Morning Business News Round Up_July 09, 2019

Morning Business News:

  • Tata settles $7.3 bn dues to complete mobile biz sale
  • Govt infused over Rs 3.15 lakh crore into PSBs
  • Airbnb had a direct economic impact of $150 mn in 2018

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  • Sterling & Wilson gets nod for Rs 4,500 cr IPO
  • Public shareholding rule to bring additional Rs 57,000 crore to Tata Sons
  • Sensex tanks 793 points; Nifty holds 11,550; India VIX up 7%
  • Mindtree dips 10% on resignation of 3 co-founders as L&T takes control
  • RIL ties up with Turkish co to make eco-friendly fabrics
  • IndiGrid completes acquisition of two power transmissions assets from Sterlite Power
  • Maruti shares tank over five percent; other auto scrips too fall
  • OMCs may save ₹500 crore a year on withdrawal of merchant discount rate
  • British Airways faces $229 million fine over data breach
  • IOC, GAIL pact to take a stake in Adani’s Dhamra LNG project expires, no investment made: Dharmendra Pradhan
  • India may raise Rs 68,000 crore selling bonds overseas this year
  • Govt infused over Rs 3.15 lakh crore into PSBs between FY09 and FY19
  • PNB shares drop over 11 percent after BPSL fraud case
  • Rupee slips 16 paise to 68.58 against US dollar

Morning Business News Round Up_July 05, 2019

Morning Business News:

  • Gross tax to GDP ratio dips to 10.9% in FY’19: Survey
  • Govt mulling ban on two and three-wheelers: Gadkari
  • Banks see whopping 73% spike in frauds in FY19
  • SFIO probe ordered against Jet Airways, its group cos
  • Govt considering centralised internet monitoring
  • HDFC wants NCLT to keep Jet’s HQ out of IBC process
  • Brickwork Ratings cuts outlook on Edelweiss’ NCDs to negative
  • ‘Plenty of blame to go around’: Urjit Patel admits RBI failed on bad loans
  • 8% annual growth needed for GDP to touch $5 trn by FY25: Economic Survey
  • US adds India along with China, EU to steel tariff dispute at WTO
  • Centre cuts reliance on market borrowings to finance fiscal deficit
  • EU objects to Hindalco’s plan to buy aluminum producer Aleris Corp
  • Indo-US trade talks set to resume
  • As India begins to grey, workplace policies may have to change
  • ArcelorMittal’s ₹42,000-crore bid for Essar Steel gets NCLAT nod
  • ‘Anticipated pre-buying of commercial vehicles prior to BS-VI norms unlikely’
  • RSB Transmissions setting up ₹180-cr propeller shaft unit in Sri City
  • CCI orders probe on Maruti Suzuki’s discounting practices
  • Yes Bank acquires 9.57% stake in Eveready by invoking pledged shares
  • State-run banks should be freed of constraints, says Raghuram Rajan

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  • MCA orders fraud probe against Jet Airways
  • US drags India to WTO over duty hike on 28 American goods
  • Economic Survey 2019: Finance Ministry makes progress in strategic sale of 28 CPSEs
  • Economic Survey 2019: Steel production to hit 128.6 MT by 2021
  • Budget Economic Survey 2019: Indian economy grows to $2.75 trillion despite slowing global economy

Morning Business News Round Up_July 04, 2019

Morning Business News:

  • India’s trade deficit widened with 25 nations in 3 yrs
  • Cabinet approves award of 3 out of 6 airports to Adani
  • Indian cos supplying to Huawei may face US sanctions
  • Cabinet approves Code on Wages bill
  • BSNL FY19 loss at over Rs 14,000 crore: Govt
  • Icra cuts McLeod Russel’s rating to ‘default’ grade
  • RBI to regulate housing finance firms, review assets
  • Larsen and Toubro receives promoter’s tag in Mindtree with 60% stake
  • CLP inks deal to buy 3 power assets from Kalpataru for Rs 3,275 cr
  • Multiple triggers could boost Axis Bank’s return ratios, say analysts
  • NCLAT reserves order on contempt plea filed against Reliance Infratel
  • Indiabulls Fin to buyback NCDs, masala bonds worth Rs 2,705 cr in Sept
  • Eris Lifesciences board approves buyback plan of up to Rs 100 cr
  • Oil India to exit Russian oil block
  • USFDA issues warning letter to Aurobindo Pharma
  • Vedanta to spend $245 m to explore 10 OALP blocks
  • Lupin gets USFDA nod for Cinacalcet tablets and intraocular solution
  • Blackstone buys stake in L&T Business Park for around ₹700 crore

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  • RBI forms working group to review regulatory framework for core investment cos
  • Drug regulator warns of hacking risk in Medtronic insulin pumps
  • India urges Russia to consider energy consuming nations’ interest
  • Service providers may now opt for GST composition scheme till July 31
  • Jet suppliers go on merger spree trying to keep up with Boeing and Airbus output
  • RBI forms working group to review regulatory framework for core investment companies
  • Rupee edges 6 paise higher at 68.89 against US dollar
  • Sensex, Nifty end marginally higher
  • Govt neither divesting nor privatising ONGC: Pradhan
  • MSP of kharif crops raised

Morning Business News Round Up_July 03, 2019

Morning Business News:

  • RBI powers wide ranging, comprehensive: FM
  • UK finance minister warns of £90 bn no-deal Brexit ‘hit’
  • Wilful defaults in India cross $21 bln in 2018-19
  • Coal scam: Jindal Steel and Power refutes charges
  • Supreme Court dismisses DoT plea against TDSAT order
  • Bank frauds on a downward trajectory, says FM in LS
  • PNB, 4 others fined by RBI for KYC norms violation
  • Export-promotion forum, trade fair to boost farm cooperatives: Govt
  • Wilful defaults cross $21 billion in 2018-19; SBI accounts for a third
  • 5% import duty waiver on iron ore lumps a cost relief for steel mills
  • Crisis-hit NBFCs seek special refinance window under Mudra scheme
  • ED summons chief rating officers of ICRA and CARE in IL&FS probe
  • Adani group’s power distribution company grapples with regulatory issues
  • OIL, Vedanta bag most blocks under OALP II, III
  • Essar Steel bags Rs 5,000 cr order from Posco
  • NCC bags Rs 359 crore worth orders in June 2019
  • Simens sets up protection automation lab for PowerGrid

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  • Alembic Pharma gets USFDA nod for Febuxostat tablets
  • India closing in on using 100 million tonnes of steel
  • Air India Assets plans ₹22,000 crore bond sale to refinance debt
  • Jaypee Infratech: NCLAT tells lenders, allottees to appear on July 17
  • L&T pays Mindtree shareholders for shares accepted in open offer
  • Supreme Court dismisses DoT plea in RCom spectrum sale
  • Oil prices slip as demand worries outweigh OPEC supply cuts
  • Strides Pharma Puducherry unit receives warning letter from USFDA
  • Nirmala Sitharaman says demonetisation had no effect on Indian economy
  • Trade wars: US proposes tariffs on another $4 billion of EU goods
  • ONGC discovers 230 mn tonnes of oil reserves: Pradhan
  • IOC to hire foreign vessel as local carriers stay off
  • Solar imports drop 40 per cent in January-March
  • Water scarcity hits sugar mills in Tamil Nadu
  • Vijay Mallya appears before UK court in extradition case

Morning Business News Round Up_July 02, 2019

Morning Business News:

  • Eight core sectors grow by 5.1 pc in May
  • ‘Growth in housing prices moderated to 3.6 pc in Q4’
  • JSW Energy terminates Rs 6.5K deal to buy JSPL’s plant
  • Service tax arrears rise to Rs 1.66 lakh crore: CAG
  • GST collection dips below Rs one lakh crore in June
  • CPPIB-led InvIT to acquire Sadbhav Infra’s road assets
  • Over 6.8 lakh Indian companies shut so far: Govt
  • Regulatory assets provision to be removed in next power tariff policy
  • Govt considering more powers for RBI to regulate shadow banking sector
  • Policy to monetise fibre network of crisis-hit BSNL on the cards
  • Govt working on new credit scheme for MSMEs to encourage job creation
  • Govt flags concern over concentration, lack of competition in auditing

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  • SBI to raise $1 bn in perpetual debt to boost capital ratio, bolster loans
  • Reliance Infra to lease out headquarters in Mumbai to reduce debt
  • Torrent Power seeks shareholder nod to raise ₹1,500 cr via NCDs
  • Maruti Suzuki reports 17% drop June sales
  • Liberty Steel acquires ArcelorMittal assets in Europe for € 740 million
  • NCDEX ups IPF compensation limit to ₹2.5 lakh
  • Alembic Pharma gets USFDA nod for seizure treatment drug
  • HCL Technologies announces close of acquisition of select IBM products
  • Hyundai Motor India sales down 3.2% in June at 58,807 units
  • Unclaimed bank deposits rise by 27% to₹14,578 crore in 2018
  • Tata Motors total sales down 14% at 49,073 units in June
  • Mahindra sales fall 6% to 42,547 units in June
  • Ashok Leyland sales down 19% at 12,810 units in June
  • Telcos to roll out blockchain-powered anti-spamming feature in a month: TRAI chief
  • Modi sets up a high-powered committee of CMs for agricultural reform
  • Govt considering giving more powers to RBI to regulate NBFCs: Nirmala Sitharaman
  • Vijay Mallya to appeal against extradition order in UK High Court
  • Airtel completes merger of Tata Teleservices’ consumer mobile business
  • Jewellery industry to meet bankers over liquidity crunch
  • Commerce ministry seeks stakeholder comments for next foreign trade policy
  • Sensex soars 292 points on easing trade war concerns
  • Steel enters bear zone on liquidity

Morning Business News Round Up_July 01, 2019

Morning Business News:

  • Steel ministry to give formal view on RCEP after meeting with stakeholders
  • India seeks Kuwaiti investments in infra & power sectors
  • Govt to introduce further reforms in GST on Monday
  • PwC resigns as an auditor of Eveready Industries
  • India Inc sees private equity deals worth $1.14b in May

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  • China eases foreign investment curbs
  • Steel ministry to give view on economic ties with Asean nations, China
  • PSU general insurers need Rs 13k cr to restore health before merger: Report
  • RTGS, NEFT transfers set to get cheaper from Monday as RBI scraps charges
  • Lenders of DHFL to meet on Monday to seek solution for Rs 90,000 cr debt
  • IL&FS board sets up sub-committee to oversee disinvestment process
  • McLeod Russel in talks with lenders for restructuring
  • Auditor independence not under threat: ICAI President
  • JSW Steel’s bid for Asian Colour Coated wins CoC nod
  • Honda recalls another 1.6 mn vehicles in US over air bags
  • NBCC ‘no more interested’ in Jaypee Infra acquisition
  • FPIs continues to buy; pump in ₹10,384 crore in June
  • Mahindra Lifespace looks to scale up its affordable housing biz
  • MFs may no longer be preferred source of capital for firms, NBFCs
  • Govt moves to chart five-year road map for power sector
  • Godrej Appliances eyes over Rs 5,000 crore sales with 20% growth in FY20
  • Coal supply by CIL to power sector drops 3 pc in April-May
  • Govt may use small saving fund money to finance deficit
  • Money in Swiss banks: India slips to 74th place, UK remains on top
  • PM Modi 2.0 to draft new sugar export policy post-Budget
  • FPIs remain net buyers for 5th month in a row, pump Rs 10,384 cr in June

Morning Business News Round Up_June 28, 2019

Morning Business News:

  • WTO panel rules in India’s favour in case against US
  • Government sets up working group to revise WPI
  • Govt to go ahead with disinvestment of Air India
  • Despite NBFC crisis, NPAs fall to 9.3% in FY19: RBI
  • Indian banks have been under-reporting frauds: RBI
  • Govt, RBI must work more closely to boost growth: Guv
  • Govt may tighten disclosure norms for CSR spending
  • SEBI tightens rules for pledged shares, MFs to shield minority shareholders
  • Pressure on fiscal front, economy has hit a soft patch, says RBI
  • NTPC-Power Grid JV likely to be distribution sector operator
  • Axis Bank considers $1.3 billion share sale to expand lending capacity
  • Anil Agarwal’s Vedanta sees foreign hand in Sterlite Copper closure
  • Modi govt mulls big legislative changes in Essential Commodities Act
  • Trump asks India to withdraw tariff hike; calls it unacceptable
  • India gets 24% below-average rainfall this week: IMD
  • DLF promoters infuse balance₹2,250 crore upon exercise of warrants
  • L&T Hydrocarbon Engineering bags twin orders from ONGC
  • Cement firms’ profit to look up despite weak demand in Q1
  • Tata plans UK’s first industrial-scale carbon capture plant
  • BSNL says ‘not received’ DoT direction to put capex plan on hold
  • Finance ministry wants EPFO to lower provident fund (PF) interest rates: Report
  • Jaguar Land Rover is exploring new high-yield bond sale
  • Cement demand to witness single-digit growth in FY20: Report
  • Cox & Kings defaults on payments of ₹150 crore
  • India-Japan ties to become stronger in ‘New India’: PM Modi tells diaspora
  • Indians’ money in Swiss banks falls, hits second-lowest level in two decades

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  • NMDC invokes termination clause against BHEL for delay in Rs 1,395 crore contract
  • PNB fraud case: Swiss authorities freeze four bank accounts of Nirav Modi, sister
  • Rupee settles 8 paise higher at 69.07 against US dollar
  • By March 2020, banks’ gross NPAs to reduce to 8 per cent
  • FSSAI calls for visible labelling of packaged foods
  • Adani Ports plans to raise USD 750 million
  • Bharat Biotech to manufacture Cholera vaccine

Morning Business News Round Up_June 27, 2019

Morning Business News:

  • RBI issues norms for interest rate derivatives
  • Data related to payments to be stored only in India: RBI
  • HSBC issues notice to IL&FS arm seeking its dues
  • US-China trade war will shave off global output: Fitch
  • DHFL to soon complete full stake sale in 2 subsidiaries

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  • UCO Bank targets Rs 8,000 crore recovery in FY20
  • Proposals to revive BSNL, MTNL being prepared: Prasad
  • American investments worth trillions waiting for India, says Pompeo
  • India won’t compromise national interest in trade talks with US: Goyal
  • Govt can raise Rs 95,000 cr from infra bonds to boost growth: BofA
  • ED seizes Rs 9,778-crore assets of Sterling Biotech, promoters in PMLA case
  • Valuation gains from non-cigarette businesses likely for ITC’s investors
  • NTPC-PGCIL joint venture to focus on improving efficiency of distribution utilities
  • Electrosteel to invest ₹5,000 cr to double production capacity
  • Adani Power to acquire GMR Chhattisgarh Energy
  • ‘Reliance Infra to deliver Rs 7,000-cr Versova-Bandra Sea Link project in 60 months’
  • GST audit for small assessees to be desk-based
  • PPF and other small savings schemes set for interest rate cut
  • SC stays payment of ₹380 crore by IL&FS subsidiary
  • CBDT expands areas to be covered by committee writing the new Direct Tax Code
  • JM Financial, Suraksha ARC acquire ₹2,000 crore Unitech loans
  • Icra cuts long-term debt rating of Piramal Capital, Edelweiss firms by a notch
  • FDI in telecom sector down 43 per cent to USD 2.6 billion in 2018-19, says Ravi Shankar Prasad
  • Government, RBI closely monitoring rupee exchange rate, says Nirmala Sitharaman
  • US aims to restart China trade talks, will not accept conditions on tariff use
  • Oil ministry seeks Rs 33,000 crore more for subsidy payout
  • Rupee settles 21 paise higher at 69.15 to US dollar
  • No shortage of iron ore in country: Mines Minister
  • Britannia Industries denies speculation over resignation of its MD Varun Berry
  • Inflation pinches much less for expats than average Indian
  • Rising exposure of MFI loans per lender worries industry

Morning Business News Round Up_June 26, 2019

Morning Business News:

  • DHFL defaults again on commercial papers repayment
  • Borrowing cost of NBFCs rises despite RBI rate cuts
  • Improved infra may boost exports to $1tn in 3 yrs’
  • Rupee circulation rises 22% over pre-note ban level
  • DoT asks BSNL to put all capex on hold, stop tenders
  • Centre plans new RERA online platform for all states
  • AbbVie to buy Botox-maker Allergan in $63b deal
  • Bank NPAs likely to drop to 8% by March 2020, says CRISIL report
  • Govt likely to release draft national retail policy in 10 days: CAIT

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  • Govt plans common platform for RERA of all states, UTs; move to help buyers
  • Govt plans to appoint another joint secretary-rank bureaucrat to Sebi board
  • India’s rural mobile phone base slips further, shows Trai report
  • Reliance Industries raises $1.85 billion
  • PM pitches for corporate investment in agriculture
  • India needs to scale up airport infra: Virgin Atlantic
  • Lupin gets employees to take ‘ownership’ of quality at its manufacturing plants
  • Piramal Enterprises, TPG eyeing exit, says Shriram Capital
  • Alembic Pharma gets USFDA nod for influenza infection capsules
  • Red Corner Notice issued against 25 economic offenders, says Nirmala Sitharaman
  • Govt warns foreign e-commerce firms over steep discounts: Report
  • IndiaMART IPO fully subscribed on 2nd day of bidding
  • Godrej Properties launches QIP to raise ₹2,100 crore
  • India plans to set up 500GW of renewable energy capacity by 2030
  • India is cheapest solar energy producer; beats China, UK, US among others
  • Govt likely to use Rs 3 lakh crore RBI windfall to pay regular bills
  • Housing finance companies asked to raise capital adequacy to 15 %
  • L&T acquires controlling stake in Mindtree, reveals report
  • Govt, RBI closely monitoring rupee exchange rate: Sitharaman
  • Rupee pares gains, settles flat at 69.36 a US dollar
  • Export-led growth very critical for good jobs in India: Arvind Panagariya
  • Sensex gains 312 points; energy, auto, banking stocks rally

Morning Business News Round Up_June 25, 2019

Morning Business News :

  • Illicit money outflows average 10% of GDP: Parl panel
  • RBI launches new online banking complaints system
  • I-T Dept issues 380 notices on undisclosed assets
  • Evaluating selling 20% stake in Shriram: Piramal
  • Mobile subscriber base rises a tad in April: Trai
  • Gem and jewellery industry seeks lower duty on gold
  • RBI delays surplus transfer after finance secretary’s objection: Report
  • Sebi diktat to book expenses helps MFs pare distribution-related costs
  • Centre resolves 615 infrastructure projects worth Rs 22.35 trillion
  • Wilful defaulters in nationalised banks up by 60% in five years: Govt
  • Viral Acharya unable to continue as deputy governor beyond July 23: RBI
  • Sebi to tighten rules for pledged shares by promoter group entities

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  • Black money stashed outside India is estimated at USD 216-490 bn
  • Indian telcos need to invest ₹1 lakh crore in fibre networks : Crisil
  • I-T dept issued Rs 64,700-crore refund between April 1-June 18, 2019:
  • Chinese banana imports surge to a record high in May
  • Future Enterprises plans to raise up to Rs 900 cr via NCDs
  • Jet Airways creditors have time till July 4 to submit claims
  • TCS hikes stake to 66% in Japanese JV with $32.6 million investment
  • Promoters sell 10% stake in Emami for₹1,230 crore, shares down over 7%
  • Filling Iran oil gap in India: US supplies outshine Middle East crude
  • India, US nearing industrial security pact for defence tech transfers
  • Sebi to allow IPOs by tech companies with superior voting right shares
  • India’s May oil imports down 11% from April
  • Oil prices rise as Middle East tensions simmer
  • Hero, Bajaj, TVS say e-mobility transition could undermine Make in India
  • JM Financial Fund II buys stake in co-living operator Isthara Parks
  • Govt should hike public sector spending; incentivise private cos for new projs: Icra
  • Rupee does U-turn, rises 23 paise to 69.35 against US dollar
  • RBI panel defers reserves report for fourth time
  • Home buyers body want Rs 10,000 cr ‘stress fund’ to complete stalled projects