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

Morning Business News Round Up_July 17, 2019

Morning Business News:

  • Iran to invest in Indian refinery says, ambassador
  • WTO opens the way for Chinese sanctions against the U.S.
  • India’s Vedanta to invest $650 million in new oil blocks
  • Banks bad loans down at Rs 9.34L crore: Sitharaman
  • Lenders to DHFL ready for a haircut in rescue – sources
  • Centre cuts interest on GPF by 10 bps to 7.9 percent
  • Cox and Kings defaults again; shares at a record low
  • 10-year bond yield hits the lowest level since demonetization, closes at 6.33%
  • Moody’s affirms Baa1 rating to state-owned ONGC over better oil prices
  • Future of Wipro will outshine everything is done so far: Azim Premji
  • Goyal backs multi-brand FDI policy, says no changes in the offing
  • Federal Bank Q1 net profit up 46% to Rs 384 crore as bad loans ease
  • SEBI provides a new format for compliance report on corporate governance
  • HDFC AMC Q1 net profit zooms 42 percent, at ₹292 crore
  • Jet Airways creditors set insolvency process in motion
  • Passenger vehicles retail sales dip 4.6 percent in June: FADA
  • Bharat Dynamics eyeing ₹25,000 cr order book in next four years
  • Retail investors can also participate in the primary market issues of G-secs
  • Essar Steel case: Lenders move SC against NCLAT order
  • DCB Bank Q1 profit jumps 16.63% at ₹81.06 crore
  • Creditors’ committee of Jet Airways to vote on $10-million interim funding
  • Bombay  HC  quashes permits for a ₹14,000-crore  coastal road project
  • 2,500 drugs samples out of 76,000 examined found substandard in 2018-19
  • Oil India signs contract for 12 oil blocks; Vedanta 10, ONGC 8

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  • Taxmen detects Rs 37,946 crore fraud in FY1
  • India’s renewable energy capacity crosses 80GW-mark, says RK Singh
  • NSE to exclude DHFL shares from equity derivatives segment from Sept 27
  • Rupee falls 17 paise against USD on rising crude, capital outflow
  • Private banks’ share in MF holdings nears 20 percent
  • KPMG makes a bid to revive Videocon

Morning Business News Round Up_July 16, 2019

Morning Business News :

  • India’s trade deficit falls to $15.3 bln in Jun vs $16.6 bln last year
  • India Jun WPI inflation rate 2.02% vs 2.45% May
  • Junior finance minister says Centre ready to negotiate cut in CTT
  • Govt says no decision on changing financial year to Jan-Dec
  • Govt mulls hiving off GAIL’s pipeline ops as a separate arm of co
  • Kerala to get $250 mln World Bank loan for flood resilient programme
  • RBI fines SBI 70 mln rupees for NPA classification norms’ violation
  • Slowdown in auto, realty may dent NBFCs’ disbursement growth numbers
  • Dewan Housing aiming for resolution without any haircut to lenders
  • IL&FS subsidiaries invite bids to sell real estate in GIFT City
  • InterGlobe Ent says it took more fincl risks for IndiGo than Gangwal
  • JSW Steel seeks copies of forensic reports against Bhushan Power
  • Weak demand prompts Ashok Leyland to shut Pantnagar unit for 9 days
  • New stores aid D-Mart owner’s Apr-Jun, margins expand after 3 qtrs

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  • Demand slowdown hits Bajaj Consumer’s volume growth
  • TCS gets contract from Dutch co to automate supply chain IT ops
  • Nippon Life open offer for Reliance Nippon AMC to start Jul 23
  • US FDA clears Natco Pharma’s Chennai facility post inspection
  • Eye on Future, HUL launches laundry brand after 30 years (ET)
  • Future Enterprises says CFO arrested on charges of tax evasion
  • SEBI action in mutual fund irregularities doubled in FY19
  • Packaged foods high on salt, fats, may carry red tag, says FSSAI
  • ICRA sees securitisation market growing to over 2 trln rupees FY20
  • Lenders sign debt recast agreement with 3 IL&FS road projects
  • Govt ups gold base import price by $2/10 gm, cuts silver’s by $3/kg
  • Govt cuts base import price for edible oils by $11-$16 per tn
  • Ahmedabad-bound IndiGo flight returns to Goa after “technical glitch
  • Cotton Association sees 2018-19 yield at 10-year low on weak rains
  • IT companies tightening salary budgets, leveraging variable pay for niche skills
  • Vodafone Idea ‘repays’ significant chunk of 43-bln-rupee loans
  • To keep discounts in play, Flipkart writes a sop story
  • Deloitte, KPMG firms get time till Fri to argue against ban plea
  • Adani Port likely to raise $650 mln via bond sales
  • NCLAT to hear ArcelorMittal’s plea on EPC Construction on Aug 8
  • Shriram Transport Fin NCDs may offer up to 9.7%, more for seniors
  • Suzlon stares at FCCB default, tells bondholders to hold on
  • China’s GDP growth slows to 6.2% in Apr-Jun, a 27-year low
  • World Bank imposes $5.97 bln fine on Pakistan over mining lease case
  • Boeing 737 MAX grounding could stretch into 2020
  • Huawei plans deep job cuts in US
  • US cos may get nod to restart Huawei sales in 2-4 weeks
  • US, Chinese officials to discuss trade in phone call this week, says Mnuchin
  • Trump sees slowing Chinese growth pressuring Beijing on trade
  • Pearson goes ‘digital first’ in US college market
  • Vale to pay $106.5 mln to workers affected by Brazil dam disaster
  • Citigroup profit beats estimates on gains in consumer lending
  • Gilead invests $5 bln to deepen ties with biotech Galapagos
  • IKEA closing only US furniture factory, cutting 300 jobs

 

Morning Business News Round Up_July 15, 2019

Morning Business News :

  • DHFL warns investors it may not survive as a going concern
  • Tatas may have to take a call on debt-heavy TCL
  • ‘Govt to pay damages to consumers for load sheddings’
  • Tata Steel’s Q1 steel output grows 9% to 7.61 MT
  • Ceat lines up Rs 3,500 crore capex to ramp up production capacity
  • As IndiGo faces turbulence, regulators intensify scrutiny of governance lapses
  • Lenders wary of using IBC for debt resolution over creditors’ parity
  • Balance sheet of India Inc weakens; net debt-equity ratio inches up in FY19
  • After RInfra and RPower, lenders to rejig debt of 2 more Anil Ambani firms
  • Torrent Pharmaceuticals manages to improve Unichem’s FY19 profits

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  • Sterlite’s closure hits Vedanta copper earnings; revenue drops by 57%
  • Stop steel exports at lower than domestic price: Consumers’ associations
  • IOC hires foreign flagged VLCC at day rate of $31,950 for seven years
  • Solar energy body seeks capping tariff at ₹ 3/unit under NTPC, SECI auctions
  • BHEL bags ₹100-cr order from NTPC to set up solar power plant
  • Lupin aims to launch new products across geographies this fiscal
  • Guidelines for PSU banks to pick pooled assets of NBFCs likely this week
  • LIC new premium more than doubles in June
  • Unicorn India Ventures launches ₹400 crore tech-focused fund
  • Govt says Deloitte misreading law in challenging government’s call for ban
  • Nine of top-10 firms lose ₹88,609 crore in m-cap, HDFC Bank, TCS top losers
  • E-commerce: Reliance Jio not to take on Amazon and Flipkart, readies platform to wire kirana stores
  • Relief for power firms: Govt asks Aptel to crack down on ‘regulatory assets’
  • Unprepared UK facing highest risk of recession since 2007
  • Warning shot to world economy as Singapore slumps, China exports drop
  • Farm credit may exceed Rs 13 lakh crore in FY20: Nabard
  • Crude oil demand growth to remain stable
  • State Bank of India removes online fund transfer fee
  • DPIIT to soon float draft national retail policy to seek stakeholders’ views
  • FPIs remain net buyers in July so far, infuse Rs 3,551 cr in Indian markets
  • Govt wants ONGC to sell golf course in Ahmedabad that has oil wells

Morning Business News Round Up_July 12, 2019

Morning Business News :

  • India e-commerce rules regressive: Walmart to US govt
  • China is letting us down on buying from US farmers’
  • Temasek keen to increase pace of investment in India
  • Govt committed to disinvestment of Air India: Puri
  • Care downgrades Cox and Kings rating to ‘default’ grade
  • Auto industry to conduct study on EV migration
  • Tata Steel plans to make European operations sustainable on its own
  • MCA may expand powers of regional directors for M&As of higher categories
  • India-US trade talks to restart Friday; compromise on tariffs likely
  • Sebi to probe if IndiGo CEO downplayed promoters’ tiff: TV Report
  • ED attaches fugitive jeweller Mehul Choksi’s assets in India, abroad
  • Govt restarts process of divesting Pawan Hans
  • Reliance Power recasts Rs 2,430 crore loan for Samalkot project
  • Moglix raises $60 million from Tiger Global, others

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  • Delay in IBC resolution a concern: JSW Steel chief
  • DHFL to submit resolution plan to lenders next week
  • Kalyani Rafael secures $100-mn order for Barak-8 missile kits
  • Anil Ambani plans $3.2 billion asset sales
  • PE/VC investments cross $23 billion in 2019 first half, 27% higher: report
  • SBI puts up for sale two NPA accounts to recover dues of ₹309 crore
  • Railway officials meet stakeholders to finalise private ops of two trains
  • GIC and ADIA put another $329 million in Hyderabad based Greenko
  • IL&FS arm puts its shares in 2 wind energy assets for sale
  • US India bilateral trade could reach USD 238 billion by 2025
  • India attracts $64.4 billion FDI in FY19 despite global headwinds, says Union minister
  • CERC eases norm to issue power trading licence to NTPC
  • Rupee advances 14 paise to 68.44 against USD on Fed rate cut signals
  • Housing affordability worsened in four years, shows RBI survey
  • Adani eyes data storage with Rs 70,000-crore parks

Morning Business News Round Up_July 10, 2019

Morning Business News:

  • IndiGo founders’ feud: Gangwal flags serious governance lapses
  • Nifty50 holds 100-DMA; may attempt a pullback
  • Titan plunges 12%; 271 stocks hit 52-week lows
  • Oyo founder in talks to buy back $1.5 billion shares

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  • Reliance Industries races past TCS to become most valued firm by m-cap
  • Retail inflation likely hit 8-mnth high in June, but below 4%: Reuters poll
  • Govt likely to give up direct controlling stakes in ONGC, IOC, NTPC, GAIL
  • TCS Q1 net up 10.8% on strong growth in digital, BFSI businesses
  • TVS Shriram Growth Fund-3 gets ₹1,100-crore corpus
  • Gold plunges Rs 600 to Rs 34,870 on weak global cues, muted demand
  • TVS Capital hits second close of ₹1,100 crore for third PE fund
  • Temasek’s portfolio value falls as divestments grow
  • ₹2.3 tn wiped off BSE Sensex over past 3 sessions as tax clarity elude market Financial Express
  • Bajaj Finance shares surge over 6% as assets, customers rise, belying NBFC sector troubles
  • Rupee gains 15 paise to 68.51 against dollar