The article Banking Awareness One Liners March 2020 includes Banking Awareness One Liners with an explanation, analysis, and issues of current events in the month of March. And these One-Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.
Kotak Mahindra Bank cuts interest rate on savings bank accounts to 5%
World economy will go into recession with likely exception of India, China: UN
Nearly Rs 190 crore of their money stuck in PMC, RBI employee unions push for quick merger with other lenders
Govt working on economic package for affected industries; may provide tax relief
Coronavirus impact | Income tax collection may fall by 10%
SBI may offer 3-month moratorium on loans to all customers: Report
Economy:
The Reserve Bank of India (RBI) cut benchmark repurchase (repo) rate by 75 basis points and its reverse repurchase rate by 90 basis points at an emergency meeting on March 27.
The airline industry is one of the sectors hardest hit by the COVID-19 outbreak, with US airlines suspending most transatlantic flights and many domestic routes.
While IRDAI has asked insurers to provide this option, policy holders should check with their respective companies for the facility.
A three-week nationwide lockdown has left an estimated 300,000 workers in India’s multi-billion dollar garment stuck in factory hostels where rooms are shared by up to a dozen people.
As the world economy is entering recession, the G-20 will have to play a decisive role in mobilising resources and provide direction to major economies and multilateral institutions.
Investors should get out of weak positions taking advantage of a bear market rally and redeploy the cash in strong businesses that are likely to survive and grow once normalcy returns.
This will come under overall FPI limit of above 6 percent but those falling under specified securities can be subscribed without any restriction.
Business:
Many borrowers, credit cardholders and mutual fund investors have received SMSes from their lenders reminding them that they need to maintain sufficient balance on the due date.
"SpiceJet management has decided to implement a pay cut between 10-30 percent in March across our employee base. Our Chairman and Managing Director (Ajay singh), in fact, has opted for the highest cut of 30 percent in compensation," the airline said in the communication.
The company is producing assemblies that are used in X-ray generators from GE Healthcare and diagnosis units from Molbio Diagnostics to enable rapid disease testing in India
The Reserve Bank of India (RBI) cut benchmark repurchase (repo) rate by 75 basis points and its reverse repurchase rate by 90 basis points at an emergency meeting on March 27, bringing the rates to 4.40 percent and 4.00 percent, respectively, from 5.15 percent and 4.90 percent, previously.
On the asset quality, Khara said, “We are in the process of evaluating the impact. It would be too early for me to say anything.”
PFC's employees will voluntarily contribute a day's salary to the fund to further strengthen the nation's fight against the dreaded disease, a company statement said.
IDBI Bank offers uniform three-month moratorium to all borrowers
The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers not to enter into any capital gearing treaties with immediate effect.
Bank of Baroda slashes repo-linked lending rate by 75 bps
ICICI Bank launches banking facilities on WhatsApp
Multilateral institution Asian Development Bank (ADB) announced a USD 100 million funding for the Indian infrastructure sector through the government-promoted NIIF.
At close, the BSE Sensex was down 1,375.27 points or 4.61 percent at 28,440.32, and the Nifty50 fell 379.15 points or 4.38 percent to 8,281.10.
Banks have been asked to look at the feasibility of reactivating some Jan Dhan accounts that have been left inoperative due to cash flow problems
Economy:
Banks have been asked to look at the feasibility of reactivating some Jan Dhan accounts that have been left inoperative due to cash flow problems
The growth estimate for 2020-21 fiscal (April 2020 to March 2021) compares with a 4.9 per cent forecast in the current 2019-20 that ends
The report comes amid a crippling impact on economic activity due to the three-week lockdown till April 14 which is expected to only aggravate the difficulties around growth that were existing before the pandemic.
2.1 percent GDP forecast may be a huge downgrade but given the projected recession in other regions like the US, Europe, and Latin America, India will be the fastest-growing nation and will be only among three countries in G20 along with China and Indonesia.
Investors fear that the supply chain disruption will squeeze liquidity out of the system and pop the numerous bubbles - the global equity and debt market, tech start-ups, real estate, and shale energy - that have developed in the last decade.
The institute said in a statement that this platform can help authorities to register and track the individuals to check if they confine to their quarantined zones.
Business:
Several senior executives have reportedly sold their shares at low prices to clear the loans taken to exercise their ESOPs.
The actions of global central banks will eventually be quite positive for Bitcoin, though the cryptocurrency requires more adoption and trust.
As companies invoke force majeure clauses in their contracts to avoid specific performance, here is a more detailed checklist of other contracts that may need a comprehensive review as the COVID-19 lockdown continues.
The rapid increase in infected cases by novel coronavirus or COVID-19 was the major worry for investors globally as it butchered all asset classes and forced the world to fall into recession.
"Olacabs has agreed to give 500 OLA vehicles for #Covid_19 related activities in Karnataka. These vehicles will be used by the government for commute by doctors and Covid 19 related activities.
In such times, HDFC Trustee's investment in SpiceJet is seen as a boost of confidence for the airline's management and investors.
Banks have been asked to look at the feasibility of reactivating some Jan Dhan accounts that have been left inoperative due to cash flow problems.
This week is a holiday-shortened one and we do not see this volatility easing anytime soon. The probable range for the Nifty index could be 7,600-9,500 zone.
RBI moratorium: Borrowers await clarity from individual banks
Bank of India (BoI) has slashed its External Benchmark Lending Rate (EBLR), which is linked to the Repo rate, by 75 basis points (bps) to 7.25 per cent from 8 per cent.
The amount being reimbursed is subject to a ceiling of ₹4,500 as prescribed by the Government of India.
State Bank of India are gearing to handle the expected rush of customers to claim the Covid-19 entitlements announced by the Centre and State governments as part of their economic packages.
Public sector banks merger to come into effect from April 1
The RBI announced that all commercial banks, co-operative banks, all-India Financial Institutions, and NBFCs are being permitted to allow the moratorium
IBA says that most of the banking services are available online.
Economy:
In India, we’ve been banging on about the need for a stiff dose of economic stimulus. A support package is all the more necessary for vulnerable firms that were little better than zombies even before the coronavirus crisis hit
Take a look at these pictures to know about the life in India during lockdown in the wake of coronavirus outbreak.
As claims mount due to COVID-19 cases globally, insurers will begin hiking premiums once the cases subside
RBI Governor Shaktikanta Das, in a statement, permitted banks to allow a moratorium of three months on equated monthly instalment (EMI) payments
HDFC Bank has delivered manifold returns since it made its debut at the exchanges in 1995.
UK Prime Minister Boris Johnson tested positive for COVID-19 and isolated himself. Here are other key developments from today
The rupee hit an all-time low of 76.15 against the US dollar on March 23 as foreign investors continued to withdraw money from domestic equity and debt market amid uncertainties due to the fast-spreading coronavirus.
Business:
The woman from Karnataka had come to stay with her son here and was being rushed to a Mangaluru hospital after her condition deteriorated, the family said.
The man, who was being treated for the deadly viral infection at Colombo's Infectious Diseases Hospital (IDH), died, said Anil Jasinghe, Director General of the Health Services.
By suspending passenger trains from March 22, the Railways had also by default suspended parcel vans attached to them carrying perishable items, mostly daily essential needs like vegetables, dairy items, and fish.
The firm has said that clients had two options under which we could transfer assets to your designated bank account or Demat account.
RBI measures will ease the liquidity freeze in the bond markets and bring down the yields. This should reverse the mark-to-market losses seen by investors in the recent past.
“There will be revenue generation due to cost-cutting on account of branch rationalization and also on the technology side.
Motilal Oswal feels markets may continue to fall in the near term, and that's the time to start becoming greedy. Hence the brokerage suggests accumulating on a gradual basis.
Finance Ministry tells banks to ensure adequate liquidity for direct cash transfers
Reserve Bank of India (RBI) reduced the repo rate by 75 basis points (bps), the country's largest lender, State Bank of India (SBI), on Friday said it would pass on the entire cut to its customers, effective April 1. SBI cut interest rates on retail term deposits by 20-50 bps
Visit the banks only in case of absolute necessity: Indian Banks’ Association tells customers
The new lending and deposit rates are effective from April 1, 2020 and March 28, 2020, respectively
RBI allows rescheduling of termloans and working capital facilities
Indian MF investors have so far refrained from redeeming their units in a large way.
The Back ratios are typically known for their pro-volatility characteristics. Here, we have a forecast that we could have a big move in a day or two.
Economy:
In India, we’ve been banging on about the need for a stiff dose of economic stimulus.
Take a look at these pictures to know about the life in India during lockdown in the wake of coronavirus outbreak.
As claims mount due to COVID-19 cases globally, insurers will begin hiking premiums once the cases subside
RBI Governor Shaktikanta Das, in a statement, permitted banks to allow a moratorium of three months on equated monthly instalment (EMI) payments
HDFC Bank has delivered manifold returns since it made its debut at the exchanges in 1995.
The rupee hit an all-time low of 76.15 against the US dollar on March 23 as foreign investors continued to withdraw money from domestic equity and debt market amid uncertainties due to the fast-spreading coronavirus.
The peak demand met was down mainly due to lower demand from industry and state power distribution companies (discoms) across the country due to the lockdown.
While the regulator had put out a draft on March 5 proposing a marginal hike in third party premiums, this decision has been deferred until further notice.
Business:
With a three-week lockdown announced by the government, production has come to a standstill in the automotive industry across the country.
The land is located at Tiruvaranga Village, Begur Village, Anugondanahalli, Hobli, Hoskote Taluk, Bangalore Rural District, Karnataka.
Based on data from Fidelity and Vested, it seems like investors have been lapping up popular brands such as Apple, Amazon, Tesla, and Microsoft as these mega-caps have tumbled off of record highs.
From speed and convenience to safety and security, fintech has covered almost all the aspects to make traditional financial processes like lending, payments, and investments a hassle-free experience.
The Back ratios are typically known for their pro-volatility characteristics. Here, we have a forecast that we could have a big move in a day or two.
Today, the coronavirus pandemic is adding pressure and volatility to the economy and financial market. We need not only financial stimulus but better public health policy and success of lockdown
RBI doubles the variable rate repo auction amount to ₹50,000 cr
Cabinet approves recapitalization of RRBs to improve their Capital to Risk-Weighted Assets Ratio
PSBs to extend loans so firms can continue ops and pay salaries
Union Bank of India launches Covid Emergency Line of Credit (CELC) for its customers to tide over liquidity issues
Indian Bank launches IND- COVID Emergency Credit Line (IBCECL) for large corporates
IndusInd Bank share zooms 30%; Europacific Growth Fund sells 35.8 lakh shares
Digital Industry to temporarily default HD content streaming to SD till April 14
Economy:
Centre earmarks Rs 1.80 lakh crores for providing wheat at Rs 2 per kg and rice at Rs 3 per kg; amount to be given in advance to the states for the coming 3 months
Govt bans export of anti-malarial drug hydroxychloroquine
Govt. to continue scheme for Rebate of State and Central Taxes & Levies (RoSCTL) on export of garments beyond March 31
BSE Sensex rises 1,862 points or 7 per cent to settle at 28,536
NSE Nifty ends at 8,298, up 497 points or 6.37 per cent
Rs 60k-crore income support plan for poor in works
NTPC’s installed capacity touches 58,816 MW
Cabinet approves extension of Rebate in Taxes on Export of Garments and Made ups
Covid-19 treatment to be covered under Ayushman Bharat
Coronavirus to shave off ₹40k Cr every day from Indian economy: CARE Ratings
Covid-19 relief: FM announces Rs 1.7 trn plan for poor, migrant workers
Covid-19: Centre to fast-track PM-KISAN disbursals for 85 mn farmers
Jharkhand to provide 2 months' ration in advance via PDS
Indian rupee rises 84 paise against USD after govt announces welfare measures to fight COVID-19
Karnataka Bank waives charges on digital transactions
Yes Bank board to meet on March 26 to discuss capital raising plans
With robust demand for cash at ATMs, it’s business as usual for cash logistics players
The Ministry of Corporate Affairs (MCA) has operationalised the Centre’s move to raise the default threshold for initiating corporate insolvency resolution proceedings (CIRP) against companies to ₹1 crore from the earlier ₹1 lakh.
Economy:
The absence of an aid and stimulus package may hurt even more because of the lockdown that the government announced. A slowing economy will be paralyzed in multiple ways
He added that every enterprise is going to have a cash flow problem once the lockdown ends and so the ability to repay debt is going to be practically zero.
Prime Minister Narendra Modi has announced a complete lockdown of the country for 21 days to check the spread of coronavirus.
"On people costs front, both of us will take the lead and take zero salaries effective April 2020, while the rest of our leadership team have also offered to take a reduction of approximately 50 percent in their compensation," Kalra and Magow said in a message to company's employees.
The association claims that of the 60 million staff, 10 million have been directly impacted, and their livelihood is at risk as all major national events are postponed or canceled due to the COVID-19 pandemic.
Business:
In a regulatory filing, the company said the decision was taken keeping in mind the safety and well-being of all the employees and stakeholders.
Briefing reporters, Information and Broadcasting Minister Prakash Javadekar said the Cabinet approved an extension of the scheme for Rebate of State and Central Taxes and Levies on Export of Garments and Made-ups from April 1
The downgrade and negative outlook reflect our expectation that Indiabulls' access to funding will remain challenging for longer than expected, said Moody's
Information and Broadcasting Minister Prakash Javdekar said that the recapitalization of RRBs will improve their Capital to Risk-Weighted Assets Ratio.
Real estate experts hope that activity picks up post June. The sector should see traction during Dussehra when most new projects and also those deferred this season may be launched
According to rating agency India Ratings, the fourth quarter of every fiscal typically accounts for 30-35 percent of the annual revenue of construction companies, of which a month's lockdown can erode 8-10 percent.
Jana SFB launches UPI QR-based loan instalment payment facility
SBI to provide 0.25% of its annual profit for 2020-21 to fight the coronavirus outbreak in India
Sumant Kathpalia succeeds Romesh Sobti as CEO & MD of IndusInd Bank
RBI outlined Business Continuity Plan for smooth functioning national payment systems
In a first, Karur Vysya Bank introduces pre-paid card ‘Enkasu’ in Karur, TN
RBI advances second tranche of G-Sec buying under OMOs to March 26
Tax Deadlines Now June 30, No Fee For ATM Withdrawals From Any Bank
DCB Bank announced CSR spending worth Rs 1 crore in the next 3 months for intervention and measures to contain the outbreak of Covid-19.
Charges On Using Other Banks' ATM, Minimum Balance Waived For Three Months
Economy:
Exempt stock market entities, their workforce from lockdown: Centre tells states
Lok Sabha passes the Finance Bill without a discussion
Centre allows States and UTs to lift foodgrains for 3 months in advance from Food Corporation of India (FCI) for Public Distribution System (PDS) scheme
S&P Global Ratings cuts estimate for India’s GDP growth in the fiscal starting April 1 to 5.2% from its earlier estimate of 6.5%
Sensex, Nifty Rebound Nearly 3% After Worst Day
Government Raises Insolvency Threshold To Rs. 1 Crore To Help Small Firms
EPFO issued directions for timely credit of monthly Pension to EPS pensioners
Coronavirus pandemic: UBS cuts India’s FY21 real GDP growth forecast to 4%
Singapore tops Economic Freedom Index
Coronavirus Crisis: Rupee Likely To Sink Below 77 Vs Dollar Soon, Say Analysts
Sensex Surges 900 Points, Nifty Reclaims 7,900 Amid Wild Swings Due To Volatility
Excise On Petrol, Diesel To Go Up By Rs. 8/Litre To Fund Covid-19 Fight
Business:
IOC becomes 1st company to begin the supply of BS-VI fuel across country
Toyota, NTT to invest in each other in smart city tie-up: Report
Coronavirus pandemic | Omidyar Network India announces $1 mn funding to tackle COVID-19
Hurt by the coronavirus pandemic, the auto industry may lose $2 billion in revenue in March
Hero Cycles said that it is setting aside Rs 100 crore as a contingency fund to address and mitigate the impact of coronavirus pandemic
RIL to pay contract staff earnings less than Rs 30,000 even if they do not work
Amazon, Bill Gates-backed group join hands to deliver coronavirus test kits
Coronavirus: Axis Bank announces Rs 100 cr fund to fight pandemic
Parthasarathi Mukherjee, the former CEO with Lakshmi Vilas Bank, buys 2.8 percent in Uttrayan Financial Services
SBI to add Rs 300 cr to bottomline in Q4 with JSL exit from CDR framework
RBI to inject additional Rs 30,000 Cr to maintain financial stability in wake of COVID-19 outbreak
The government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said
Banks Should Declare 1-Year Moratorium on All Loans: Assocham
The Reserve Bank is virtually being run from a war-room at a city facility manned by just around 90 critical staff as the nation's monetary authority works to insulate the financial system from disruptions due to the coronavirus pandemic.
RBI advances second tranche of g-sec buying under OMOs to March 26
SoftBank To Raise $41 Billion To Expand Share Buyback, Cut Debt
RBI moves to provide liquidity to market players
NBFCs seek moratorium on EMIs for at least 3 months
Covid-19: SBI announces emergency credit facility
Non-life insurance premium rises to Rs 1.73 lakh crore during April-February in FY20
LIC announces relaxation in premium payment for policies due till April 15
Country’s insurance regulator has set up a 16-member committee headed by Pravin Kutumbe to find ways to improve corporate governance systems of insurers
COVID-19 impact: Hero MotoCorp suspends production globally
Punjab National Bank (PNB) will write back about Rs 100 crore from this, sources said, adding that other lenders like Bank of Baroda and Canara Bank too will be able to show cash recovery from this account.
RBI extends regulatory restrictions put on PMC Bank till June 22
SBI opens emergency credit line for borrowers
As virus spreads rapidly, insurers launch affordable health policies
Downgrade by global advisory firm Bernstein sinks HDFC Bank scrip
RBI, SBI and Central Bank allow‘work from home’ for employees
Business:
The 3 C's - Coronavirus pandemic, Crude Oil slipping and the Credit risk averseness witnessed are cumulatively causing panic on the D-Street.
ITC has already started manufacturing Savlon sanitisers with the new reduced prices.
In FY19, India imported about $4.5 billion worth of drug raw materials from China. This equates to about 70-80 percent of our requirement. It also imported almost $6 billion worth of medical devices, which translates to about 80-90 percent of India's needs.
"In light of heightened concern on spread of Coronavirus in Maharashtra, we have decided to suspend the manufacturing operations at our Nagpur Plant with immediate effect and Chakan (Pune) and Kandivali (Mumbai) from Monday night onwards" the company said.
During the last week, the Sensex plummeted 4,187.52 points or 12.27 percent as markets were hit hard due to concerns over the impact of coronavirus on the economy.
Economy:
FIIs net sold Rs 20,908 crore worth of shares in the week ended March 20, taking total to Rs 51,243 crore in March so far. It was the biggest ever monthly outflow.
IBAI has also sought waiving of Section 64VB of Insurance Act that says an insurance policy is not valid unless the policyholder pays premium within the prescribed date.
Corporates are demanding longer working hours and there seems to be a high level of mistrust about offering flexible working
Martin Muehleisen, who heads the IMF's strategy policy and review department, said in an IMF podcast that the main goal for governments should be to limit the spread of the virus in a way that provides confidence that the economic shock will be temporary.
The Association also asked the central bank to allow banks to extend the period of repayment of loans by six months for loans across categories spanning industry, agriculture and retail customers.
BL Research BureauWith global central banks upping the ante and announcing emergency measures to tackle the COVID-19 crisis, the RBI too deployed tool
Karur Vysya Bank (KVB), on Wednesday, announced the launch of precious metals business. In a press statement, the bank said that KVB serves approximately 6,000 jewellers and jewellery manufacturers.
The board of City Union Bank declared an interim dividend of ₹0.50 per equity share.
YES Bank administrator reassures depositors about the safety of funds
Struggling private sector lender Yes Bank is looking to raise Rs 20,000 crore via certificate of deposits from institutional investors, mostly banks, media reports suggest.
Nifty Bank index has corrected nearly 35 percent since February 1, after the market started falling in the wake of the coronavirus outbreak.
Yes Bank gained 1,747 percent as the Cabinet approved the Reserve Bank of India’s restructuring plan for the private lender.
Economy:
Panic buying has led to a rise in orders for grocery firms. But delivery agents are facing multiple risks, from higher chances of contracting infection to working long hours.
In its Global Economic Outlook 2020, Fitch said the number of people affected by coronavirus will keep rising in the coming weeks but the outbreak will remain contained. However, there are downside risks to this scenario.
The Federal Reserve in an emergency move slashed interest rates back to near-zero and restarted its asset purchases program, and since then has added trillions of dollars of liquidity to keep markets functioning.
Business:
The coronavirus outbreak may lead to cash flow management issues in ongoing projects where a fall in collections may lead to a drop off in construction
CRISIL assigned a A2 rating to Yes Bank's Rs 20,000 crore Certificate of Deposit programme
Global brokerage firm Credit Suisse is of the view that after the Yes Bank bailout, the market is concerned about the deposits.
Kerala HC had passed orders directing banks, financial institutions and tax Authorities defer recovery proceedings.
In the current fiscal year, MSI has recorded a 13.5 percent drop in production to 1.46 million units, as at the end of February 2020.
Panic buying has led to a rise in orders for grocery firms. But delivery agents are facing multiple risks, from higher chances of contracting infection to working long hours.
The Supreme Court's tough stance on adjusted gross revenue (AGR) dues could benefit Reliance Industries, the brokerage said.
The All India bank strike called for March 27 by bank unions stands deferred.
In a bid to avoid frivolous applications under the IBC, one of the amendments to the insolvency law passed in Parliament on March 13 — the Insolvency and Bankruptcy Code (Amendment) Act, 2020 — put in place a minimum threshold for certain class of creditors to initiate insolvency proceedings.
The European Central Bank announced a surprise 750-billion-euro scheme to purchase government and corporate bonds, as it joined other central banks in stepping up efforts to contain the economic damage from the coronavirus.
State Bank of India has not been categorised as promoter of YES Bank.
Economy:
If well-established competitor banks are available at lower valuations, why run the risk of burning your fingers in Yes Bank on a technical rally
The Finance Ministry is considering a proposal that includes temporary suspension of most taxes levied on the sector, including a deferment of aviation fuel tax, said the sources, who have direct knowledge of the matter.
The central bank received 21 bids LTRO which has a reversal date on March 17, 2023.
Mumbai contributes roughly five percent to India’s total GDP. Of this, the service sector forms a vital chunk with an annual turnover of Rs 4 lakh crore.
Moneycontrol's Shraddha Sharma does a 3-Point Analysis to understand what measures is the White House suggesting to combat the economic impact of the coronavirus pandemic.
Business:
The Federal Reserve in an emergency move slashed interest rates back to near-zero and restarted its asset purchases programme, and since then has added trillions of dollars of liquidity to keep markets functioning.
"The only global experience that has lessons for us in the current situation is the last world war. In the aftermath of WW2, the US came up with the Marshall plan to revive Europe, effectively a giant fiscal pump-priming," Mahindra said.
The coronavirus outbreak also poses new threats to the amalgamated entity to clock around 12 percent loan growth at the end of the next fiscal.
The broader trend on Comex could be $1,450-1,515 and on domestic front prices could hover in the range of Rs 39,300-41,000, said Damani.
The committee will define contingent liabilities, provide quantifiable measures of such liabilities, wherever possible, and specify conditions under which "contingent" liabilities become "explicit" liabilities of the public sector.
Under the agreement, Sadbhav has received consideration by way of a preferential issue of units of IndInfravit (amounting to 10 percent on post-issue basis) as well as cash.
The lenders to Altico Capital India Ltd (ACIL) have unanimously approved Hong Kong-based SSG Capital’s resolution plan. The offer includes an upfront cash offer of ₹2,754 crore and certain security receipts/pass through certificates.
The Reserve Bank of India (RBI) said it will regulate in entirety the activities of payment aggregators (PAs) and provide baseline technology-related
Ahead of the lifting of the moratorium on February 17, YES Bank today stressed that it has sufficient liquidity to deal with depositors and customers can conduct normal banking.
Yes Bank promoter Madhu Kapur’s stake in the private sector lender has come down to just about 1.67 per cent under the new reconstruction scheme.
Housing finance companies (HFCs) will begin to see double-digit growth next fiscal, aided by reworked business models, a steady pace in loan securitisation and adoption of new strategies such as co-lending with banks, according to a report by Brickwork Ratings (BWR).
YES Bank promoter Madhu Kapur’s stake in the private sector lender has come down to just 1.67 per cent under the new reconstruction scheme.
Economy:
LIC says it will cross its 25 million policy sales target well before March 31. The Coronavirus outbreak and subsequent slowdown has led to uncertainty among Indian companies about their ability to meet sales targets for FY20.
"Our outlook for the global base metals industry is negative. This outlook reflects our expectations for the fundamental business conditions in the industry over the next 12 to 18 months," Moody's Investors Service said in a statement.
This would take the policy repurchase (repo) rate to 3.40 percent and 3.00 percent, respectively, from 5.15 percent and 4.75 percent at present.
While some of the large caps have entered the zone of value and hence investors should gradually start nibbling at them. Catching the bottom is next to impossible and we are still not jumping into mid-cap IT
Asia-Pacific economic growth in 2020 will be more than halved to less than 3 percent as the "global economy enters a recession", S&P said in a statement.
Scrambling to get a grip on an unpredictable virus that has disrupted Americans in all walks of life, Trump predicted the economic challenge will be tough short term but that the economy will eventually rebound.
Proportionate deductible is a concept wherein if an individual chooses a better room category, they will have to pay the difference.
The rising risk of imported cases has prompted some parts of the country to tighten monitoring of foreign travelers, and the Chinese foreign ministry on March 17 advised its citizens to avoid travel to high-risk countries.
The central bank's Governor Shaktikanta Das told customers that if need be, the RBI is ready to provide additional capital support to Yes Bank.
Business:
The National Company Law Tribunal (NCLT) has, on March 18, granted grounded airline Jet Airways another 90 days for resolution under the Insolvency and Bankruptcy Code (IBC), CNBC-TV18 reported.
"The board of directors, at its meeting held on March 17, 2020, has reappointed Rajeev Jain, managing director of the company for a further period of five years with effect from April 1, 2020," Bajaj Finance said in a filing to BSE.
Yes Bank's 1,132 branches will open at the start of banking hours on March 19
"Rajiv Bajaj, Managing Director and CEO of the company, whose five-year term expires on March 31, 2020, has been re-appointed for a further period of five years with effect from April 1, 2020," the company said in a filing to BSE.
The company has secured orders worth Rs 669 crore for transmission and distribution projects in India, South Asian Association for Regional Cooperation (SAARC) countries, Middle East and the Americas, KEC International said in a regulatory filing.
The court further said it would consider the Solicitor General's plea seeking reasonable time on the next date. The Supreme Court will hear the next AGR case after two weeks
The government has decided to give out ex-gratia payment for only 40 months
The stock purchase agreement was a part of the plan to rescue WeWork, which has been struggling after its failed IPO.
While some of the large caps have entered the zone of value and hence investors should gradually start nibbling at them. Catching the bottom is next to impossible and we are still not jumping into mid-cap IT
Yes Bank crisis RBI Governor says depositor money safe, no need to panic withdraw
Yes Bank customers can access all banking services from March 18 evening
RBI to hold briefing amid flurry of Asia rate cuts
The RBI hinted at a rate cut at the next Monetary Policy Committee (MPC) meet on April 3 and announced more liquidity enhancing measures.
Supreme Court lifted the ban on trading in cryptocurrencies, players in the sector are seeing a sharp rise in the number of users.
The Enforcement Directorate has summoned Reliance Group Chairman Anil Ambani in connection with its money laundering probe against Yes Bank
Economy:
On an assumption of no earnings growth in FY21e for Nifty, the parity between bond yield and earnings yield is achieved at a Nifty level of 8432, and a market correction below that level is unlikely to sustain for long
Addressing a corner meeting at Succoro Zilla Panchayat constituency on Sunday, the chief minister said the BJP government was keen to usher in development.
While economists are certain about an early RBI rate cut, they are divided over the intended impact of monetary easing
An advisory against international travel, especially to COVID-19 affected nations, has been issued. If you still choose to travel, your claims could be rejected
Replying to a query in the Upper House during Question Hour, Coal Minister Pralhad Joshi said India houses the fourth largest resource in the world yet thermal coals were being imported and should be stopped.
Business:
Overseas investors pulled out a net sum of Rs 24,776.36 crore from equities and Rs 13,199.54 crore from the debt segment between Mar 2-13, depositories data showed.
D-Street has always been exposed to greed as well as fear and it is the fear that helps long-term investors build wealth, say experts.
As many as 400 stocks hit the lower circuit of BSE. These include Future Retail, Vakrangee, Indiabulls Ventures, Adani Green and Shilpa Medicare.
Private sector lender YES Bank has said that its additional tier I (AT1) bonds worth ₹8,415 crore will be written down.
SBI investing over ₹7,000 crore and other investors coming forward is only the first step in an extended revival process
Chief Economic Advisor expects core inflation to go down further in the future due to fall in crude oil prices
YES Bank continues to breach RBI’s critical liquidity and statutory requirements
Economy:
Finance Minister Nirmala Sitharaman said that the impact of GST Council's possible borrowing on the Fiscal Responsibility and Budget Management Act, would have to be assessed.
Quarantine facilities are also being arranged in the campus and those displaying any COVID-19 symptoms have to immediately visit the campus medical facility.
The GST Council deferred the proposal of hiking the rates on fertilizers and footwear due to due to the current economic slowdown and impact of the novel coronavirus pandemic
With planned events and conferences cancelled in light of COVID-19, PR professionals are turning to other ways to keep media and clients engaged
In response, the government has suspended visas until April 15, barring a few cases, and state governments have adopted strategies like closing cinema halls.
Business:
The guidelines mandate NBFCs/ARCs to put in place board-approved policies that clearly articulate and document their business models and portfolios.
ICICI Bank and HDFC will invest Rs 1,000 crore each while Axis Bank and Kotak Mahindra Bank will invest Rs 600 crore and Rs 500 crore, respectively.
India VIX moved up by 100.74 percent from 25.64 to 51.47 levels on a weekly basis. VIX is at 11-years-high and during the last session, it even made a high of 59.48 marks.
BSE Sensex plummeted 3,473.14 points or 9.24 per cent, largely in tandem with global equities which were hammered by panic selling amid the coronavirus pandemic.
Overseas investors pulled out a net sum of Rs 24,776.36 crore from equities and Rs 13,199.54 crore from the debt segment between Mar 2-13, depositories data showed.
The young Abhimanyu knew how to penetrate the labyrinth formation, but ultimately met his death in the ‘Chakravyuh,’ because he did not have the knowledge of its ‘exit’ strategy.
YES Bank rescue plan : Will SBI and consortium of private lenders be able to bail out the bank
YES Bank who will have a lock-in period of three years on their investments, existing shareholders,except for those owning less than 100 shares, too will be subject to the lock-in.
The Government has constituted new board of directors for Yes Bank. It will be led by former Punjab National Bank chairman Sunil Mehta.
ICICI Bank to invest ₹1,000 crore in YES Bank
The Government has constituted new board of directors for Yes Bank. It will be led by former Punjab National Bank chairman Sunil Mehta.
Economy:
The revised exposure limits shall be applicable to all types of fresh exposures taken by UCBs.
The guidelines mandate NBFCs/ARCs to put in place board-approved policies that clearly articulate and document their business models and portfolios.
ICICI Bank and HDFC will invest Rs 1,000 crore each while Axis Bank and Kotak Mahindra Bank will invest Rs 600 crore and Rs 500 crore, respectively.
Moneycontrol’s Sakshi Batra talks to Gaurav Choudhury to understand the macro data released by the government and the outlook going forward amid coronavirus fears.
Axis Bank will acquire 60 crore equity shares of Yes Bank at Rs 10 per share including a premium of Rs 8 per share.
A new board for Yes Bank will also be constituted within 7 days from the notification of the reconstruction scheme, she said.
Business:
"Under this new insurance cover, service professionals are offered a hospitalization cover of up to Rs 25,000 and income protection cover of up to Rs 14,000 in the event of hospitalization due to positive diagnosis of coronavirus," it said in a statement.
Securitisation structure by Northern Arc allows CredAble’s vendors, including MSMEs, to discount their invoices and bridge working capital gap
While the government expects e-invoicing to curb tax evasion, MSMEs can look forward to minimal manual processes and more transparency.
In case any solution comes to fight the Coronavirus then it would act as the final bottom for the markets, suggest Chouhan. Technically, Nifty would remain in the range of 10200 and 9300 for the time being.
“The current moratorium on deposit withdrawal and capital infusion are just the first steps toward the revival of Yes Bank," Emkay Global said in a recent report, maintaining its sell call on the private sector lender
The negative reaction was obvious given the fall in global markets amid concerns over global growth, especially after the rapid spread of the COVID-19 pandemic across the world.
SBI MF meets Stewardship Code norms ahead of April 1 deadline
Growth in advances to the services sector decelerated to 8.9 percent from 23.9 percent in January 2019.
Before taking a pause in December 2019, the RBI reduced the repo rate by a cumulative 135 basis points since February 2019.
The first and foremost effect of the Yes Bank crisis was on Life Insurance Corporation of India.
Telecom stocks have remained under pressure after DoT asked companies to pay the AGR dues at the earliest.
Hong Kong's Hang Seng index fell 6.8%, its steepest drop since 2008. China's Shanghai composite fell 4%.
Under the swaps, banks will buy US dollars from the RBI and simultaneously agree to sell the same amount of the American currency at the end of the swap period.
Reliance has completed a bearish flag pattern has also been completed in the point & figure chart, signalling further downside.
Economy:
Indian markets crashed to the lower circuit for the first time in 12 years after 2008 crisis, halting trading for 45 minutes.
Coursera, BYJU'S and Toppr are provided free lessons to students in the wake of institute shutdowns due to the Coronavirus outbreak
ECB President Christine Lagarde told a news conference the virus would have a "significant impact on economic activity" even if it is ultimately temporary in nature and called for "an ambitious and coordinated fiscal policy response".
Meanwhile, diesel prices per litre in these cities stood at Rs 62.89 in Delhi, Rs 65.84 in Mumbai, Rs 66.35 in Chennai, Rs 65.22 in Kolkata, Rs 65.04 in Bengaluru, and Rs 62.59 in Gurugram respectively
The overall exports declined by 6.38 percent to Rs 2,36,839.34 crore during April 2019 to February 2020, compared to Rs 2,52,973.24 crore during the same period last year.
The collapse in cooperation between Saudi Arabia and Russia has triggered a plunge in oil prices that shows no signs of abating.
Business:
Reliance has completed a bearish flag pattern has also been completed in the point & figure chart, signalling further downside.
Brent crude was down 67 cents, or 2%, at $32.55 a barrel by 0126 GMT after falling more than 7%. For the week, Brent is set to fall 28%, the biggest weekly decline since the week of Jan.
Selling was seen across sectors that fell 7-9% in a day, while the Nifty Midcap index plunged 8% and Smallcap index lost 9.5%
The zone of 9,500–9,000 could act as strong support for the markets from here. If this support is held in the coming sessions, then we are of the opinion that some stability is likely to return to the markets.
The Cabinet is likely to consider Yes Bank's draft restructuring scheme on March 13, CNBC-TV18 reported.
Yes Bank, concerns amongst investors and depositors are also spreading about other small and mid-sized private sector lenders. IndusInd Bank has written a letter to its shareholders stressing on its strong fundamentals.
Public sector banks that are participating in the latest round of amalgamation will make a presentation to the Finance Minister Nirmala Sitharaman, on their plans and preparedness.
NBFIs to face renewed pressure on funding, liquidity post YES Bank takeover by RBI: Fitch Ratings
RBI tells staff to postpone non-essential travel
SBI MF meets Stewardship Code norms ahead of April 1 deadline
Was in talks with RBI, FinMin to re-take control of YES Bank, submits co-founder
Economy:
The Council would also discuss the integration of the GST e-way bill system with the NHAI's FASTag mechanism from April to help track movement of goods and check GST evasion, while also discuss preparedness for Aadhaar-based authentication of GST-registered taxpayers.
The overall exports declined by 6.38 percent to Rs 2,36,839.34 crore during April 2019 to February 2020, compared to Rs 2,52,973.24 crore during the same period last year.
The collapse in cooperation between Saudi Arabia and Russia has triggered a plunge in oil prices that shows no signs of abating. Saudi Arabia has been cooperating with Russia to limit supply to the oil market and prop up prices.
At present, savings account holders with SBI are required to maintain an AMB of Rs 3,000, Rs 2,000 and Rs 1,000 in Metro, Semi- Urban and Rural areas respectively.
Customs said stabilising trade growth would be more difficult under the current circumstances and that dealing with coronavirus-related risks at China's ports would pose a major challenge.
The proposal involves merger of National Insurance, Oriental Insurance and United India Insurance. Once they are merged, the entity will be listed on the stock exchanges.
Business:
ITC and State Bank of India crashed over 13 percent while Axis Bank, Tata Motors and ONGC shed 10-12 percent in the afternoon trade.
Shareholder will get 16 rights equity shares of Rs 4 each for every 47 equity shares of Rs 4 each held by the equity shareholders in the company as on the record date.
The Nifty50 took a vertical fall from the high of 12,430 recorded on January 20 to 9,648, which is the intraday low as on March 12 — a fall of 22 percent
The official, who did not want to be identified, also said that policymakers have not yet made a call on whether to make any off-cycle interest rate changes.
The Nifty50 registered a vertical selloff from 9119 recorded on March 4, 2015 to 6,825 which was the intraday low formed on 29 February 2016 which effectively translates into a drop of more than 25 percent.
One need not fear red, as it stands for both danger and life. So, a major correction in markets, viewed as a danger by many, should also be seen as an opportunity for the smart money, says Singh.
All sectoral indices are trading in the red, down 5-9 percent each. Metals took the most beating while the auto index tanked 7 percent.
As many as 37 Nifty companies fell 10-40 percent that include names like Tata Motors, Yes Bank, Tata Steel, GAIL India, SBI, Hero MotoCorp, JSW Steel, Axis Bank, and Bharti Infratel.
Over Rs 20,000 crore of Yes Bank’s non-performing assets (NPAs) are under the Enforcement Directorate’s scanner.
After the debacle at Yes Bank and rumours that RBL Bank could be next, the management said in a statement that it is adequately capitalised.
IT firm Mindtree on March 11 said that it has entered into a pact with US-based residential real estate services firm Realogy to support its ongoing digital transformation initiatives over the next five years.
The statement comes in the wake of the Yes Bank crisis, following which stock prices of various banks went sharply down.
Support to the economy will come from a dip in oil prices, Barclays said in a note, estimating low crude prices to aid growth by as much as 0.50 percent.
Moneycontrol was the first to report on February 6 that DBS Bank India, Indostar Capital Finance, and a private sector lender had joined the race for Lakshmi Vilas Bank.
The UN agency said that apart from the tragic human consequences of the COVID-19 epidemic, the economic uncertainty it has sparked will likely cost the global economy $1 trillion in 2020.
Economy:
Mohd Khairuddin Aman Razali added that he wanted to send a delegation to India as soon as possible in an effort to improve ties between the two countries.
Support to the economy will come from a dip in oil prices, Barclays said in a note, estimating low crude prices to aid growth by as much as 0.50 percent.
Chief Economic Adviser (CEA) Krishnamurthy V Subramanian also allayed fears of depositors, saying that Indian banks are well-capitalized.
Global Macro Outlook for March, Moody's said the virus outbreak has spread rapidly outside China to a number of major economies.
Equity as an asset class has significantly outperformed other asset classes over medium to long time horizon. Precious metals such as Gold or Silver have always been viewed as a safe assets.
Business:
Earlier, the sources had said that the legislators would arrive at the Jaipur airport at 11 am, but that has been delayed.
The company had produced 1.257 million tonne (MT) crude steel during the same period last year, it said in a filing to the BSE.
A level below 10150 could drag the Nifty towards 9,800 support, derived from 61.8% Fibonacci Fan of the swing seen from 6825 (Feb 2016 Bottom) to 12430 (Jan 2020 Top).
The Nifty futures were trading lower by 107 points, or 0.98%, at 10,406 on the Singaporean Exchange around 08:00 hours IST.
Based on our long term projections and technical evidence with us we believe this market should bottom out in the zone of 10100 – 9850 levels where everyone should jump in to buy.
Investors should gradually accumulate good stocks which are having a strong financial position, strong balance sheet and strong free cash flow generation.
D-Street is clearly playing red holi this year, you’ve likely heard that investing in stocks and bonds is a good way to diversify your portfolio.
Sharekhan is bullish on Godrej Consumer Products Limited has recommended buy rating on the stock with a target price of Rs 865 in its research report dated March 06, 2020.
SBI To Acquire 245 Crore Shares In Yes Bank At Rs 10 Apiece
Customers Withdrew Rs 18,110 Crore Deposits From Yes Bank During March-September 2019
Customers Can Now Use IMPS, NEFT To Pay Dues, Says Yes Bank
Canara HSBC OBC Life sees over 30 per cent growth in new business premium in FY20-21
Chalasani Venkat Nageswar was given the additional charge of Deputy Managing Director and Chief Financial Officer (CFO) of SBI
10th FICCI-IBA Bankers’ Survey July-Dec 2019 released in New Delhi; Highest NPAs in Infrastructure sector
Moratorium on YES Bank may be lifted this week, says Administrator Prashant Kumar
Amid concerns over deposit safety, RBI dismisses use of m-cap ratio as parameter to assess banks
Investors' total AT-1 bond exposure to Indian banks at Rs 93,000 crore: ICRA
State-owned Union Bank of India announced reduction in its MCLR by 10 basis points
Non-banking finance company Muthoot Fincorp said it has raised Rs 125 crore through issuance of covered bonds.
Economy:
India was world’s second-largest arms importer in 2015-19: Report
Moody's again slashes India's growth projection for 2020 to 5.3%
Kerala to launch total digital literacy campaign- "I am also digital”
BSE Sensex: 35,634.95 (–1,941.67), NSE Nifty 10,451.45 (–538); biggest ever single-day drop in absolute terms for both
Japan unveils $4 billion coronavirus package, not yet eyeing extra budget
Coronavirus outbreak could cost global economy up to $2 trillion: UNCTAD
Business:
Aon to buy Willis in $30-billion insurance mega-deal, antitrust hurdles loom
NTPC extends deadline to snap power of defaulting discoms till March 17
NCLAT upholds CCI order on Adani Gas for abuse of dominant position
OPEC countries lose $500 million a day in oil price crash
Twitter Inc said that it will name three new directors to its board in an agreement with activist investor Elliott Management and private equity firm Silver Lake.
PSU Telecommunications Consultants India Ltd (TCIS) signs with The Gambia for the latter’s participation in the eVBAB Network Project
NBFCs has forced capital market regulator SEBI to come out with a new set of measures to secure the interest of debenture holders and shore up their confidence in the regulatory mechanism to check any wrongdoings.
Allaying fears fuelled by the falling market capitalisaiton (M-Cap) of banks, Chief Economic Adviser KV Subramanian asserted that the lending institutions are more-than-adequately capitalised and their deposits well taken care of.
The private sector lender helped set up systems up and running within 36 hours. An account of how ICICI did it.
RBI once again assured YES Bank depositors about the safety of their funds, the crisis is impacting other banks and NBFCs. Indiabulls Housing Finance said the private sector lender owes it ₹662 crores via AT-1 Bonds.
Banks turning wary of large exposures mainly due to NPA fear - FICCI-IBA survey
Economy:
Inflation eased to 6.80%, significantly lower than January's 7.59%, according to the March 4-6 poll of more than 40 economists.
Inflation eased to 6.80%, significantly lower than January's 7.59%, according to the March 4-6 poll of more than 40 economists.
In February, GSTN said it is setting up a consultation committee to provide feedback and recommendations to improve the IT system
The private sector lender helped set up systems up and running within 36 hours. An account of how ICICI did it.
Bearish ratio put spread can be formed in the current situation where ATM put option of 10,950 can be bought at 149 and 10,400 put option can be sold in the ratio of 1:4.
Senior executives at Uber will mentor women employees, with high growth potential, for 6-12 months. This is to help them advance in their career and to create the next generation of women leaders in the company.
Business:
The filing further noted that "the company had invested in Upper Tier II Bonds of Yes Bank Ltd of Rs 50 crores in the year 2010 and the same are outstanding as on date".
Hero MotoCorp has been hitting a fresh 52-week low on the BSE since the Budget Day, when it rose to an intraday high of Rs 2,446.
Divi's Laboratories, established in Hyderabad, is a pharmaceutical company with two manufacturing units.
History suggests that such steep correction is often a buying opportunity in equities. In terms of valuation as well, owing to recent correction, valuations are in a reasonable zone as well.
Strategist Nikolaos Panigirtzoglou, in a March 6 research note, said supply-chain disruptions and demand shock from the virus fallout could already be causing cash flow problems for businesses
The target action date (TAD) or goal date for deciding on approval was set at December 27, 2020.
The government placed a 30-day moratorium on Yes Bank on March 5.
To improve convenience and security of the credit and debit cards, slew measures had been announced by Reserve Bank of India in its 15th January notification.
SBI chairman said the bank would submit their resolution plan for Yes Bank soon.
Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the virus outbreak.
Gold gained around 7 percent last week and this was the biggest weekly gain in gold in the last 11 years, and the rally could well continue and investors should use the dip to buy, suggest experts.
RBI’s proposal to write off AT1 bonds of Yes Bank is bad news for MF investors
Potential investors are ready to pick up stake in YES Bank, says SBI chief
State Bank needs to pick 49 per cent in private lender
Yes Bank may have got a raw deal in the proposed restructuring of Yes Bank, but experts said that it is better than losing all value.
NBFCs has forced capital markets regulator Sebi to come out with a new set of measures to secure the interest of debenture holders and shore up their confidence in the regulatory mechanism to check any wrongdoings.
Economy:
As part of a wholesale cut in its forecasts, Moody's said that advanced economies including the United States, Japan, Germany, Italy, France, Britain and Korea could all fall into recession in an "adverse scenario".
Foreign currency assets, a major component of the overall reserves, rose by $4.36 billion to $445.82 billion in the reporting week.
"Government may soon receive a resolution plan for YES Bank and it may be finalised by the RBI in a day or two," the official said.
Vodafone said in the statement that its had already paid Rs 2,500 crore on February 17 and another Rs 1,000 crore on February 20 towards their AGR liabilites.
RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board with immediate effect.
The categories placed under restriction include debt, securities lending and borrowing scheme, currency derivatives, commodity derivatives, futures and options, as per notification by NSE.
The indicator in the Economic Survey 2019-20 stated that industries in the state in fiscal 2015-16 had a total number of 19.70 lakh employees.
Business:
Purely from a risk-reward perspective, longs look attractive at 10800 odd levels for a bounce-back until month-end. Options are the ideal way to participate in such volatility.
ECB monetary policy is scheduled next week and after Fed's aggressive step, the ball is in ECB's court to cut the rates and provide cushion to the economy.
The evening before, the social network had disclosed that the coronavirus had been diagnosed in a contractor in its Seattle office and had said all employees in that city should work from home until March 31.
The company, which has set a target of helping "a billion people live healthier" by 2029 under a 10-year plan to mark its 70th anniversary, currently has women accounting for around 60% of the 5.5 lakh-odd distributors it has in India.
NBA president Rajat Sharma said it condemned the decision of the Ministry of Information and Broadcasting to impose the 48-hour ban on Asianet News and Media One News, two news channels based in Kerala.
On March 7, the bank said that customers can make withdrawals using its debit cards at its own and other banks’ ATMs.
Mutual fund managers started offloading the shares from 10.55 percent in September 2018 quarter to 5.09 percent in December 2019 quarter.
Three mutual fund houses UTI MF, Nippon India MF and PGIM India MF decided to side-pocket their exposures to Yes Bank bonds following the rating downgrade of troubled private lender's debt instruments. This is subject to approval from the board of trustees of respective fund houses.
The Reserve Bank of India (RBI) is preparing to offer a special liquidity window for Yes Bank as urgent financial support to the troubled private sector lender and soothe the frayed nerves of depositors, three government sources with direct knowledge of the matter told Moneycontrol.
Mutual fund managers started offloading the shares from 10.55 percent in September 2018 quarter to 5.09 percent in December 2019 quarter.
The RBI superseding the board of Yes Bank casts light on governance risks in India's banking sector, Fitch Ratings said.
Global investors sent a net $61 billion into money market funds in the week that ended March 4, hitting 30-week highs for the category, while global equity funds posted their largest asset losses since December 2018, according to data released fund-tracker EPFR.
Bank of Baroda Mutual Fund and UTI Mutual Fund have side-pocketed their exposures to Yes Bank bonds in a bid to prevent the distressed assets from damaging the returns generated from more liquid and better-performing assets.
Economy
As part of a wholesale cut in its forecasts, Moody's said that advanced economies including the United States, Japan, Germany, Italy, France, Britain and Korea could all fall into recession in an "adverse scenario".
Vodafone said in the statement that its had already paid Rs 2,500 crore on February 17 and another Rs 1,000 crore on February 20 towards their AGR liabilites.
The number of ultra-wealthy individuals in India is set to double over the next five years, according to a report by real-estate consultancy firm Knight Frank.
The government has approved the proposals of software firm TCS and realty major DLF to set up special economic zones (SEZs) for IT sector in Haryana and Uttar Pradesh.
The outbreak, which spread to four new US states, has crippled supply chains and prompted a sharp cut to global economic growth forecasts for 2020.
Sebi noted that "economic interest" involves financial interest of the entity but a specific legal definition of "economic substance" is not readily available.
Business
The special liquidity window comes as urgent financial support to the troubled private sector lender and to soothe depositors
The central bank's takeover of Yes Bank appears intended to restore depositor confidence.
Reserve Bank of India (RBI) announced reconstruction of battered Yes Bank, the Enforcement Directorate (ED) conducted searches as residence of the bank's former chairman Rana Kapoor.
The move will prevent the distressed assets from damaging the returns generated from more liquid and better-performing assets.
Jaguar Land Rover, a subsidiary of Tata Motors, has been hit by the outbreak of the coronavirus, with its retail sales in China down by 85 per cent year-on-year in February
Tata Steel expects its branded steel sales to retail and MSME sector to grow by 10 per cent in the current fiscal, amid slowdown in the economy, officials said.
The German premium auto maker BMW India said its product and growth strategy in India in 2020 would revolve around two broad areas — getting more new customers into the brand’s fold with an aggressive focus on the entry-level portfolio and driving existing customers to upgrade to higher segments.
Bank of Baroda Mutual Fund creates segregated portfolio
Rating agencies downgrade YES Bank’s instruments
The Centre and the Reserve Bank of India swung into action superseding the board of the troubled YES Bank.
SBI says in-principle approval to explore investment in Yes Bank
BMW India to launch 12 cars/SUVs; 5 superbikes in 2020
RBI’s reconstruction plan, SBI’s interest and past bank rescues hold out hope for customers
Volkswagen India said it will launch four Sports Utility Vehicles (SUV) in the next two years, betting on a segment that is expected to garner over 60 per cent of the auto-maker’s revenue in five years, a top executive has said.
Economy
Food processing ministry grants aid for 10 projects
Tax officials overloaded with work as govt wants to make Vivad Se Vishwas a success
The GMR Group has secured the Andhra Pradesh Cabinet approval for developing the greenfield Bhogapuram International Airport about 35 km from Visakhapatnam.
Sebi noted that "economic interest" involves financial interest of the entity but a specific legal definition of "economic substance" is not readily available.
Leaders need to uncover and capitalize on the inherent strengths of women rather than encouraging them to imbibe qualities associated with male counterparts.
The government, apart from possible soft loans to companies coming forward to set up fermentation-based bulk drug units, will also possibly look at giving preference to local procurements.
St. Louis Fed President James Bullard said more action by the US central bank could come "at any time" as it monitors the situation.
Business
Companies may soon be allowed to remunerate their non-executive directors and independent directors handsomely even if they had earned inadequate profits or were reporting losses.
The deadly coronavirus has disrupted Prime Minister Narendra Modi’s travel plans to Brussels this month for the India-EU Summit.
Aeronautics and space major Airbus will highlight its products, technologies and services at Wings India, the biennial civil aviation show, to be held at Begumpet Airport here from March 12 to 15.
Antony Waste believes that the extension will allow current volatility to subside and allow all categories of investors to participate in the Issue.
State Bank of India and CA Rover together received Rs 9,840 crore, by reducing their stake through IPO.
Senate member of RTMNU Pravin Udapure raised the issue on Friday, seeking information as to how much money the varsity has with Yes Bank.
The government on October 23 last year approved a Rs 68,751-crore revival package for loss-making BSNL and MTNL, including 4G spectrum allocation and voluntary retirement scheme (VRS).
The government has approved the State Bank of India's (SBI) plan to lead a consortium and purchase stake in Yes Bank, Bloomberg reported.
Gold prices were little changed on March 5 as stronger equities and upbeat US data countered fears that the fast-spreading coronavirus outbreak would slow the global economy.
The qualified institutional buyers' portion, which was closed on March 4, was subscribed 57.18 times.
India is plagued with a slowing economy and lack of finance currently, Blackstone's chairman Stephen Schwarzman said, hinting that the global private equity major may be interested in distressed asset play in the country.
HDFC Bank share price rose 1 percent in the morning trade on March 5 after research house Citi maintained a "buy" call, with a target at Rs 1,600 per share.
The December quarter results were muted because of the overhang of trade tensions between the US and China, but largely in-line with estimates.
Vodafone Idea share price declined 6 percent and Bharti Airtel moved up a percent in the morning trade on March 5, a day after the Department of Telecommunications (DoT) sent fresh notices to telecom operators on pending adjusted gross revenue (AGR) dues.
Busisness
Flybe, which employs 2,000 people, failed to turn around its fortunes since being purchased by the Connect Airways consortium in 2019, initially owing to weak demand and fierce competition.
The company hinted that the Realme 6 will be priced higher than its predecessors. We expect the Realme 6 Pro base variant to be priced under Rs 16,000
DoT asked Bharti Airtel and Vodafone Idea to furnish the documents justifying the self-assessment.
Among the top 500 companies, over 20 companies turned loss-making in the December quarter, data from AceEquity showed
Allcargo has already deposited Rs 238 crore - equivalent to 100 percent of the capital required to fund the open offer - into an escrow account set up as per SEBI norms for the open offer transaction.
The market reacted negatively to the news of NBCC getting the Jaypee Infratech project, taking the stock to Rs 26, a level it had last seen in August 2014
Economy
Blackstone has been present in India since 2006 and has invested $15 billion in the country, including private equity play in enterprises and also bets on realty.
Policymakers are worried the coronavirus outbreak could curb economic growth for at least the first two quarters of this year, so are looking to drive up lending to bolster investor and consumer sentiment, according to the second government source.
Overnight indexed swap rates are already pricing in a 40-50 bps reduction in the repo rate, while government bonds have priced in a 25 bps cut, traders said.
Following an unusual conference call of the IMF's governing body, the members said they were united in addressing the challenges posed by COVID-19.
The increase in trade volume was mainly due to distribution utilities opting for replacement of their costlier power with the Exchange-based procurement.
For every available seat kilometer, Beijing would award 0.0176 yuan for routes that have been shared by multiple carriers and 0.0528 yuan for routes that are only operated by one carrier, the Civil Aviation Administration of China said.
RBI is planning to infuse fresh cash liquidity into the system through the second round of long-term repo operations (LTRO), three sources aware of the matter told Reuters.
PNB Housing Finance to raise Rs 1,700 crore in equity through QIP
The spring gathering of finance ministers and central bankers held in Washington in April will be shifted to a "virtual format", the IMF and World Bank said.
The board of State Bank of India is learnt to have approved resolution plan for Reliance Communications
Banks to lend Rs 1.85 trn to housing, auto, MSMEs in next 6 months
SC allows pleas against RBI circular barring banks from providing services related to cryptocurrency
NABARD infuses ₹1.46-lakh cr in rural banking system in FY20
Economy:
Revenue Secretary Dr Ajay Bhushan Pandey appointed new Finance Secretary
Govt. introduces bill in Lok Sabha to bring cooperative banks under the RBI regulations
FCA India launches Jeep Wrangler Rubicon SUV at Rs 68.94 lakh
Govt collects Rs 7.52 lakh crore direct tax in April-January
India's rapeseed output could rise 4% on higher yields: Trade body
At $83.5 bn, India has 3rd highest trade-related illicit financial flow globally: GFI report
Rs 33 Cr for Kaziranga under Project Tiger scheme
Centre has approved highways projects worth Rs 2,185 Cr for Puducherry
Business:
Raymond share price rises 4% on NCLT nod for FMCG business consolidation
Cabinet approves decriminalisation of 43 sections under Companies Act: Report
The Indian rupee is trading lower but off day's low at 73.41 per dollar.
Bank loan growth to NBFCs slowed to 32.2 per cent in the reporting month from a growth of 48.3 per cent a year-ago
The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18
The three day all-India bank strike from March 11 stands deferred following the bipartite talks between IBA and bank unions on February 29.
The ₹10,355 crore IPO of SBI Cards and Payments (SBI Cards) got off to a strong start with the anchor book getting responses from 74 investors including 12 mutual funds (through 48 schemes).
Current market conditions notwithstanding, industry and analysts are keenly watching the upcoming initial public offering by SBI Cards.
Economy:
The government is planning to launch a lottery offer under the Goods and Services Tax (GST) from April 1 by conducting lucky draws every month for invoices of all business to customer (B2C) transactions.
The world’s largest steel producing country, China, reported a crude steel output of 84.3 MT in January
The study covered over 200 senior to mid level executives across sectors from December 2019 till January 2020
The Indian economy grew 4.7 per cent in the third quarter ended December 31, 2019, the National Statistics Office said.
Business:
Auto major Mahindra and Mahindra (M&M) reported a 42 per cent decline in total sales at 32,476 units.
The Government plans to sell its entire 52.98 per cent stake in BPCL
MG Motor India’s supply chain, however, was hit, affecting production, sales in February
Nearly a quarter of the cases admitted under the Insolvency and Bankruptcy Code (IBC) till January 31, 2020, have gone into liquidation, fetching a liquidation value as low as 6.67 per cent.
The country's largest passenger vehicle maker, Maruti Suzuki India (MSIL), on Sunday said it has sold 1,33,702 units in the domestic market in February, down 2.3 per cent as compared with 1,36,912 units in the same month last year.
Alok Industries Ltd allotted 83.33 crore equity shares of ₹1 each at a premium of ₹2 per equity share for cash at a total consideration of ₹250 crore to Reliance Industries Ltd (RIL).
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