Morning Business News Round Up_ August 3, 2018

  •   Swiss can give client data to India in tax case: Court
  •   Manipal group in talks to buy AMRI from Emami
  •   63% of Indian firms struggling with EU GDPR: Report
  •  Image result for ongc ONGC Q1 profit jumps 58% YoY to Rs 6,144 crore
  •   Apple becomes the first US company to hit $1 trillion in value
  •   HDFC hikes interest rates on home loans 20 bps
  •   Diversion of homebuyers’ money a criminal act: SC
  •   IFC to invest Rs 1.6 bn in MRHFL, proceeds to benefit borrowers in villages
  •   L&T divests stake in L&T Tech to meet 25% minimum public shareholding
  •   Capital First PAT up by 55% to Rs 1 bn for quarter ended June 2018
  •   India may defer imposing higher duties on US imports by 45 days
  •   RBI adds gold to forex reserves in June quarter, buys 2.5 tonnes in March
  •   Pfizer Q1 net profit up 61% at Rs 92 cr
  •   ‘GST rate-cuts may lead to revenue shortfall in near-term’
  •   Hindustan Copper to extract gold, silver from copper ore tailings
  •   Cipla’s Uganda arm plans IPO, listing
  •   Delay in revision of fixed costs to hit urea cos: ICRA
  •   Rosneft’s India venture Nayara rejigs debt to cut interest costs
  •   GE Power India net profit falls 77% to Rs.2.4 crore in April-June
  •   Manpasand Beverages Q1 net at ₹36 crore
  •   Jio Payments Bank, SBI partner for digital banking solutions
  •   Cisco to buy cyber security firm Duo for $2.35 billion
  •   Finance Ministry considering suggestion to exclude income from minor asset transfer
  •   Tata Trusts plans to support 1,000 innovations in tech sector
  •   Government extends scheme to support cos bidding for infra projects abroad
  •   India business will grow to USD 5-6 billion for Lenovo: Chairman
  •   Gold demand falls 8% to 187.2 tonnes in Q2
  •   NHAI, SBI to ink MoU for Rs 25K cr loan
  •   ICICI Bank chairman assures of priority to governance practices
  •   India puts off retaliatory tariff on US products

Morning Business News Round Up_ August 2, 2018

  •  RBI assures debt market of more liquidity
  •  No formal communication on NHPC stake sale: NTPC
  •  Image result for gst lawsCabinet clears changes to GST laws, to be placed soon
  •  Bank fraud: ED to request 6 countries for assistance
  •  ICICI Bank warns against increased regulatory scrutiny
  •  Unemployment to stay at 3.5% in India: ILO
  •  New proposal to clean up NPA mess may cost banks Rs 50,000 cr
  •  Piramal set to demerge pharma, finance arms, list them on stock exchange
  •  Possibility of currency wars risk to India’s growth: RBI Governor
  •  RBI hikes repo rate by 25 basis points to 6.50% amid inflation concerns
  •  Centre clears GST refund worth Rs 543.78 bn of exporters till July end
  •  China accounts for 89% of India’s total solar cells imports in 2017-18
  •  Sebi wins Australia court case against group accused of financial fraud
  •  UPI transactions decline 4.5% in July
  •  LIC takeover may see infusion of Rs.13,000 crore in IDBI Bank
  •  Elgi Equipments acquires Sydney-based Pulford Air & Gas
  •  Apollo Tyres net up three-fold at Rs 252 cr in Q1
  •  ArcelorMittal Q2 net income up at $1.9 bn
  •  MCX Clearing Corporation gets SEBI nod; may start operations soon
  •  NCLAT tells Bhushan Power lenders to submit revised plans by Monday
  •  ICICI Bank makes disclosures on Chanda Kochhar in US SEC filing
  •  Amrapali Group’s bank accounts, movable properties attached for defrauding homebuyers
  •  Hero MotoCorp sales up 9 pc at 6,79,862 units in July
  •  Tesla plans $5 billion investment in Chinese factory
  •  Bank ombudsman scheme to be strengthened: RBI
  •  RBI rate hike reflects uptick in credit demand: Industry
  •  TRAI recommends spectrum pricing changes for next auction
  •  FRDI Bill withdrawn on public concerns, says FM Piyush Goyal
  •  Indian consumer sentiment hits record high in July, says report
  •  SMEs want big firms sitting on payments removed from RoC
  •  Maruti sales decline, announces price hike
  •  Rural demand, farm income set to grow: RBI
  •  Skymet predicts below normal rains this monsoon

Morning Business News Round Up_July 27, 2018

  •  Iran extends insurance cover to keep oil flowing to India
  •  DoT gives final nod to Vodafone-Idea merger
  •  Hindalco arm to buy US-based Aleris in $2.58b deal
  •  About 2L jobs lost due dumping of Chinese solar panel
  •  ‘RCom’s spectrum cancellation will jeopardise recovery’
  •  HPCL cancels the purchase of an Iranian oil cargo
  •  Image result for ITCITC Q1 net profit rises 10.07% at Rs 28.19 billion, beats estimates
  •  Aion-JSW Steel to pay Rs 29 bn to pick Monnet’s 74.3% equity
  •  Inbound FDI from tax havens shoot up in FY18
  •  Price of iron ore fines jumps by 17%, lumps by 11% as steel prices soften
  •  Tata Steel’s Bhushan Steel acquisition hits NCLAT hurdle, may get costlier
  •  Dr Reddy’s June qtr net surges over six-fold at Rs 4.56 bn on turnaround
  •  Bharti Airtel Q1 net profit plunges 73% to Rs.97 crore
  •  Pepper imports by EoUs and SEZs exempt from price control: DGFT
  •  Govt panel comes down hard on pharma firms over fixed-dose combination drugs
  •  Import duty on consumer durables may go up
  •  At 1 lakh new jobs, hiring will be flat in FY19: Nasscom
  •  HDFC AMC IPO attracts strong demand, subscribed over 5 times on Day 2
  •  US SEC steps up probe into ICICI Bank’s accounting practices
  •  CESC Q1 profit rises to ₹182 crore
  •  Qualcomm walks away from $44 billion NXP bid, will buy back $30 billion of shares
  •  Jyothy Lab Q1 profit rises 57% to ₹32 crore
  •  ASCI pulls up Tata Steel, Xiaomi, 87 others for misleading ads
  •  AccorHotels drops bid for Air France-KLM stake
  •  Indian IT companies becoming true multinationals, says NASSCOM
  •  US wants to reduce trade deficit with India soon, says official
  •  India surpasses Japan in steel production
  •  Irdai wants standardised exclusions in health policies
  •  Nirav, Choksi summoned under new fugitive law
  •  Voda-Idea merger creates $23 billion telecom giant
  •  Govt hopes FY19 may see at least one case of PSB merger

Morning Business News Round Up_July 26, 2018

  •  Govt moves HC to get $3.8 bn from RIL, Shell, ONGC
  •  BRICS economies meet as US trade war looms
  •  Trump accuses China of using ‘vicious’ trade tactics
  •  EU threatens US with USD 20 billion tit-for-tat tariffs
  •  Tax havens account for highest increase in FDI inflows
  •  59 infra projects report cost overrun of Rs 1.36L cr
  •  About half of land notified for SEZs are lying vacant
  •  AMC in the works to help PSUs offload non-core assets
  •  NCLT rejects Jyoti Structures’ resolution plan, orders liquidation
  •  ED gets power to impound fleeing economic offenders’ property
  •  NCLAT junks cement-makers’ plea against CCI’s Rs 67-bn cartelisation fine
  •  Canara Bank Q1 net profit up 12% at Rs 2.81 bn; bad loan decline marginally
  •  Suzlon Energy aims to reduce 40 per cent of Rs 60 billion debt by FY18
  •  TPG acquires a minority stake in pharma firm Sai Life Sciences
  •  Exports likely to touch $350 bn in current fiscal: Suresh Prabhu
  •  India to hold top spot for economic growth but oil poses risk
  •  Maruti to recall 1,279 units of new Swift, Dzire for possible fault in air-bag controllers
  •  Honeywell to help IndianOil meet BS VI specifications
  • Image result for sun pharma Sun Pharma launches generic Glumetza tablets in US
  •  BHEL net profit nearly doubles to Rs 156 cr
  •  Recapitalisation of 5 public sector banks credit positive: Moody’s
  •  SBI sees 50% recovery from RBI’s first NPA list
  •  Hero MotoCorp Q1 profit misses estimates
  •  HDFC AMC IPO off to strong start, oversubscribed on Day 1
  •  Lenders may drag four power producers to NCLT
  •  L&T Q1 profit beats estimates on strong infrastructure business
  •  One more NPA account resolved in just 5 days; bankrupt Amtek Auto goes to Liberty House
  •  Bharti Infratel-Indus Tower merger gets SEBI nod, NCLT approval needed next
  •  RBI has enough powers to regulate PSU banks, says govt
  •  Housing sales, new launches highest since demonetisation in first half of 2018
  •  NSE to extend derivatives trading till mid-night
  •  Setback to Marans as HC sets aside order in illegal exchange case
  •  IndiGo grounds 5 A320 Neo planes due to P&W engine snag
  •  Centre nudges power plants to go for coal imports
  •  House panel suggets strong norms for exemption to PF trusts

Morning Business News Round Up_July 25, 2018

  •   4,387 large borrowers account for 90% of NPAs
  •   Trump plans $121 bn aid to farmers hit by tariffs
  •   Financial creditors recover over Rs 47,000 cr under IBC
  •   Not considering any farm loan waiver: Centre
  •   Government asks RBI to suggest on PSU Bank merger
  •   Related imageAdani sees six-fold rise in coal mining volume
  •   Benami properties worth Rs 4,300 crore attached: Govt
  •   India money in Swiss banks fell 80% since 2014, says Piyush Goyal
  •   Sebi proposes three-phase process for re-classification of promoters
  •   Govt mulls selling $2.6 billion NHPC stake to state-run peer NTPC Ltd
  •   JSW Steel aims to turn around insolvent Monnet Ispat in a year
  •   Wistron to invest Rs 30 billion for second iPhone unit in Bengaluru
  •  10.9 mt fertiliser offtake till June, says Govt
  •   Arysta deal: Moody’s announces positive outlook for UPL
  •   Dr Reddy’s retrenches ‘hundreds’ across locations
  •   Vodafone, Idea settle DoT dues of Rs.7,248 crore
  •   Consensus around telecom monopolisation at this point is not justified: TRAI Chairman
  •   RBI has wide-ranging powers to regulate public sector banks, says govt
  •   USL’s Q1 profit jumps 29% to Rs.81.3 crore
  •   Rosneft files $1.4 billion lawsuit against Sakhalin-1 firms ONGC Videsh, others
  •   McDonald’s recycles used oil to power trucks in sustainability push
  •   Government issues preliminary notices to 272 companies for CSR violations
  •   Drugs Prices Control Order 2013 helped save whopping Rs 11,463 crore to public, says government
  •   SFIO receives complaints against ICICI Bank, L&T
  •   SEZ rules may be aligned with GST laws by July-end: Official
  •  House panel suggets strong norms for exemption to PF trusts
  •  Bank finance to jewellery sector drops by 10%
  •  US firms face off with Paytm in lobbying against data storage rules
  •  BSNL aims Rs 650 crore revenue in FY19 from VNO partnerships

Morning Business News Round Up_July 24, 2018

  •  Trade issue: India under pressure from 15 APac nations
  •  Oil PSUs spend 20% of annual capex in Q1
  •  G20 ministers call for dialogue on trade issues: Draft
  •  Maran loses Rs 1,323-cr arbitration against Spicejet
  •  Walky-talky spectrum allocation: Trai wants no auction
  •  Sebi norms: 291 listed firms need to split CMD posts
  •  Govt unlikely to move ahead on MMTC-STC merger
  •  Cross-border insolvency rules: Govt mulls adopting UN legal model
  •  Synthetic textiles to become 5-7% cheaper on GST rate cut on fabric
  • Related image Sterlite Copper’s closure to impact turnover of Rs 600 bn for industry: CEO
  •  Combined net profit of top 23 auto cos just 2.79% of gross turnover in FY17
  •  GST rate cut, return simplification to increase revenue, compliance: CII
  •  US pushes for diluting protecting access to affordable medicines in draft negotiations
  •  Orient Cement plans Rs. 2,000-cr expansion
  •  Reliance Power net up 3% to Rs 237.33 cr
  •  US sanctions on Iran pose risk to profitability: MRPL
  •  Debt downgraded, ILFS road arm says facing defaults
  •  BSNL aims to sell 10,000 satellite phones by March 2019
  •  Housing sales in Noida, Greater Noida rise 51% in Q2, dip 52% in Gurgaon: PropTiger
  •  Chief technology officers of Reliance Jio, Bharti Airtel quit
  •  HDFC Bank Q1 profit rises 18% at Rs4,601 crore
  • Federal Bank gets RBI nod to enter Bahrain, Kuwait, Spore
  •  Corporation Bank to raise Rs 2,555 crore by issuing shares to government
  •  Rupee on free fall: INR plunge to continue on strong dollar; may hit 70.3 by September, says Morgan Stanley
  •  JPMorgan says record-breaking US bull market could run until 2020
  •  Textile industry worried by rising investment flow into Ethiopia
  •  Thermal coal imports up 19% in first quarter
  •  CEA does not feel strongly for project Sashakt to tackle NPAs
  •  Finished steel export falls 33% in April-June
  •  ICICI Lombard 1st pvt insurer to beat UII in business growth

Morning Business News Round Up_July 23, 2018

  •  Trade issue: India under pressure from 15 APac nations
  •  Oil PSUs spend 20% of annual capex in Q1
  •  G20 ministers call for dialogue on trade issues: Draft
  •  Related imageMaran loses Rs 1,323-cr arbitration against Spicejet
  •  Walky-talky spectrum allocation: Trai wants no auction
  •  Sebi norms: 291 listed firms need to split CMD posts
  •  Govt unlikely to move ahead on MMTC-STC merger
  •  Cross-border insolvency rules: Govt mulls adopting UN legal model
  •  Synthetic textiles to become 5-7% cheaper on GST rate cut on fabric
  •  Sterlite Copper’s closure to impact turnover of Rs 600 bn for industry: CEO
  •  Combined net profit of top 23 auto cos just 2.79% of gross turnover in FY17
  •  GST rate cut, return simplification to increase revenue, compliance: CII
  •  US pushes for diluting protecting access to affordable medicines in draft negotiations
  •  Orient Cement plans Rs. 2,000-cr expansion
  •  Reliance Power net up 3% to Rs 237.33 cr
  •  US sanctions on Iran pose risk to profitability: MRPL
  •  Debt downgraded, ILFS road arm says facing defaults
  •  BSNL aims to sell 10,000 satellite phones by March 2019
  •  Housing sales in Noida, Greater Noida rise 51% in Q2, dip 52% in Gurgaon: PropTiger
  •  Chief technology officers of Reliance Jio, Bharti Airtel quit
  •  HDFC Bank Q1 profit rises 18% at Rs4,601 crore
  •  Federal Bank gets RBI nod to enter Bahrain, Kuwait, Spore
  •  Corporation Bank to raise Rs 2,555 crore by issuing shares to government
  •  Rupee on free fall: INR plunge to continue on strong dollar; may hit 70.3 by September, says Morgan Stanley
  •  JPMorgan says record-breaking US bull market could run until 2020
  •  Textile industry worried by rising investment flow into Ethiopia
  •  Thermal coal imports up 19% in first quarter
  •  CEA does not feel strongly for project Sashakt to tackle NPAs
  •  Finished steel export falls 33% in April-June
  •  ICICI Lombard 1st pvt insurer to beat UII in business growth

Morning Business News Round Up_July 20, 2018

  •   Digitisation to help explore $39bn export opportunity
  •   Trai overhauls rules on pesky calls, spam messages
  •   Digital retail lending may hit $1 trn in 5 years
  •   NCLT approves Aion Capital-JSW Steel resolution plan
  •   June quarter CAD seen rising to 2.5% of GDP: Icra
  •   India may lose trade dispute with US in WTO: Secy
  •   Related imageNew industrial policy to suggest ease of trade
  •   India to remain fastest growing economy till FY20: Asian Development Bank
  •   NSE to levy 10 times higher STT on physically-settled derivatives
  •   Liquidity crisis for gems, jewellery sector as Nirav Modi case scares banks
  •   Sebi to finalise guidelines to allow MFs to invest in commodity derivatives
  •   India’s demand for solar equipment import jumps 90% in last three FY: Govt
  •   India’s growth story intact despite challenges: Ficci
  •   MCF gets green nod for 1 mt fertiliser plant
  •   ABB India net profit up by 26% in Q2 of 2018
  •   Registered valuers told to expand scope of work
  •   Liberty House to invest Rs.300 cr to restart Adhunik, Zion Steel
  •   JSW Cement to set up $150-mn clinker facility in UAE
  •   IOC, BPCL, Adani bid for most city gas licences
  •   Novartis to pay as much as $1 billion for skin drug rights
  •   Suzuki Motorcycle to invest ₹600 crore in its second India plant
  •   European Union to curb steel imports after Trump tariffs
  •   Fortis EGM on 13 August over stake sale to IHH
  •   Ex-RBI deputy governor R Gandhi cautions against frequent loan waivers
  •   AirAsia announces $30 billion deal for 100 Airbus planes
  •   Kotak Mahindra Bank Q1 net up 12 per cent to Rs 1,025 crore
  •   Secular countries may have more economic growth, says study
  •   Rural market drives consumption demand
  •   Coal demand rises 7.5% in FY18: Goyal
  •   Rupee closes at historic low of 69.05
  •   Fuel, land and electricity will be under GST, says CEA
  •   IBBI working on cross-border insolvency laws

Morning Business News Round Up_July 19, 2018

  •  RIL plans to borrow $6 billion in consumer push
  •  Daiichi Sankyo moves Delhi HC to block Fortis-IHH deal
  •  Govt introduces bill to check unregulated deposits
  •  245 infra projects delayed, 345 report cost overrun
  •  Airtel added 36 mn users after Telenor India buy: Trai
  •  Parliament nod to bill for SBI-subsidiary bank merger
  •  Related imageGovernment increases sugarcane FRP by Rs 20 per quintal to Rs 275
  •  Inflationary pressures, led by crude, expected to hurt FMCG companies
  •  EPFO invested nearly Rs 489.46 bn in exchange-traded funds till June 30
  •  CAG probes Rafale jet deal; CBI examines 4 graft cases in defence: Govt
  •  Cipla plans acquisitions to enter new therapies, boost Africa business
  •  Bank credit rises by 12.78%, deposits by 8.33%
  •  Anti-dumping duty on grinding media balls from China, Thailand extended for five more years
  •  Nod for Bill to replace insolvency ordinance
  •  ONGC, OIL will not bear entire royalty, cess burden in pre-NELP blocks: Pradhan
  •  Zydus Cadila gets USFDA nod to market 4 generic products
  •  Spanish oil firm Cepsa ties up with GP for India entry
  •  DoT looking into Vodafone-Idea plea on recalculating dues
  •  Govt decides to withdraw contentious FRDI bill
  •  Ultratech Cement Q1 profit slumps 30% to Rs.631 crore on higher petcoke, fuel prices
  •  Google fined $5 billion by EU, told to alter Android model
  •  Bill to curb ponzi schemes tabled in Lok Sabha
  •  Insolvency process: Videocon lenders’ claims at Rs 59,000 crore
  •  Reliance Comm Q1 net loss narrows to Rs 342 crore
  •  Merger of associate banks with SBI to enhance profitability, says Minister
  •  Cabinet nod for tabling bill recognising home buyers as financial creditors
  •  Oil and gas- Expect inventory gains for OMCs
  •  Global Cyclicals will drive first quarter earnings
  •  Ranbaxy promoters asked to disclose foreign bank accounts, assets
  •  Govt concerned about additional duties by US
  •  ONGC gets board nod to exit Pawan Hans, to sell 49% stake

Morning Business News Round Up_July 18, 2018

  •  Growth rises in eastern states for auto companies
  •  Very positive momentum against US sanctions on India
  •  Govt nod to Rs 11,336 cr capital infusion in 5 state banks
  •  Panel to change laws to prevent defaulters from fleeing
  •  Steel Minister announces pension scheme for CPSEs
  •  Trai’s draft rules to curb pesky calls, msgs: COAI
  •  Technology driving BFSI sector to grow: TCS
  •  HDFC AMC’s Rs 28 bn IPO to open on July 25 at Rs 1,095-1,100 per share
  • Image result for ashok leyland logo Ashok Leyland Q1 profit up by 233% to Rs 3.70 billion, beats estimate
  •  ICICI Lombard General Insurance Q1 net profit rises 35% to Rs 2.89 billion
  •  Cabinet to consider Rs 20 per quintal hike in sugarcane price for 2018-19
  •  EU, Japan to sign massive trade deal in ‘strong signal’ against Trump
  •  NCLAT stays voting by Bhushan Power & Steel lenders on finalising bids
  • ‘US import tariff to have indirect effect on steel industry’
  •  25% safeguard duty on solar modules is both a boon and a bane: Crisil
  •  Trucks can now legally carry 20-25% more load
  •  ‘Proposed solar safeguard duty is double-edged sword’
  •  Jet orders 737 MAX 8 Boeing planes for $9 b; drawn by fuel efficiency of its narrow body
  •  ICICI Bank audit committee hires law firm to look into bad loans
  •  IDBI Bank to move govt to make LIC promoter
  •  Federal Bank posts 25% rise in net profit on lower provisioning
  •  Nestle breaks into Rs1 trillion market cap club
  •  Rolls-Royce unveils hybrid ‘flying taxi’ at Farnborough
  •  NBFCs eye stressed SMEs for lending opportunities
  •  China’s cooling economy spells trouble ahead for global growth
  •  Government doubles import duty on over 50 textile products
  •  Grofers to enter FMCG segment; eyes Rs 2,500 cr sales in FY19
  •  UK employment hits record high as job creation continues
  •  Securitisation volumes up 128% in Q1
  •  Financial technology yet to reach potential
  •  Increase in truck axle load to impact CV sales
  •  Karnataka miners for curb on iron ore imports