Introduction
The article Banking Awareness One Liners December 2019 includes Banking Awareness One Liners with an explanation, analysis, and issues of current events in the month of December. And these One-Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.
Dec 2019
Banking:
- According to a source, United Bank of India has written to the Government seeking a new name for the entity formed out of its merger with Punjab National Bank and Oriental Bank of Commerce.
- PMC sanctioned Rs 50 crore loan to HDIL 23 days before scam came to light, reveals ED probe
- No parameters followed for sanctioning loans to HDIL: PMC Bank MD Joy Thomas
- Life insurers pay ₹4,442-cr dividend in FY19, the highest in last five years
- The banking system’s lackluster credit growth has more to do with the lack of credit demand rather than credit availability, according to India Ratings and Research (Ind-Ra).
- Axis Bank, the country's third-largest private sector bank, has made two key appointments in two strategically important roles.
- Shares of Bank of India (BoI) climbed almost 2 percent on BSE in morning trade after reports emerged that the company is eyeing to acquire AXA’s stake in BOI AXA Mutual Fund.
- The CBDT has issued a notification which said that business establishments with an annual turnover of ₹50 crores or more must offer low-cost digital payment options by January 31, or risk paying hefty fines from February 1, 2020.
- Prudential exposure limits for UCBs for a single borrower and a group of connected borrowers will be 10% and 25% respectively of their tier-one capital: RBI
- The target for loans and advances to the priority sector for UCBs will be increased to 75% of adjusted net bank credit or credit equivalent amount of off-balance sheet exposure, whichever is higher, by March 31, 2023: RBI
- The last date for the mandatory linking of the Permanent Account Number (PAN) with Aadhaar has been extended till March 31
- The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 3 crore on Maruti insurance Brokers Pvt Limited (MIBL)
-
i. Amit Talgeri as the Chief Risk Officer (CRO) of the bank for three years, from January 1, 2020.
ii. Naveen Tahilyani has been appointed as Group Executive Head Banking Operations and Transformation with effective from January 6
- IndiGo and Abu Dhabi-based Etihad Airways has expressed interest in bidding for national carrier Air India
- The ban on upfront commission seems to have dampened interests of those wishing to become independent financial advisers (IFAs).
- Market regulator Sebi has slapped a total fine of over Rs 14.4 crore on five entities, an amount twice the ill-gotten gains made by them while fraudulently trading in the scrip of Sunteck Realty Ltd.
- Shares of Alkem Laboratories gained more than 2 percent intraday after the company acquired new drug application for drug Marinol (a type of appetite stimulant) from AbbVie.
- Manappuram Finance said it has raised Rs 350 crore by issuing bonds on private placement basis.
- Kalpataru Power Transmission said that it has bagged orders worth approximately Rs 979 crore in the transmission and distribution (T&D) segment and for railway electrification and gauge conversion.
- India to end 2019 with 640 civilian aircraft, 4% traffic growth despite economic slowdown
- Central Board of Indirect Taxes and Customs around 1,12,000 crore rupees paid as Integrated Goods and Services Tax-IGST refunds to exporters.
- Centralised Access Control System and e-BCAS Project launched to digitise employee movement process at airports
- The famous 11-day Dhanu Jatra celebrated as the largest open-air theatre of the world begins at Bargarh in western Odisha.
- Indian Railways introduces New Passenger friendly Information System at Anakapalle Station in Vijayawada Division
- Union Minister for Environment, Forest & Climate Change-Prakash Javadekar released the biennial “India State of Forest Report”, published by Forest Survey of India. Total forest & tree cover rises to 24.56% of the total geographical area as per 16th ISFR.
- Finance Minister Nirmala Sitharaman unveiled Rs 102 trillion of infrastructure projects that will be implemented in the next five years as part of the government's spending push in the infrastructure sector.
- Kerala was the top state in meeting the sustainable development goals in this year’s ranking, prepared by NITI Aayog.
- EPFO to focus on subscribers' convenience, ease of doing biz through digital tools in 2020
- Brazil has fined Facebook USD1.65 million for improperly sharing users' data in a case linked to the global Cambridge Analytica scandal.
- Hinduja Group may soon prepare a formal bid for debt-ridden Jet Airways, Bloomberg reported. The Hindujas are looking for a partner to purchase a stake in the airline
- Adani Electricity the flagship power transmission and distribution company in Gautam Adani's empire to raise to Sl 5 billion
- India's Karvy Group said it has appointed a new head of its financial services unit as part of corporate restructuring
- Reliance is all set to venture into the e-commerce segment with the launch of Jio Mart. As per initial details, the company is rolling out an offline-to-online commerce platform that will provide retail packaged consumer goods (PCG) and kitchen supplies
- the website of JioMart with the tagline "India ki nayi dukaan" is a new grocery shopping experience from Reliance Industries Limited, the country's most valued firm.
Banking:
- Nirmala Sitharaman launched eBkray, an e-auction platform to enable online auction of attached assets by banks. eBkray platform with property search features & navigational links, provides single-window access to information on properties up for e-auction.
- The country’s largest lender State Bank of India (SBI) on Monday announced a reduction in its external benchmark-based rate by 25 basis points to 7.80 per cent from 8.05 per cent
- HDFC Life Insurance partnered with Paytm to expand its distribution. Aim: The main objective is to enable customers of Paytm to purchase insurance products from HDFC Life.
- Punjab & Sind Bank share price shed 10 percent intraday after CARE revised its rating outlook to negative from stable.
- The finance ministry and the Insurance Regulatory and Development Authority (IRDAI) have recommended a cover for bank accounts with deposits above Rs 1 lakh
- Sensex gains 100 points, Nifty crosses 12,250; Bharti Airtel, Adani Port advance
- State-owned Bharat Sanchar Nigam Ltd (BSNL) has cleared Rs 1,700 crore of vendors dues, its CMD P K Purwar said. The corporation has also made salary payment to its employees for November
- Airports Authority of India (AAI) is in the process of seeking environmental clearance from the Ministry of Environment, Forest and Climate Change for three, first-of-its-kind in the country, water aerodromes in Andaman & Nicobar Islands.
- Oricon Enterprises share touched its 52-week high Rs 33.85 and 52-week low Rs 15.20 on 07 March, 2019 and 10 October, 2019, respectively.
- Drug firm Dr Reddy's Laboratories said it has launched in the US Sodium Nitroprusside injection used for immediate reduction of blood pressure in hypertensive crises.
- In the week gone by, USD/INR currency pair closed with a weekly gain of 0.395 paise at 71.45 against the US dollar.
- Inox Wind said that it has entered into an agreement with Continuum Power Trading (TN) Pvt Ltd to supply, erect and commission 250 MW wind power projects in Gujarat.
- Kerala, Himachal Pradesh, and Andhra Pradesh have emerged as top-performing states in NITI Aayog's SDG India Index 2019
- Union Home Minister Sh. Amit Shah lays the Foundation stone of the Directorate General Building of CRPF in New Delhi.
- Himachal Pradesh government decided to exempt women from paying the application fee for government recruitment exams.
- India will overtake Germany to become the 4th-largest economy in the world by the year 2026, according to a report by the UK-based Centre for Economics and Business Research (CEBR). India is all set to overtake Japan to become the 3rd-largest economy by 2034.
- To prevent the repeat of this year's onion crisis, the Centre has decided to create a buffer stock of 1 lakh tonnes of the key kitchen staple in 2020
- MOSPI has constituted a 28 member Standing Committee on Statistics (SCES) chaired by former Chief Statistician Pronab Sen to improve the quality of data amid criticism of the govt over political interference. The first meeting is scheduled on January 6, 2020.
- The Chinese economy grew at an annual pace of 6.0 percent in the July-September quarter, the slowest growth since 1992. The slowdown is exacerbated by the ongoing trade war between the US and China.
- The Yogi Adityanath government in Uttar Pradesh will give an annual pension of ₹6,000 per year to women who have been given triple talaq by their husbands, till their rehabilitation under PMJVK.
- Without visiting government offices, people can now apply for official certificates online under the e-certificate project launched by Chief Minister Naveen Patnaik for the Revenue and Disaster Management department as part of the 5T model of governance.
- India's relations with Nepal continued to grow in 2019 with high-level bilateral visits and increased energy collaboration, including the inauguration of the first-ever cross-border petroleum pipeline in South Asia, amidst China's heavy investments in the landlocked country.
- The Uttar Pradesh government has received food processing sector investment proposals worth nearly Rs 1,890 crore from different private companies.
- The Andhra Pradesh government decided to appoint a new consultant for preparing a revised detailed project report for the Visakhapatnam Metro Rail project that has been hanging fire for five years now.
- Fitch Solutions said it expects the country's residential and non-residential buildings sector to expand by 6.6 percent, in real terms, next year
- Reliance Industries and UK's BP plc paid USD 36 million to get their defaulting Canadian partner Niko Resources to exit from the eastern offshore KG-D6 block.
- BEML share price rose 2.5 percent intraday on December 30 after the company signed a memorandum of understanding (MoU) with IRCON International.
- Singapore Telecommunications Ltd (Singtel) is partnering with Southeast Asian ride-hailing firm Grab Holdings Inc to apply for a digital full banking licence in Singapore
- The year 2019 was a mix of ups and downs for the electric vehicle (EV) sales in the country. The coming year is expected to be better, with the entry of more electric cars and Chinese entities’ entry, bringing down the average cost.
Banking:
- RBI has released the 20th issue of the FSR. It says that the global economy confronted a number of uncertainties that leads to significant deceleration in growth.
- Finance Minister Nirmala Sitharaman launched eBkray, an online platform to increase the transparency in auctioning of assets attached by banks.
- Reserve Bank of India directed large cooperative banks to report all exposures of Rs 5 crore and more to the Central Repository of Information on Large Credits (CRILC) at early recognition of financial distress.
- The Reserve Bank of India-appointed administrator of the crippled Dewan Housing Finance Ltd (DHFL) called for a meeting of its creditors for the first time after the mortgage lender was admitted for insolvency proceedings.
- The Central Public Works Department, a prime construction agency of the Centre, has asked its officials concerned to write to state governments and other authorities seeking more infrastructure projects.
- The BSE Sensex crossed the historic 40,000-point milestone, while the broader NSE Nifty conquered 'Mount 12k' in 2019, bringing cheer to stock market faithfuls.
- Power distribution companies in the country suffered losses worth Rs 27,000 crore in 2018-19, Union Power Minister R K Singh has said.
- Six of the 10 most valued Indian companies suffered a combined erosion of Rs 64,419.10 crore in market valuation last week, with RIL taking the biggest knock.
- Foreign investors remained net buyers in December by investing Rs 2,613 crore in the domestic markets, mainly due to expectation of a revival in corporate earning
- Sales of renewable energy certificates fell around 10 percent to 5.04 lakh units in December as compared to 5.59 lakh in the same month a year ago due to lower supply
- Office space leasing at record 10.82 mn sq ft in Delhi-NCR in 2019: Report
- The enactment of two key legislations, one aimed at ushering in mega reforms in the medical education sector and the other banning e-cigarettes were the major highlights of the Health Ministry
- The country's coal imports registered an increase of 4.4 percent to 161.43 million tonnes (MT) in the April-November period of the ongoing fiscal.
- In Madhya Pradesh, the 5-day long Mandu festival has been started in Mandu, a world-famous picturesque tourist destination located in Dhar district of the state.
- Statistics ministry sets up 28 member Standing Committee on Statistics (SCES) chaired by former Chief Statistician Pronab Sen to improve quality of data
- India is working on developing a smart backyard dairying model near Delhi to showcase it to the world at the World Dairy Summit, which the country will host in 2022 in New Delhi.
- Bharat Broadband Nigam Limited to set up an optical fiber network under the BharatNet Project paid around 770 crores in advance to BSNL
- BEML Ltd, a defence public sector, signed a memorandum of understanding (MoU) with IRCON International Ltd to explore opportunities in the overseas market
- The Mumbai-Ahmedabad Tejas Express, which is the second private train in the country operated by the Indian Railway Catering and Tourism Corporation (IRCTC), will run on tracks from January 17.
- The Delhi Metro leapt to mega expansion mode in the National Capital Region with the opening of three new corridors in 2019, the silver jubilee year of its founding, during which it also took over the operations of the swanky Rapid Metro in Gurgaon.
- The upcoming airport at Greater Noida’s Jewar, to be developed by Zurich Airport, will be competing for the same international traffic as Delhi’s Indira Gandhi International Airport, as the two airports will have the same point of call.
Banking:
- RBI directs large cooperative banks to report all exposures of Rs 5 crore and more to the Central Repository of Information on Large Credits (CRILC)
- GNPA (gross non-performing asset) ratio of banks may increase to 9.9% by September 2020: RBI’s Financial Stability Report (FSR)
- India's financial system remains stable even after economic growth plummeted to a six-year low, the Reserve Bank of India (RBI) said
- State Bank of India (SBI), the country's largest lender, has announced the launch of OTP-based ATM withdrawal to minimize the number of unauthorized transactions taking place at ATMs.
- As per the RBI's Financial Stability Report, bank frauds rose to an all-time high amount of ₹1.13 lakh crore in the first half of the financial year 2019-20.
- Finance Minister Nirmala Sitharaman instructed public sector banks (PSBs) to clear pending vigilance cases against their officials for alleged malpractices.
- The Minister also said no Merchant Discount Rate (MDR) charges will be applicable on select modes of payment from January 1. The modes of payment will be notified soon
- The Economic Offences Wing of the Mumbai police initiated the process of filing a charge sheet in the PMC Bank fraud case against the five accused. The charge sheet runs to 32,959 pages.
- Renu Sud Karnad, managing director at HDFC since 2010, speaks to Nidhi Rai on the situation in the sector and her views on policy.
- Edited excerpts: How is demand looking for individual (housing) loans and where is it coming from? Mumbai is looking up, Pune and Bengaluru are doing well, Delhi and Chennai are comparatively slower.
- Kotak Life Launches Digital campaign highlighting the Importance of ‘Complete Life Insurance’
- Mastercard entered into an agreement to acquire RiskRecon to support companied in protecting their cyber systems and infrastructure. RiskRecon will design the cyber solutions to help financial institutions
- Alliance Air commences daily flight operations on Kalaburagi–Bengaluru–Mysuru routes under RCS-UDAN
- Target as per Cup & Handle pattern is calculated by adding the height of Cup to the neckline which comes to Rs 232, however one can book profits near previous swing high which is around Rs 230.
- A public notice has been issued here asking for linking an Indian resident's PAN with his/her Aadhaar card before December 31, Gulf News reported
- Indian mobile operators are losing around 24.5 million rupees ($350,000) in revenue every hour they are forced to suspend internet services on government orders to control protests against a new citizenship law
- As per Google's Search trends for 2019, Tata Sons Chairman Emeritus Ratan Tata was the most searched businessperson in India.
- Amazon Founder and CEO Jeff Bezos' net worth declined almost $9 billion in 2019 but he is still ending the year as the world's richest person.
- The Securities and Exchange Board of India (SEBI) has banned Investment Advisers from giving free trials to prospective customers or accepting part payments for their services.
- The 102nd annual conference of the Indian Economic Association being organised in Raipur from December 27 to 29
- N K Singh, chairman of the 15th Finance Commission, accused the World Bank as well as the International Monetary Fund (IMF) of “developing rigidities” while encountering new challenges and assigning a higher weighting to developed regions such as Europe and US.
- Farmers whose crop loan is more than Rs 200,000, will not be eligible for the loan waiver scheme announced by the Uddhav Thackeray-led 'Maha Vikas Aghadi' government in Maharashtra
- There is a helping hand for companies, as the railways may cut freight rates in a bid to boost economic growth, besides “rationalising” passenger fares. However, Railway Board Chairman V K Yadav refused to say if passenger fares would see an increase, but hinted that freight rates might be reduced.
- The sharp increase in demand from China has been able to stem the rapid decline in marine exports in the country seen last financial year.
- Bill Gates to Kylie Jenner: World's richest gained $1.2 trillion in 2019
- Number of houses approved by the Centre under the Pradhan Mantri Awas Yojana (Urban) crosses 1 crore
- India’s foreign exchange reserves rise to a fresh lifetime high of USD 454.948 billion in the week to December 20
- Defence Minister launches the mobile app of the DefExpo 2020 scheduled in Lucknow (February 5-8, 2020)
- BPCL LPG Bottling plant at Balangir, Odisha dedicated to the nation
- The year 2019 has been an eventful one for Indian pharma. Apart from regulatory scares from its key export market, the US, and the lookout for opportunities in new territories like China and Japan
- Adani Logistics, a subsidiary of Adani Ports and SEZ, will acquire a majority stake in India's largest cold chain logistics provider Snowman Logistics. The company will first acquire a 40.25% stake from Gateway Distriparks for about ₹296 crores.
- Hinduja group flagship firm Ashok Leyland inked a pact with Yes Bank for vehicle finance for a period of two years.
- Council of Scientific & Industrial Research-Central Drug Research Institute (CSIR-CDRI) signed MoU for collaboration to jointly develop new drugs
Banking:
- The Reserve Bank appointed Jammu & Kashmir Bank as the lead banker for the newly carved out union territory of Jammu and Kashmir.
- The government of India approved the release of Rs 8,655 crore as fresh capital to three public sector banks. The bank includes Allahabad Bank, Indian Overseas Bank (IOB) and UCO Bank.
- The infusion did for preferential allotment of shares. The Fresh capital amounting to Rs 2,153 crore allocated to Allahabad Bank, Rs 2,142 crore to UCO Bank and Rs 4,630 crore to Indian Overseas Bank (IOB)
- Finance Minister Nirmala Sitharaman will hold a meeting with heads of public sector banks on December 28 to review the financial performance of the lenders and their business growth
- Loans and advances of foreign banks operating in India rose about 13% to nearly Rs 3.97 trillion in 2018-19 (FY19).
- Companies belonging to the gig economy may not be pushed to contribute towards social security cover for its workers. Instead, the government is planning to provide medical treatment to gig economy workers at a subsidised rate from the Employees’ State Insurance Corporation (ESIC)
- Share price of Allahabad Bank zoomed over 8 percent in the early morning trade after the government released fresh capital infusion fund of Rs 2,153 crore for the bank.
- HDFC Bank Managing Director Aditya Puri is the longest-serving head of any private bank in India.
- Airtel Payments Bank said its customers will now be able to use the National Electronic Funds Transfer (NEFT) facility at any time of the day, in-line with the Reserve Bank of India (RBI) guidelines.
- the Reserve Bank of India is planning to set up a ‘college of supervision’.
- State Bank of India (SBI) share price added over 2 percent intraday after research house Citi maintained buy call and raised the target price.
- The Reserve Bank of India (RBI) announced simultaneous purchase and sale of government securities through special open market operations (OMOs) for Rs 10,000 crore each on December 30
- Aided by better recoveries and declining slippages, overall net non-performing assets (NPAs) of the banking sector are likely to improve to 3.2-3.3 percent by the end this fiscal
- IL&FS case: Sebi slaps Rs 25 lakh fine each on ICRA, CARE, India Ratings
- The Nasdaq crossed the 9,000-point mark for the first time as all three major Wall Street indexes posted record closing highs, boosted by optimism over U.S.-China trade relations and gains in shares of Amazon.com
- ASA International India Microfinance has raised 10 million euros from a German-based microfinance fund via the External Commercial Borrowings (ECB) route.
- E-commerce platform ShopClues narrowed its losses to Rs 68.58 crore in the year ended March 2019
- GPT Infraprojects share price slipped 3 percent intraday after CARE downgraded rating of the company's long-term bank facilities.
- HG Infra Engineering share price rose 9 percent in the early trade after the company was declared lowest bidder by the National Highways Authority of India (NHAI).
- Gujarat Gas share price added 3.5 percent in the early trade after CRISIL upgraded the rating of long term rating of bank facilities.
- Asian shares jumped to an 18-month high while gold and oil prices stayed buoyant in a holiday-shortened week, as investor optimism was boosted by hopes a US-China trade deal would soon be signed.
- India set to cross 100-GW renewable energy capacity mark in 2020
- Yield on LIC's investment portfolio slipped to 8-year low of 7.59% in FY19
- Esstee Exports Factory, a mid-sized company which supplies to international apparent brands such as Guess, BLDWN, Devred 1902, Jules, among others, lies slightly outside Tirupur main, about 490 km from Chennai.
- India ranks 47th in the world in terms of appreciation in housing prices as rates grew by only 0.6 percent during July-September
- Assam Chief Minister Sarbananda Sonowal launched the state government's Abhinandan scheme during a programme held at Srimanta Sankardev Kalakshetra in Guwahati
- The Government has made Aadhaar mandatory for subscribers of the Pradhan Mantri Vaya Vandana Yojana (PMVVY) -a pension scheme for senior citizens.
- UT of Ladakh is celebrating Losar Festival on 27th December, to mark the Ladakhi New Year.
- State-owned aluminium company Nalco is looking to revisit its expansion plans, Chairman and Managing Director Sridhar Patra
- As the decade is coming to an end, it has seen an impressive 25x growth from a tiny $550 million in 2010 to $14.5 billion in 2019 in terms of the total funding raised by the start-ups.
- Battered by an unprecedented slowdown, the Indian auto industry is desperately pinning hopes on the next financial year for a turnaround, banking on a host of new and upgraded models slated to make their way to the market.
- In 2019, Oyo saw some interesting travel trends through its properties. In its second edition of Oyo Annual Travelopedia 2019
- The Ministry of Corporate Affairs (MCA) is planning an amendment to the Companies Act that will mandate large unlisted companies to file as frequently as listed ones
- TCS, Infosys, HCL Tech at risk as Boeing’s contracts worth $1bn may get terminated: Report
- Hinduja Group's flagship firm Ashok Leyland partnered with Citicorp Finance India Ltd for financing commercial vehicles.
Banking:
- The Insurance Regulatory and Development Authority of India (IRDAI) has cautioned SBI Life Insurance’s joint venture partner BNP Paribas Cardif (Cardif) in a stake-sale matter.
- Ashok Leyland has inked a pact with Yes Bank for vehicle finance for a period of two years. It will help the company design customised financial solution
- In 2018-19 (FY19), the recovery of stressed assets increased marginally, mainly driven by resolutions under the Insolvency and Bankruptcy Code (IBC).
- Nine of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty PSU Bank index's 1.5 percent fall.
- Yes Bank share price fell 5 percent intraday on the back of rating downgrade by Brickwork Ratings. The latter has downgraded the rating of the bank’s lower tier-II bonds from BWR AA- to BWR A.
- CRR, or cash reserve ratio, is a requirement set by the Reserve Bank of India for domestic banks to determine the minimum amount of cash reserve they need to keep to meet payment obligations.
- SLR, or statutory liquidity ratio, determines the amount of money a bank needs to invest in certain specified securities, which are predominantly securities issued by the central government and state governments.
- Shares of AU Small Finance Bank gained nearly a percent intraday as Motilal Oswal sees robust growth momentum going ahead with asset quality metrics under control.
- National Payments Corporation of India (NPCI) on said that customers can recharge NETC FASTags through BHIM UPI.
- Piramal Enterprises said it will raise up to Rs 2,750 crore by issuing bonds on private placement basis.
- SEBI has signed a pact with Kazakhstan's Astana Financial Services Authority (AFSA) for the mutual co-operation and technical assistance.
- Housing sales in 2019 rise 6% to 46,920 units in Delhi-NCR, says Anarock
- With uncertainty looming large over the fate of Air India, the airline's pilot union has requested the Centre to allow them to quit the passenger carrier without serving their notice periods.
- Gold prices reclaimed the $1,500 mark for the first time since November 4 as US recession fears prompted investors to seek safety in the precious metal.
- The labour ministry is in talks with the corporate affairs ministry to build a social security fund worth Rs 20,000 crore for unorganised workers
- The government could miss its FY20 divestment target by as much as Rs 50,000 crore since privatisation of Air India, Bharat Petroleum Corporation (BPCL) and Container Corporation of India (CONCOR) is unlikely to be completed by March 2020
- The government is unlikely to offer any "extraordinary" fiscal sops including a cut in personal income tax to boost demand in Union Budget 2020-21
- The 11th National Street Food Festival jointly organized by National Association of Street Vendors of India (NASVI) & food regulator FSSAI begun in New Delhi.
- Minister of State for Public Grievances and Pensions Dr. Jitendra Singh launched Good Governance Index in New Delhi on the occasion of Good Governance Day on 25th December.
- NITI Aayog will launch the second edition of Sustainable Development Goals (SDG) India Index and Dashboard 2019–20 on 30 December 2019.
- Saudi Arabia & Kuwait signed an agreement to resume pumping at 2 major oilfields in a shared neutral zone shut for five years due to a bilateral disagreement.
- The year 2019 has been one of the toughest for the automobile industry, with a 13.8 percent drop in domestic sales from January to November 2019.
- The Department of Telecom will soon seek sector regulator Trai's recommendations on pricing and other modalities for coveted 5G bands of 24.75-27.25 GHz and wants to put this new spectrum up for auction sometime next year
- Uttar Pradesh will reschedule its annual ‘global investors summit’ to avoid a clash with a defence infrastructure event, seeking global companies to make the state a $ trillion economy.
- The supply of coal by state-owned Coal India to the power sector registered a decline of 8.9 percent to 291.4 million tonnes in April-November this year.
- A stock swap offer to help shareholders of billionaire Mukesh Ambani’s unlisted retail business monetize their investment has valued the unit at $34 billion.
- Manappuram Finance Ltd said it plans to raise up to Rs 350 crore through issuance of non-convertible debentures on private placement basis.
- Budget carrier GoAir, which cancelled multiple flights earlier this week, said the delay in aircraft deliveries by Airbus has added to its operational challenge.
- Men’s skincare brand Bombay Shaving Company (BSC) has raised Rs 45 crore in Series B funding round led by Sixth Sense Venture Partners.
- Nissan Motor’s third-highest-ranked executive is planning to leave the company to join a leading electric-motor company, an abrupt move that deals yet another blow to the scandal-plagued Japanese carmaker.
- The National Anti-profiteering Authority (NAA), under the Central Board of Indirect Taxes & Customs, ordered US multinational Johnson & Johnson (J&J) to pay Rs 230.4 crore, along with 18 percent interest
Banking:
- Bank branch opening gathered pace in FY19; ATM network declines: RBI report
- RBL Bank bets big on credit card biz
- The Reserve Bank of India has introduced a new type of prepaid payment instrument (PPI) which could be used only for the purchase of goods and services up to a limit of Rs 10,000 per month.
- Karnataka Bank has launched ‘KBL Xpress SB Accounts’ through tab banking.
- IRDAI grants post-facto approval for BNP Paribas Cardif, SBI Life share transfer deal
- Total frauds at banks rise 74% to Rs 71,543 crore in 2018-19: RBI
- To give impetus to small value digital payments, the Reserve Bank of India (RBI) said that Prepaid Payment Instrument (PPI) issuers can launch a new type of ‘semi-closed PPI
- Gross nonperforming asset (GNPA) ratio of the banking system declines from 11.2% in 2017-18 to 9.1% in 2018-19: RBI
- Andhra Bank receives best performing bank award
- ESAF Small Finance Bank has appointed PR Ravi Mohan as its new chairman. He replaced R Prabha. He headed the Banking Supervision Department of RBI & was responsible for the supervision of commercial banks in the country.
- Bharat Bond Exchange Traded Fund (ETF), India's first corporate bond ETF, has fetched Rs 12,400 crore from its maiden offer.
- Piramal Enterprises said it will raise up to Rs 2,750 crore by issuing bonds on private placement basis.
- Mutual funds add over Rs 4 lakh cr to asset base in 2019, expects momentum to continue in new year
- Global hospitality firm Hyatt Hotels Corporation is looking to open 11 new hotels across India by the end of 2020
- State-owned power giant NTPC is planning to add 10GW of solar energy generation capacity by 2022, which entails an investment of around Rs 50,000 crore, to be funded mainly by green bonds
- The Andhra Pradesh government is proposing to set up a Greenfield seaport at Ramayapatnam in Prakasam district at an outlay of Rs 10,000 crore.
- The central government approved a Rs 453-crore loan at a subsidized interest rate of five percent to the Tamil Nadu government for setting up three fishing harbors.
- Cabinet has approved Atal Bhujal Yojana, a Central Sector Scheme with a total outlay of ₹ 6000 Cr. It will be implemented over a period of 5 years in identified areas in Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan & Uttar Pradesh.
- Swachh Bharat Mission-Urban has achieved the target of creating Urban India Open Defecation Free. Till date, 819 cities have certified ODF+ & 312 cities have certified ODF++.
- India eyeing 60% of ship recycling biz, will help GDP reach $2.2 bn: Govt
- Andhra Pradesh CM YS Jagan Mohan Reddy launched the ‘Nethanna Nestham ₹ 24000 will be credited directly into the bank accounts of the weavers having own looms every year.
- Govt creates expert panel for time-bound resolution of oil, gas disputes
- The Department for Promotion of Industry and Internal Trade (DPIIT) is expected to soon issue a clarification on the issues raised by certain stakeholders over the government's decision to permit 26 percent FDI in digital media sector
- The Eicher Motors stock is up 39 per cent since its September lows on a better than expected festival season, smoother transition to BSVI and market share gains for its commercial vehicle joint venture, VECV
- Flagging concerns over unpaid dues, an Air India pilots' union has urged the government to allow their members to quit the debt-laden carrier without serving the notice period.
- OnePlus will focus on digital payments as well as 5G-enabled phones as the smartphone maker looks at further cementing its position in India.
- The National Anti-Profiteering Authority has imposed Rs 230.41 crore penalty on global healthcare major Johnson and Johnson (J&J) for profiteering from cut in goods and services tax (GST) rates.
- Year in review: After record 2018, M&A activity plunges to $52 bn in 2019
- The Emami Group is inching closer to turning debt-free in line with the city-based diversified conglomerate's plans for the 2019-20 fiscal
Banking:
- Shares of IndusInd Bank traded in the positive territory, climbing 1.69 percent to Rs 1,521.35 on BSE
- US electric vehicle maker Tesla and a group of China banks have agreed a new 10 billion yuan ($1.4 billion), five-year loan facility for the automaker's Shanghai car plant
- To protect consumers interest RBI said that on a P2P platform the permissible exposure of a lender to all borrowers should not exceed ₹50 lakh at any given point of time.
- SEBI signs pact with Kazakhstan’s Astana Financial Services Authority (AFSA) for mutual co-operation
- The Central Bureau of Investigation (CBI) has booked former MD of Maruti Suzuki Jagdish Khattar for allegedly defrauding Punjab National Bank of Rs 110 crore.
- Wipro has partnered with industry body NASSCOM to start a training platform on emerging technologies such as AI, data science, internet of things.
- Mukesh Ambani, Asia's Richest, Added $17 Billion To His Wealth In 2019
- Shares of Solara Active Pharma Sciences rallied 2.74 percent intraday after getting approval from National Company Law Tribunal (NCLT) for merger
- MakeMyTrip, along with Larsen & Toubro Metro Rail Hyderabad Ltd introduced QR code-based e-tickets for the metro rail that would provide cashless and connected experience to riders.
- Online eyewear retailer Lenskart said it has raised more than $275 million from Softbank Vision Fund, including a secondary sale of shares by early investors.
- The Karnataka government, which sees Rs 20,000-30,000 crore investment opportunities in Hubli-Dharwad region, invited India Inc to invest in diversified sectors.
- The International Monetary Fund (IMF) has retained India’s economic growth forecast at 6.1 per cent for FY20
- The Indian Railways is likely to hike passenger fares for all trains and classes this week. The increase in fare may range from 5 to 40 paise per kilometer
- Hiranandani Group MD Niranjan Hiranandani takes over as new President of Assocham
- Coal India has joined hands with Odisha Coal and Power Ltd for buying 6,000 tonnes per day from the Manoharpur captive mine of OCPL, owned by the Odisha govt.
- First Annual Meet of the State Nodal Agencies implementing the ‘Ecoclub’ program of the Ministry of the Environment, Forest & Climate Change organized by the Ministry’s Environment Education Division, along with GEER Foundation, Gujarat was held Gujarat.
- Haryana State Level Sanctioning Committee of Pradhan Mantri Krishi Sinchayee Yojana approved projects of Rs 552.73 crore.
- The first tripartite Memorandum of Agreement (MoA) was signed between the Department of Fisheries, NARBARD and the Government of Tamil Nadu for the implementation of Fisheries and Aquaculture Development Fund (FIDF) with a total outlay of Rs. 7522.48 Crores.
- Home Jiny: The app currently services 7,000 orders a month. Its aim is to service the same number of orders per day by June 2020, and to capture 20% of the wallet share in targeted societies in 18 months
- Ampere Vehicles launches electric scooter Reo Elite priced at Rs 45,099
- IFCI, a government company, has realised ₹805.6 crores from the divestment of its remaining 2.44 percent stake in National Stock Exchange.
- Auto electricals manufacturer Lucas-TVS will be exiting its joint venture by selling its 29.9 percent stake in the company to Japanese partner Koito Manufacturing, for around Rs 148.5 crore.
- TVS Motor has made an inverse Head and Shoulder and has broken out on heavy volumes. The stock can move higher next few weeks.
Banking:
- The flow of credit in the Micro, Small and Medium Enterprises (MSMEs), Bank of Baroda signed a Memorandum of Understanding (MoU) with the Gujarat government.
- European entities have evinced interest in investing up to $1 billion in Yes Bank, sources
- Yes Bank share price declined 5 percent intraday after reports suggested that European entities are showing interest in the beleaguered bank.
- Private sector lender Federal Bank has tied up with online real estate platform Magicbricks for listing and e-auctioning of immovable properties repossessed by it in recovery proceedings.
- General insurance firms are in favour of raising foreign direct investment (FDI) limit in the sector to 74 per cent.
- Bharti AXA Life Insurance, a private life insurer, has recorded 20 percent growth in renewal premium in the first half of this fiscal, at Rs 541 crore
- Federal Bank offers 10 maturity options for retail FDs. It pays a 6.5% return rate on one-year FDs.
- IDFC First Bank offers 11 maturity options for retail FDs. It pays a 7.5% return rate on one-year FDs.
- SBI withdraws charges levied on the issuance of Bank Realisation Certificate (e-BRC) for the export of shipments
- ICICI Pru Life is leveraging on AI to offer personalised products to customers
- SoftBank Group Corp's talks to secure $3 billion from Japan's three biggest banks have stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.5 billion rescue package for WeWork.
- At a two-day summit in Kerala recently, top management of Union Bank of India, Andhra Bank, and Corporation Bank met to address the challenges
- Zee Entertainment has accused three cable operators of blacking out its channels in Tamil Nadu, which along with other southern India states fetch a quarter of its business.
- The much-anticipated increase in Goods and Services Tax (GST) is not happening any time soon, said Bihar Deputy Chief Minister Sushil Kumar Modi at a recent FICCI event.
- Despite most sectoral stocks trading in the green, the Sensex and Nifty traded in the red. The BSE Sensex opened at 41,548.26, lower from its previous close of 41,681.54.
- The Corporate Affairs Ministry moved the National Company Law Appellate Tribunal seeking certain modification in its order in the Tata Sons matter.
- ArcelorMittal, the world's largest steelmaker, has agreed to sell a 50% stake in its shipping business, the first step in its plan to offload $2 billion of assets by the middle of 2021 to reduce its debt
- US asset manager BlackRock Inc, Singapore state investor Temasek Holdings (Pte) Ltd and China Construction Bank Corp (CCB) have agreed to set up a wealth management joint venture in China
- The UAE federal export credit company, Etihad Credit Insurance (ECI) has signed a Memorandum of Understanding (MoU) with the Export Credit Guarantee Agency of Oman (Credit Oman) to enhance the trade and economic cooperation between the two countries.
- Union ministers Piyush Goyal & Mansukh Mandaviya along with 3 chief ministers -Amarinder Singh, Kamal Nath, and BS Yeddyurappa -will join over 100 Indian CEOs in the Swiss ski resort town of Davos, Switzerland next month for the WEF's 50th annual meeting.
- Uttar Pradesh government to facilitate business loans worth more than Rs 62,000 crore to the beleaguered micro, small, and medium enterprises (MSME) in the current financial year 2019-20.
- The average annual income of farmers in West Bengal has tripled during the past eight years of Trinamool Congress (TMC) rule, Chief Minister Mamata Banerjee
- Ride-hailing firm Ola announced the roll-out of its artificial intelligence-enabled safety feature, ‘Guardian’ in 17 markets across India and Australia.
- No-frills carrier SpiceJet said it has re-started operations of three Boeing 737 freighter aircraft that were grounded earlier this month.
- L&T Technology Services on Monday said it has bagged multi-million-dollar engineering, procurement and construction management project in Europe.
- Reliance Infrastructure Ltd said it has won a major arbitration award of Rs 1,250 crore against government-owned Damodar Valley Corporation (DVC).
- GoAir has canceled 18 domestic flights from cities including Delhi, Mumbai, Bengaluru, Kolkata and Patna due to non-availability of aircraft and adequate cockpit crew
- Mahindra & Mahindra (M&M) announced a rejig of its top management in automotive and farm equipment sectors with its President for auto vertical Rajan Wadhera set to retire
Banking:
- AIIB announced a total loan of $210 million for irrigation & solar energy projects in India. AIIB will lend $145 million to improve irrigation services and strengthen flood risk management in West Bengal & $65 million for 250 MW solar project in Rajasthan.
- Bank Of India FD Interest Rate: Bank of India offers 12 maturity options for retail FDs. It offers a 6.4% return rate on one-year FDs.
- Banking and Finance Secretary Rajiv Kumar said that no Indian citizen has to mention religion for opening an account in banks
- FD Interest Rates: India's largest banks by market value provide interest rates up to 8.15% on fixed deposits up to Rs 2 crore. Compare FD rates
- Canara Bank FD Interest Rate: Canara Bank offers 20 maturity options for retail FDs. It offers a 6.9% return rate to senior citizens on one-year FDs.
- SBI FD Interest Rate: State Bank of India (SBI) offers 8 maturity options for retail FDs. SBI pays an 6.75% interest to senior citizens on one-year FDs.
- IDBI Bank offers 20 maturity options for retail FDs. It offers a 6.95% return rate to senior citizens on one-year FDs.
- Bandhan offers 11 maturity options for retail FDs. It offers an 8% return rate to senior citizens on one-year FDs.
- Union Bank offers 15 maturity options for retail FDs. The state-run lender offers a 6.3% return rate on one-year FDs.
- HDFC Bank offers 13 maturity options for retail FDs. HDFC Bank offers a 6.8% interest rate to senior citizens on one-year FDs.
- Indian-American Dr. Monisha Ghosh has been appointed as the first woman Chief Technology Officer of US' communications commission
- As many as 377 infrastructure projects, each worth Rs 150 crore or more, have been hit by cost overruns of more than Rs 3.94 lakh crore owing to delays and other reasons
- Amazon India has conceptualized SMBhav, a first-of-its-kind mega summit for Small and Medium Businesses at Jawaharlal Nehru Stadium, New Delhi on January 2020.
- MKS Ventures to invest Rs 400 cr to build socio-cultural hub, mall in Delhi's Rohini
- FPIs open fund floodgates for Indian markets; Net inflow crosses Rs 1 trn in 2019
- WE Hub announced its partnership with Start-up India, DPIIT to promote entrepreneurs. The two entities have joined hands to launch Start-up India’s flagship program for women entrepreneurs called WING
- EChO Network launched to catalyse cross-disciplinary leadership in India
- Under the NIRBHAYA Fund, projects of Rs 7,000 crore, including setting up of 1,023 fast-track courts, have been approved by the Modi government
- The 5th edition of ARTECH being organized by the Indian Army on ‘Technologies for Non-Contact Warfare’ will be held on 23 December 2019 in Delhi.
- Railway Minister Piyush Goyal that Union Railways looking at a 50 lakh crore rupees investment over the next 12 years.
- The Inland Waterways Authority of India (IWAI) has revised the cargo handling target to 100 million tonnes (MT) on national waterways by 2021-22
- The Department of Telecommunications has sought Rs 1.72 lakh crore in past statutory dues from state-owned gas utility GAIL India Ltd
- Avanti Finance, the microloan-focused NBFC promoted by Ratan Tata and Nandan Nilekani from their personal philanthropic funds, is looking to raise $30-40 million
- Reliance Industries has mounted a strong counter to the government petition in the Delhi High Court seeking to block its $15 billion deal with Saudi Aramco, saying "the petition is an abuse of process as no arbitration award has fixed any final liability of dues on the company."
- India has stepped up scrutiny of engines on Airbus SE’s A320neo jets, forcing the country’s biggest airline, IndiGo, to have to replace more than previously estimated
Banking:
- HDFC Bank Ltd crossed $100 bn market capitalization in intraday trading, becoming only the 3rd company in the country. HDFC Bank ranks 26th among most valued banks & financial companies that have a market capitalization of more than $100 bn.
- SBI Chairman Rajnish Kumar said most banks will be in a good position with respect to stressed assets by March and there is no dearth of liquidity in the system for lending.
- ADB & GoI signed a $490 mn loan for PPP to upgrade 1600 km of state highways & dist roads from single lane to 2-lane widths in MP.
- Govt has appointed Devesh Srivastava as the Chairman &MD of General Insurance Corporation of India.
- Novartis India to offer staff ‘gender-neutral’ insurance
- Sundar Pichai gets ₹1,721 crore pay package on becoming Alphabet CEO
- CARE Ratings Managing Director Rajesh Mokashi resigns
- State-run SAIL said the steel industry may face disruption post-March 2020 when a number of mining leases expire.
- US stocks hit record closing highs again and the S&P 500 registered its biggest weekly percentage gain since early September.
- Piramal Enterprises appoints Jairam Sridharan as CEO of its Consumer Finance Business.
- Trump signs $738-billion defence bill, inaugurates US Space Force.
- Fitch Ratings has cut India’s GDP growth forecast for FY 20 to 4.6% on a deterioration in business & consumer confidence. It stated that growth will recover to 5.6% in FY21
- Union minister Nitin Gadkari takes plans to take khadi and village industries turnover to Rs 2 trillion in the next five years from Rs 75,000 crore at present.
- Shri Mansukh Mandaviya hands over Citizenship certificates issued by Government of India to 7 Pakistani Refugees in Kutch
- India’s foreign exchange reserves rise to US$ 454.49 billion in the week ended December 13
- PM participates in inaugural session of the Hundred Years of ASSOCHAM in New Delhi
- CII organises 15th Annual Tourism Summit in New Delhi; theme: ‘Tourism: Creating Opportunities with Economic Growth’
- 92nd Annual Convention of FICCI in New Delhi on December 20-21; theme: ‘India: Roadmap to a $5 trillion economy’
- Hero MotoCorp’s XPulse 200 named 2020 Indian Motorcycle of the Year
- Wipro, NASSCOM launch ‘Future Skills’ platform for 10,000 students from engineering colleges in India
- Motorola is delaying the launch of its foldable Razr phone, saying that the demand for the device priced $1,500 (over ₹1 lakh) has outstripped its supply predictions.
- The Indian government is trying to stop Reliance Industries Ltd. from paring its assets including a plan to sell a 20% stake to Saudi Aramco
- Uber asked to suspend service in Colombia, after setbacks in UK and Germany
- Bajaj Consumer said it had appointed Jaideep Nandi its chief executive officer, effective January next year.
Banking:
- RBI's 'Operation Twist' aims at addressing hardening long-tenor bond yields
- Private sector lender IDBI Bank plans to raise up to Rs 2,000 crore in capital through tier-II bonds to enhance capital adequacy.
- The Reserve Bank of India (RBI) on Dec 23 will simultaneously purchase and sell government securities worth Rs 10,000 crore under a special Open Market Operation (OMO).
- Bank employees and officers across the country will join the National General Strike on January 8, AIBEA General Secretary, C.H.Venkatachalam
- Competing only on pricing is a risky proposition: HDFC Life CEO
- The Association of NBFC P2P Lending Platforms, which was formed last year has appointed a new set of office-bearers.
- Google searches for Operation Twist surged in India after the central bank announced its version of the U.S. Federal Reserves unconventional monetary policy.
- A unique digital banking and financial literacy tool for hearing impaired, which was developed by the ESAF Small Finance Bank, has handed over to Reserve Bank of India.
- Zee Group launches 4 regional channels – Zee Punjabi, Zee Thirai (Tamil), Zee Picchar (Kannada) and Zee Biskope (Bhojpuri)
- Energy Efficiency Services Ltd has signed an MoU with Baghirathi Sustainability India to explore promoting electric vehicles in India.
- Isuzu Motors will buy Volvo AB’s UD Trucks business, which has an enterprise value of $2.3 billion, and tie-up with the Swedish firm to cut costs and develop electric and self-driving technologies.
- Eyewear start-up Lenskart is raising Rs 1,645 crore in a funding round led by Masayoshi Son-led SoftBank.
- Ministry of Railways signs MoU with University of Birmingham for establishment of Centre of Excellence for Next Generation Transportation Systems
- The 2nd National Conference on Uniformed Women in Prisons Administration was held in Bhopal
- Karnataka State government is to launch a new mobile application with an aim to solve the problems of school teachers and lecturers of pre-university colleges.
- The Digital Communications Commission, the apex decision-making body at the telecom department, approved a Rs 5.22 trillion spectrum auction
- Fitch Ratings cut India's GDP growth forecast for 2019-20 fiscal year to 4.6 percent, citing weakening business and consumer confidence.
- In Telangana, former High Court Judge Justice CV Ramulu has been appointed as the Lokayukta.
- The Andhra Pradesh Government signed an MoU with the National Mineral Development Corporation (NMDC) for the supply of iron ore to the Kadapa Steel Plant.
- CRISIL to acquire US-based data analytics company Greenwich Associates for $40 million
- Yamaha Motor India launches scooters Fascino 125 and Ray ZR 125
- Hyundai Motor India unveils compact sedan Aura
- Tata Motors unveils electric SUV Nexon with a range of 300 km per charge
- France's competition authority has fined Google 150 million euros ($167 million) for abusing its dominant position on the market for advertising linked to web searches
- Mahindra & Mahindra (M&M) on Friday announced a rejig of its top management with Anand Mahindra, 64, transitioning to the role of non-executive chairman
Banking:
- RBI defends its nod for sacking Kochhar; matter to be heard on January 13
- ADB to provide USD 250 million loan to EESL (Energy Efficiency Services Ltd) to expand energy efficiency investments in India
- Investcorp plans NBFC for affordable housing
- The Government e-Marketplace (GeM) signed two memorandum of understandings (MoU) with Bank of Maharashtra and UCO Bank.
- Banks can’t be held responsible for customer negligence: BoI chief
- Health insurance sector grows more than 20% for 4th year in a row, Insurers collected ₹44,873 crore as premium in 2018-19 compared with ₹37,029 crore last year
- Devesh Srivastava appointed new CMD of General Insurance Corporation of India
- In the six-year period, 2014-2019, the BSE Sensex doubled and hit a record high of 41,614.77. Reliance Industries, Indiabulls Ventures and IndusInd Bank were the biggest
- Patanjali Ayurved completes acquisition of bankrupt Ruchi Soya for Rs 4,350 crore; gets brands such as Nutrela, Mahakosh and Ruchi Gold
- NCLAT orders reinstatement of Cyrus Mistry as Chairman of Tata Sons; was ousted in 2016
- L&T Finance Holdings has issued non-convertible preference shares on a private placement basis to raise up to Rs 300 crore.
- Reliance Nippon Life Asset Management on Thursday said that it has received shareholders' approval for changing the name of the company to Nippon Life India Asset Management.
- Govt approves ₹436 crore for digital upskilling of IT workforce
- NHAI launches ‘FASTag Lagao Aage Bado, India Ko Aage Badao’ TV commercial featuring Akshay Kumar
- First Special Economic Zone (SEZ) in Tripura set up at Paschim Jalefa, Sabroom, South Tripura District
- Odisha Government has launched the 'Jalsathi' program to ensure the supply of safe drinking water to all households in the state.
- The Goods and Services Tax or GST Council has fixed a uniform tax rate of 28 percent on both state-run and private lottery. It also decided to rationalize the GST rate on woven and non-woven bags to 18 percent.
- India & US have agreed to deepen the bilateral cooperation and increase defence trade. They also agreed to intensify their coordination with like-minded countries like Japan
- Import of gold and silver placed in ‘restricted’ category from the ‘free’ category: DGFT
- Back after a decade, Delta to start flights between Mumbai-New York from December 24
- Budget carrier IndiGo has become the first domestic carrier to operate 1,500 flights per day, a feat which is in line with its expansion strategy. The 1,500th flight was operated in Dec.
- Amazon, Apple and Google announced plans to develop a common technology standard for smart home products. The project "aims to improve the consumer experience of trying to use smart home products
- The 7.5 MWp Solar Photo Voltaic Plant functioning in BHEL Tiruchi has won the Corporation Indian Green Energy Award 2019 in the 'Outstanding Renewable Energy Generation Projects (Solar) category
- Piaggio launches electric three-wheeler Ape E-City at Rs 1.97 lakh
- Midhani wants India-US defence ties to extend to alloys and rare earths
- ZestMoney, an artificial intelligence-driven financing platform, has raised over Rs 100 crore ($15 million) in an equity investment round led by American investment banking giant Goldman Sachs.
- Oyo, which is also backed by SoftBank Group Corp, said it has bought back the shares in Japanese apartment rental company, Oyo Life, held by internet firm Yahoo Japan
Banking:
- Bank of Baroda said it has raised Rs 1,747 crore by issuing Basel III compliant bonds on a private placement basis.
- life insurance companies have pitched for increasing the cap for foreign direct investment (FDI) in the sector from 49 per cent to 74 per cent.
- Complaints to banking ombudsman rise by 19.75% to over 1.96 lakh during 2018-19: RBI
- BankBazaar credit survey: 70% respondents have a good score, Indicates the growing literacy, credit worthiness among the young Indians taking loans
- IDBI Bank: Ministry issues advisory to central, state governments on grant of business
- BMW Financial Services India appoints Kathrin Frauscher as MD & CEO
- India Resurgence Fund to receive investment of $225 million from Canada Pension Plan Investment Board
- Smartphone player realme has forayed into the financial services sector with its platform realme PaySa with four businesses across lending, savings, payment and protection
- NPCI has set up a subsidiary to export the UPI for governments and central banks interested in implementing similar instant fund transfer in their countries.
- Mallika Srinivasan-Chairman of Tractors and Farm Equipment has been appointed to the Global Board of the US Chamber of Commerce’s US-India Business Council (USIBC).
- GeM has launched a national outreach programme, GeM Samvaad, to bring on-board more local sellers. The program will take place with stakeholders across the country and with local sellers
- TRAI extends six paise per minute IUC (interconnection usage charges) to other networks till Dec 31, 2020
- Telecom Minister Ravi Shankar Prasad launches National Broadband Mission; broadband access to be provided to all villages by 2022
- India has emerged as the world's 3rd largest publisher of science & engineering articles, according to the latest US National Science Foundation report
- ADB & India signed a $250 mn loan to Energy Efficiency Services Limited to expand energy efficiency investments in India that will benefit agricultural, residential & institutional consumers
- To promote and support scientific and technological research, a Memorandum of Understanding has been signed between the Council of Scientific & Industrial Research (CSIR), India and the National Centre for Scientific Research (CNRS), France in New Delhi.
- India, Germany ink pact for Rs 1,958 crore finance to develop energy-efficient housing programme
- Chhattisgarh Government has extended Mining Leases of Bailadila Iron Ore Projects NMDC Limited.
- MSME Minister Nitin Gadkari launches a sale of ‘Khadi Rumal’ (napkin), made by militancy-affected families of Kashmir
- A lockdown in Kashmir has cost it's economy more than $2.4 billion since the government stripped it of its special status, officials of the Himalayan region's main trade organisation said
- ArcelorMittal & Nippon Steel Corporation combine, which acquired Essar Steel through an insolvency driven process has formed a new JV company ArcelorMittal Nippon Steel India and appointed Aditya Mittal, President and CFO, Arcelor Mittal as its Chairman.
- Infosys, India's top IT major, has agreed to pay $800,000 to settle allegations of misclassification of foreign workers and tax fraud
- Anil Ambani, the younger brother of Asia’s richest man, faces a $680 million legal test to answer one and only one question: Just what did he know about what his employees were doing on his behalf?
- State-owned firm NBCC has bagged a nearly Rs 1,400 crore worth contract to develop 'East Delhi Hub' at Karkardooma in the national capital.
- Pharma sector likely to grow at 10-12% during FY19-22, outlook stable: Icra
- Dr Agarwal’s Health Care Ltd (DAHCL) has raised Rs 215 crore from CDC Group. The money will support the company's Rs 500-crore investment plan to double its network.
Banking:
- State Bank of India (SBI) and other public sector banks have decided to lend Rs 4,000 crore to Patanjali Ayurved for the acquisition of Ruchi Soya, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code.
- 11.4 lakh transactions in first 8 hours after RBI allows NEFT 24x7
- Two of India’s top bankers opined that Kotak Mahindra Bank (KMB) is best suited to acquire smaller and capital-starved rival Yes Bank.
- Indian banks spent Rs 2.76 lakh crore in FY19 on running their operations of which about 50 per cent was non-employee related
- A new report by ICICI BANK and Crisil has estimated that the retail loan book of. Financiers will double to ₹ 96 trillion in the next five years
- India’s banks are set for a $7.6 billion earnings windfall this month as the country’s bankruptcy court has made sudden progress in clearing a backlog of large cases.
- There is scope for cutting interest rates further and the central bank will use it when required after studying the growth and inflation data, Reserve Bank of India (RBI) Governor Shaktikanta Das
- Shares of Ujjivan Small Finance Bank extended their gains to second straight day, up 4.5 per cent to Rs 61.10, in the early morning deals.
- Japanese conglomerate SoftBank's Founder and CEO Masayoshi Son, at a forum by the Japanese government, said Japan should make artificial intelligence (AI) a mandatory subject for college entrance exams.
- India secures USD 277 million loan from Germany to establish an energy-efficient housing programme
- PhonePe in its recent announcement claimed that it had crossed 5 billion transactions on its app.
- The Central Board of Direct Taxes (CBDT) has extended the date of payment of the third installment of Advance Tax for the Financial year 2019-20.
- The ratio of Gross Fiscal Deficit (GFD) to Gross Domestic Product (GDP) declined from 4.5 percent in 2013-14 to 3.4 percent in 2018-19.
- The Union government has notified new Public Provident Fund (PPF) rules under which the amount in the PPF account will not be liable for attachment.
- equity benchmark BSE Sensex rallied over 300 points to hit its lifetime high of 41,262.88 in morning trade
- With the RBI making online NEFT transfers 24/7 on all days including weekends and holidays from Monday, India's digital payment leader Paytm has become the only payments app offering three ways to pay 24x7 seamlessly.
- World Economic Forum's (WEF) Global Gender Gap Report 2020 has ranked India at 112th out of 153 countries.
- Moody's Investors Service cut India's GDP growth forecast for 2019-20 to 4.9% from the 5.8% economic growth it had projected in October.
- The government is planning to upgrade services with facilities like creche and smart teaching/learning aid at about 2.5 lakh Anganwadi centers across the country in the next five years: WCD
- According to a report published by the World Economic Forum, workplace inequality is not expected to be bridged until the year 2276.
- Ahead of the GST Council meeting, the Centre on Monday sought to soothe the frayed nerves of states by releasing over Rs 35,000 crore as pending compensation.
- The yield on the 10-year government bond has moved up about 30 basis points (bps) since the December 5 rate pause by the Reserve Bank of India (RBI)
- 5th meeting of the Economic Advisory Council of the 15th Finance Commission was held in New Delhi. Preparation of the report for 2021-26 period was discussed.
- Fraud-hit CG Power and Industrial Solutions has got shareholders' nod to borrow up to Rs 5,000 crore to meet working capital and other business
- Aviation wrap 2019: A year of turbulence for Jet Airways, IndiGo and Air India
- Reliance Industries Ltd (RIL) tops Fortune India 500 list with a revenue of Rs 5.81 lakh crore in 2018-19 followed by Indian Oil Corporation (IOC) with Rs 5.36 lakh crore
- Mukesh Ambani's Reliance Industries-owned Embibe acquired 90.5% stake in Bengaluru-based edtech platform Funtoot for ₹71.64 crore.
- Bengaluru-based foodtech platform HungerBox has raised $12 million in a Series C round of funding.
- Nashik-based Sahyadri Farmers’ Producer Company, with over 8,000 marginal farmers as its members, has taken a lead for the insurance company initiative.
- PE/VC investments in November 2019 grew almost three times to $4.8 billion from $1.8 billion in November 2018, boosted by robust flows in the infrastructure sector.
- Sridhar Patra is appointed as the chairman-cum-managing director of NALCO. Patra is at present Director (Finance) in the National Aluminium Company Limited (NALCO).
- Honda Cars India Ltd it has tied up with TranzLease to offer auto finance solution for its customers. Under the partnership 'Smart EMI' was introduced for its customers
Banking:
- State Bank of India Chairman Rajnish Kumar said the resolution of Essar Steel will boost profitability in the third quarter of the current financial year.
- New Development Bank (NDB), earlier known as the BRICS Development Bank, has committed $100 million to India’s National Investment and Infrastructure Fund’s (NIIF) Fund of Funds.
- RBI saw growth slowdown, acted ahead of time by cutting rates from February: RBI Governor
- The slowing economy may be pinching the pocket, but that’s not delaying credit card payments, say banks. There has been no spike in delinquency levels till now, according to banks.
- Pakistan has signed an MoU with the World Bank of 406.6 million $ for the Khyber Pass Economic Corridor (KPEC). The pass is from Peshawar to Torkham border point with Afghanistan.
- Astron Paper & Board Mill share price rallied 5 percent intraday on December 16 after the company entered into a strategic partnership with China’s Shandong Zhonghui Supply Chain Management Co Ltd (ABC Paper).
- Global steel giant ArcelorMittal initiated payment for acquisition of debt-ridden Essar Steel for ₹42,000 cr. ArcelorMittal India Private Ltd's (AMIPL) resolution plan for Essar Steel India Ltd (ESIL) has been unconditionally approved by the Supreme Court.
- Shares of Manappuram Finance gained 1.7 percent intraday after capital market regulator SEBI disposed of insider trading.
- Moody’s Investors further lowered the GDP Forecast for India for the year 2019 at 5.6%.
- Digital payments platform PhonePe announced that it has crossed 5 billion transactions on its app. It crossed the one-billion transaction milestone in November last year.
- Mukesh Ambani's Reliance Industries said it will divest Jio's telecom tower assets to Canada's Brookfield Infrastructure Partners LP for Rs 25,215 crore.
- GlaxoSmithKline (GSK) is planning to sell its stake in Hindustan Unilever (HUL) in ‘tranches’ by early 2020
- Close to 50,000 commercial vehicles have been seized by financiers across India, reported the Business Standard
- India's wholesale inflation, measured by the Wholesale Price Index (WPI), rose to 0.58% in November from a three-year-low of 0.16% in October, government data showed.
- Finance Minister Nirmala Sitharaman has been ranked at 34th in “The World’s 100 Most
- Bureau of Energy Efficiency (BEE) organized the 29th National Energy Conservation Awards in New Delhi.
- The Central Board of Direct Taxes (CBDT) has extended the date for payment of the third installment of Advance Tax for the financial year 2019-20 to 31st of this month for the North Eastern Region
- India has set up a team to certify all solar power generation equipment makers who want to do business in the world’s largest green energy market.
- The Ministry of Coal has decided to establish a ‘Sustainable Development Cell’ in order to promote environmentally sustainable coal mining in the country
- BSNL has reportedly approached the Telecom Department suggesting that the government pay its Adjusted Gross Revenue (AGR) dues worth ₹5,000 crore.
- Reliance Capital elects A N Sethuraman as additional director on its board
- Sanjiv Kapoor resigns from Vistara; Vinod Kannan takes over as Chief Commercial Officer
- Insolvency resolution of Ruchi Soya under IBC likely to be completed on December 16: Report
- Drug firm Indoco Remedies said its Goa-based manufacturing facility has received the EU good manufacturing practice (GMP) certification from the UK health regulator.
- Honda Cars India Ltd (HCIL) said it has tied up with TranzLease, an automobile leasing and mobility solutions service provider
- Uber to invest Rs 1,415cr in Zomato-UberEats share-swap deal: Report
Banking:
- Banks should concentrate on loan recovery, but the Government is stressing resolution. This is a retrograde step. CH Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA).
- PMC Bank depositors detained for protesting outside CM Thackeray's house
- ‘Banking’ on deposits not a good idea, says this fund house
- Among the financial creditors, SBI had the highest amount admitted at Rs 13,226 crore. Bloomberg The Arcelor Mittal-Nippon Steel combine has transferred ₹38,896 crores to lenders for the acquisition of the once-Ruias-owned Essar Steel in an insolvency-driven process.
- ‘PNB under reported NPAs by Rs. 2,617 cr.’
- Edelweiss Mutual Fund launches Indias first Corporate Bond exchange-traded fund called Bharat Bond ETF.
- Coffee Day targets ‘financial health’
- Awaiting right time for IPO, says Hinduja Leyland Finance CEO
- Google wants U.S. Fed to follow India’s UPI example
- Plastics sector seeks cut in customs duty
- No SEBI relief to lenders in Karvy matter
- The 7th Economic Census, which is being organized by the Ministry of Statistics & Programme Implementation, across whole over India through common services centres (CSCs), is expected to be completed by March 2020.
- Kerala launches ‘Vijayamritham’ & ‘Sahachari’ schemes to support differently-abled people
- Along with the Galileo of the European Union and QZSS of Japan, the US Congress has given its nod to designate India’s NAVIC as its “allied” navigational satellite system.
- TV Somanathan has been appointed as the Secretary, Department of Expenditure, Ministry of Finance. The appointment comes after the post of expenditure secretary became vacant
- ICAR & NABARD sign MoU to develop Climate Resilient Technologies for farmers
- West Bengal tops in the 100-day work programme for promoting livelihoods
- Government said that over 1,65,000 lakh farmers across India have been registered on the National Agriculture Market (e-NAM) platform.
- R. K. Singh Inaugurated the 29th National Energy Conservation day and Presented the Awards
- Tata Steel BSL said that it has been honored by the Odisha government for taking effective initiatives to conserve energy in its plant located at Narendrapur in Odisha's Dhenkanal district.
- CG Power imbroglio: Gautam Thapar cites board approvals, rejects fund misuse allegations
Banking:
- Public sector lender Punjab National Bank (PNB) under-reported its non-performing assets by Rs 2,617 crore for the fiscal year 2018-19, as per RBI's risk-assessment report.
- From December 16, there will be another intraday liquidity facility to enable 24x7 settlement of funds under the national electronic fund's transfer (NEFT) payment system, the Reserve Bank of India (RBI)
- Reserve Bank of India recently pointed out that State Bank of India (SBI) under-reported bad loans by Rs 11,900 crore during FY 2019.
- The proposal to merge the fraud-hit Punjab and Maharashtra Co-operative (PMC) Bank with the Maharashtra State Co-operative (MSC) Bank, as suggested by Maharashtra cabinet minister Jayant Patil recently, may remain just that as their registrations are different
- A 10-member working group has been constituted by the IRDAI to suggest segment-wise ways and means improve loss prevention and loss minimization in the general insurance industry.
- French want PSA-Fiat board guarantee in $50 billion merger: Report
- Leading milk supplier Mother Dairy announced an increase in milk prices by up to Rs 3 per litre in Delhi-NCR
- Competition Commission of India (CCI) approved the acquisition of shares in SBI General Insurance by Napean Opportunities(NO) LLP & Honey Wheat.The transaction involves the acquisition of 16.01 & 9.99 % paid-up share capital NO LLP & Honey Wheat respectively
- Nearly all (97 percent) commercial banks are using artificial intelligence (AI), according to new research from Genpact
- Global steel giant ArcelorMittal has initiated payment for the acquisition of debt-ridden Essar Steel for Rs 42,000 crore
- The Rajya Sabha passed the International Financial Services Centres (IFSCs) Authority Bill. It will set up a world class unified regulator for international financial services combining powers and functions of RBI, SEBI, IRDAI and PFRDA.
- EU has left Poland out of a 2050 climate neutrality agreement due to the demanding of more funds for economic transition &support for nuclear power.
- The National Financial Reporting Authority has issued the Audit Quality Review (AQR) report of the statutory audit for the year 2017-18 of IL&FS Financial Services Limited (IFIN).
- India is gearing up to host the 36th International Geological Congress (IGC) in the capital city New Delhi during the first week of March next year.
- Kerala requires a Department of Design for the state to emerge as a creative hub of the world, experts at a three-day international event
- The Public Enterprise Selection Board has shortlisted Shrikant Madhav Vaidya to be the next Chairman of Indian Oil Corporation Ltd. He is presently the Director (Finance) at Indian Oil.
- Edelweiss Asset Management Company has launched the Bharat Bond ETF. Through the bond, the government seeks to mop up Rs 15,000 crore.
- The Tata Group-owned Tetley tea brand has announced the launch of a special ethnic range in the UK
- Uber submitted an appeal against a decision by London's transport regulator to strip the taxi app of its right to operate in one its most important markets
Banking:
- The Reserve Bank of India said it has not put banks on alert, as reported by a section of media, but asked lenders to remain prepared to face emerging and new challenges.
- Shares of Bank of Baroda climbed over 3 percent after the company signed a share purchase agreement with Ansa Merchant Bank to sell the business of Bank of Baroda Trinidad & Tobago. The scrip jumped 3.42 percent to Rs 101.25 on the BSE.
- Indian digital payments startup Paytm's parent has raised nearly $660 million from investors including Alibaba's Alipay
- The Reserve Bank of India is suspected to be buying dollars in the market via state-run banks to prevent appreciation in the rupee above the 70.50 per dollar level
- Yes Bank is seeking exemption from the Securities and Exchange Board of India's (SEBI) six-month rule for its Rs 2,000 crore qualified institutional placement (QIP) scheduled for January
- PSU banks were among top gainers after media reports suggested banks are likely to get payments from Essar Steel resolution this month.
- RBL Bank eyes 1,750 branches by March 2020
- To better tackle fraud, the National Health Authority (NHA), which implements the government-run cashless health insurance scheme Pradhan Mantri Jan Arogya Yojana (PM-JAY), has devised a mobile-based field application for State and district authorities, to upload evidences from the site of investigation on real-time basis.
- Magma Fincorp has raised Rs 350 crore by way of Non-Convertible Debentures (NCDs) from Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden NV (FMO), a Dutch Entrepreneurial Development Bank, to support the company’s on-going growth plans.
- Sensex settled 428 points, or 1.05 percent, higher at 41,009.71 while Nifty closed the day with a gain of 115 points, or 0.96 percent
- Shares of India Tourism Development Corporation (ITDC) rallied 9 percent intraday on December 13 after the company board approved a merger of Kumarakruppa Frontier Hotels with itself.
- Indian carriers are estimated to report a consolidated net loss of over USD 600 million (over Rs 4,230 crore) in 2019-20
- Non-banking finance company, Magma Fincorp said it has raised Rs 350 crore through the private placement of bonds to Nederlandse Financierings
- Dr Reddy's falls 5% as rival firm beats Co to US FDA approval for EluRyng
- India exported about 37 lakh tonne of sugar in the 2018-19 marketing year ended September to clear the surplus stock, the government told the Rajya Sabha
- Tamil Nadu has overtaken Karnataka to become India's top renewable power generating state in FY20 (till October).
- The government has proposed at least 100 individuals or 10 percent of creditors such as homebuyers have to come together to initiate corporate insolvency proceedings under the amendments to the Insolvency and Bankruptcy Code (IBC).
- Nasscom, concerned over Bill's non-personal data clause, is the industry body representing the $180-billion information technology and business process management (IT-BPM) industry, while the IAMAI represents a host of digital and online businesses
- Illegal inflows have jumped after the Indian government increased import taxes in July and prices surged to record highs in September.
- Vegetable oil imports fell marginally to 11.28 lakh tonne in November due to decline in inward shipments of non-edible oil, according to Solvent Extractors' Association.
- Google launched the 'interpreter mode' for real-time translation through its AI-based digital assistant on mobiles, for both Android and iOS platforms globally.
- As CSR spends touch Rs 12,000 cr, investigators stalk ghost beneficiaries
- Shapoorji Pallonji Group has sold more shares of Tata-owned information technology firm Tata Consultancy Services (TCS)
- Deloitte Haskins and Sells LLP (DHS) has failed to comply with the standards of auditing and compromised its independence by providing prohibited non-audit services for substantial fees in the matter of IL&FS Financial Services (IFIN)
- Shares of Wipro gained more than 2 percent intraday after the company said it has signed a multi-year cyber governance contract with Tokyo's Olympus.
Banking:
- Bank of Baroda (BoB) has signed a binding Share Purchase Agreement (SPA) for sale of business of Bank of Baroda(Trinidad & Tobago) Limited (BOBTTL) with Ansa Merchant Bank Ltd.
- Ujjivan Small Finance Bank listed with a massive 56 percent premium over its issue price despite volatility in the market.
- The Reserve Bank of India (RBI) Governor Shaktikanta Das met the chiefs of major public sector banks (PSBs) to get their feedback on the transmission of rates.
- Small banks will need to mobilise ₹60k crore in deposits in FY21: Ind-Ra
- The Asian Development Bank (ADB) has sharply scaled down its projection for India's economic growth to 5.1 percent in 2019-20 from 6.5 percent projected earlier.
- Three Republican Senators have tabled legislation in the United States Senate to prevent World bank from lending to China
- Global payments technology major Mastercard has joined hands with Federal Bank to provide an additional layer of security for digital transactions.
- Mukesh Ambani's Reliance Industries Limited-owned Reliance Strategic Business Ventures Limited (RSBVL) has acquired 85% stake in Hyderabad-based SaaS platform NowFloats for ₹141.63 crore.
- Online travel portal EaseMyTrip is planning to launch a ₹700-crore IPO which will make it the first online travel agency to be listed on the Indian stock market
- Calendar year 2019 (CY19) has turned out to be a good year for those who invested in equities via the primary market route with most of the new listings outperforming the S&P Sensex.
- Shares of Aavas Financiers rallied 6 percent to hit a new high of Rs 1,949 on the BSE ahead of board meeting later in the day to consider fundraising via non-convertible debentures (NCDs).
- Sterling & Wilson Solar share price rallied 3.4 percent after its Australian subsidiary executed a AUD 170.60-million order.
- Housing Development Finance Corporation (HDFC) became the fifth company to cross Rs 4 lakh crore in market capitalisation.
- Realty firm Godrej Properties said it has added four new projects in Mumbai Metropolitan Region (MMR) and Bengaluru comprising 12.7 million sq ft of developable area.
- The Jammu and Kashmir administration has identified over 57,000 acres of land for setting up industrial estates for prospective entrepreneurs
- The conversion of Goods and Services Tax Network (GSTN) into a fully government-owned organization from a non-government, private limited company, is expected to be completed in next three to four months.
- India may have its debt downgraded in the event of a major economic slowdown, S&P Global Ratings said.
- Hindustan Petroleum Corporation (HPCL) is auto-booking LPG cylinders for inactive customers covered under the Pradhan Mantri Ujjwala Yojana (PMUY) without their knowledge
- Saudi Aramco achieved the $2 trillion valuation sought by Saudi Crown Prince Mohammed bin Salman, becoming the world's first listed company to hit the milestone.
- American online payments system giant PayPal's departing Chief Operating Officer (COO) Bill Ready will join internet giant Google as its commerce chief in January.
- IT company Tech Mahindra on Thursday said it has bagged a smart city project worth Rs 500 crore from Pimpri Chinchwad Municipal Corporation (PCMC) in Pune.
- The government has decided to sell its entire 100 percent stake in Air India under the proposed disinvestment process, Union minister Hardeep Singh Puri
- Government owned navratna company NLC India Ltd plans to commence mining from its Talabira-II & III coal blocks in Odisha's Sambalpur from the next fiscal year.
- Future Supply, the logistics arm of Future Group, proposes to take its turnover to Rs 10,000 crore in the next five years, riding on its partnership with Nippon Express.
- Companies are spending increasing amounts on charitable contributions through the corporate social responsibility (CSR) route. The total expenditure in 2018-19 (FY19) was Rs 11,867.2 crore. This is the highest
- Chinese telecom giant Huawei won a contract to supply 5G infrastructure in Germany but the politically sensitive deal is subject to government approval following US concerns about snooping.
Banking:
- SBI’s bad loans up by ₹11,932 crore in FY19
- Yes Bank said that it's considering the offer of $500 million from London-based Citax Holdings and Citax Investment Group.
- IDBI Bank shares rose nearly 2 percent to Rs 34.10 on the BSE following its announcement the bank would sell up to 49% stake in subsidiaries
- A February Reserve Bank of India (RBI) rate cut is on a knife's edge, with just under half of economists polled expecting to ease at that meeting
- Ujjivan Small Finance Bank, which recently concluded its Rs 750-crore initial public offering, will make the stock market debut on December 12.
- Shares of YES Bank cracked over 14 percent as doubts still loomed over the lender's fundraising plans.
- Current processes cumbersome and time-consuming for credit applicants: TransUnion
- A consortium of Indian public sector banks led by State Bank of India (SBI) are back in the UK high court to seek a bankruptcy order against liquor tycoon Vijay Mallya over the alleged unpaid debt of around 1.145 billion pounds.
- Timing of the board meeting could have been better: Yes Bank CEO Ravneet Gill
- L&T Finance Services is coming out with a public issue of secured redeemable non-convertible debentures (NCDs), from December 16
- Clean energy firm ReNew Power, said it has joined hands with South Korea-based GS E&C for the execution of its 300 MW solar power plant in Rajasthan.
- Telecom major Vodafone Idea is in talks with Brookfield Asset Management to sell its optic fiber business.
- The world's first fully-electric commercial aircraft took its inaugural test flight, taking off from the Canadian city of Vancouver where tall mountain peaks edge the Pacific Ocean.
- At close, the Sensex was up 172.69 points or 0.43% at 40,412.57, while Nifty was up 53.40 points or 0.45% at 11,910.20.
- LME three-month Copper prices rallied to a high of $6084.5 per tonne (hit on July 2019)
- While private consumption decelerated to 4.1 percent in the first half (H1FY20), the data suggests that retail lending of banks grew 16.6 percent, which is twice the rate at which overall bank credit is growing.
- The three state-owned general insurance companies (National Insurance, United Insurance, and Oriental Insurance) have sought a capital infusion of Rs 12,000 crore from the Centre
- In a major thrust to infrastructure development in Karnataka, the Road Transport and Highways Ministry gave the nod for 22 Green express highways in Karnataka worth Rs 1.5 lakh crore.
- economy may be in store as the Centre is unlikely to meet its budgeted fiscal deficit target of 3.3 percent of GDP for FY20, which may now rise to 3.5-3.8
- For the fifth consecutive year, Great Learning’s PG Program in Data Science & Business Analytics has been ranked as India’s #1 analytics program, according to AIM
- Indian-American Economist Abhijit Banerjee and his wife Esther Duflo was dressed in Indian attire while receiving the Nobel Prize in Economics in Sweden for their "experimental approach to alleviating global poverty".
- Loan waivers drive bank NPAs in MP up by Rs 2,949 cr in 10 months to Sept
- Adani Transmission entered into an agreement to sell 25.1 per cent stake in its Mumbai distribution business to Qatar Investment Authority (QIA) for Rs 3,200 crore.
- Nippon Express gets CCI nod to acquire 22% stake in Future Supply
- Saudi Aramco became the world's most valuable listed company at $1.9 trillion, nearly $700 billion more than Apple after its shares jumped 10% on their trading debut
- As per Google's 'Year in Search 2019', 'What is Article 370' was the top 'What is' search in India in 2019.
- Walmart and Flipkart announced a joint strategic investment in Ninjacart, a fresh produce supply chain startup
- Amazon has partnered with Onida to bring its Fire TV edition smart televisions in India
Banking:
- Bank of Baroda (BoB) has decided to cut its marginal cost of funds based lending rate (MCLR) by 5 to 20 basis points across various tenors with effect from December 12.
- State-run Bank of India on revised its one-year MCLR-based lending rates by up to 20 basis points across various tenors
- V Viswanathan has been appointed as Additional Director on the Board of Dhanlaxmi Bank with effect from December 09, 2019.
- Sanjay Dutt of Quantum Securities says PSUs will be a big theme over next 2 years
- The cancellation of registration of six Tata Trusts by the Income Tax Department is just the latest in its efforts to ensure that only genuine charitable institutions get benefits.
- Shares of State Bank of India fell a percent intraday on after reporting about Rs 12,000 crore divergence in their bad loans for fiscal 2018-19.
- SBI: reported bad loan divergence of Rs 11,932 crore for the last financial year, the country's largest lender said in a notification to exchanges.
- Shares of RBL Bank fell 2.8 percent intraday as global brokerage house Morgan Stanley remained bearish on the stock citing asset quality concerns.
- South Indian Bank share price shed more than 1 percent in the morning trade on after India Ratings and Research revised the company’s rating.
- Yes Bank share price declined 9 percent intraday on on the back of the report stating that the Rakesh Jhunjhunwala was likely to withdraw the plan to invest in the private lender.
- Govt should work with regulators to fix problems in Karvy, DHFL fraud cases: Congress
- Aditya Birla Fashion gets board nod for appointment of Himanshu Kapania as Vice Chairman
- MARKET WRAP: Sensex slips 248 pts, Nifty holds 11,850; IT, PSBs top drags
- New India Assurance, GIC rally up to 8% as govt may raise FDI limit to 74%
- An investor association has asked for better information to be provided on the performance of portfolio management services (PMS) providers
- Dismissing reports that the government is set to withdraw Rs 2000 denomination note, Minister of State for Finance Anurag Thakur
- Voicing concern over increasing default in loan repayment under the Pradhan Mantri Mudra Yojana (Mudra), the Trinamool Congress (TMC)
- Rajasthan levies Rs 2-5 lakh cess on solar projects, registration fee up 5x
- Union Home Minister Amit Shah said the Citizenship (Amendment) Bill will extend persecuted non-Muslims from Pakistan, Bangladesh, and Afghanistan dignity
- Union Home Minister Amit Shah a decision on releasing detained political leaders, including three former chief ministers, in Jammu and Kashmir will be taken by the local administration
- Chinese tech major Oppo organised here its annual global technology event 'Oppo Inno Day'
- Srinath Narasimhan, the Managing Director and CEO of Tata Teleservices, is likely to succeed R Venkataramanan at Tata Trusts, reports
- Infosys ex-CEO Vishal Sikka gets nominated to Oracle's board of directors
- German chemical and seed company Bayer plans to launch a drought-resistant rice variety in India before the onset of the monsoon season next year.
Banking:
- The Reserve Bank of India (RBI) may soon take the sole charge of large urban co-operative banks (UCBs), ending the issue over dual control of UCBs
- Yes Bank likely to reject $1.2 bn offer from Canadian tycoon Erwin Braich
- ESAF Small Finance Bank is expanding it to Madhya Pradesh, Chhattisgarh and Maharashtra, said K Paul Thomas, Founder MD & CEO of the bank.
- IRDAI scrutinising 125 proposals under ‘regulatory sandbox’
- The regulatory clampdown has impacted the sale of bad loans to Asset Reconstruction Companies (ARCs) over the past three to four years.
- Even as the Reserve Bank of India has maintained status quo on the policy repo rate, the State Bank of India has decided to cut the one-year benchmark marginal cost of funds based lending rate (MCLR) by 10 basis points effective December 10.
- Delay in salaries, business downturn main reasons for loan defaults in 2019: Survey
- Indian stock market continues trading on a positive note but is off the high point of the day with Sensex up 49.81 points at 40494.96, and the Nifty added 6.80 points at 11938.30.
- Paytm, has raised $660 million from Alipay, T Rowe Price, SoftBank and others in exchange for 2.6 million equity shares.
- Aditya Birla Sun Life AMC Limited launched Aditya Birla Sun Life PSU Equity Fund, an open-ended equity scheme.
- BookMyShow, an online entertainment ticketing platform, earned operational revenues of ₹594.2 crore in 2018-19, up nearly 52% compared to ₹391 crore in the preceding financial year.
- Shapoorji Pallonji group firm Sterling and Wilson Solar Ltd (SWSL) said the company has begun construction of a 200 MW solar project in Australia.
- With a wealth of Rs 31,960 crore, Mumbai’s Mangal Prabhat Lodha and the family of Macrotech Developers retain the top spot as the country’s richest real estate developer.
- Infrastructure development firm SPML Infra Ltd said it has bagged two orders worth Rs 218.18 crore for wastewater treatment projects.
- State-owned BHEL said it has signed agreement with CSIR for commercialisation and implementation of indigenously developed technologies.
- The government is planning to tie-up with Amazon and Flipkart to help MSMEs sell their goods to a wider market
- India took only five years to move from $2 to $3 trillion economy: Harsh Vardhan Shringla
- The Uttar Pradesh Cabinet approved Zurich Airport International as the developer for Jewar airport, a senior Uttar Pradesh government official said
- India climbed one spot to 129 among 189 countries in the 2019 human development index, according to a report by the United Nations Development Programme (UNDP).
- Uttar Pradesh cabinet today cleared the decks for the proposed Ballia Link Expressway project, which is estimated to cost Rs 1,600 crore.
- Vistara signed a codeshare agreement with German carrier Lufthansa. Two days earlier
- Auto major Tata Motors plans to add 100 sales outlets for passenger vehicles by the end of the current fiscal as it aims to enhance its reach in the country
- India Yamaha Motor (IYM) launched BS-VI compliant YZF-R15 Version 3.0 motorcycle model with price starting at Rs 1.45 lakh
- Refreshing its V series in India, Chinese handset maker Vivo launched its Vivo V17 smartphone in India with quad-camera set up for Rs 22,990.
- Indigo Paints' proposed IPO next year is expected to give 3-3.5-fold returns to private equity investor Sequoia. The company's proposed Rs 1,000 crore plan would partially support Capex spending of Rs 100 crore every year.
- Tata Steel said it has introduced a new human resource policy that enables its employees from the LGBTQ+ community to declare their partners and avail all HR benefits permissible under the law.
- The Supreme Court has ordered an interim stay on the National Company Law Appellate Tribunal’s (NCLAT’s) ruling on the resolution of debt-ridden Orchid Pharma.
Banking:
- India Inc's foreign borrowings grew over two-fold to $3.41 billion in October over the corresponding month a year ago, according to data from the Reserve Bank of India
- Kotak Mahindra Bank's valuation climbed Rs 11,443.51 crore to Rs 3,19,864.26 crore
- ICICI Bank by Rs 8,329.51 crore to Rs 3,39,341.06 crore.
- RBI keeps rates unchanged, FY20 growth forecast cut to 5% from 6.1%
- RBI issues final norms for 'on-tap' licensing of Small Finance Banks
- NEFT to be available 24x7 from December 16: RBI
- Consumer durable loans jump on festive season demand
- RBI tightens asset acquisition norms for ARCs; bars purchase from sponsors, lenders
- Gurugram-based hyperlocal discovery startup magicpin claims to have crossed annual gross merchandise value (GMV) of $1 billion in India, its CEO Anshoo Sharma said.
- The market cap of Infosys rose by Rs 8,176.24 crore to Rs 3,04,543.53 crore and of RIL by Rs 2,567.36 crore to Rs 9,85,707.52 crore.
- Developments around US-China trade talks, Fed interest rate decision and release of key macro-economic data in the latter part of the week are expected to influence the equity markets
- Onion prices continued to rise in many cities across the country, with residents in cities like Madurai and Bengaluru paying a whopping Rs 200 per kg.
- Set to kick off India journey next year, European auto major Groupe PSA is initially targeting ten cities for Citroen brand through smaller, yet highly digitized showrooms
- The Hindustan Aeronautics Limited's proposed project of helicopter maintenance, repair and overhaul (MRO) in Goa would become functional soon, Union minister Shripad Naik
- Uttar Pradesh government has decided to the sugarcane price or State Advised Price (SAP) unchanged at Rs 315 per quintal (100 kg) for the common variety of the cash crop for the 2019-20 crushing season.
- As many as 373 infrastructure projects, each worth Rs 150 crore or more, are hit by cost overruns of more than Rs 3.89 lakh crore owing to delays and other reasons, according to a report.
- Reversing their buying trend, foreign portfolio investors (FPI) turned net sellers in December with a net outflow of Rs 244 crore from the capital markets amid subdued economic data.
- Amid a growing debate over the impact of single-use plastics on the environment, the paper offers a sustainable option and can capture a fourth of the Rs 80,000 crore single-use plastics market by 2025
- Maruti Suzuki India (MSI) increased its production in November by 4.33 per cent, after having reduced output for nine straight months due to lower demand.
- We've reduced cash burn by 70%, look to be profitable by end-2020: Zomato
- Telecom operators Bharti Airtel and Vodafone Idea have removed cap from free outgoing calls on other networks under new plans for prepaid customers
Banking:
- Power generation company NTPC said it has signed a term loan agreement for Rs 5,000 crore was signed with State Bank of India (SBI).
- The Reserve Bank of India (RBI) prohibited asset reconstruction companies (ARCs) from buying assets on a bilateral basis from its own group or parent bank.
- The Reserve Bank of India (RBI), said the NEFT facility should be made available by member banks participating in the payment system from December 16 on all days of the year, including holidays.
- Nepal SBI Bank, a subsidiary of State Bank of India, has posted a Rs 229.25 crore net profit for 2018-19, registering a growth of 13.29 percent.
- United States President Donald Trump called for the World Bank to stop loaning money to China
- Government Fund for completing stalled housing projects achieves first closure at Rs 10,530 crore
- The Bank of Japan (BOJ) will consider offering a bleaker assessment on factory output than in October at its rate review this month
- The Federal Aviation Administration (FAA) said it seeks to impose a $3.9 million (£3.04 million) fine on Boeing Co, alleging it failed to prevent the installation of defective parts on about 130 737 NG airplanes.
- SB Energy, a sister company of SoftBank of Japan, announced that it will invest $4 billion or Rs 30,000 crore in the renewable energy sector in Gujarat
- A month after the government announced a booster package for the fund-starved real estate sector, an SBI Caps on said that it has received commitments for Rs 10,530 crore.
- In order to accelerate artificial intelligence (AI) research in Japan, SoftBank Founder Masayoshi Son announced a partnership with the University of Tokyo to establish the 'Beyond AI Institute'.
- Vroom, an online marketplace for used cars, has raised $254 million in a Series H funding round at a reported $1.5-billion valuation, led by investment advisor Durable Capital Partners.
- OPEC move may help balance oil market; support for Nymex prices seen at $55/bbl
- The Centre has agreed to include three airports in Odisha under the regional connectivity scheme, officials said.
- The Confederation of Indian Industry (CII) and Aditya Birla group Chairman Kumar Mangalam Birla pitched for an expansionary fiscal policy to pull the economy out of slowdown.
- The Finance Commission submitted its report for the financial year 2020-21 to Finance Minister Nirmala Sitharaman.
- The government is confident of meeting the steep 2019-20 disinvestment target of Rs 1.05 trillion, even without the Air India sale this year.
- The issue of the Bharat Bond Exchange-Traded Fund (ETF) is set to hit the markets on December 12, with public sector undertakings (PSUs) included in the ETF looking to raise as much as Rs 15,000 crore
- A new power sector scheme aimed at better infrastructure, smart meters, and a private franchisee model for improving power supply in states likely have an estimated capital outlay of Rs 2-2.5 trillion. The scheme will replace UDAY (Ujwal DISCOM Assurance Yojana)
- Swedish mobile telecoms company Ericsson has agreed to pay over $1 billion to resolve probes into corruption, including the bribing of government officials, the U.S. Department of Justice
- Radhakishan Damani to trim stake in D-Mart parent again, may raise Rs 5,870cr: Report
- Indian telecom operator Reliance Communications Ltd. will lose control of its undersea cable unit GCX Ltd. after a Delaware Court approved a creditor-supported Chapter 11 plan for the subsidiary
- Telecom czar Sunil Bharti Mittal-led Bharti Airtel may consolidate its position at the expense of Vodafone Idea Ltd as it has better balance sheet strength to deal with the eventuality of having to pay past statutory dues in case the Supreme Court rejects their review petitions
Banking:
- The Asian Development Bank (ADB) has approved an emergency loan worth $1 billion for Pakistan.
- Japanese Finance Minister Taro Aso said he did not believe the central bank's negative interest rate policy was behind a megabank's decision to consider implementing fees on some banking services.
- IRDAI chief: Insurance companies to follow procedure while writing off investments in DHFL
- Private sector lender RBL Bank said it has raised ₹2,025 crore from the qualified institutional placement (QIP).
- Canara Bank Chairman: Consolidation is the way forward for the Indian banking industry, Merger with Syndicate Bank will be seamless and there will be no job losses
- Shares of Yes Bank shed more than 10 percent intraday on December 6 after Moody's downgraded the bank's ratings and assigned a negative outlook.
- The World Bank said its board adopted a new plan to aid China with $1 billion (£779.42 million) to $1.5 billion in low-interest loans annually through June 2025
- Fixed deposit holders of debt-troubled Dewan Housing Finance Corporation (DHFL) have been asked to submit their FD claims to the insolvency professional by December 17.
- The RBI has said it is investigating the two-day outage of net banking and mobile banking operations of HDFC Bank. "Our team has gone to really identify the reasons and find out what we can give them (HDFC Bank) as a direction," RBI Deputy Governor MK Jain said.
- The Reserve Bank of India (RBI) said it would revise regulatory guidelines to make urban co-operative banks (UCBs) with assets of Rs 500 crore and above to report information on large credits.
- Dr Reddy's Laboratories said it has launched its Deferasirox tablets for oral suspension used for treatment of chronic iron overload, in the US market.
- Uber Technologies' CEO Dara Khosrowshahi said the company could extend its food delivery service to offer courier services for other retail businesses.
- Air India's loss in 2018-19 has been provisionally estimated at ₹8,556 crores, compared to a loss of ₹5,348 crores in the previous year, Civil Aviation Minister Hardeep Singh Puri said in the Lok Sabha
- A study by a British organization that certifies businesses for good tax conduct stated six of Silicon Valley's top tech giants avoided paying over $100 billion in taxes over the past decade.
- SoftBank owns 26% of China's Alibaba, with its origin in a $20 million investment in 2000, and the stake is now worth more than the Japanese firm's market capitalization.
- Canada's biggest public pension fund is investing up to $600 million in India's National Investment and Infrastructure Fund (NIIF), as it seeks to grow its infrastructure bets in Asia's third-largest economy.
- The government's StartUp India initiative has released ₹700 crore from its ₹10,000-crore corpus since launching in 2016, revealed Commerce Minister Piyush Goyal
- The government has made it mandatory for e-commerce companies like Amazon and Flipkart to submit FDI policy compliance report by the statutory auditor by September 30 every year
- The government has approved seven projects for setting up FM transmitters in the premises of Sashastra Seema Bal (SSB) to strengthen FM coverage along the Indo-Nepal border.
- Financial institutions have channeled USD 745 billion over the past three years into companies planning new coal-fired power plants, according to a report by environmental groups
- Consumer confidence in India dropped to its lowest since at least 2014, the year Prime Minister Narendra Modi came to power.
- Capacity utilisation in India’s manufacturing sector plummeted to 68.9 per cent in the September quarter (Q2 FY20), its worst-ever level since 2008. It had reached a six-year high of 76 per cent two quarters ago, in March 2019
- Apple may release a new "completely wireless" iPhone in 2021 which will lack a Lightning charging port, a report by analyst Ming-Chi Kuo said.
- Saudi Aramco is now the world's most valuable company with a market valuation of $1.7 trillion after its initial public offering (IPO) raised $25.6 billion. company has comfortably overtaken Apple.
- Maruti Suzuki India (MSI) said it is recalling 63,493 units of petrol smart hybrid (SHVS) variants of Ciaz, Ertiga and XL6 models to rectify faulty motor-generator unit (MGU).
- Deloitte Touche Tohmatsu Limited charging the Government Re 1 as disinvestment advisory for Bharat Petroleum Corporation Ltd (BPCL) has not gone down well with the investment banking community.
- The Bhushan Power & Steel insolvency saga seems to be getting stretched further, with the National Company Law Appellate Tribunal (NCLT) on December 6 listing the next hearing for December 12.
- Netflix founder and CEO Reed Hastings said the company has placed great emphasis on creating original Indian content for its audiences in the country and has invested Rs 3000 crore towards that in 2019-2020.
- Mahansaria Tyres Private Limited (MTPL) will set up a $107-million facility to manufacture off-highway tyres in Gujarat.
Banking:
- The Maharashtra government has suggested merger of the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank with the MSC Bank in a bid a provide relief to depositors
- The RBI lowered its GDP growth forecast for 2019-20 to 5% from 6.1% in the October policy.
- ICICI Bank share price surged 1.5 percent intraday as most analysts remain bullish on the stock with many listing it as their top pick among banking & financial stocks
- The Initial Public Offering of Ujjivan Small Finance Bank was subscribed 166 times on the last day, becoming the most subscribed IPO of 2019.
- State Bank of India (SBI) said it will divest 8.25 percent in the proposed initial public offering (IPO) of UTI Asset Management Company (AMC). The lender currently holds 18.25 percent stake in the mutual fund (MF) house
- India Inc, which was expecting a rate cut to tide over the ongoing consumption slowdown, said that they were surprised with the Reserve Bank of India's decision to hold rates.
- RBI to amend norms for Urban Cooperative Banks for exposure limit and priority sector lending
- Corporates may end up paying higher interest rates, says Axis Bank CFO
- The market remained lacklustre even though, the Monetary Policy Committee (MPC) surprised the Street and unanimously retained repo rate at 5.15 percent against expectations of 25bps cut.
- Google Co-founders Sergey Brin and Larry Page added a combined $2.3 billion to their net worths after Google-parent Alphabet's stock rose about 2%
- Elon Musk-led aerospace startup SpaceX announced the success of the 7th system test of its Crew Dragon spaceship's upgraded Mark 3 parachutes.
- US antitrust enforcers have broadened their scrutiny of Amazon.com Inc. beyond its retail operations to include its massive cloud-computing business
- Gail (India) has offered up to 10 liquefied natural gas (LNG) cargoes for loading in the United States over early 2020 to early 2021
- PM Narendra Modi gifted a 'Made in India' in-shore patrol vessel to the Maldives during a video conference with its President Ibrahim Mohamed Solih.
- The Global Climate Risk Index 2020 released by environmental think tank Germanwatch ranked India the fifth most vulnerable nation to climate change.
- Former England captain Bob Willis has died at the age of 70 after battle with cancer.
- The Citizenship (Amendment) Bill is likely to be introduced in the Lok Sabha on December 9 and will be taken up for passage the next day, official sources said
- The changing climate has made India’s government so anxious about food security that politicians are now trying to predict the country’s crop output until as far as 2099.
- Onion prices in major Asian markets like Nepal, Bangladesh, and Sri Lanka have climbed to $2-$6 per kg over the past few weeks
- Japan unveiled a $120 billion (93.53 billion pounds) fiscal package to support stalling growth in the world's third-largest economy amid offshore risks
- Oil Minister Dharmendra Pradhan on Thursday hoped that Finance Minister Nirmala Sitharaman will signal the inclusion of jet fuel and natural gas under the ambit of GST
- India's rice exports in October fell 42% year-on-year to 485,898 tonnes, government data showed
- Bengaluru-based food delivery giant Swiggy is raising an internal $300-million funding round from existing investors, with Naspers-owned Prosus Ventures likely investing over $150 million
- CarDekho, an auto-tech company, has raised $70 million in a Series D round, led by Ping An’s Global Voyager Fund, which has made its first investment in India with this deal.
- Korean auto major Hyundai is planning to bring fuel cell electric vehicles to India. The company has already started a feasibility study as part of the plan.
- Leading telecom operator Bharti Airtel announced a $3-billion fund raising, including through qualified institutional placement (QIPs), to pay AGR dues
- Jio follows Voda Idea, Airtel in raising tariff; rates to begin at Rs 199
- Leading beverage maker Coca-Cola announced that it would be partially divesting its bottling operations in India, a move that will begin with the north.
- Software major Wipro Ltd announced the launch of its cyber defence centre in Melbourne, Australia.
Banking:
- CSB Bank extends MD and CEO Rajendran's tenure by three years to Dec 2022
- Private lenders HDFC Bank, ICICI Bank, and IndusInd Bank move SAT against NSDL's decision to transfer Karvy's securities
- State-owned Punjab and Sind Bank (PSB) seeks to raise up to Rs 500 crore through qualified institutional placement (QIP) route.
- Govt looks to ease lending rules for NBFCs to lift cash-starved financiers
- With India’s nominal GDP growing at its slowest pace in 17 years, it’s a given that the central bank will cut interest rates again this Thursday.
- The government should ensure that the money being pumped into state-run banks, which have been saddled with the bad loan mess for years, must be used to clean up their balance sheets, says the head of the oldest asset reconstruction company Arcil.
- Almost a week after embattled Yes Bank Ltd. unveiled details of its plans to raise $2 billion in the capital, shareholders remain unconvinced that a deal will take place.
- The Atal Pension Yojana (APY), a key pension scheme of the government, which covers workers in the unorganized sector, will see an addition of 1 crore subscribers in FY21
- Consolidation in the banking sector is good for us: SBI Chairman, Rajnish Kumar
- According to the latest government data, total disbursal under the PMMY stood at ₹1.51-lakh crore as on November 29.
- Private sector lender HDFC Bank’s Internet and Mobile banking services continued to be down for the third consecutive day.
- Shares of CSB Bank made a strong debut by listing at Rs 275, a 41 percent premium against its issue price of Rs 195 per share on the NSE
- ICICI Bank gains 3%, hits new high as brokerages raise target price
- UK-based project Bloodhound LSR's 'supersonic' car reached 1,010 kmph speed in 50 seconds, making it the sixth-fastest car ever, using only its EJ200 jet engine.
- Google Co-founders Larry Page and Sergey Brin have announced Google CEO Sundar Pichai is replacing Page as CEO of parent company Alphabet.
- Vijay Shekhar Sharma-led fintech giant Paytm's parent firm One97 Communications has invested an undisclosed amount in Rajkot-based bus ticket booking startup Infinity.
- Goldman Sachs expects the benchmark Nifty to climb to 13,000 by the end of next year. This implies a less-than-8 percent upside from its current levels.
- JK Cement climbs 4%, hits fresh record high; stock up 68% so far in CY19
- Godrej Appliances explores new technology to cut AC energy consumption by 80%
- The commerce ministry is looking into the unusual 118 percent surge in India's merchandise imports from Singapore in 2018-19 to $16.3 billion
- On the eve of a meeting of the Union Cabinet, which is likely to approve the Citizenship Amendment Bill (CAB), Home Minister Amit Shah met politicians and organizations from the northeastern states
- The Odisha government will on December 6 again invite bids for 20 iron and manganese mine blocks, canceling tenders it had called for in October
- Cabinet approves SC, ST reservation in LS, assemblies for another 10 years
- The Union Cabinet approved monetization of land at Pragati Maidan in the heart of the national capital for building a five-star hotel.
- Services sector activity grows on strong demand in Nov, PMI rises to 52.7
- S&P reaffirms India's sovereign rating at BBB- with a stable outlook
- Delhi CM Arvind Kejriwal announced that 11,000 Wi-Fi hotspot zones will be set up at bus stops and markets in the national capital to provide free internet. Stating that the project will cost ₹100 crore, Kejriwal added
- SBI Mutual Fund and Amundi have picked up key stakes in the Rs 1,275-crore block deal executed by private equity (PE) players Advent and Temasek in Cromption Greaves (CG) Consumer
- Hyundai plans $51 billion investment in 6 years with focus on e-vehicles
- Dr Reddy's launches cancer treatment drug Bortezomib in the US market
- BYD (Build Your Dreams) India Private Limited, a subsidiary of China-based EV maker BYD Group, has forayed into the Material Handling Equipment (MHE) business in India
- More than 92,000 employees of BSNL and MTNL have opted for voluntary retirement, Union minister Ravi Shankar Prasad said
- Hyundai Motor India Ltd (HMIL) said it has appointed Tarun Garg as Director – Sales, Marketing & Service.
- JSW group plans to tie up with Suraksha Realty for Jaypee real estate
Banking:
- HDFC Bank sees signs of rural revival as wider economy remains sluggish
- The government assured the Rajya Sabha that merger of 10 public sector banks will not lead to any job losses and employees' interest will be protected.
- Indian banks need an additional USD 7 billion (Rs 50,000 crore) equity by 2020-21 to support loan growth and cover for bad loans
- The Bombay High Court has admitted Chanda Kochhar's request to amend her petition against former employer ICICI Bank
- The Supreme Court ruling in the Essar Steel case has brought significant relief to banks apart from Edelweiss ARC, the largest lender after SBI in the account.
- The Insurance Regulatory and Development Authority of India (IRDAI) is offering Rs 10,000 cash prize for suggesting a suitable name for a new health plan.
- IFC anchors $200 million in Mahindra and Mahindra Financial Services for MSME lending
- Australia central bank keeps cash rate at 0.75% despite doubt over spending
- Depositors in failed and liquidated banks will get only up to Rs 1 lakh as insurance cover, regardless of the amount in their accounts, according to the DICGC wholly-owned subsidiary of the RBI.
- Erwin Singh Braich, who has promised to invest $1.2 billion in beleaguered Yes Bank, has a history of failed businesses, bankruptcies, litigation with the Canadian government
- Allcargo Logistics Ltd, led by Shashi Kiran Shetty, has emerged the front-runner to buy the container freight station (CFS), inland container depot (ICD) and rail logistics
- Xiaomi Redmi K20 Pro has emerged as the best selling smartphone in above $300 price segment during Q3 this year, according to Canalys' report.
- Business-to-business (B2B) online marketplace, Infra.Market has raised $20 million in a Series A funding round led by Tiger Global, with participation from Nexus Venture Partners.
- Reliance Power said its 10.19 crore pledged shares having a total face value of Rs 101.9 crore have been invoked by Reliance Infrastructure
- The Uttar Pradesh government approved building a metro rail connecting Noida to Greater Noida for Rs 2,682 crore.
- The Himachal Pradesh Cabinet approved to sign the memorandum of understanding (MoU) to sell the water of Yamuna from the state's share at Tajewala corridor, a spokesperson said.
- The state government would earn ₹21 crore per annum from this decision.
- The Hindu Mahasabha has demanded the name of the Mughal Gardens, located inside the Rashtrapati Bhavan, to be changed to Rajendra Prasad Udyan
- US space agency NASA has said it's Lunar Reconnaissance Orbiter (LRO) has found debris of Chandrayaan 2's Vikram Lander on the Moon.
- The Punjab and Haryana High Court said that though both the states want Chandigarh as its joint capital and are enjoying its benefits
- India "should stage a rebound in 2020 as global conditions improve," feels Goldman Sachs’ Chief Economist Jan Hatzius
- Indian mills produced 1.9 million tonnes of sugar between Oct. 1 and Nov. 30, down nearly 54 percent from a year earlier
- JSW Steel eyes to supply 1.5 lakh tonne to metro rail projects in FY20
- The country's largest automaker Maruti Suzuki India has announced a hike in the prices of its vehicles starting January
- Samsung India Electronics earned revenues of ₹73,086 crore in the financial year 2018-19, becoming the first smartphone and consumer electronics company in the country to cross $10 billion in revenues.
- ICICI Venture Funds Management Company and four other entities settled with SEBI a case of the alleged violation of norms pertaining to venture capital funds by paying a consolidated amount of over ₹5.2 crores towards settlement charges.
- Hawala probe: I-T dept issues notice to Congress for receiving Rs 170cr funds
- Sterlite Power said it has acquired Lakadia-Vadodara Transmission Project, a green energy corridor project from PFC Consulting Ltd.
- Bengaluru-headquartered biopharmaceuticals company Biocon Ltd said Siddharth Mittal has taken over as its chief executive officer and joint managing director.
Banking:
- RBL Bank may launch a qualified institutional placement (QIP) of around Rs 1,600 crore on December 2
- 78% of PMC Bank depositors allowed to withdraw entire account balance: FM
- HDFC Bank, Walmart India to launch co-branded credit card
- Paytm intends to convert its payments bank into a small finance lender as it looks to chart a more profitable growth model, founder Vijay Shekhar Sharma
- The public issue of Ujjivan Small Finance Bank (USFB) has been subscribed 1.05 times so far on December 2, the first day of bidding.
- Prefer large banks over insurance & NBFCs: Vinay Sharma, Nippon India MF
- YES Bank deal will lead to more foreign family offices investing in Indian biz: Ravneet Gill
- Billionaire Ajay Piramal’s shadow banking unit has borrowed Rs 11 billion ($153 million) from Barclays Plc to refinance part of its existing debt and extend new loans
- OYO Hotels and Homes' CEO Aditya Ghosh has been elevated to the board of the hospitality aggregator, appoints Rohit Kapoor as CEO
- Stock exchanges NSE and BSE have suspended the trading licence of Karvy Stock Broking for non-compliance with regulator SEBI's norms.
- The number of transactions made through the Unified Payments Interface (UPI) crossed the 1.22 billion mark in November.
- Singapore-based investment firm Temasek is reportedly in talks to invest up to $100 million in fitness startup Cure.fit.
- Qatar Airways is considering taking a stake in Germany's Lufthansa , its chief executive Akbar al-Baker was quoted
- The Centre is working on road projects worth Rs 50,000 crore to decongest the national capital and this will help reduce pollution in the city: Nitin Gadkari
- Rating agency Crisil sharply cut its growth forecast for the current financial year to 5.1 percent
- Sub Lieutenant Shivangi became the first woman pilot of the Indian Navy as she joined operational duties at the Kochi naval base
- Manufacturing PMI improves to 51.2 in Nov, but demand remains subdued
- Growth in India’s energy consumption and power supply is at a five-year low. Each month this year except June has seen a fall in demand.
- CV sales drops by 18% in November on slowdown, delay in infra projects
- Govt to set up NCLAT bench in Chennai to cut down on backlog: Minister
- The country's largest two-wheeler maker Hero MotoCorp reported 15.31 per cent decline in total sales to 5,16,775 units in November.
- TVS Motor has reported a 26.52 per cent drop in domestic two-wheeler sales during November, to 191,222 units from 260,253 units the same month a year ago
Banking:
- Banking wrap: Private lenders tap capital markets for equity; Yes Bank decides to raise $2 bn via preferential allotment
- The initial public offering (IPO) of Ujjivan Small Finance Bank, the subsidiary of Ujjivan Financial Services, will open for subscription on December 2.
- RBL Bank, announced that it will raise Rs 825.79 crore through the private placement of shares.
- Axis Bank sold 2,20,00,000 shares of Reliance Power at Rs 3.65 per share
- Experts say RBI may cut interest rates again on December 5 to support growth
- Telecom operator Vodafone Idea, on December 1, announced new plans under which call and data charges will be raised for its pre-paid customers from December 3.
- IFCI sold 50 lakh shares of travel company Cox & Kings at Rs 1.95 per share on the NSE and 9 lakh shares at Rs 2 per share on the BSE.
- US-based New World Fund sold 1,06,87,163 shares of Adani Ports and Special Economic Zone at Rs 375.34 per share on the BSE
- Corporate bigwigs Amazon, Infosys and Yes Bank are among the 28 companies which have responded to an expression of interest (EoI)
- CG Hospitality joins IHCL to open Taj Jumeirah Lakes Towers in Dubai
- The gross GST revenue collected in November this year stood at ₹1,03,492 crore, the government said. This is the third-highest monthly collection since the introduction of GST
- Finance Minister Nirmala Sitharaman has said that 12 global firms have shown interest in shifting their base from China to India, amid the US-China trade war.
- After India pulled out of the Regional Comprehensive Economic Partnership (RCEP), Commerce Minister Piyush Goyal has said the country will no longer negotiate any free trade deals "on the back foot".
- Home Minister Amit Shah expressed hope that India will become a $5 trillion economy and position itself as one of the top five global economies.
- State-owned trading firm MMTC, which is importing onion on the behalf of the Centre, has placed an order of 11,000 tonnes of the edible bulb from Turkey
- West Bengal boasts of having the lowest NPA in the self-help groups (SHGs) portfolio in the country
- The Airports Authority of India (AAI) has recommended the Centre to privatise airports at Amritsar, Varanasi, Bhubaneswar, Indore, Raipur and Trichy
- India considers investing $1.39 trn in infrastructure to spur economy
- Ather Energy has signed a Memorandum of Understanding with the Tamil Nadu government to set up an electric vehicle and lithium ion battery
- The total sales of India's largest carmaker Maruti Suzuki declined by 1.9% in November to 1,50,630 units.
- Expanding its presence in India, which is an "interesting melting pot" of ideas, Thales Group is discovering new opportunities in the Indian market
- MG Motor India sells 3239 Hector units in November, eyes expansion
- Honda Motorcycle and Scooter India has already sold around 25,000 units of BS-VI compliant scooter Activa 125 and transition of the rest of the models in its portfolio will be completed in early 2020
Note: Disclaimers: Important Articles from various sources (newspapers) are being accumulated in this article/page for students. Appropriate Credit along with Source Names is being provided. However, if for any reason it violates any copyrights, please drop us an email at : support@itoolsinfo.com and we shall remove the article immediately.