Introduction
The article Banking Awareness One Liners January 2020 includes Banking Awareness One Liners with an explanation, analysis, and issues of current events in the month of January. And these One-Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.
Jan 2020
Banking:
- SBI records 41 per cent jump in Q3 net profit at Rs 5,583 crore
- Services of public sector banks were impacted as employee unions went on a two-day nationwide strike from Friday to press for wage revision.
- Punjab & Maharashtra Cooperative (PMC) Bank, the Centre is planning to increase the insurance cover on bank deposits to ₹2 lakh.
- Kotak Mahindra Bank has reached a settlement with the the Reserve Bank of India on the issue of diluting the promoter stake in the private sector lender.
- Reserve Bank of India (RBI) jumped the gun in putting together guidelines on constitution of the Board of Management (BoM) for Urban Co-operative Banks (UCBs) without ensuring that the existing statutes are suitably amended to incorporate the same.
- LIC Housing Fin Q3 profit flat at ₹597 crore
- RBI loosen its policy further? What happens to PMI data print for January? What is red hot in the auto circuit? You will get to know all that and more next week
- Traders should remain neutral and buying on dips should be avoided, as the technical outlook for the next couple of months is turning negative, says Mohammad.
- Consumer B2B sales finance had a slow quarter as the company witnessed a significant slowdown in consumption categories. This was in addition to a cautious stance in digital products financing.
- The company is making tailor-made products for different channels to take the problem of price disparity across the channel, the management said.
- Sasiprabhu, who was appointed as an independent director of SpiceJet on December 1, 2015, had resigned from the position in May 2018, the Securities and Exchange Board of India (Sebi) noted.
- The company had posted a net profit of Rs 21.02 crore in the year-ago period, Texmaco Rail & Engineering Ltd said in a BSE filing.
- India can raise its export market share to about 3.5 percent by 2025 and 6 percent by 2030 by integrating 'Assemble in India' for the world into 'Make in India', according to the Economic Survey 2019-20.
- The Economic Survey 2020, tabled on January 31, expects the second half of FY20 to be better and pegged economic growth at 6-6.5 percent for the financial year 2020-21.
- The Economic Survey 2020 has said that the introduction of Goods and Services Tax (GST), digitisation of payments and social security schemes have led to the creation of more formal jobs.
- GDP growth is forecast at 5 percent. This is in line with the Central Statistics Office's projection of 5 percent GDP growth in FY20.
- The survey also drew the connection between the invisible hand of the market, the hand of the trust and how it can contribute to India's target of becoming a $5 trillion economy.
- The Economic Survey said that there should be a PSB Network (PSBN) that uses technology to screen and monitor borrowers comprehensively.
Banking:
- Kotak Mahindra Bank gets RBI nod to cap promoters’ voting rights at 20% till March
- IDFC First Bank net loss grows to Rs 1,639 crore in Q3
- RBI central board nominates Janak Raj as member of monetary policy committee
- IRDAI slaps ₹1-cr fine each on Tata AIG and ICICI Lombard
- The Andhra Bank board is set to meet to discuss the proposal to issue preferential shares to Government of India.
- PayMate, a B2B digital payments firm focussed on small and medium businesses (SMBs), plans to take its invoice discounting platform live by March, according to Ajay Adiseshann, founder and CEO.
- After a brief pause, oil prices have declined yet again on the back of the fear of the potential economic impact of the novel coronavirus outbreak in the Chinese city of Wuhan.
- This formula of easier payment schedule to meet statutory obligations would offer the much-needed reprieve to telcos such as Bharti Airtel and Vodafone Idea,
- The fast-spreading outbreak, which has killed more than 130 people and infected almost 6,000 in China, could cut first-quarter GDP growth by about 1 percentage point, Caijing magazine quoted Zhang Ming as saying.
- The survey has put the median growth forecast for agriculture and allied activities at 2.6 percent for 2019-20, the industry and services sector at 3.5 percent and 7.2 percent, respectively, during the current year.
- Sakshi Batra speaks with Gaurav Choudhury to find out the government's possible plans to meet the fiscal deficit target.
- MSME Minister said that projects specially about Rs 1 lakh crore Delhi-Mumbai express highway can offer instant right of way to players interested in setting up LNG stations, electric charging stations or petrol pumps
- US growth and the overall world economy, citing the estimates of his research team for a 3.2 per cent growth for the global economy and 1.7 per cent for the US in 2020.
- The move will benefit marginalized and vulnerable groups of people in backward and neglected areas of north-eastern States.
- Though on a year-on-year basis, capacity addition is likely to improve to about 2.5 GW in FY2020, from 1.6 GW in FY2019, achieving the 60 GW target set by the government by December 2022, remains a challenge, the report said.
- Global Potato Conclave here, the minister said the production of potato rose 34 times in seven decades while the area under cultivation grew by 9.3 times.
- An immediate concern of the unions is that there will be job losses as soon as a new buyer comes on board. However, VRS could be rolled out for several staff members.
- IRDAI has warned insurers of penalties to dissuade the companies from offering unviable discounts to corporate clients
- The Directorate General of Foreign Trade (DGFT) on December 7 had reduced export incentive from 4 per cent to 2 per cent.
- Underlining the challenges of the economy, Delhi University's associate professor of commerce, Alok Puranik said the "weak demand environment across the sectors" is impacting the financial health of businesses.
- US India Strategic and Partnership Forum (USISPF) has appealed to Finance Minister Nirmala Sitharaman to announce reduction and streamlining of various tax and tariff structures and open up the economy,
Banking:
- Banks have stepped up disbursal of loans under Pradhan Mantri Mudra Yojana (PMMY) in the last two months by disbursing more than ₹40,000 crore.
- HDFC Bank to add 400 branches in TN in 2 years
- Tax breaks for investments in property can spur job creation, help economy: Federal Bank CEO
- Central Bank posts Q3 net of ₹155 crore
- Manappuram Finance Q3 profit rises 63% to ₹398 cr
- India Infoline Finance Ltd reported a 78 per cent increase in consolidated net profit at Rs 193 crore for December quarter of 2019-20.
- The general market reaction shows that market players are worried about a severe impact on Chinese economy and commodities demand.
- A five-judge bench headed by Justice Arun Mishra also said that the plea would be heard by the apex court in a "different combination" of judges.
- The World Social Report 2020, published by the UN Department of Economic and Social Affairs (DESA), notes how India harnessed the potential of digital technologies for more inclusive development.
- Guests invited to the South Lawn signing include lawmakers from around the country, workers, farmers, and CEOs, as well as officials from Mexico and Canada, a White House official said.
- To strike a balance and earn guaranteed returns at a generous rate of interest, it’s best to consider options such as the Bajaj Finance FD.
- Speaking at the 20th edition of the World Sustainable Development Summit (WSDS) held here, the minister said since 1990, "the world has reduced annual carbon emissions only by half percent and a lot needs to be done."
- "The UAE Ministry of Health and Prevention announced a case of the new coronavirus affecting people from one family coming from the city of Wuhan in China," the state news agency WAM reported, without saying how many were infected.
- Six ministries - including the health, foreign and home affairs - bought at least 159 air purifiers during 2018-2019 at a cost of 5 million rupees ($70,353), according to previously unpublished data obtained under a Right to Information (RTI) law.
- Addressing a Global Potato Conclave here, the minister said the production of potato rose 34 times in seven decades while the area under cultivation grew by 9.3 times.
- Sales value of the unreported transactions was computed at Rs 99,000 crore, while value of the under-reported transactions exceed Rs 4 lakh crore
- IRDAI said the guidelines have been issued in order to protect the interests of the group insurance policyholders of the merged banks.
- The expected growth in the next financial year is on the back of healthy demand from the domestic market given increasing spend on healthcare along with improving access, Icra said in a statement.
- The biggest tax cut the government can offer is reduction of import duties for critical sectors like solar panels, newsprint and gold.
- "India's crude steel production for 2019 was 111.2 MT, up 1.8 percent on 2018," it said, adding that the global crude steel production was at 1,869.9 MT in 2019, up by 3.4 percent compared to 2018.
- Goyal exhorted domestic traders to pay heed to the call given by Prime Minister Narendra Modi to promote swadeshi products.
Banking:
- The credit potential of the state was estimated in the State Focus Paper for Odisha, released in the credit seminar for 2020-21.
- "India's crude steel production for 2019 was 111.2 MT, up 1.8 percent on 2018," it said, adding that the global crude steel production was at 1,869.9 MT in 2019, up by 3.4 percent compared to 2018.
- SEBI is also examining the role of other Aptech board members, including Ramesh Damani and Madhu Jayakumar, in insider trading, The Economic Times reported.
- The brokerage feels valuations at 20x/18x FY21E/FY22 look compelling, given sales/PAT CAGR of 22.5/48.7 percent over FY19-22 and monopolistic position in ticket booking and catering.
- Rolling out new schemes without laying down how these would be funded and without elaborating on how they would be executed will not go down well with markets.
- HSBC also maintained buy call on the stock and raised price target to Rs 3,430 (from Rs 3,230 earlier)
- Dewan Housing Finance Corporation (DHFL) share price locked at 5 percent lower circuit on January 28 after Enforcement Directorate (ED) arrested the promoter of the company.
- The BSE Telecom index fell nearly 3 percent in intraday trade and traded as the top loser among the sectoral indices on BSE.
- State government departments hold a sizeable chunk of the discoms’ Rs 82,073 crore pending dues; who in turn have yet to repay generation companies (gencos) their share
- SEBI is also examining the role of other Aptech board members, including Ramesh Damani and Madhu Jayakumar, in insider trading, The Economic Times reported.
- The highest GST collection in a single month so far was Rs 1.13 lakh crore in April 2019. Last month, the collection was Rs 1.03 lakh crore.
- State government departments hold a sizeable chunk of the discoms’ Rs 82,073 crore pending dues; who in turn have yet to repay generation companies (gencos) their share
- The BSE Telecom index fell nearly 3 percent in intraday trade and traded as the top loser among the sectoral indices on BSE.
- The Centre has formally began the privatisation process for debt-laden Air India by putting up its entire 100 percent stake up for sale
- Tata Steel was the top loser in the Sensex pack, diving 4.31 per cent, followed by IndusInd Bank, HDFC twins, SBI, PowerGrid and Bharti Airtel.
- Rupee at day's high: The Indian rupee extended its morning gains and trading at day's high level at 71.31 per dollar. It opened higher by 7 paise at 71.37 per dollar versus previous close 71.44.
- Billionaire investor Rakesh Jhunjhunwala is under the scanner of market regulator Securities and Exchange Board of India (SEBI) over alleged insider trading in Aptech shares.
- Budget shall lay huge focus on farmers credit, incentives through DBT for assisting farmers get their share for inputs required for farming, improved mechanization/better irrigation facilities, better yield for their products and access to the direct market mechanism, Mayuresh Joshi, Head of Equity - India, William O’Neil India, said in an interview with Moneycontrol’s Kshitij Anand.
- The market is very hopeful that the union budget will offer incentives to the equity market & investors in terms of restructuring STT by providing tax rebate, changes in long-term capital gain tax and a drop-in dividend distribution tax.
- CLSA maintains outperform call on the stock and raised the target to Rs 2,050. Credit Suisse, too, stuck to outperform call but with the target at Rs 1,700.
- NPS for the government sector was increased from 12 percent to 14 percent last year - a similar increase is expected for the private sector as well.
Banking:
- RBI’s senior officials. In private, they have said that they had repeatedly asked the government not to switch off mobile telephones, messaging and the internet.
- Speaking to the media on the sidelines of the 13th Jaipur Literature Festival, Banerjee said the demand slowdown in the automobile sector also shows that people are lacking confidence in the economy.
- SEBI panel proposes sweeping changes to norms governing related party transactions
- SEBI rejigs secondary market advisory panel
- SEBI rationalises margin framework for commodity derivatives to check volatility
- HDFC Q3 profit jumps 296% on fair value gain after Gruh merger
- The 30-share BSE index settled 0.55 per cent higher at 41,613.19. Likewise, the broader NSE Nifty closed 0.56 per cent up at 12,248.25.
- The yen, frequently viewed as a safe haven, was the main beneficiary, although the move was contained. The Japanese currency briefly rose to its highest since January 8.
- The plea was filed by the Consumer Rights Foundation, which says DoT’s latest directions amount to contempt of court.
- Revenue from Europe, India and emerging markets rose 52 percent, 13 percent and 19 percent, respectively, on the back of new products and volume transaction in the base business.
- Base metals ended the week in negative territory as prices were pressurized after the new virus outbreak in China could hit economic growth in the world's top metals consumer, China and dent the demand prospects for industrial metals.
- A close below 12,087 (swing low of January 22) for the Nifty could trigger further selling, say experts.
- Traders should remain neutral and consider a short side trade on a close below 12,087 and look for a target of 11,900, says Mazhar Mohammad.
- Moneycontrol's Shraddha Sharma talks to Corporate Bureau Chief Prince Thomas to find out how what's the development in the government's attempt to sell Air India.
- The meeting before Chief Labour Commissioner on January 27 remain inconclusive so unions did not take back strike notice, AIBOC president Sunil Kumar said.
- The Indian Human Development Survey (IHDS) that was quoted in the report points out that while per capita consumption growth for the period between 2004-05 and 2011-12 stood at 4 percent, the same was at around 2.7 percent for the period between 2011-12 and 2017-18.
- Currencycloud will use the capital in developing partner ecosystem so that more people and businesses can benefit from its next generation cross-border technology.
- The Personal Data Protection Bill creates an overarching framework to govern the dynamics of a progressively data-driven business environment.
- Goyal exhorted domestic traders to pay heed to the call given by Prime Minister Narendra Modi to promote swadeshi products.
- The biologics segment grew 50 percent year-on-year (YoY) in nine-month period to Rs 1594 crores, led primarily by contributions from Pegfilgrastim and Trastuzumab in US market.
Banking:
- RBI’s senior officials. In private, they have said that they had repeatedly asked the government not to switch off mobile telephones, messaging and the internet.
- The SEBI chief added that AI and ML tools could bring about a paradigm shift in the securities market landscape.
- Lagarde said that aim will now be reviewed, along with the ECB's toolkit, how it measures price growth and how it communicates with the public.
- The short-term investment limit has now been increased from 20 percent to 30 percent in both the cases, the RBI said in a circular.
- The revenue shortfall from direct tax sources is pegged at around Rs 1.5 lakh crore to Rs 1.8 lakh crore, according to a CNBC-TV18 report.
- RBI received bids worth Rs 26,887 crore for two types of securities -- 7.32 per cent-2024 and 6.45 per cent-2029 -- but accepted only Rs 10,000 crore of bids.
- The SBI chief added that he was sure some solutions would emerge
- Apart from providing an additional fundraising avenue for the corporates looking to expand and boost their business activities, the overseas listing of shares would also help in bringing more capital into the country.
- The comments from the lobby grouping come after there was sharp criticism of Goyal for saying Amazon was not doing India a favor by the investment announcement.
- Participants would also keep an eye on the spread of the deadly coronavirus in China and other countries, they added. The lethal virus has claimed 56 lives in China and spread to about a dozen nations.
- The proposed new models in the shared mobility space will come out from its soon-to-be-launched premium platform, code-named T1N, an export-focused premium van developed with an investment of Rs 1,000 crore and is getting ready for commercial production by the end of the year.
- The interior ministry's announcement will have limited practical impact, as Israelis had previously been traveling to Saudi Arabia via third countries, especially Jordan.
- Global Automotive Consumer Study by Deloitte, an annual report which comes up with insights on the automotive industry globally, the Indian market is expected to witness enhanced interest and demand for battery electric vehicles (BEVs) and connected vehicles going forward.
- Lower import duty on raw material like rock phosphate and sulfur used for manufacturing of DAP (Diammonium phosphate) would help boost domestic production and cut in import bill, according to sources.
- Under the scheme, which was launched on a pilot basis, thalis or lunch plates would be available to people at designated centers/ canteens during a stipulated time in all the districts.
- LPG used as fuel in automobiles or Auto LPG, which is among the cleanest alternative fuels with a Global Warming Potential of 'zero' is currently taxed at 18 percent GST
- As per latest depositories data, FPIs invested a net Rs 13,304 crore in equities and withdrew a net Rs 11,680 crore from the debt segment between January 1-24. This translates into a total net inflow of Rs 1,624 crore
- Budget 2020 comes at a time of crisis for the Indian economy. What is needed is inspired by out-of-the-box thinking.
- Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
- "This year the growth rate will end at five percent and this is real and not nominal ... Next year, the GDP growth rate could be anything between 6 to 6.5 percent," Debroy said.
- The tax department had managed to collect only Rs 7.3 lakh crore as of Jan. 23, more than 5.5% below the amount collected by the same point last year, said a senior tax official.
- The WTO dispute resolution body has ruled against the US in this case stating that the high duty imposed by America on certain hot-rolled carbon steel flat products from India was inconsistent with various provisions of the WTO's Agreement on Subsidies and Countervailing Measures.
- A final decision in the matter is expected to be taken by the Prime Minister Narendra Modi sometime early next week
Banking:
- RBI’s senior officials. In private, they have said that they had repeatedly asked the government not to switch off mobile telephones, messaging and the internet.
- Initially, a 28 percent GST was levied on paints, but with demand from the industry, the government had brought down the rate by 10 percent to 18 percent in July 2018.
- The SEBI chief added that AI and ML tools could bring about a paradigm shift in the securities market landscape.
- Speaking at the WEF, the US-based financier and philanthropist added that "humanity was at a turning point"
- The government has the option to look at income tax slabs suggested in the draft direct tax code when it was released for public discussion.
- Net interest income and pre-provision operating profit (PPoP) may grow around 30 percent each year-on-year, with loan growth of around 13 percent YoY driven by retail and SMEs.
- The government has the option to look at income tax slabs suggested in the draft direct tax code when it was released for public discussion.
- Short- term moving average 20 DMA defines short-term trend which is providing support to buyers as prices as it is sustaining and trading above it at Rs 360 marks.
- If Nifty holds above 12150 levels, then an up move towards 12,300 and 12,350 cannot be ruled out. However, major support remains intact at 12,100 and 12,050 levels.
- Last week, the Sensex lost 332.18 points (-0.79 percent) to end at 41613.19, while the Nifty shed 104.05 points (0.80 percent) to end at 12248.3.
- The budget may spell out steps regarding the implementation of the next phase of Direct Benefit Transfer and integration with various schemes like Soil Health Card scheme
- Ratios are just division of two commodities hence forms a part of numerator and denominator so it is important to take into consideration that many times numerator might stay stable and latter might perform and vice versa.
- Vodafone Idea AGR dues as estimated by the Department of Telecom stands at a cumulative Rs 53,038 crore, including Rs 24,729 crore of SUC dues and Rs 28,309 crore in licence fee.
- Budget 2020 comes at a time of crisis for the Indian economy. Nirmala Sitharaman rise to the occasion, thus ensuring a place for her in the history books
- Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
- The tax department had managed to collect only Rs 7.3 lakh crore as of Jan. 23, more than 5.5% below the amount collected by the same point last year, said a senior tax official.
- The budget may spell out steps regarding the implementation of the next phase of Direct Benefit Transfer and integration with various schemes like Soil Health Card scheme
- Vodafone Idea AGR dues as estimated by the Department of Telecom stands at a cumulative Rs 53,038 crore, including Rs 24,729 crore of SUC dues and Rs 28,309 crore in licence fee.
- The virus outbreak in China has killed 26 people and infected more than 800 in the past week, raising concerns about its fallout on the global economy.
- The retail industry had welcomed the move by Maharashtra after the Uddhav Thackeray-led government took the decision earlier this week.
Banking:
- After receiving several investors' complaints, Sebi conducted an examination in relation to the affairs of Equicom.
- The collection efficiency was down to 85% but is expected to improve.
- State Bank of India Chairman Rajnish Kumar says Yes Bank too big to fail and he is certain of “some solutions emerging” for the troubled private-lender.
- The management does not expect any immediate problem to maintain margin at current level.
- The new plan involves creating a "data lake" project to augment analytical capabilities, he said while speaking at the Speaking at the National Institute of Securities Markets at Patalganga near here.
- Below 12,045, the next big support for Nifty50 is seen at 11,930 levels
- Most experts feel that Gold is likely to trade in a range and investors should use dips if any to buy with a target of Rs 40,000.
- The firm has paid Rs 439 crore under the Centre's 'Sabka Vishwas' Legacy Dispute Resolution Scheme to settle the amount of tax and penalty, they said.
- In the railway business, the company has secured orders of Rs 449 crore for overhead electrification (OHE) and associated civil works in the country.
- The real estate sector is looking to the India Union Budget 2020 with great expectations in a bid to get some relief from liquidity woes.
- The fund house is sitting on 4-5 percent cash in its equity portfolio across five schemes.
- Central Public Sector Enterprises ETF runs a concentrated portfolio with a handful of stocks having weights of as high as 20 per cent on the underlying index. The portfolio is concentrated towards the energy and oil sector.
- The company's total income dropped to Rs 360.64 crore during the October-December quarter of the current financial year from Rs 403.97 crore in the same period last fiscal.
- Big Bazaar’s Republic Day sale offering ‘Sabse Saste 5 Din’ has started. It will be valid from January 22 and end on January 26
- A patented technology called "Polycrack" will be used in this waste-to-energy plant, which is first of its kind in Indian Railways and only the fourth in India.
- While GST rates are usually decided at the GST Council meeting chaired by Finance Minister Nirmala Sitharaman, companies are hoping that the FM makes related announcements during the budget
- The State Bank of Pakistan data in the first half of 2019-20 fiscal starting from July 1 showed that Pakistan's exports to India during the period came in at an insignificant USD 16.8 million as compared to USD 213 million in the first half of 2018-19, Dawn news reported.
- India stood second in the Central and Southern Asia region as far as talent competitiveness is concerned
- The meeting will serve as an important platform for ironing out issues and exploring ways forward for pending projects and help in expediting their implementation.
Banking:
- The EIU Democracy Index provides a snapshot of the state of world democracy for 165 independent states and two territories.
- Responding to a question about the downward revision of India's growth rate by the International Monetary Fund (IMF), he said at a Cabinet briefing that the economy is on the path of "revival" and nobody should have a pessimistic view about it.
- The 100 percent stake sale in Air India which was supposed to take place in FY20, will now see completion in the next fiscal.
- Imports by Adani's "Ultra mega" power plant in Mundra in Gujarat rose 75% to 17.35 million tonnes, data from the Central Electricity Authority showed.
- As per the report, the reason behind LIC's NPA woes are similar to those of banks, namely corporate loan defaults.
- Bharti Airtel also recently embarked on a fundraising exercise, the proceeds from which will be used by the company to clear its AGR dues.
- With the interim dividend from the RBI, the Centre aims to put a check to the 3.3 percent fiscal deficit target slippage.
- The CBDT Chairman said that a shortfall in tax collections is not negotiable despite a cut in the corporate tax rate, and that this short fall of Rs 1.36 lakh crore has to be recovered with extra efforts.
- Onion prices have come down to around Rs 60-70 per kg depending upon quality and locality from the peak of Rs 160 per kg last month.
- Mnuchin's warning to Italy and Britain comes after France backed out and pledged with the United States to avoid a trade war until at least the end of this year.
- Following the cancellation of the CoA, the company cannot transact the business of issuance and operation of prepaid payment instruments, the central bank said.
- The financial capital of the country contributes 37 percent to the total direct tax revenues.
- The bill also attempts to upgrade India's investment climate and boost foreign investment by setting up new adjudicating authorities to swiftly resolve disputes.
Banking:
- Two Indian banks has decided to end their operations in Sri Lanka Axis Bank and ICICI Bank
- The Reserve Bank of India (RBI) has revised the supervisory action framework for Urban co-operative banks (UCBs).
- The Reserve Bank of India (RBI) has granted in-principle approval to Co-operative Bank to convert to a small finance bank (SFB) Shivalik Mercantile Co-operative Bank Ltd.
- According to the National Statistics Office release, India’s GDP growth during fiscal 2019-20 is expected at 5%
- According to the Deutsche Bank report Imagine 2030, the Indian economy is likely to become $7 trillion by 2030.
- Public sector bank has announced the 'Residential Builder Finance with Buyer Guarantee' (RBBG) scheme to give a push to residential sales and improve homebuyers' confidence State Bank of India
- Who has enabled selected banks in India to offer forex rates to Indian clients round-the-clock (24×7) Reserve Bank of India (RBI).
- Central govt raised India Overseas Bank’s authorized capital to Rs 25,000 crore.
- Sachin Bansal (Flipkart co-founder and former CEO) has acquired DHFL General Insurance from Kapil Wadhawanled Wadhawan Group Capital (WGC) for around Rs 100 crore
- WGC is the parent company of debt-laden Dewan Housing Finance Limited (DHFL) and this deal is seen as a distress sale.
- The Global software major signed a 5-year deal with leading European automotive logistics firm GEFCO to digitize its worldwide operations
- Infosys is partnering with the Paris-based GEFCO to digitize its multi-modal supply chain solutions and support its digital transformation over the next five years
- The platform offers a single reconciliation of all payments through its 'Paytm for Business' app
- Paytm also launched ‘Paytm Business Khata’, a new service to promotes the Paytm merchant partners to maintain digital ledgers of all their customer transactions including cash and credit.
- myApps is a unique customized suite of banking products to benefit urban local bodies, housing societies, local clubs and gymkhanas, and religious institutions
- The Indian economy is expected to grow almost two and half times from about $3 trillion now and thus it becomes the world’s third-largest economy.
- According to the report, India will grow with the Nominal GDP growth rate of just over 10% in the next decade
- The estimated growth of real Gross Value Added (GVA) in 2019-20 is 4.9% as against 6.6% in 2018-19.
- The manufacturing sector is expected to grow at 2% in 2019-20 as compared to 6.9% in the previous year.
- The growth rate in per capita income is estimated at 4.3% during 2019-20, as against 5.6% in the previous year.
- The agriculture sector is expected to see a growth of 2.8% as compared to 2.9% in the previous year.
- Approval granted will be valid for 18 months to enable the applicant to comply with the requirements under the scheme on the voluntary transition of the urban co-operative banks into a small finance bank.
- According to the guidelines, UCBs, with deposits of Rs 100 crore and above, will constitute the BoM, which will be a mandatory requirement for opening new branches
Banking:
- India, the world's third-biggest oil consumer, imports about 84% of its oil needs and traditionally relies on the Middle East for the majority of its supplies.
- Motilal Oswal, which has a buy call on the stock with a target of Rs 1,500 per share, has said HDFC Bank's operating performance remained strong in a tough environment.
- Under-performance in the Bank Nifty, led by long unwinding, and the proximity to major hurdle advocates a hedge, hence a Bear Put Spread is advised, says Shubham Agarwal.
- ICICI Lombard Standalone December 2019 Net Sales at Rs 421.34 crore, up 13.29% Y-o-Y
- L&T Finance Standalone December 2019 Net Sales at Rs 29.21 crore, down 40.23% Y-o-Y
- As per convention, after the halwa has been consumed by all, no official or support staff working in proximity with the Budget printing process is allowed to leave the premises
- OYO is firing about 15-20% of its 12,000 employees, impacting roughly 1,800-2,400 people, the hospitality startup's CEO for India and South Asia, Rohit Kapoor confirmed to the Economic Times.
- Ahead of World Economic Forum, an Oxfam report has said that world's 2,153 billionaires have more wealth than 4.6 billion people who make up 60% of Earth's population.
- Indian benchmark equity index Sensex hit a record high of 42,273.87 in early trade, while Nifty crossed the 12,400-mark for the first time to reach an all-time high of 12,430.5.
- Finance Minister Nirmala Sitharaman has said that in the last six years, 2,838 Pakistani refugees, 914 Afghanistani and 172 Bangladeshi refugees were given Indian citizenship, which also included Muslims.
- An Air India pilot, who was suspended in May last year after being accused of sexual harassment by a woman colleague, has been reinstated.
- Six of the 10 most valued companies in India collectively added ₹62,773 crore in market valuation last week, with Hindustan Unilever (HUL) and Reliance Industries (RIL) emerging as top gainers.
- HDFC Bank Consolidated December 2019 Net Interest Income (NII) at Rs 15,127.65 crore, up 13.13% Y-o-Y
- India, the world's third-biggest oil consumer, imports about 84% of its oil needs and traditionally relies on the Middle East for the majority of its supplies.
- "An investor, as well as the country where the money is invested, both, get profited. I think any comment that brings down the investment is not appropriate. It is unfortunate for us," Scindia told reporters here.
- The Budget will be presented by Finance Minister Nirmala Sitharaman on February 1.
- Assets worth around Rs 1 lakh crore might be sold before FY20-end
- Between 2014-16, there were a lot of questions as to why reforms did not come fast and there were comments that the government was incapable of bringing them, she said delivering the Nani Palkhivala Memorial lecture on "Road Map to USD 5 Trillion Economy" here.
- Garg also said that the underlying tax revenue situation is grim, he said adding that it is the right time to initiate much-needed reforms in the taxation structure.
- The statement assumes significance in view of recent developments in the sector where the government recently brought an ordinance to amend laws to open up coal mining to firms other than those in the steel and power sectors, removing restrictions on end-use of the fuel.
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- Majority of the FPI investment in January came a day after the signing of the US-China trade deal and going forward FPI investments are expected to grow, Harsh Jain, co-founder, and COO at Groww said
- Investors in the domestic market will closely watch quarterly earnings from companies such as Kotak Mahindra Bank, Bank of Maharashtra, Axis Bank, Canara Bank and Bank of Baroda this week.
Banking:
- Asset quality was weak with gross non-performing assets (NPA) rising 4bps QoQ to 1.42 percent and net NPA climbing 6bps QoQ to 0.48 percent in quarter ended December 2019.
- ICICI Lombard's combined ratio stood at 98.7 percent in Q3FY20 compared to 95.9 percent in Q3 FY19.
- Tune in to Corporate Buzz to catch up on the top corporate news of the week.
- The meeting was attended by all the very senior officials of CBIC and CBDT to devise an action plan and make the field functions more efficient to achieve the collection aims without any overreach, sources said.
- The meeting was attended by all the very senior officials of CBIC and CBDT to devise an action plan and make the field functions more efficient to achieve the collection aims without any overreach, sources said.
- Among the top 10, Reliance Industries, TCS, HUL, Infosys, Kotak Mahindra Bank and ITC witnessed gains in their market capitalisation (m-cap) for the week ended Friday, while HDFC Bank, HDFC, ICICI Bank and SBI suffered losses.
- Banks like HDFC Bank, ICICI Bank, Axis Bank, YES Bank, Bank of Baroda, Oriental Bank of Commerce, and NBFCs like Mahindra & Mahindra Financial Services apart from Srei Equipment Finance have signed up to lend and co-lend via iQuippo.
- Tune in to Corporate Buzz to catch up on the top corporate news of the week.
- Franklin Templeton MF has the highest 62% exposure in Vodafone Idea, MFs held Rs 3,000 crore worth debt papers in the company
- "In the NBFC (Non-banking Finance Company) space, many of the NBFCs have actually stopped lending or reduced their lending and therefore this gives us an opportunity to grow organically " said Ajay Piramal.
- The big challenge for the bank is to maintain the Tier-I capital adequacy at the minimum 8 percent level by March.
- High inflation, proximity to terminal repo rate, improving growth conditions and fiscal stress will move government bond yields higher in 2020
- The current economic crisis has set tone for reforms such as corporate tax cut and labour reforms, and has raised street expectations for more reforms
- SIP inflows in November stood at Rs 8,273 and in 2019, total inflows via SIP was worth Rs 98,612 crore.
- China’s GDP figure matches an AFP analyst forecast and is within Beijing’s official target of 6.0-6.5 per cent. But last year’s growth was down from 6.6 per cent in 2018.
- In the meeting on Friday, NBF President Arnab Goswami highlighted the need for parity given the similarity in the business model and the importance of TV news broadcasting in the country, a release said.
- The committee imposed a "major penalty" on Captain Sachin Gupta, who has now appealed to the next authority against the punishment, they said.
- Certain UTI Mutual Fund schemes invested in debt instruments of Altico Capital India Ltd that were downgraded to below investment grade by credit rating agencies on September 13, 2019.
- The growth, however, is still a silver lining as after a year of defaults and downgrades that spelt trouble for the MF industry, it managed to maintain a growth trajectory.
Banking:
- The NBFC sector has been impacted since August 2018 after the collapse of infrastructure lender IL&FS.
- Gross NPA of the bank rose to 4.99 percent from 4.78 percent, while net NPA was up at 3.75 percent against 3.48 percent, QoQ.
- According to Angel Broking, EURUSD depreciated by 0.13 percent yesterday while EURINR depreciated by 0.11 percent the same time frame.
- Asset quality was weak with gross non-performing assets (NPA) rising 4bps QoQ to 1.42 percent and net NPA climbing 6bps QoQ to 0.48 percent in quarter ended December 2019.
- Exposures to HFC and travelling company have been recognized as fraud and have made provisions of around Rs 240 crore on them.
- The start to Q3 result is good and in-line with the expectations. Q3 is likely to provide a push to earnings growth trajectory of FY20 and 21, said Vinod Nair at Geojit Financial Services.
- In the meeting on Friday, NBF President Arnab Goswami highlighted the need for parity given the similarity in the business model and the importance of TV news broadcasting in the country, a release said.
- Tune in to The Market Podcast to find out what transpired in Dalal Street this week.
- TCS with a revenue miss and margins higher could open slightly lower on Monday since the narrative is not very pleasant.
- Earnings growth should pick up as we go deeper into the year, aided by gradual recovery of the economy and the low base effect
- The rally is certainly visible in the cement, auto and auto ancillary, financial and metal sectors all alike, but at the same time it indicates that this leg of Bull Run is now nearing exhaustion.
- The Enforcement Directorate had on January 17 filed a charge sheet against Singal and others before a special Prevention of Money Laundering Act (PMLA) court.
- Prime Minister Narendra Modi and other BJP leaders have often spoken about the goal of turning India into a USD 5 trillion economy by 2024.
- Earnings growth should pick up as we go deeper into the year, aided by gradual recovery of the economy and the low base effect
- Markets have factored in a slip in fiscal deficit and will be comfortable with slippage of around 50 bps, says Pankaj Bobade of Axis Securities.
- Multi Commodity Exchange, crude oil delivery for February contracts is down Rs 2, or 0.05 percent, to Rs 4,176 per barrel with a business turnover of 9,546 lots.
- Revenue in rupee terms grew by 2.3 percent QoQ (up 6.7 percent YoY) to Rs 39,854 crore for the quarter ended December 2019.
- EBITDA margin stood at 24.7 percent for Q3FY20 while EBIT margin came at 20.2 percent.
- Reliance Jio has reported average revenue per user (ARPU) at Rs 128.4 for the quarter against Rs 120 in previous quarter and Rs 130 in Q3FY19.
- The final order book amounted to more than $2.2 billion, attracting active and wider participation from investors across US, European and Asian markets, with around 42 per cent participation from the US market.
- United States and China sealed a Phase 1 trade deal, pausing an 18-month tariff dispute that has weighed on financial markets globally.
Banking:
- Gross NPA of the bank rose to 4.99 percent from 4.78 percent, while net NPA was up at 3.75 percent against 3.48 percent, QoQ.
- For Q3FY20, Motilal Oswal expects a 2.3% YoY or 3.3% QoQ rise in the PAT for TCS to the tune of Rs 8,305 crore.
- According to Credit Suisse, the overall telecom AGR dues amount to Rs 3.13 lakh crore, while aggregate bank exposure to telecom sector is at Rs 1.3 lakh crore
- On the MCX, Gold contracts for February were trading higher by Rs 30, or 0.08 percent, at Rs 39,716 per 10 gram at 09:20 hours.
- Brokerage firm Edelweiss Securities expects an 11.3 percent year-on-year (YoY) rise in core PAT in HCL Tech's Q3FY20 at Rs 2,922.9 crore.
- Colgate Palmolive has completed a corrective price action and we see price breaking out of a well-defined double bottom pattern.
- Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 14.5 points loss or 0.12 percent.
- The order comes after Sebi received a reference from Zee Media Corporation, wherein it informed the regulator regarding non-compliance of PIT (Prohibition of Insider Trading) Regulations by 25FPS during the period April 8 to April 23, 2019.
- The Dow Jones Industrial Average jumped 0.92% to end at 29,297.64 points, while the S&P 500 gained 0.84% to 3,316.89.
- The data revealed shows that the Indian investment figures coincided with record investment numbers registered by the UK in 2019, at $13.2 billion, behind the US ($116 billion) and China ($33.5 billion).
- On a year-on-year basis, banks' credit growth slowed to 7.2 per cent to Rs 86.73 lakh crore in November 2019 from 13.8 per cent to Rs 80.93 lakh crore in the year-ago period.
- Under the sandbox method, entities can launch and test a product with a select group of people for a period of six months.
- The simultaneous sale and purchase will be done under Open Market Operations (OMO) on next Thursday.
- The 15 RCEP countries together accounted for 57 per cent or $105 billion of India's overall trade deficit in FY19, with China itself contributing to $54 billion of this.
- Samiran Chakraborty, chief economist at Citi, said income tax cut would benefit only 2-3 percent of the population and may not be the best option to stimulate growth.
- Budget proposals to the Finance Ministry, the industry body has also demanded that the government recognise mutual funds (MFs) as specified long-term assets, qualifying for Long-Term Capital Gains (LTCG), as well as bring ULIPs of life insurance companies and equity MF schemes on par.
- If the inflation remains high, the central bank may stay on hold for a prolonged period. Coupled with likely high government borrowing, bond yields could rise further, no matter what RBI does.
- The company is expected to continue to report robust growth in the consumer segment, telecom and retail arms.
- According to Angel Broking, Spot gold prices ended lower by 0.22 percent to close at $1552.5 per ounce.
- The company has acquired the stake for a cash consideration of Rs 9.36 crore.
- According to Edelweiss, Bharti Airtel would be able to repay the dues and gain market share, and maintain positive stance on Bharti & Reliance Jio.
- ICICI Direct is bullish on Tata Global Beverages has recommended buy rating on the stock with a target price of Rs 450 in its research report dated January 15, 2019.
- ICICI Direct is bullish on Wipro has recommended buy rating on the stock with a target price of Rs 285 in its research report dated January 15, 2019.
- ICICI Direct is bullish on Bandhan Bank has recommended buy rating on the stock with a target price of Rs 650 in its research report dated January 15, 2019.
Banking:
- Management said that considering the current situation there should not be need of accelerated provisioning during Q4FY20.
- A total of 54776 pieces of fake Rs2000 notes worth Rs10.96 crore were seized in 2018 out of the total 257243 pieces of fake currencies seized in number and Rs17.95 crore crore in terms of value/li>
- In the last budget, the government had said that going beyond incremental growth, India has attained the fastest growth in highways building at 27 km a day and is all set for a quantum leap in transport infrastructure.
- On whether India will join it, Jaishankar said the ball was in the court of the member countries of the RCEP.
- Parnika Sokhi takes a look at the issues being faced by Yes Bank and what it needs to do to overcome them.
- If the inflation remains high, the central bank may stay on hold for a prolonged period. Coupled with likely high government borrowing, bond yields could rise further, no matter what RBI does.
- Samiran Chakraborty, chief economist at Citi, said income tax cut would benefit only 2-3 percent of the population and may not be the best option to stimulate growth.
- The Road Ministry plans to allot 22 new greenfield corridors comprising six expressways and 16 greenfield corridors this year, covering a span of 7,500 km.
- Pointing out that there are 92,000 urban and rural credit cooperative in the country, Kumar said it is fragmented and only top 500 are functional.
- Shares of the company rose after the bank assured its customers on its liquidity and stability.
- The only existing policy is on marine fisheries from which the production stands at 4.3 million tonnes annually, but there is no policy on inland fisheries that produces the rest 23 million tonnes.
- In a 40-page initial draft, India's finance ministry has proposed appointing a mediator and setting up fast-track courts to settle disputes between investors and the government, one of the sources said.
- The company said its digital revenues accounted for 41 percent of its overall revenues. The company's revenue in US dollar terms grew 13.7 percent year-on-year to USD 394.4 million.
- For the quarter ended December 31, 2019, the lender reported a sharp increase in gross slippages due to one travel account.
- The company plans to raise funds through domestic bonds in one or more tranches in the next six months.
- The Nifty Midcap Index gains for the 8th straight day to post the longest gaining streak in 18 months.
- Mazhar Mohammad advises traders to remain neutral on the index. India VIX marginally rose by 0.44 percent to 14.18 levels.
- The telecom pack settled 0.63 percent up at 1,142.53, with shares of GTL Infra, MTNL and Reliance Communications logging gains up to 5 percent.
- The overall farm sector growth stood at 2.9 per cent in the 2018-19 fiscal. It was 2 per cent and 2.1 per cent in the first and second quarter of the 2019-20, respectively.
- Patra will be looking after Monetary Policy Department, Financial Stability Unit, Financial Markets Operations Department, Financial Markets Regulation Department, Department of Economic & Policy Research, Department of Statistics & Information Management and Corporate Strategy & Budget Department.
Banking:
- After a difficult phase in terms of RBI-Central bank relations, the NDA-government probably wants a ‘friendly’ RBI’s top brass to work with, especially when the economy is facing a crisis.
- "I met the RBI Governor on Sunday (January 12). I have requested him to allow infrastructure loan financing for a period of 30 years. He has taken note of my request," said Gadkari.
- Reddy said that the government should find a mechanism to infuse Rs 1.5 to Rs 2 lakh crore into the economy as it would help to spur consumption.
- RBI-Central bank relations, the NDA-government probably wants a ‘friendly’ RBI’s top brass to work with, especially when the economy is facing a crisis.
- RBI had net sold $644 million, buying $3.127 billion from the spot market and selling $3.771 billion
- Fund managers infused Rs 670 crore in real estate investment trusts (REITs) and Rs 11,347 crore in infrastructure investment trusts (InvITs) last year, according to the Securities and Exchange Board of India (Sebi).
- Out of 173 applications, only 33 have been approved under the sandbox approach
- In a 40-page initial draft, India's finance ministry has proposed appointing a mediator and setting up fast-track courts to settle disputes between investors and the government, one of the sources said.
- Industry players largely expect some GST relief, one-time subvention scheme, Single Window Clearance system, additional income tax deductions for buying house etc.
- HDFC Bank added Rs 8,270.31 crore to its m-cap to reach Rs 7,02,812.11 crore.
- The Reserve Bank of India has allowed electronic mandate for the Unified Payments Interface (UPI) on recurring payments of up to Rs 2,000.
- The order comes after the Securities Appellate Tribunal (SAT) on December 20 had asked Sebi to pass an order by January 15, 2020 in the case.
- The only existing policy is on marine fisheries from which the production stands at 4.3 million tonnes annually, but there is no policy on inland fisheries that produces the rest 23 million tonnes.
- Electricity demand is seen as an important indicator of industrial output in the country and a sustained decline could mean a further slowdown in the economy.
- Bajaj Finance is trading at a 35 percent premium to its five-year average price to book value (P/BV), a significant premium to other private sector banks, UBS said.
- Reserve Bank of India (RBI) approved a 1.76 trillion rupees ($24.8 billion) dividend payment to the federal government, including 1.48 trillion rupees for the current fiscal year.
- The equipment will be available at 50 per cent of its cost to people soon, Gadkari said at the annual conference of the Association Otolaryngologists of India here.
- Overall exports of gems and jewellery declined 4.37 per cent during April-December 2019 to Rs 1,94,906.30 crore as compared to Rs 2,03,812.21 crore in the same period of 2018.
Banking:
- At this juncture, experts say the hope around the Union Budget, better Q3 numbers and developments on the front of US- Iran and US-China are more important triggers for the market.
- Secondly, the fact to note is that in December, the core inflation (excluding volatile food and fuel components), too has inched up a bit. The core inflation, at 3.54 percent, is the highest since September last year.
- Patra, who is already a member of the Monetary Policy Committee, will replace Viral Acharya, who left the post in July 2019.
- Congress chief spokesperson Randeep Surjewala also accused Modi of indulging in politics of hatred and division, and urged him to focus on the development of the country.
- The retail inflation rose to its highest level in 5 years in December, with the CPI coming in at 7.35 percent.
- The interest rate revision on retail domestic term deposits below Rs 2 crore has come into effect starting January 10, 2020.
- The trade figures released by the General Administration of Customs of China (GACC) on Tuesday projected the total trade in Chinese currency RMB-Yuan terms registered a marginal increase of 1.6 per cent year on year but in dollar terms it was down by about $3 billion.
- RBI Governor on Sunday (January 12). I have requested him to allow infrastructure loan financing for a period of 30 years. He has taken note of my request," said Gadkari.
- According to the data on ACE Equity, mutual funds stake in Yes Bank fell to 5.09 percent as on Dec-end 2019, from 9.26 percent stake as on Sep-end 2019.
- Hinduja-backed lender had announced that it had finalized the candidate for Sobti's replacement. The lender is awaiting the banking regulator's approval on the same, which is likely by end of this month.
- Some of the players who purchased stakes in Swiggy via these secondary stake sale rounds are Naspers, Tencent, Hillhouse, Coatur, DST, Wellington Management and Chinese delivery platform Meituan Dianping.
- The company added close to 5,865 employees in Q3. In the first quarter, the company said it had hired 6,000 freshers, and will likely continue the carry on the momentum in hiring to other quarters as well.
- The bank has acquired 12,73,21,500 equity shares having nominal value of Rs 10 each per share constituting around 29.97 percent of the post-issue paid-up share capital of Rosa Power Supply Company Ltd (RPSCL), a wholly-owned subsidiary of Reliance Power Ltd, Yes Bank said in a regulatory filing.
- Amazon, which has seen significant growth in its business in India, has also witnessed protests from a section of traders in the country who claim that e-commerce giants including Amazon and Walmart-owned Flipkart offer deep discounts and engage in unfair business practices.
- The company had embarked on a mega fund raising exercise, the proceeds of which will be used to pay the adjusted gross revenue (AGR) liability and invest in the network.
- "The company has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Tizanidine Hydrochloride Capsules, 2 mg, 4 mg, and 6 mg," the drug firm said in a regulatory filing.
- "The company has successfully priced a USD 500 million Fixed Rate Senior Secured 144A/Reg S Bond for a 5-year (non-call 3-year) tenor at 5.600 percent," the company said in a regulatory fiiing.
- "We will invest $1 billion in digitising small and medium businesses and export $10 billion worth of 'Make In India' goods by 2025," he stated
- In a regulatory filing the company said its construction arm of L&T has secured orders from clients across various Indian states for its varied businesses.
- IDBI Bank for a period of 3 years with effect from the date of his taking charge, as per the RBI approval received in this regard," IDBI Bank said in a filing to BSE.
- According to the data on ACE Equity, mutual funds stake in Yes Bank fell to 5.09 percent as on Dec-end 2019, from 9.26 percent stake as on Sep-end 2019.
- The 163-year-old company looks to return to the capital markets 16 years after it had de-listed its equity shares from the Delhi and Calcutta stock exchanges.
Banking:
- The Securities and Exchange Board of India (SEBI) has relaxed its March 31, 2020 deadline for the top 500 firms to comply with its directive to separate the roles of chairman and managing director.
- The economic slowdown has adversely impacted employment generation in the country as nearly 16 lakh less jobs are projected to be created in FY20 compared to 89.7 lakh fresh jobs in FY19, a report said.
- One trend that CFOs need to watch out for in 2020 is the central bank digital currency (CBDC) — an idea whose time has come. The technology, in terms of the distributed ledger, has arrived, and various countries have announced low key pilots to explore the idea in greater depth. Except for China, of course.
- According to the SBI research report- Ecowrap, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers.
- In a notification, the finance ministry said that it has imposed the anti-subsidy or countervailing duty after considering the final findings of the commerce ministry's investigating arm Directorate General of Trade Remedies (DGTR).
- The RBI bought $7.46 billion and sold $530 million in the market in November, it said in the bulletin which was released.
- Fund managers infused Rs 670 crore in real estate investment trusts (REITs) and Rs 11,347 crore in infrastructure investment trusts (InvITs) last year, according to the Securities and Exchange Board of India (Sebi).
- After rallying 293.69 points to a record peak of 41,893.41, the 30-share BSE index was trading 248.57 points or 0.60 per cent higher at 41,848.29.
- A U.S.-China trade deal is due to be signed at the White House on Wednesday, though talks on a phase two package are likely to drag on for months.
- According to the SBI research report- Ecowrap, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers.
- Lupin share price falls 2% after USFDA classifies Tarapur unit as OAI
- Tata Motors share price slip 1% on weak global wholesales nos
- Avenue Supermarts share price up 3% on strong Q3 nos; Citi maintains sell
- Yes Bank share price dips 8% on resignation of independent director; Morgan Stanley remains underweight
- Infosys share price gains 5% on guidance revision; here's what brokerages say
- According to reports in fintech media, the Chinese central bank, the People's Bank of China (PBoC), on January 10, issued a press release saying that it is almost ready with a new digital currency.
- The textiles and apparel industry contributes 2.3 per cent to India's GDP and accounts for 13 per cent of industrial production, and 12 per cent of the country's export earnings.
- The expectation from employees is not just functional or technical knowledge that is usually taught in universities but also professional skills around problem solving, decision making and collaboration.
- This was the second consecutive day when fuel prices saw a drop on the back of slight easing of tensions between the United States and Iran
- According to the SBI research report- Ecowrap, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers.
Banking:
- HDFC Bank added Rs 8,270.31 crore to its m-cap to reach Rs 7,02,812.11 crore.
- "The economy is in dire times, everything is going downwards, if the trend continues banks will close down, NBFCs will close down and (it will) lead to disaster," Swamy said, speaking to reporters here.
- The Labor Department's closely watched monthly employment report also showed the jobless rate holding near a 50-year low of 3.5 percent.
- With a slow and strenuous year, there were certain opportunities for the sector that are expected to strengthen the pillars of the aviation industry
- Nifty50 is attempting to touch a new high territory. However, volumes and open interest will probably not support it
- Bank Nifty managed to hold its key positional support of 30,800 zones and nearing to its new high territory which indicates that key support are ready to hold all kind of volatility and profit booking declines.
- The BSE small-cap index added 1.13 percent, BSE large-cap index was up 0.27 percent and the BSE mid-cap index rose 0.29 percent while in the past week.
- Exchanges have sought clarification from Yes Bank on the resignation of Uttam Prakash Agarwal, who flagged corporate governance concerns.
- NITI Aayog has said that the proposed plan is to bring private capital to setup medical colleges and privatise operations, and management of the associated district hospital is to address shortage of qualified doctors
- The company, which had recently launched the BS-VI version of its popular multi-purpose vehicle Innova Crysta, said it will be rolling out diesel variants of other models such as Fortuner by the end of this month or early February.
- Fund managers infused Rs 670 crore in real estate investment trusts (REITs) and Rs 11,347 crore in infrastructure investment trusts (InvITs) last year, according to the Securities and Exchange Board of India (Sebi).
- Overseas investors have turned net sellers in January after remaining buyers for four consecutive months since September 2019.
- Items which contributed positively to headline IIP growth included electric heaters, steel pipes and tubes, MS slabs, etc.
- "The economy is in dire times, everything is going downwards, if the trend continues banks will close down, NBFCs will close down and (it will) lead to disaster," Swamy said, speaking to reporters here.
- The Labor Department's closely watched monthly employment report also showed the jobless rate holding near a 50-year low of 3.5 percent.
- Aramco initially raised a then-record $25.6 billion in its IPO in December by selling 3 billion shares at 32 riyals ($8.53) but indicated it may sell additional shares through the over-allotment of shares.
- As many as thirty-four non-life insurance companies had collected a total premium of Rs 14,334.98 crore in the same month a year ago.
- The company, which had recently launched the BS-VI version of its popular multi-purpose vehicle Innova Crysta, said it will be rolling out diesel variants of other models such as Fortuner by the end of this month or early February.
- Representatives from different companies including Accenture, Adobe, Facebook, Genpact, Google, HCL, Infosys, Intel, Microsoft and TCS are expected to participate in the deliberations, they said.
- Fund managers infused Rs 670 crore in real estate investment trusts (REITs) and Rs 11,347 crore in infrastructure investment trusts (InvITs) last year, according to the Securities and Exchange Board of India (Sebi).
- December for the company's botched response to two crashes and failing to get the company's best-selling plane, the 737 Max jetliner back in the air.
Banking:
- Yes Bank has rejected $1.2 billion of outside investment and will launch a $1.4 billion share sale, it said after a board member’s resignation cast more doubt on the troubled lender’s future and sent its stock down 5 per cent.
- The Reserve Bank of India on Friday unveiled the five year (2019-24) National Strategy for Financial Inclusion to include all, particularly poor and underprivileged class, under formal access to finance – a key goal of the government.
- The fresh call comes just months after the Reserve Bank of India (RBI) approved a 1.76 trillion rupees ($24.8 billion) dividend payment to the federal government, including 1.48 trillion rupees for the current fiscal year.
- The ministry has said that the power plants - 10 out of 11 of which missed a December 2019 deadline - be given deadlines starting July 2020 and ending December 2021 to install the equipment, the government official, who did not want to be named, told Reuters.
- Fiscal deficit is the difference between total revenue (or income) of the government in comparison to the total expenditure.
- Overall exports of gems and jewellery declined 4.37 per cent during April-December 2019 to Rs 1,94,906.30 crore as compared to Rs 2,03,812.21 crore in the same period of 2018.
- Doing away with mandatory physical documentation and in-person verification, the central bank has allowed for the use of a live photo of the customer, and his or her officially valid document as a proof for identification.
- Items which contributed positively to headline IIP growth included electric heaters, steel pipes and tubes, MS slabs, etc.
- The Labor Department's closely watched monthly employment report on Friday also showed the jobless rate holding near a 50-year low of 3.5 percent.
- In the reporting week, the rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which rose by $3.013 billion to $427.949 billion, the data released by the Reserve Bank of India on January 10 showed.
- Manufacturing output, which accounts for more than three-fourths of the entire index, grew 2.7 percent in November, against a contraction of 2.1 percent in October.
- The fresh call comes just months after the Reserve Bank of India (RBI) approved a 1.76 trillion rupees ($24.8 billion) dividend payment to the federal government, including 1.48 trillion rupees for the current fiscal year.
- He was fired in December for the company's botched response to two crashes and failing to get the company's best-selling plane, the 737 Max jetliner back in the air.
- Rising layoffs aside, the firm’s attrition woes are in control. From 23.4 percent in Q1, the annualized attrition has come down to 21.7 percent in the second quarter and 19.6 percent in the third.
- ED on January 10 filed a charge sheet against Shivinder Singh and his brother Malvinder before a Delhi court in a case related to alleged misappropriation of funds at Religare Finvest Ltd.
- The new regime, under CEO Ravneet Gill, promised to take the bank out of its corporate governance mess and asset quality issues, and attract new investors, but he has been unsuccessful to get an investor so far.
- The bank is looking to raise funds to the tune of Rs 10,000 crore by issuing securities.
- "HR has to train young experts for leadership roles by including them in strategic decision making while also training the existing leaders to appreciate new business dynamics and technologies."
- According to a release filed with the exchanges, the committee looked into the allegations contained in the anonymous whistleblower complaints that the company disclosed on October 21, 2019, and, “… determined that the allegations are substantial without merit.”
- DHFLGI, Wadhawan Global Capital Ltd and Navi Technologies had entered into a share purchase agreement dated January 2, 2020, for the transaction.
Banking:
- The Labor Department's closely watched monthly employment report on Friday also showed the jobless rate holding near a 50-year low of 3.5 percent.
- In the reporting week, the rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which rose by $3.013 billion to $427.949 billion, the data released by the Reserve Bank of India on January 10 showed.
- The Reserve Bank of India has allowed electronic mandate for the Unified Payments Interface (UPI) on recurring payments of up to Rs 2,000.
- Manufacturing output, which accounts for more than three-fourths of the entire index, grew 2.7 percent in November, against a contraction of 2.1 percent in October.
- India was also the country which imposed internet restrictions more often than any other country, with over 100 shutdowns documented in 2019, clocking 4,196 hours
- The fresh call comes just months after the Reserve Bank of India (RBI) approved a 1.76 trillion rupees ($24.8 billion) dividend payment to the federal government, including 1.48 trillion rupees for the current fiscal year.
- Currently, imported fertilisers are tested by Faridabad-based Central Fertiliser Control and Quality Institute (CFCQI) as well as three regional centres that come under the agriculture ministry.
- The ministry has said that the power plants - 10 out of 11 of which missed a December 2019 deadline - be given deadlines starting July 2020 and ending December 2021 to install the equipment, the government official, who did not want to be named, told Reuters.
- India's oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017, but its domestic production is expected to rise only marginally, making the country more reliant on crude imports and more vulnerable to supply disruption in the Middle East, the agency said.
- Doing away with mandatory physical documentation and in-person verification, the central bank has allowed for the use of a live photo of the customer, and his or her officially valid document as a proof for identification.
- The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 9,500 to 224,000 last week.
- Overall exports of gems and jewellery declined 4.37 per cent during April-December 2019 to Rs 1,94,906.30 crore as compared to Rs 2,03,812.21 crore in the same period of 2018.
- Fiscal deficit is the difference between total revenue (or income) of the government in comparison to the total expenditure.
- The equipment will be available at 50 per cent of its cost to people soon, Gadkari said at the annual conference of the Association Otolaryngologists of India here.
- The ministry has said that the power plants - 10 out of 11 of which missed a December 2019 deadline - be given deadlines starting July 2020 and ending December 2021 to install the equipment, the government official, who did not want to be named, told Reuters.
- The fresh call comes just months after the Reserve Bank of India (RBI) approved a 1.76 trillion rupees ($24.8 billion) dividend payment to the federal government, including 1.48 trillion rupees for the current fiscal year.
- India was also the country which imposed internet restrictions more often than any other country, with over 100 shutdowns documented in 2019, clocking 4,196 hours.
- Manufacturing output, which accounts for more than three-fourths of the entire index, grew 2.7 percent in November, against a contraction of 2.1 percent in October.
- The Reserve Bank of India has allowed electronic mandate for the Unified Payments Interface (UPI) on recurring payments of up to Rs 2,000.
- Tune in to The Market Podcast to know all about the action on D-Street this past week.
- According to Navneet Damani, Vice President, Motilal Oswal, Gold prices edged lower, declining as much as 1 percent in the yesterday’s session, as de-escalation in US-Iran tensions brought relief to markets and boosted investors' appetite for riskier assets.
- The masala bonds were Cholamandalam Investment and Finance Company's maiden issue which may be listed on the London Stock Exchange in future.
- The value of the January contract traded so far is Rs 8,772.69 crore and February contract saw a trade value of Rs 297.79 crore.
- The main US indexes opened at a record high despite futures initially wobbling after government data showed US jobs increased by 145,000 last month, below the 164,000 rise forecast by economists polled by Reuters.
- The Dow Jones Industrial Average fell 133.13 points, or 0.46%, to 28,823.77, the S&P 500 lost 9.35 points, or 0.29%, to 3,265.35 and the Nasdaq Composite dropped 24.57 points, or 0.27%, to 9,178.86.
- We feel that room for the main indices to grow may be limited since valuation for super large stocks is very high. But tailwinds will be more on other value stocks and upcoming sectors.
Banking:
- The World Bank has projected a five per cent growth rate for India in the 2019-2020 fiscal, but said it was likely to recover to 5.8 per cent in the following financial year.
- Shares of Sunteck Realty rallied 6 percent intraday on January 9 after country's largest lender State Bank of India signed a funding agreement with the company for three projects.
- The share price of IndusInd Bank gained 2 percent in the morning trade on January 9 after global research firm BofAML upgraded the stock to buy and raised the target to Rs 2,000 from Rs 1,500 per share.
- Paytm founder Vijay Shekhar Sharma has denied rumors that his company is looking to purchase a stake in Yes Bank.
- State Bank of India (SBI) on January 7 announced the Residential Builder Finance with Buyer Guarantee (RBBG) scheme, which will issue a guarantee of completion for select residential projects to its home loan customers, PTI reported.
- Shares of Indiabulls Housing Finance rallied more than 5 percent intraday on after the company offered pre-mature redemption of its non-convertible debentures (NCDs).
- Brickworks upgrades ratings on Central Bank of India's debt instruments
- IT firm Mastek on Thursday said that its arm Mastek UK has sold the partial stake in Majesco USA for a cash consideration of USD 1.59 million (about Rs 11.3 crore).
- Jet Airways has bagged its second expression of interest (EoI), the company’s resolution professional (RP) informed the National Company Law Tribunal (NCLT) in its progress report, reports PTI.
- High Street Essentials (HSE), the parent company of FabAlley and Indya, on Thursday said it has raised Rs 8 crore in venture debt from Trifecta Capital.
- Telecom major Bharti Airtel said it has opened qualified institutions placement process to raise USD 2 billion and has launched FCCBs worth up to USD 1 billion. For the QIP issue, the special committee of directors has fixed a floor price of Rs 452.09 per share.
- Solara Active Pharma to conduct internal probe on Nizatidine API amid Mylan recall
- TikTok faces data breach risk, company assures user issues patched in latest app update
- Shares of Reliance Industries rose more than 2 percent intraday on January 9 after Morgan Stanley said it expects strong growth in retail and telecom businesses.
- BGR Energy Systems share price jumped over 12 percent intraday on January 9 after the company bagged an order worth Rs 224 crore.
- Shares of JSW Energy (JEL) fell 2 percent intraday on January 9 after credit watch with negative implications for NCDs from CARE Ratings.
- SoftBank Group Corp is in talks to sell a majority stake in its renewables joint venture in India as it aims to raise cash amid global investment setbacks
- Prime Minister Narendra Modi is meeting economists and experts at the Niti Aayog to discuss the state of economy and steps to be taken to revive growth which is estimated to drop to 5 percent during the current fiscal.
- India needs 6.3% labour productivity growth to attain 8% hike in GDP: Ind-Ra
- To push digital payments, the government is planning to waive merchant discount rate (MDR) on all debit cards, Hindustan Times has reported.
- India Inc’s chief executives are keeping a close track of developments in the Middle East, where tensions between Iran and the US have kept the global economy on tenterhooks.
- PM takes charge: Big, bold announcements on the anvil as Modi turns focus on Budget and economy
Banking:
- Shares of Yes Bank jumped 4 percent in opening trade on January 8, a day after the bank said its board will meet on January 10 to consider fundraising.
- While ‘auctioning’ a distressed bank is a bit of a stretch, RBI could very well consider playing the role of a matchmaker to merge weak banks with stronger ones.
- MDR is the cost paid by a merchant to a bank for accepting payment from their customers via digital means. The merchant discount rate is expressed in percentage of the transaction amount.
- So far, in three tranches of 'Operation Twist', the RBI has bought bonds worth Rs 30,000 crore and sold Rs 25,326 crore worth of securities.
- The CSO projected that the manufacturing sector will grow at 2.0 percent in 2019-20 against 6.9 percent in 2018-19, while mining and quarrying will grow at 1.5 percent against 1.3 percent last year.
- Bankers said they are looking outside the bankruptcy courts and will be able to resolve a few debts in the power sector before January-end
- The Reserve Bank of India (RBI) allowed banks to offer foreign exchange quotes to users at all times, out of their Indian books, either by a domestic sales team or through their overseas branches.
- The Reserve Bank of India (RBI) may not extend the relaxation given last year to banks to comply with its capital conservation buffer (CCB) norm of 2.5 per cent by the end of 2019-20 (FY20).
- The Reserve Bank of India (RBI) conducted its third special open market operation (OMO) where it bought long-term bonds and sold short-term tenure bonds to correct the yield spread.
- The market is balancing concerns on reduced purchases from India and the Middle East tensions, versus the concerns on the Q1 2020 supply tightening in Malaysia and Indonesia, said Marcello Cultrera, institutional sales manager at Phillip Futures in Kuala Lumpur.
- Rising exports from India could put pressure on global prices for cotton, which are trading near their highest in eight months, and hurt shipments from rivals such as the United States and Brazil to key Asian buyers.
- The GDP growth rate hit over a 6-year low of 4.5 percent in the second quarter forcing the government to take various measures to boost the economy.
- The government should invoke the escape clause under the Fiscal Responsibility and Budget Management Act but stay within the prescribed 0.5% wiggle room allowed in an extraordinary year under the guidelines, said the official, who spoke on condition of anonymity.
- Foundation Course for Agriculture Research Service at the city-based National Academy of Agricultural Research Management (NAARM) here, according to an official release.
- The report states that a separate ministerial portfolio was formed for animal husbandry, dairying and fisheries, known as the Ministry of Fisheries, Animal Husbandry and Dairying (MFAHD).
- The CSO projected that the manufacturing sector will grow at 2.0 percent in 2019-20 against 6.9 percent in 2018-19, while mining and quarrying will grow at 1.5 percent against 1.3 percent last year.
- The budget is useful in setting the economic agenda but in the recent past, significant decisions such as the corporate tax cut have also been taken outside the budget, says Mihir Vora of Max Life Insurance.
- Madan Sabnavis, chief economist at CARE Ratings, said the problem of low investments could be blamed on surplus capacity in the private sector
- A group of ministers (GoM) finalised the sale of the entire government stake in state-owned Air India (AI).
- Titled Ten Surprises for 2020, the report is a list unexpected events that could influence and shape the sociopolitical landscapes worldwide for this year
- The Ministry of Railways and the National Institution for Transforming India (NITI) Aayog are spearheading participation of private entities in operation of passenger trains on 100 routes
Banking:
- Bank of Maharashtra cuts lending rates by up to 45 bps across tenors
- The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms for liquidation process wherein a secured creditor is barred from selling assets of a company to any person restricted from submitting an insolvency resolution plan.
- Fusion Microfinance raises Rs 500 cr from Warburg Pincus, Creation Investments
- Shares of HDFC Bank gained 2.5 percent intraday following strong loan and deposits growth in the quarter ended December 2019.
- RBI buys and sells bonds worth Rs 10,000 cr in third open market operation
- Canara-Syndicate Bank amalgamation seen generating ₹10,800-cr profit in 5 years
- The Reserve Bank of India (RBI) may not extend the relaxation given last year to banks to comply with its capital conservation buffer (CCB) norm of 2.5 percent by the end of 2019-20 (FY20).
- Shivalik Mercantile Co-operative Bank Limited has become the first urban cooperative bank (UCB) that has been granted ‘in-principle’ permission to convert into a small finance bank by the Reserve Bank of India.
- Shares of Manappuram Finance rose 2.6 percent intraday after the company issued fixed-rate senior unsecured notes.
- Premier Oil is set to buy stakes in North Sea oilfields Andrew and Shearwater from BP for $625 million and increase its stake in the Tolmount gas project in a deal with Dana worth $191 million, Premier said.
- Xerox Holdings Corporation, said that it had secured funds of $24 billion of the $33.5 billion proposed for its takeover of HP Inc, as per a Reuters report.
- SpaceX on January 6 launched its third batch of 60 mini-satellites into orbit, part of its plans to build a giant constellation of thousands of spacecraft that will form a global broadband internet system.
- PSU Container Corporation of India (Concor) incorporates wholly-owned arm Last Mile Logistics
- US ride-hailing company Uber Technologies Inc and South Korean automaker Hyundai Motor have teamed up to develop electric air taxis, joining the global race to make small self-flying cars to ease urban congestion.
- A Group of Ministers (GoM) headed by Union Home Minister Amit Shah approved the Expression of Interest (EoI) as well as the share purchase agreement for Air India's privatisation
- The Mizoram state government is organizing the Zo Festival from 9th, January 2020.
- The Central Industrial Security Force (CISF) has announced that it is to observe 2020 as the Year of mobility.
- India exports 3.2 million bales of cotton in first quarter of cotton year 2019-20
- Bihar CM launched 478 developmental schemes worth Rs 727.93 crore during the 'Jagrukta Sammelan' in Araria district.The ‘sammellan’ or conference was part of the "Jal- Jiwan-Hariyali" drive to create awareness about water conservation and afforestation.
- Union Minister Piyush Goyal inaugurates the National Stock Exchange (NSE) Knowledge Hub in New Delhi
- Jindal Steel and Power Ltd (JSPL) on Tuesday said its steel production stood at 1.61 million tonnes (MT) in the December quarter of ongoing fiscal.
- Saudi Aramco faces tough test less than a month after $25-billion IPO
- Glenmark Pharmaceuticals said it has got final approval from the US health regulator for Deferasirox tablets for oral suspension.
- China’s largest sports utility vehicle (SUV) maker Great Wall Motors has bid for General Motors' Talegaon (Pune) manufacturing facility
- Biocon Biologics can achieve $1 bn revenue by 2022: Kiran Mazumdar Shaw
- The Supreme Court has rejected the Centre's plea challenging a Telecom Disputes Settlement and Appellate Tribunal (TDSAT) order which directed it to refund close to Rs 104 crore to Reliance Communication.
- MB Chinappa has been appointed as Chief Financial Officer (CFO) of Biocon subsidiary Biocon Biologics India, the company said.
- Reliance Communications' (RCom) committee of creditors (CoC) will hold a meeting on January 8
Banking:
- National Democratic Alliance (NDA) has pumped in around Rs 2.8 lakh crore towards repairing the bad loan-wrecked balance sheets of public sector banks (PSBs). So far in FY20, it has nearly spent all of the Rs 70,000 crore earmarked for these banks.
- Equitas Small Finance Bank has waived non-maintenance charges on all savings account. As per CRISIL, it is the largest small finance bank in India
- UCO Bank aims to come out of PCA by March: AK Goel
- SBM Bank (India) on Monday signed an MoU with fintech startup PayNearby to build an 'open banking' network towards delivering basic banking solutions as well as advanced financial services to the customers.
- UCO Bank announced that it has recovered ₹800-900 crore from 4 large stressed accounts in the December quarter under the bankruptcy law and is extending credit linkage to 10,000 Self Help Groups & opening 2 urban Bank Mitra centers in Kolkata
- UCO bank’s Coimbatore zone accounted for ₹3,000 crore business: Zonal Head
- On the slow lane: NHB grants approval to just 7 housing finance firms in FY19
- Karur Vysya Bank said its Managing Director & CEO PR Seshadri has submitted his resignation citing personal reasons.
- SBI, PNB, BoB slip up to 4% as US-Iran tension push bond yields higher
- Former Indian cricket player and the current coach of the Indian team, Ravi Shastri, bought 1,50,000 shares of Greycells Education through a bulk deal on BSE on January 2.
- The benchmark BSE Sensex fell 700 points to 40,750 as crude oil prices hit a near nine-month high due to increased tensions between the US and Iran. India imports nearly 80% of its crude oil consumption.
- The National Stock Exchange (NSE) said it has approached markets regulator Sebi for its initial public offering and hopes to launch the public issue by September this year subject to approvals.
- Shares of Jet Airways were locked in 5 percent upper circuita media report said that South American Synergy Group had again shown interest in acquiring the debt-laden airliner.
- Bajaj Electricals share price gained more than 2 percent intraday after the board gave its nod to a rights issue.
- Entrance test preparation services provider Aakash Educational Services Ltd (AESL) on Monday said it has acquired ed-tech company Applet Learning Systems for Rs 100 crore.
- 3rd batch of "Sukanya" initiative was started at 100 city-based schools & colleges situated in Kolkata Police jurisdiction.
- External Affairs Ministry announces setting up of new, emerging and strategic technologies (NEST) division
- Even as the 2019-20 sugarcane crushing season is gaining momentum, farmers' arrears of about Rs 2,000 crore are still pending on sugar mills in Uttar Pradesh for the previous 2018-19 sugar season.
- Investors wealth tumbled by a whopping Rs 3.11 lakh crore in two successive sessions of decline in the equity market following the escalation in tensions in the Middle East.
- The Employees’ Provident Fund Organisation (EPFO) is likely to lower interest rate by 15-25 basis points
- GST fraud: CBIC asks DGFT to tighten process after star exporter pays Rs 1,650 tax seeks Rs 3.9cr refund
- Fitch Ratings said it expects Hindustan Petroleum Corp Ltd's (HPCL) refining margins to fall by one-third during the current fiscal due to volatility in crude prices leading to inventory losses.
- Amazon India said it has entered into long-term business agreements with Future Group for expanding the reach of the latter's retail stores and consumer brands through its online marketplace.
- Pipe manufacturer MAN Industries (India) Ltd said it has bagged new export orders worth Rs 400 crore. "The company has received new export orders of approximately Rs 400 crore
- Flipkart customers will not need one-time passwords (OTP) for transactions up to Rs 2,000. The e-commerce major launched a new payment solutio Visa Safe Click (VSC) powered by payment technology major Visa.
Banking:
- State Bank of India (SBI) introduced OTP-based ATM withdrawals with effect from 1st January 2020. SBI OTP-based ATM cash withdrawals are applicable for above 10,000 cash withdrawals.
- The Reserve Bank-appointed administrator of beleaguered Dewan Housing Finance Limited (DHFL) has admitted close to Rs 4,800 crore of claims submitted by fixed deposit holders of the company
- Public sector Indian Overseas Bank has received capital infusion of Rs 4,360 crore from the government of India, the bank said
- The government is unlikely to announce capital infusion for the public sector banks (PSBs) in the upcoming Budget and will rather encourage them to expedite recovery of bad loans
- Banking wrap: Lenders brace for employee strike, RBI says urban cooperative banks should focus on priority sector lending
- World Bank's ease of doing biz: DPIIT focusing on 6 parameters to push India's ranking
- P R Seshadri, Managing Director & CEO of Karur Vysya Bank, resigned from the position citing personal reasons. He was appointed as the MD and CEO in September, 2017.
- Indian and Swiss authorities are investigating trusts set up in overseas tax havens for seemingly evading taxes by parking illicit funds in Switzerland banks, as per notices issued to those entities.
- The correction might get deeper if 11,800 gets traded on lower side on a weekly basis and in that case the fall could extend till the levels of 11,410 and 11,250.
- "The board of directors of the company in its meeting approved the proposal for raising of funds through the issuance of commercial paper up to Rs 2,000 crore in tranches," NLC India Ltd said in a filing to the BSE.
- German automaker Daimler AG said on Saturday it will recall 744,000 Mercedes-Benz vehicles in the United States from the 2001 through 2011 model years
- "India today is a USD 2.5 trillion economy, and we have set a target of becoming USD 5 trillion by 2025. In this target, 50 per cent will be international trade, of which exports will be a major component," Prabhu said.
- Besides, first-time Shiv Sena MLA Aaditya Thackeray, who is the son of Chief Minister Uddhav Thackeray, has been given charge of the environment, tourism and protocol departments, he said.
- Ramesh Pokhriyal ‘Nisank’ inaugurated the 28th edition of New Delhi World Book Fair 2020 (NDWBF) at PragatiMaidan in New Delhi.
- Bolstered by the brisk pace of paddy procurement, Uttar Pradesh is looking to breach the target of 5 million tonnes (MT) for the current 2019-20 Kharif marketing season.
- The National Pension Scheme for Traders and Self-Employed Persons has failed to gain traction as only about 25,000 persons have opted for the scheme as against the government's target to enroll 50 lakh by March-end.
- Foreign portfolio investors (FPIs) began the year with profit booking as they withdrew a net sum of Rs 2,418 crore from the Indian capital markets in the first three trading sessions of January.
- State-owned Bharat Sanchar Nigam Ltd has submitted details of 14 properties worth Rs 20,160 crore to the Department of Investment and Public Asset Management (DIPAM) as part of the telecom corporations' ambitious asset monetization plans
- Power producers' total outstanding dues owed by distribution companies increased around 45 percent to Rs 81,085 crore in November 2019 over the same month previous year, reflecting stress in the sector.
Banking:
- HDFC Bank has been adjudged as the winner in the 'Innovation and Inclusiveness in Priority Sector Lending' category at the '11th Inclusive Finance India Awards' in the '16th Inclusive Finance Summit' organized in New Delhi.
- State-owned Syndicate Bank said it is taking necessary steps for the smooth functioning of its branches on January 8 the day of the general strike called by trade unions.
- IRDAI has mandated insurers to sell a standard, affordable policy from April 1
- Indian Bank sings MoU with Women Entrepreneurs Welfare Association to provide credit: Padmaja Chunduru, MD and CEO, Indian Bank
- Private banks may no longer offer toll-free helpline numbers to customers
- In line with the country's largest lender SBI, HDFC Ltd reduced the benchmark lending rate by 0.05 per cent
- China's banking and insurance regulator (CBIRC) has released new rules which make it easier for foreign lenders to enter the Chinese market.
- SEBI has tightened the noose around the corporates, saying if companies are not cooperating with credit rating agencies (CRAs) on disclosure of loan defaults
- Digital payments player PayPal has unveiled a new adoption assistance programme aimed at enhancing the parental support benefits for employees.
- India extends a line of credit of USD 75 million (over Rs 500 crore) to Cuba for financing solar parks
- Petrol and diesel prices witnessed a minor surge and stood at Rs 75.45 per litre and Rs 68.40 per litre respectively in Delhi and across major cities of the country
- Oil prices surged as much as $3 a barrel as gold, the yen, and safe-haven bonds all rallied on Friday after the US killing of Iran’s top military commander
- The country's foreign exchange reserves swelled by USD 2.520 billion to touch a record high of USD 457.468 billion in the week to December 27
- Government approves 2,636 new charging stations in 62 cities: Prakash Javadekar
- NITI Aayog moots ₹22,500-crore plan for private trains on 100 routes: NITI Aayog CEO Amitabh Kant
- Maharashtra Government launched a Cyber Safe Women initiative under which awareness camps across all the districts of the state regarding cyber safety.
- Around 171 hospitals de-empanelled and 4.5 cr fine imposed under Ayushman Bharat Scheme
- KVIC opens first silk processing plant in Gujarat at Surendranagar to improve the availability of raw material for the production of Gujarati Patola Sarees
- Ahead of the Union Budget, Nobel Laureate Abhijit Banerjee has opposed any further cut in corporation tax rates.
- Apple chief Tim Cook saw his annual pay slip to $11.6 million in 2019 after the company registered a weaker financial performance compared with the previous year
- Kishore Biyani-led Future Retail said its board has approved raising of long-term funds up to $500 million (around Rs 3,588 crore) for the acquisition of certain in-store infrastructure retail assets.
- Despite the on-going slowdown, two-wheeler OEMs have a stable outlook, while passenger cars, commercial vehicles, and auto components outlook will be negative, says rating agency Icra.
Banking:
- The pace of year on year growth in commercial bank credit more than halved to 7.1 per cent at end fortnight (December 20, 2019) from 15.11 per cent a year ago, data released by the Reserve Bank of India revealed.
- IRDAI gives a big boost to affordable health cover with mandatory 'Arogya Sanjeevani' Policy
- State-owned Bank of Baroda said it has raised ₹920 crores by issuing Basel III-compliant bonds on private placement basis.
- State Bank of India (SBI) said it intends to divest up to 1.0101 per cent (50 lakh equity shares) of its equity
- Micro-finance company Satin Creditcare Network on Friday said it has received external commercial borrowing funding (ECB) of $15 million (around Rs 107.2 crore) from Development Bank of Austria
- With banks increasingly insisting on 100 percent cash payment for selling their stressed assets, Asset Reconstruction Company (India) Limited (Arcil) plans to float a ₹1,000-crore Alternative Investment Fund (AIF) to pony up the cash to buy them.
- Bank of Baroda has entered into a co-lending deal with JM Financial Home Loans to provide retail loans to home
- Shriram Transport Finance Co (STFC) has upsized the programme to USD 3 billion from USD 2 billion, the rating agency said in a statement.
- Agrochemical maker Insecticides India Ltd (IIL) has received an environment clearance for setting up a pesticide manufacturing unit in Bharuch, Gujarat that will entail an investment of Rs 40 crore
- Kia Motors said it has increased the price of its SUV Seltos by up to Rs 35,000 across variants from January 1. The price hike is in the range of Rs 25,000-35,000 across various variants of Seltos
- Mutual funds have added a whopping Rs 3.15 lakh crore to their asset base in 2019 on the back of robust inflows in debt schemes and measures taken by regulator Sebi for boosting investor confidence.
- Two and three-wheeler manufacturer TVS Motor said it has unveiled a 125 cc scooter TVS NTORQ Race Edition equipped with new features. The launch of the scooter witnessed a huge turnaround in the Sri Lankan scooter market, TVS Lanka CEO Ravi Liyanage said.
- Unified Payments Interface registered over Rs. 1.31 bn transactions with the total value crossing Rs. 2 trillion in Dec 2019, almost a 7% growth
- Odisha bags Krishi Karman Award for food grain production in 2016-17
- PM hands over keys of Deep-Sea Fishing Vessels and Fishing Vessel Transponders to select farmers of Tamil Nadu
- PM distributes Agriculture Ministry’s Krishi Karman Awards for Progressive Farmers and Commendation Awards to the states in Tumkur, Karnataka
- In a sign of the slowdown in the auto-industry, registrations of new vehicles dipped by 15 percent in Maharashtra in 2019 and led to low revenue collection
- Indian economy benefited from 'favourable external environment' in 2019: DBS
- Assets worth Rs 1.66 crore have been attached under the anti-money laundering law in connection with an alleged chit fund or ponzi scam case in Jharkhand, the ED said
- State-owned Coal India allocated 16.95 million tonnes (MT) of the dry fuel under special forward e-auction to the power sector in the April-November period of this fiscal, down 22.6 percent over the year-ago period.
- Facing slowdown headwinds, Uttar Pradesh’s industrial output contracted sharply by 9.6 percent in October 2019 over the corresponding month in the last financial year 2018-19.
- A scheme to promote exports will be extended till March 31 this year though the government had decided to discontinue it under pressure from the World Trade Organization (WTO)
- The government awards ONGC all seven oil and gas blocks that were on offer in the fourth round of Open Acreage Licensing Policy (OALP)
- PM Modi releases the third installment of Rs 2000 to 6 crore beneficiaries under PM KISAN (Pradhan Mantri Kisan Samman Nidhi) for the period December 2019
- Shares of JSW Energy climbed nearly 2 percent on BSE , a day after it said it had entered into an agreement with Jaiprakash Power Ventures (JPVL) to restructure the debt owed by JPVL to the company.
- Oyo, a start-up that offers budget hotel rooms, has grown into one of India’s most valuable private companies and aims to be the world’s largest hotel chain by 2023.
- This would be the first time when Amazon would host Future Group's sale. Earlier last year, Amazon had announced acquiring 49 percent stake in Future Coupons, which owns 7.3 percent shares of Future Retail, with an option to buy the entire holding at a later stage.
- Bidding for the acquisition of Emami Cement is likely to commence by mid-January this year with Aditya Birla Group firm UltraTech Cement leading the race at an offer price of Rs 6,500-7,000 crore in an all-cash deal.
- The National Company Law Appellate Tribunal said on Friday that it would not change its judgment in the Tata Sons matter but it will, however, clarify that Mumbai Registrar of Companies was only following the order of NCLT
- Dutch brewing giant Heineken is likely to increase its stake in the United Breweries (UBL) in its bid to attain controlling stake of 51 percent or more from the current level of around 46 percent in the beer company.
Banking:
- RBI launches ‘MANI’ (Mobile Aided Note Identifier) app to help visually challenged persons to identify denomination of notes
- PNB cuts MCLR by 5-30 bps across tenors
- The ARC’s CEO sees a clear opportunity to acquire the stressed assets of SMEs in the range of ₹50-150 crore via all-cash deals
- BoB, JM Financial Home Loans in co-lending tie-up
- HDFC has received approval from the Insurance Regulatory and Development Authority of India to acquire 51.2% stake in Apollo Munich Health Insurance
- Using SBI’s recent cut as the basis, the borrower’s EMI will reduce to Rs 16,605 from Rs 16,916 earlier. In other words, the borrower is going to save just Rs 311 monthly on account of this rate cut
- Finance Minister launches ‘eBkray’ platform to enable online auction of attached assets by banks
- Dhanlaxmi Bank share price rose nearly 2 percent intraday after CARE reaffirmed its rating on the private lender's bonds.
- Sterlite Technologies share price gained 7.7 percent intraday after the company bagged a Rs 1,800-crore project for a high-speed rural broadband network in Telangana.
- Bharat Bond ETF issued by Edelweiss Mutual Fund was listed at Rs 1,000 on the National Stock Exchange (NSE).
- Investments in new projects during the December quarter have risen 37.4 percent year-on-year (YoY) to Rs 4.26 lakh crore.
- The chief executive officer and managing director of Tata Steel, T V Narendran has suggested to the government to focus on "cost of business" to make industries, particularly the manufacturing sector, more competitive.
- Chinese smartphone maker Xiaomi Corp will invest more than 50 billion yuan ($7.18 billion) in artificial intelligence and fifth-generation internet technologies over the next five years
- Govt gains over Rs 30,000cr under Sabka Vishwas, extends scheme to recover Rs 2.9 lakh crore pending dues
- Govt. appoints lawyer Rohan Shah as India’s Representative and Governor on the board of Economic Research Institute for ASEAN and East Asia (ERIA)
- India's gold imports, which have a bearing on the current account deficit (CAD), fell about 7 percent to USD 20.57 billion during April-November period of the ongoing financial year
- UIDAI has opened 28 Aadhaar Seva Kendras as part of its plan to open 114 stand-alone Aadhaar Enrolments & Update Centres across the country which is in addition to about 38,000 Aadhaar enrolment centres run by Banks, Post Offices & State Governments
- ₹1,03,184 of gross GST revenue collected in December 2019
- Vinod Kumar Yadav assumes charge as Chairman, Railway Board on reappointment for a period of one year
- BHEL commissions India’s first lignite-based 500 MW
- The government may miss its disinvestment target of Rs 1.05 trillion for 2019-2020 by a wide margin, as its plans to sell Bharat Petroleum Corporation (BPCL), Container Corporation of India and Air India are unlikely to conclude by March-end.
- Tirupur, the garment hub that makes exports worth Rs 26,000 crore annually, had a forgettable year in 2019. At least four world-famous brands that sourced their products from the Tamil Nadu city either filed for bankruptcy in the US and Europe as demand slowed down due to competition from online channels and costs going up.
- The Telecom Regulatory Authority of India (Trai) has released amendments to the New Tariff Order (NTO), in which it has directed cable operators to provide 200 channels for Rs 153.
- The country's largest airline IndiGo now has more than 250 planes in its fleet after inducting at least four neo aircraft on December 31, according to an official.
- Nissan Motor India reported a 49 percent rise in its domestic sales at 2,169 units in December. The company said it exported 10,791 units in December, registering its highest-ever monthly shipment in 5 years.
- Bajaj Auto reported a 3 per cent decline in total sales at 3,36,055 units in December 2019.
- Jindal Steel and Power Ltd (JSPL) said its domestic production of crude steel and related products for the quarter ended December 31, 2019, stood at 1.61 million tonnes (MT), up 22 percent from the year-ago period.
- State-owned Oil and Natural Gas Corp (ONGC) has begun an exercise to shed excess cost at the Mumbai offshore oil and gas fields of Panna-Mukta, whose control it regained after two and half decades and has already saved Rs 1 crore in the shipping cost.
- The Centre has started the process for sale of Bharat Sanchar Nigam’s (BSNL’s) assets. It has set up of an inter-ministerial group that would shortlist and prioritise the sale of real estate assets of the cash-strapped company.
Banking:
- For customers of the State Bank of India (SBI), the new year comes with three new changes in rules. Starting January 1, these changes in the services offered by the bank will become effective to improve customer experience.
- State Bank of India (SBI) is examining the possibility of floating a distressed asset fund in 2020, Business Standard reported.
- Shares of RBL Bank climbed by over a percent on BSE, a day after it said it had raised Rs 675.80 crore through preferential allotment of shares.
- keeps interest rates on small savings schemes unchanged for the fourth quarter of 2019-20
- Current account deficit (CAD) declines to 1.5% of GDP in first half of 2019-2020; was 2.6% in the corresponding period in 2018-19
- The Reserve Bank of India (RBI) said urban cooperative banks (UCB) with deposit size of Rs 100 crore and above should have a professionally run board of management, and CEO appointments would be subject to the RBI’s nod.
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i. SBI Home loans to get cheaper
ii. OTP-based ATM transactions for SBI customers
iii. EMV chip-based SBI debit cards
- Reliance Industries Limited launches its online food and grocery selling venture named JioMart
- Samir Arora, founder and fund manager of Helios Capital, has advised against investing in the automobile sector this year saying "auto is not a 2020 theme".
- Adani Ports, one of India's largest private port operators, is all set to acquire a majority stake in Krishnapatnam Port in Andhra Pradesh, sources indirect knowledge of the matter told CNBC-Awaaz.
- G Motor India reported retail sales of 3,021 units of its sports utility vehicle Hector in December. Since July, when it started deliveries of its vehicles in India
- GST revenue collection remained above Rs 1 lakh crore mark for the second month in a row with December mop-up rising to Rs 1.03 lakh crore as compared to the year-ago period. In December 2018, the GST collection was Rs 97,276 crore.
- Output of eight core infrastructure industries contracts for the 4th consecutive month in November by 1.5%
- India likely to surpass Germany to become the fourth-largest economy behind the US, China and Japan in 2026: UK-based Centre for Economics and Business Research (CEBR)
- K. Yadav retained as the Chairman of Railway Board for a period of one year
- The Uttar Pradesh SRTC has launched a dedicated women helpline, "Damini", which is a calling and a WhatsApp service for the safety of women. Number 81142-77777 has been subscribed for the helpline, which is an extension of the Nirbhaya Yojana.
- The Railways has renamed its security force RPF (Railway Protection Force) as Indian Railway Protection Force Service. The ministry of railways has accorded organised Group A status to RPF and renamed it.
- New projects surged 37.4% to Rs 4.26 trillion in Dec quarter: Report
- EESL has signed MOU with Hindustan Petroleum Corporation for setting up charging infrastructure to boost electric mobility.
- A 7-member group of ministers (GoM) has been constituted to oversee the implementation of the Rs 69,000-crore revival plan for state-owned BSNL and MTNL.
- Arun Kumar Shukla took charge as the chairman and managing director of Hindustan Copper, an official release issued by the company said.
- Retail major Walmart India has elevated its Chief Business Officer Sameer Aggarwal to the post of Deputy CEO. Aggarwal's appointment comes into effect from Wednesday.
- Leading electric two-wheeler maker Hero Electric has put on hold investment of up to Rs 700 crore by a year with the sector taking a nosedive as FAME II
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