asks NBCC for a fresh plan
  • Two-wheeler makers pushing excess stock says FADA
  • Rupee tanks 97 paise to 9-month low on weak macro data, strong dollar
  • Gold prices gain Rs 538 to Rs 38,987 per 10 gm
  • Sensex crashes 770 points following weak macroeconomic data
  • Anil Ambani’s Reliance Naval & Engineering Ltd faces insolvency

Morning Business News Round Up_SEPT 03, 2019

Morning Business News:

  • Foreign borrowings double to $4.98b in July: RBI
  • China’s stimulus measures set to boost cooper price
  • Public sector banks’ heads told to reform boards
  • No tax demand from startups sans appellate tribunal nod
  • Growth of eight core industries slows down to 2.1%
  • Maruti cuts production for 7th straight month in August
  • PNB board to consider Rs 18,000 cr capital infusion
  • Economists predict deeper interest-rate cuts, slow economic growth
  • ISO forecasts global sugar deficit of nearly 5 mn tonnes in 2019-20

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  • NHAI to offer roads as collateral, in talks with SBI to fund projects
  • Apple gets to bite into Indian retail as policy hurdles are removed
  • ISO forecasts global sugar deficit of nearly 5 mn tonnes in 2019-20
  • Manufacturing growth slows to a 15-month low in August: PMI
  • Jet Airways fails to attract new bidders
  • India Inc’s overseas borrowings more than double to $4.98 billion in July
  • SAIL to provide land for pellet plant joint venture with KIOCL
  • JK Tyre promoter take control of pledged shares after repaying Rs 200 crore loan
  • FDI cap in digital media may hit valuations, fundraising
  • Fintech panel for legislative changes for issuance of FDs in demat form
  • The sitharaman-led panel weighs ordinance to ban e-cigarette sales
  • Modern Foods acquires 75% stake in Supreme Baker
  • ‘Economic slump an opportunity for expansion, acquisitions, hiring talent’
  • DBS revises India’s real GDP growth to 6.2 percent for FY20
  • Panel blames lack of level playing field, discriminatory regulation for the high level of cash in the system
  • Tata Steel announces the closure of the UK factory, nearly 400 jobs on the line
  • Government restores duty-free replenishment facility for jewelry exporters
  • Coal India output drops 10.3 percent in August
  • Tea profit likely to contract 140-150 bps: Crisil
  • New FDI norms in single-brand retail to increase exports
  • SBI Cards says IPO process initiated, the decision on timing to hit the market soon