Introduction
The article Banking Awareness One Liners October 2019 includes Banking Awareness One Liners with an explanation, analysis, and issues of current events in the month of October. And these One Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.
Oct 2019
Banking
- Relief for PMC Bank depositors as RBI-appointed administrator moves to sell attached assets
- YES Bank receives binding offer for $1.2 billion from the global investor; stock surges over 20%
- New Delhi: Shares of United Bank of India NSE 12.92 % skyrocketed nearly 17 percent in early trade after the lender reported a net profit of Rs 123.88 crore
- Kunal Bothra of Independent Analyst has a buy a call on Canara BankNSE 1.20 % with a target price of Rs 225.0. The current market price of Canara Bank is Rs 203.35
- SoftBank expects to invest in almost 200 companies with its Vision Funds: Rajeev Misra
- WeWork said it received an early payment of $1.5 billion from SoftBank Group Corp., as the co-working company was weeks away from running out of money.
- Share market update: PSU bank shares jump; Central Bank surges 12%
- Banks, led by ANZ, pull Australian shares lower
- UBI The Kolkata-headquartered bank had posted a net loss of Rs 883.17 crore in the July-September period of 2018-19.
- RBI has imposed a fine of Rs 1 crore on Janata Sahakari Bank and Rs 25 lakh on Jalgaon Peoples Co-operative Bank for violating income recognition, advances management and asset classification norms.
- Loans disbursed by NBFCs remain under stress, says CIBIL report
- Shares of Syndicate Bank rose nearly 14 percent intraday on October 31
- SBI shares jump 10% as brokerages retain buy call on likely healthy growth in FY21
- Value Line Pte sells 54.67 lakh shares of SBI Life Insurance; stock falls 1%
- ICICI Bank Consolidated September 2019 Net Interest Income (NII) at Rs 9,771.59 crore, up 24.84% Y-o-Y
- Sensex surges 340 points to hit record high of 40,392
- Facebook records 29% rise in revenue as the user base continues to grow
- AGR verdict: Reliance Jio says telcos have sufficient capacity to pay dues
- IndiGo shares gain most since 2016 on $30-bn Airbus aircraft order
- Bundled packs keep Airtel's Q2 ARPU stable, but AGR overhang on share price
- Haldiram, 2 others in a race to buy out Lavasa for about Rs 2,046 cr
- Cognizant unveils restructuring plan; to reduce headcount by 7,000
- Cognizant to exit Facebook content review contract, 6,000 jobs under threat
- Adani Transmission bags two projects from REC Transmission in Gujarat
- With OEMs looking to drive down BS4 inventories, car discounts likely to continue till December
- GC Murmu sworn-in as 1st Lt Governor of Union Territory of J&K
- PM Modi dedicates abrogation of Article 370 to Sardar Patel
- RK Mathur sworn-in as 1st Lt Governor of Union Territory of Ladakh
- India to have 28 states, 9 UTs from midnight as J&K, Ladakh become UTs
- The government is not considering any gold amnesty scheme as part of efforts to unearth unaccounted wealth stashed in the form of yellow metal
- India Inc spent Rs 8,721.3 crore under the R&D head — nearly a fifth more than the amount in 2017-18 (FY18), which was Rs 7,098.5 crore.
- India among top nations with a most conducive environment for financial inclusion: Report
- Ministers from 29 countries attend the second International Solar Alliance Summit
Banking
- Share market update: Bank shares advance; HDFC Bank up 1%
- We have made a profit of about Rs 13,000 crore on equity investments of Rs 33,000 crore so far this year, says MR Kumar, Chairman, LIC
- NEW DELHI: Bandhan Bank NSE -1.78 % hit Rs 1 lakh crore in market cap on the BSE thanks to its merger with Gruh Finance.
- Mumbai: The Reserve Bank of India (RBI) said it has imposed a monetary penalty of Rs 1 crore on Bandhan Bank NSE -1.60 % for non-compliance with the guidelines on promoter holding.
- Board Meetings Today: United Bank, TGBL, JK Tyre, PTC India, Concor and Quess Corp
- PSU banks gain; SBI, Canara Bank, Bank of Baroda and PNB rise 3%
- Nabard retirees write to PM, FM seeking regular revision of pension
- Citi plans to slash foreign exchange platforms by two thirds
- Conversion as SFBs would require UCBs to give up their universal bank status to become ‘narrow banks’
- Shares of United Bank of India were locked in 20 percent upper circuit at Rs 8.90 on October 30
- Shares of Central Bank of India rose nearly 16 percent intraday after the company had approved fundraising worth Rs 3,353 crore.
- Shares of HDFC Life Insurance Company rallied 4.5 percent to hit a record high of Rs 637.70
- SEBI may lower margin requirements for hedged trades in F&O segment
- Ramco Cements consolidated revenue rose to Rs 1,332 crore in Sep quarter
- Bharti Airtel delays Q2 results, sees 28% surge in ARPU to Rs 128
- PhonePe annual loss more than doubles to Rs 1,905 crore in 2018-19
- Airbus bags $33-billion IndiGo order for 300 A320neo family aircraft
- Google brings it's new shortcut domains to Microsoft, Medium
- Aramco earned $68 bn in 9 months as the most profitable company: Report
- The Competition Commission of India (CCI) has ordered a probe into MakeMyTrip India, Goibibo and OYO.
- Latest deal takes IndiGo's A320neo Family aircraft orders to 730
- DPIIT kickstarts exercise to ease FDI norms more
- India considers adding more levies on refined palm oil imports
- Jobs confidence, not tax cuts, will push consumption spends: DBS
- 'Avengers: Endgame' declared winner at 23rd Hollywood Film Awards
- Business Standard's Namrata Acharya wins The Stateman's Cushrow Irani Prize
- Consumer credit market slowdown drags in Q2CY19; NBFCs under stress
- Modi invites Saudi investment, says India to spend $100 bn on energy infra
- Bond vigilantes worry too much: Veteran banker shrugs off fiscal concerns
- Govt's Rs 15,000 cr soft loan scheme to sugar mills moving at snail's pace: Industry experts
Banking
- RBI imposes Rs 35 lakh fine on Tamilnad Mercantile Bank
- Ujjivan SFB IPO: Bank lists steps taken to rectify shortcomings raised by RBI
- Indian and foreign banks should exploit Islamic banking's untapped potential to ensure the financial inclusion of "unbanked" populations excluded by the existing financial system
- Pune bank takes 'possession' of NCP MLA Dhananjay Munde's flat over dues
- Share market update: Bank shares gain; YES Bank jumps 6%
- Shares of Union Bank NSE 1.97 % of India (up 1.31 percent), Canara Bank (up 1.25 per ent), Punjab National Bank NSE 1.56 % (up 1.07 percent) and Bank of India (up 1.06 percent)
- Kunal Bothra of Independent Analyst has a buy call on Bank of India with a target price of Rs 75.0. The current market price of Bank of India is Rs 67.55 Kunal Bothra recommended keeping a stop loss at Rs 62
- IT services firm kicks of SoftBank units' earnings with 41% quarterly profit rise
- Retail advances growing well, corporate advances see muted growth: Dinesh Kumar Khara, SBI
- Global banks hung on $1.5 billion of loans
- South Indian Bank plans to raise Rs 500 crore Tier II bonds this fiscal year
- Mastercard to launch solution for smartphones to become contactless acceptance devices
- Adani Group partners with US-based firm to build data center infra in India
- IndiGo close to sealing 300 Airbus jets deal worth at least $33 bn: Report
- Apple launches AirPods Pro priced at $249; to ship from October 31
- Ola in talks with Microsoft to raise $200 million in funding: Report
- HBR's list of 10 best performing CEOs has 3 Indian-origin chief executives
- NEW DELHI: Tata Motors with over 0.48 crore shares changing hands was leading among the most traded stocks on NSE
- Flipkart India lost ₹10.5 cr a day in FY19, 86% more than last year
- US-based Weave raises $70 million, nears unicorn valuation
- DPIIT to soon approach Cabinet for Startup India Vision 2024; proposes several support measures
- Justice SA Bobde appointed next CJI, to take oath on November 18
- Amazon's combined FY19 losses in India businesses at over Rs 7,000 cr
- Govt likely to reject telcos' demand for 2-year spectrum fee moratorium
- IEX eyes new tech-based opportunities for the next level of efficiency
- After Jio's 4G and optical fiber, RIL to build $24 bn, e-commerce giant
- Experts call for multiple GST rate cuts in India citing Singapore example
- Gold rush ahead? Price may surge to Rs 42,000 by Dec-end, say analysts
- Boeing CEO to tell Senate we made mistakes in 737 Max Jet
- Global economic outlook strongly dependent on path chartered by nations like India: PM Modi
- Income Tax notices can be sent to the old address, says Supreme Court
- Nirmala Sitharaman exhorts India Inc to expand reach to poor, North-East states
- Domestic demand for mining & construction equipment sector dips 17% in January-August: ICRA
- The GVK Group has announced that its airport holding unit will raise ₹7,614 crore investment
Banking
- Nearly 70 senior bankers in race to head debt-ridden Laxmi Vilas Bank
- The recruitment process for Laxmi Vilas Bank's top executives is currently underway as the entity stays headless and grappled by mounting losses. Senior executives from leading private sector banks have applied for the posts.
- Investing in stocks of private sector banks can get you good returns: The majority of current constituent stocks are private sector banks
- Mumbai: In its recent inspection report the Reserve Bank of India has made certain observations regarding Ujjivan Small Finance Bank’s lack of fraud management system
- Maybe there’s a challenge in urban areas but not rural: Chandra Shekhar Ghosh, Bandhan Bank
- Move away from high PE stocks, focus on core valuation matrices: Sunil Singhania
- The market players were upset with the second quarter results of Federal Bank despite an increase in net profit of 56% y-o-y and 8% q-o-q.
- HONG KONG: HSBC's interim chief executive said the banking giant was underperforming in parts of Europe and the United States, as third-quarter profits slipped and the lender warned of further headwinds.
- United Bank of India, IOC, Bank of India and Yes Bank are set to announce their second quarterly results this week
- Indian banks should exploit untapped potential in Islamic banking: Experts
- RBI imposes Rs 35 lakh fine on Tamilnad Mercantile Bank
- Top Bharti Airtel NSE -0.55 % and Vodafone Idea executives spent the Diwali weekend scrambling to draft a response after the Supreme Court ordered telecom companies to pay dues that could be in excess of a cumulative Rs 1.3 lakh crore.
- SYDNEY: Asian shares rose to a three-month high, as risk assets got a fillip from hopes of a trade deal and strong U.S. corporate earnings
- Cairn India retro tax case: Arbitration Tribunal delays award to mid-2020
- Mukesh Ambani to set up Alphabet-like Rs 1.08-trillion digital company
- The newly-formed unit will, in turn, invest the same amount in Reliance Jio and acquire the parent's equity investment of Rs 650 billion in the wireless carrier
- GVK to sell 79% stake in airport business to 3 investors, raise Rs 7,614 cr
- AGR shock for Vodafone-Idea balance sheet as promoters may not fund dues
- Arbitration Tribunal delays award in ₹10,247-cr Cairn retro tax case to mid-2020
- DPIIT, aviation ministry exploring options to ease FDI norms to attract bidders for Air India
- Texprocil data shows 38.8% YoY dip in India's cotton yarn exports, at $1.28 bn in Q2; tepid domestic demand and rural stress add to woes
- Making essential drugs easily available is important in a country like India, which has less than one doctor per 1,000 people
- World Bank Chief advises India to work more on contract enforcement, land digitalization
- Prince Charles to visit India for the second time in two years
- Why is there so much 'silence'? asks Shiv Sena on economic slowdown
- Centre's green nod for Rs 819 cr Kochi water metro project
Banking
- The Reserve Bank of India (RBI) on Sunday clarified that it has neither sold gold from its reserves nor is trading in the yellow metal.
- World Bank Group President David Malpass said India will benefit a lot if it modernizes its land management, streamlines courts and scales up-regulation of non-banking finance companies.
- Private lender ICICI Bank has reported a 28% fall in its profit to ₹655 crore for the quarter ended September from ₹909 crores in the year-ago period.
- The Nifty50 stocks reported a mixed set of numbers in the week gone by. Companies such as Bajaj Finance, Bajaj Finserv, ITC, Axis Bank and HCL Tech posted healthy numbers that surprised the street.
- Banking wrap: SBI, ICICI Bank report lesser bad loan accretion; slowdown concerns remain, Axis Bank, Kotak Mahindra Bank expect higher slippages, Bandhan Bank looks to ramp up a home loan portfolio
- World’s most expensive bank cuts back on the water to trim costs
- South Korean automaker Hyundai will start testing its fleet of robotaxis 'BotRide', equipped with a self-driving system from Chinese autonomous startup Pony.ai, in Irvine, US next week
- US and China are close to finalising some parts of the trade agreement, the US Trade Representative said.
- Trump suspends Thailand's $1.3 billion trade preferences
- Silver expected to outperform gold in new year, price likely to rise 14%
- FPIs infuse over Rs 3,800 crore into capital markets in October so far
- Mercedes-Benz opens booking for new GLE SUV
- E-cigarette traders write to CMs seeking help against ban, The traders have urged the states to conduct independent studies, evaluate the effects of e-cigarettes and arrive at a "rational" decision.
- Stakeholders meet may give the desired push to India-Bangladesh economic ties
- Indian economy on life support, structural reforms need of the hour
- The gold sales on Dhanteras was recorded to be around 30 tonnes (30,000 kg), said the National Secretary of Indian Bullion and Jewellers Association, Surendra Mehta.
- Rly freight earnings down by Rs 3,901 cr in Q2; income from passenger fare dips by Rs 155 cr: RTI
- Currently, the prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis, and any revisions are implemented at fuel stations with effect from 6 am.
Banking
- A Punjab and Maharashtra Co-operative (PMC) Bank director, against whom a look-out notice was recently issued, has claimed that she herself is a victim of the bank scam.
- ICICI Bank consolidated Q2 net profit down 6% to Rs 1,131.20 crore
- Mumbai: State Bank of India’s profit surged more than threefold to Rs 3,012 crore in the September quarter from the year earlier, boosted by treasury gains
- Banks' loans rise 8.8% in two weeks to October 11; deposits climb 9.8%
- Rupee opens on a flat note at 71.06 against US dollar
- Sensex jumps over 200 points in early trade; ITC up 2 %
- Canadian pension fund's stake in Piramal Enterprises may rise up to 9%
- Bitcoin surges 15% to $8,574 in bounce back from lowest in five months
- New Delhi: The combined market capitalisation of seven of the 10 most valued Indian firms advanced by Rs 76,998.4 crore last week, with TCSNSE 2.06 % leading the chart.
- Samvat 2075: Gold and silver give returns of 21% each, outperform equities
- Reliance to create $15 billion digital unit to pare telecom debt
- Vodafone Idea To Seek Waiver After Court Ruling On Overdue Payments
- Dim Diwali: From watches to clothes, luxury brands get the slowdown blues
- RIL to set up Rs 1.08-trillion digital arm, work on making Jio debt-free
- Microsoft beats Amazon to win contracts worth $10 billion from Pentagon
- PE investments in real estate up 19% to USD 3.8 bn in Jan-Sept: Anarock, Private equity investments were over USD 3.2 billion in the year-ago period, the consultant said in a statement.
- Google genuinely struggling with transparency: CEO Sundar Pichai
- Without liquidity to NBFCs, economy gloom will continue: Ajay Piramal
- UP picks four developers for two expressway projects worth Rs 20,000 cr
- Govt plans to remove the minimum alternate tax on SEZs, boost exports
- Cyclone Kyarr whips up the Arabian Sea waters, starts on a strengthening cycle
- NASA to send a rover to map water ice on Moon's south pole in 2022
- US, China “close to finalizing” part of a Phase One trade deal: USTR
- Dwali holds key after consumer confidence down for 4th month in a row amid pessimism over jobs, finances
- Kharif 2019: Mandi price of nine crops up to 37% below MSPs
Banking
- SBI logs over 200% YoY jump in PAT at Rs 3,012 cr; asset quality improves
- DHFL audit firm TP Ostwal & Associates comes under Sebi, RBI lens
- PNB-UBI-OBC merger: Customers to get seamless banking services from April 1
- Ease of doing biz: India needs reforms to be in top 50, says World Bank
- The Banks Board Bureau (BBB) has recommended the name of Challa Sreenivasuluas a Managing Director (MD) in the State Bank of India (SBI).
- Shrugging of the impact of the merger, IDFC First Bank finally moved into profitability in the second quarter of the current fiscal despite the one-time impact of deferred tax assets leading to a reported net loss of ₹679.50 crore.
- MUMBAI: HDIL promoters Rakesh Wadhawan and his son Sarang, arrested in connection with the Rs 4,355-crore PMC Bank scam, were remanded to judicial custody
- Stock market update: Private banks mixed; IDFC Bank jumps over 6%
- KOCHI: Kerala Startup Mission (KSUM) has entered into a memorandum of understanding (MoU) with HDFC Bank to facilitate an array of banking services to startups
- Do not expect the festive season to change the prevailing negative sentiment in the economy, says Axis BankNSE -0.06 % chief Amitabh Chaudhry.
- Mumbai: IDBI BankNSE 1.15 % is in the final stages of negotiations with EdelweissNSE -5.00 % Mutual Fund to sell its mutual fund arm IDBI AMC in its effort to get out of prompt corrective action and free up capital.
- Edelweiss Global Wealth Management wants to emerge as a one-stop-shop for financial advisory and products, a top official said.
- Huawei announced it shipped 200 million smartphones this year in record time, despite the ongoing US trade ban.
- AGR verdict: Jio emerges winner as Airtel, Voda Idea face $7 billion bill
- Private equity (PE) firms invested around $3.8 billion in real estate sector from January to September this year, up 19 percent from $3.2 billion invested during the same period last year.
- SC rules out AGR definition change: What does it mean for telecom firms?
- OYO to expand footprint in Bihar, create 700 new jobs
- Piramal Enterprises to raise fresh capital of Rs 5,400 cr
- Dhanteras Offers: Festival discounts on credit, debit card from SBI, HDFC and ICICI Bank
- Zuari Agro Chemicals gains 7% after board approves a business restructuring
- ITC beat Street estimates in Q2 results; Macquarie sees over 50% upside in 1 year
- The Delhi-based maker of Swift, Baleno and Brezza models gave out an average of Rs 25,761 on every unit in Q2
- The Indian financial system has been fragile for some time. Banks have been grappling with non-performing assets since 2015. Towards the end of 2018, the problems were exacerbated by the failure of IL&FS.
- Brexit uncertainty drives up job losses and holds back economy
- India's sluggish animal spirits signal no recovery in economic growth
- Draft rules on breeding, transporting poultry birds ready: Centre to HC
- Slowing growth takes a toll on diesel consumption to its lowest level since 2017
- Import of Sri Lankan desiccated coconut powder may be curbed
- Uncertainty over BS-VI fuel availability is a worry for the commercial vehicle sector
Banking
- Lakshmi Vilas Bank had unsuccessfully applied to the RBI to merge mortgage lender Indiabulls Housing Finance, which would have given it the required capital. Now the bank has complained
- Bandhan Bank's Q2 net profit rises 100 percent to Rs 971 crore
- NEW DELHI: After its grand launch last year, the India Post Payments Bank (IPPB) is struggling to survive with mounting salary bills and very little business.
- Apart from the assembly election results in two states and various other bypolls, company results of 87 firms including Maruti Suzuki India, ITC, IndiGo, and Bandhan Bank will also play a role in how markets react today.
- India moves up 14 spots to 63 on World Bank's ease of doing business ranking
- I-T raids private firm linked to AgustaWestland deal, unearths Rs 1,000 crore transactions
- Share market update: Bank shares gain; YES Bank rises 2%
- HDFC Bank Consolidated September 2019 Net Interest Income (NII) at Rs 14,458.44 crore, up 0% Y-o-Y
- Shares of Biocon and Indian Bank declined 6 percent and 12 percent respectively on October 24
- Microsoft posts 14% rise in its Q1 revenue at $33.1 billion
- JSW Steel confident of getting immunity in Bhushan Power case
- Maruti Suzuki Q2 net profit falls 39 percent
- The government accorded 'Maharatna' status to Power Grid Corporation of India Limited.
- War box office collection Day 22: Hrithik Roshan and Tiger Shroff film earns Rs 307.75 crore
- Xiaomi claims it sold over five lakh Mi TVs in India in just 24 days
- CIL to invest an estimated Rs 17,500 crore in mechanized coal transportation
- Blow to Bharti Airtel, Voda Idea: SC rejects an appeal against AGR definition
- Vedanta's alumina cost hits a two-year low on availability of coal, bauxite
- HCL Tech Q2 net income rises 4.4% to Rs 2,651 crore, EBIT up 17.9%
- Mayo Clinic, the US-headquartered, not-for-profit global healthcare major has selected AIG Hospitals as its partner
- Nirmala Sitharaman press conference LIVE: Ranking of insolvency jumps to 52, up from 108 in 2018, says Finance Minister
- Commerce Ministry considers 5-year extension of income tax benefits for SEZ units
- Fitch cuts India’s FY20 GDP growth forecast to 5.5 percent
- Inter-ministerial group to discuss FDI policy easing on October 29
- Opening up of auto fuel retail biz will succeed only with stable price regime
- Despite economic gloom, e-tailers set to celebrate a Rs 35,000-cr Diwali
- Rs 30 L reward announced on capture of three Hizbul terrorists in J&K's Kishtwar
- Turning plastic to treasure: Novel method turns plastic waste into lubricants, cosmetics
Banking
- Bank of Maharashtra's exposure to DHFL is Rs 550 crore, says CEO RS Rajeev
- Axis Bank: Its strategy is inspiring, but execution will determine if valuations can improve
- ICICI Bank opens 33 new branches in UP in FY20, focus on unbanked areas
- Public sector lender Indian Bank reported a 139 percent year-on-year rise in its September quarter profit at Rs 358.6 crore.
- Sources said the model for the payments bank was flawed from the beginning as “too much money” was poured into technology, which is estimated at up to Rs 1,000 crore for setting up the core banking system (CSB) and other related technology.
- The financial companies in India are among the largest borrowers and a substantial part of their funding comes from banks.
- Nobel laureate Abhijit Banerjee advised the government to bring down its stake in state-run banks to less than 50%
- US shared office space startup WeWork and SoftBank Group have confirmed an up to $8-billion fund infusion, where SoftBank will commit $5 billion, while a $3-billion tender offer will be issued in buybacks for shareholders.
- 30,000 individuals under I-T scanner for money remitted abroad via RBI scheme: Report
- According to the report, a bank failure could disrupt interbank market, payments, hurt credit availability and adversely affect economic growth.
- Prabhudas Lilladher recommended hold rating on Kotak Mahindra Bank with a target price of Rs 1586
- Private life insurer HDFC Life Insurance posted a 7.6 percent increase in the September quarter (Q2) net profit at Rs 308.7 crore.
- Prabhudas Lilladher is bullish on Bajaj Finance has recommended buy rating on the stock with a target price of Rs 4668
- Uber CEO Dara Khosrowshahi said high car ownership is a "trap" that can sometimes prevent innovation.
- All independent directors will soon have to take an “online proficiency self-assessment test” before they are appointed to company boards
- DoT seeks relief for BSNL, MTNL once again, but with fewer demands
- IRB Infrastructure Developers has reported a 15.7 percent year-on-year (YoY) increase in the second-quarter profit at Rs 200.18 crore
- DLF's shopping mall at Noida named 'Mall of India' is already operational. This 2 million sq ft retail project was developed with an investment of Rs 1,800 crore.
- Amazon India, Railways tie up on transport of e-commerce packages
- The International Monetary Fund (IMF) sees Indian economic growth rebounding to around 7 percent in the next financial year
- J&K Officials said the department of Horticulture has also distributed 19 irrigation pumps and 20 tubewells worth Rs 3.23 lakh to the orchardists and emphasis is being laid on high-density plantation.
- The CCEA has approved the MSPs of all rabi (winter-sown) crops for the 2019-20 crop year (July-June) as recommended by the government's farm price advisory body CACP, the sources added.
- P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly after going through a due diligence process.
- NASA has said that it found no evidence of Chandrayaan-2's Vikram lander in its latest images of the landing site captured during a flyby of its Lunar Reconnaissance Orbiter (LRO) on October 14.
- Economy could grow at over 6% in 2019-20: CEA Krishnamurthy Subramanian
- Ethanol blending: UP govt distilleries to supply 53 million litres to OMCs
- India Ratings & Research (Ind-Ra) has attributed widening of fiscal deficit in states in 2018-19 to slippage on the non-capital expenditure by them
Banking
- WeWork's biggest investor SoftBank is in "very advanced talks" of taking control of the US-based shared workspace startup in a deal that will value WeWork between $7.5 billion and $8 billion
- In a letter to the finance ministry, SBI has sought an immediate policy intervention to revive gas-based plants worth about Rs 1 lakh crore from becoming non-performing assets.
- Assets are up for sale - in sectors such as power, roads, telecom - as banks look to get rid of deadwood.
- The strike call was given by two unions - All India Bank Employees' Association and Bank Employees Federation of India - in protest of the closedown of six nationalized banks.
- Bank strike 2019: Banking operations will be hit across the country as 3.5 lakh banking employees across the country will go on a one-day strike.
- Changing an old habit is wearisome yet banks will have to change the way they have been chasing retail loans all this time
- The Reserve Bank of India (RBI) has banned the use of direct selling agents (DSAs) to source retail loans and carry out physical verification of documents of borrowers.
- Share market update: Bank shares gain; YES Bank jumps 7%
- Shares of YES Bank (up 7.98 percent), ICICI Bank NSE 2.89 % (up 3.93 percent), Axis Bank NSE 0.61 % (up 1.73 percent) and IDFC First Bank (up 1.64 percent) were trading in the positive zone.
- Share market update: PSU bank shares jump; Indian Bank rises 3%
- Bank of Maharashtra shares surge 18% after Q2 profit jumps 4 times, The net NPA declined to 5.48 percent in Q2 FY20 against 10.61 percent in the same quarter of the last financial year.
- HDFC Securities is bullish on DCB Bank has recommended buy rating on the stock with a target price of Rs 243 in its research report dated October 21, 2019.
- HDFC Bank Consolidated September 2019 Net Interest Income (NII) at Rs 14,458.44 crore, up 0% Y-o-Y
- Kotak Mahindra Bank's Q2 profit jumps 51% to Rs 1,724.5 cr; NPAs see mild uptick, Gross NPA stood at 2.32 percent in the September quarter against 2.19 percent in the June quarter.
- According to Angel Commodities, spot gold prices declined by 0.4 percent to close at $1484.3 per ounce
- Walmart CEO writes to PM Modi, seeks a stable business environment: Report
- UltraTechCement Consolidated September 2019 Net Sales at Rs 9,620.47 crore, up 18.02% Y-o-Y
- L&T Finance Consolidated September 2019 Net Sales at Rs 3,611.31 crore, up 11.24% Y-o-Y
- AMJ Land Consolidated September 2019 Net Sales at Rs 3.66 crore, up 0% Y-o-Y
- Bring $500 million FDI, get relationship manager: Government
- 5-6% GDP growth is not terrible: JP Morgan chairman Jamie Dimon
- US says support India's objectives on repealing Article 370, but concerned over situation in Kashmir
- Centre owes EPFO over Rs 9,000cr, situation 'worrying' for managers: Report
- Malaysia to study the impact of palm oil import boycott by Indian traders: PM Mahathir Mohamad
- Amid soaring tensions, India's tea exports to Pakistan tank over 50%
- Govt employees of J&K, Ladakh UTs to get salaries as per 7th pay commission
- Global wealth has risen by $9 trillion to $360 trillion in 2019, according to the Credit Suisse Research Institute (CSRI). India has made a contribution of $625 billion (nearly 7% of total) to the global wealth.
- 90kg gold, ₹64cr seized in raids on Kalki Bhagwan's premises in 3 states
- Global avg salary for ML engineers grew by $8,409 during 2018–19: Indeed
Banking
- SBI to conduct e-auction of 11 accounts to recover dues of Rs 467 crore
- SBI said the financial assets were showcased on Oct 12 and the e-auction will take place on Nov 7.
- India unit driving BNY Mellon’s transformation
- The transformation seems to be at variance with the trend of slowdown in revenue from the banking and financial services sector for IT services firms.
- The government is ready to bring in changes in the laws governing multi-state co-operative banks.
- Axis Bank Q2 preview: Profit may fall sharply on DTA impact; loan growth expected to be strong
- Maharashtra govt explores the possibility of PMC bank merger: Devendra Fadnavis
- The SVC Co-operative Bank has denied reports of merger with the crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank.
- Overall more than 3.17 lakh pieces of fake currency notes discovered including the 2000s, 500s, 200s, 100s, 20s and 10s.
- Kotak Mahindra Q2 preview: PAT may rise 11% QoQ; asset quality likely to remain stable
- Fee income should remain strong due to loan growth and digital initiatives. Low-cost deposit flow should be strong for the bank while GNPA below 2.25 percent will be positive.
- The Nifty50 looks buoyant for further up move after the recent surge but 11,700-11,800 levels would be tough to cross in this week, suggest experts.
- Wipro plans to promote around 5,000 employees to check attrition
- Inside Zomato Gold: The discounts program that has restaurants vexed
- Temasek makes $3 billion bid to take control of Singapore's Keppel Corp
- Gojek Co-founder Nadiem Makarim quits as CEO to join Indonesia Cabinet
- A few anonymous employees of global software vendor Infosys have accused its Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy of unethical practices for many quarters.
- ICICI Direct expects Bajaj Finance to report a net profit at Rs 1,462 crore, up 58.3 percent year-on-year, while KR Choksey expects net profit at Rs 1,640 crore, up 77.6 percent year-on-year.
- Govt rolls out 6th tranche of gold bonds; fixes issue price at Rs 3,835 per gram
- Amol Yadav, a pilot who inked a ₹35,000 crore deal with Maharashtra government to set up an aircraft manufacturing facility, met PM Narendra Modi
- IRCTC to pay around Rs 1.62 L as compensation after Tejas Express delayed
- Britain's Brexit blues, breaking pledged shares habit
- Bharat Ratna for Savarkar is an essential piece of Hindutva mosaic
- China's Huawei revenue jumps 56% amid uncertainty over global trade war
- FY20 gross tax revenue likely to fall short by around Rs 2 trillion
- Economic slump may hit refinancing by Indian vehicle financiers: Moody's
- India tries to loosen RCEP tangle ahead of Leaders Summit on November 4
- SOMA puts Gujarat’s groundnut crop at 30 lakh tonnes for 2019-20
- Prime Minister Narendra Modi releasing a Tamil version of his poem on Mamallapuram ocean's beauty has won appreciation from Tamil film personalities.
Banking
- PMC Bank Crisis: How you can withdraw more for special needs, Depositors can withdraw more money for needs such as marriage, medical emergencies, and education expenses
- PMC Bank depositors protest outside RBI headquarters, Five persons including HDIL promoters have been arrested in the case.
- SBI said the financial assets were showcased on Oct 12 and the e-auction will take place on Nov 7.
- The auction for the accounts will be held under the 'Swiss Challenge Method', based on an existing offer in hand, who will have the right to match the highest bid.
- The All India Bank Employees Association (AIBEA) and Bank Employees Federation of India (BEFI) have proposed an all-India strike on October 22 to protest against the announced consolidation of 10 state-run lenders into four.
- Banking wrap: RBI MPC minutes signal more rate cuts; PMC Bank raises withdrawal limit, Banking sector wrap: How companies 'shop' for favourable ratings and mislead investors; HDFC Bank Q2 profit jumps 27%
- DCB Bank Standalone September 2019 Net Interest Income (NII) at Rs 313.36 crore, up 11.18% Y-o-Y
- HDFC Bank Standalone September 2019 Net Interest Income (NII) at Rs 13,515.04 crore, up 14.89% Y-o-Y
- HDFC Bank Net Profit Rises 27% In September Quarter; Asset Quality Stable
- UK PM sends unsigned letter to European Union asking for Brexit delay
- India to be biggest driver of global growth after China in 2024: IMF
- The US is projected to fall to third place, with its share expected to slip from 13.8% now to 9.2% by 2024.
- David Thevenon, a SoftBank Vision Fund partner, has resigned from his role to pursue other opportunities, Bloomberg has reported.
- WeWork's largest shareholder SoftBank is reportedly working on a rescue financing deal for the co-working space startup that may value it at below $8 billion. SoftBank last invested $2 billion in WeWork in January, at a valuation of $47 billion.
- US-based shared workspace startup WeWork's ousted CEO Adam Neumann planned his five kids and maybe his grandchildren would control WeWork, according to a video accessed by Business Insider.
- Aro Granite Standalone September 2019 Net Sales at Rs 43.30 crore, up 3.25% Y-o-Y
- Sacheta Metals Standalone September 2019 Net Sales at Rs 26.91 crore, up 11.57% Y-o-Y
- Rajratan Global Consolidated September 2019 Net Sales at Rs 120.42 crore, down 0.05% Y-o-Y
- Bajaj Allianz Life launches video calling service ‘i-SERV’ to enhance customer service experience
- Trade wars to impact flow of capital, goods: Nirmala Sitharaman
- Anantha Nageswaran appointed non-permanent member of PM's Economic Advisory Council
- Many countries against rushing into cryptocurrencies: Nirmala Sitharaman
- RCEP's last leg: E-commerce, 'most favoured nation' are the new hurdles
- Govt spend fails to lift rural economy, indicators point towards a crisis
- Premium Content Goldilocks entrepreneurs: Too small to get loans, too big for scheme sops
- UP loan mela: Retail, agri grab a third of total Rs 2,125 cr disbursals
- Odisha set to garner Rs 1 trn in 50 years from auction of 20 merchant mines
- Indian Army used artillery guns to attack terrorist camps situated in Pakistan-occupied Kashmir (PoK).
Banking
- RBI declines the proposal by banks to grant relief from provisioning for the troubled mortgage lender.
- SBI's head Rajnish Kumar has been elected as the chairman of Indian Banks Association for fiscal 2019-20.
- UBI's G Rajkiran Rai, S S Mallikarjuna Rao of PNB and Madhav Kalyan JP Morgan Chase Bank have been appointed deputy chairmen.
- FM Nirmala Sitharaman had said business establishments with an annual turnover of more than 50 crores should offer low-cost digital modes of payment to their customers and the RBI and banks should absorb the cost of transactions.
- Yes Bank, BHEL among 15 stocks that rose/fell the most in last week: The S&P BSE Mid-cap index gained 4.64 percent, S&P BSE Large-cap index rose 3.49 percent and the Small-cap Index was up 2.78 percent last week.
- ED searching DHFL and Dheeraj Realty offices in Mumbai in connection to Iqbal Mirchi, The ED is conducting searches at the DHFL office in connection to loans given to Sunblink Developers
- HDFC Bank Q2 profit, PPoP could grow over 20% with stable asset quality
- HDFC Bank clarifies deposit insurance cover stamp on passbooks only to comply with RBI guidelines
- Sebi tightens norms to deal with abrupt resignations of auditors
- All-India bank strike called on October 22
- UK Prime Minister Boris Johnson said Britain and the European Union had agreed on what he calls a great new Brexit deal and urged lawmakers to approve it at the weekend.
- Trade differences with the US narrowing, hope to have a deal soon: Sitharaman
- Rising user base adds colour to Jio Q2 show; net profit up 45% to Rs 990 cr
- RIL rides high on Jio, retail; net profit up 18% YoY at Rs 11,262 crore
- Fundamentally IRCTC is Warren Buffet's buy with a moat stock type, always buy on correction, We can say investors got another stock to add to their portfolio and be bullish on this stock in long-term and always buy from a correction.
- This week in Auto: EVs set to become the jugular vein for India; Chetak makes a roaring comeback
- Google spinoff Wing starts drone deliveries for customers in US
- Gold prices rose over 25% from last quarter of 2018; trade talk, rupee eyed
- Feeble global economic outlook, intensifying trade war tensions between the US and China, hopes of policy easing from major central banks, Brexit and other geopolitical tensions lifted the yellow metal’s traditional safe-haven demand.
- Worst is yet to come in residential real estate: Xander founder Sid Yog
- Indian carriers will operate 23,403 domestic flights per week during the winter schedule starting October 27, with IndiGo set to operate 10,310 flights, according to the Directorate General of Civil Aviation (DGCA).
- The six members of the Monetary Policy Committee (MPC) expressed dismay at the lack of monetary policy transmission and were alarmed at the slowdown in the economy
- Any industrialist who has land in Madhya Pradesh (MP) does not need any government approval for starting a unit, said Kamal Nath during his first investment summit as MP chief minister
- IMF says the corporate income tax cut will help revive investment in India
- ML engineers earn a global average salary of $142,858.57 in 2019: Indeed
- The US military is no longer using floppy disks to receive nuclear launch orders from the President.
- SpaceX starts construction of its reusable Starship rockets
- The Indian government is aiming to build the world's largest facial recognition system, as per a 172-page document released by the National Crime Records Bureau.
Banking
- "Imports are down by 13.9%, exports are down by 6.6%. Meaning, thousands of jobs are lost every month. Bank credit declines by Rs. 80,000 crores in five months between March and August 2019. Meaning, there is practically no new investment, "Chidambaram in the tweets.
- South Indian Bank shares jump 7% after the firm's Q2 profit rises, The bank's net interest income (NII) grew 15.37 percent YoY while other incomes rose 57.9 percent
- IMF, World Bank see Brexit deal boosting global growth outlook, Kristalina Georgieva, the managing director of the International Monetary Fund, called the agreement "good news," and said she hoped the will to complete the deal "holds in all quarters."
- Barring Nifty Media, all sectoral indices are in the green on NSE, with Metal, Pharma, PSU Bank and Realty trading over a percent higher.
- Yes Bank is on the roll; what should you do?: Market participants say a volatile stock price is a challenge to fundraising, even though the bank has been claimed that it is on track to raise funds.
- A new revelation has added a big twist to PMC fraud. The bank learned of the missing Rs 10.5 crore cash only while the internal inquiry into the bank's financial transactions was being conducted on the orders of an RBI-appointed administrator.
- HDFC Bank issued a clarification after an image of a passbook with rubber stamp informing customers that deposits of only up to ₹1 lakh were covered by DICGC went viral.
- ONGC, Oil India bank on private players to boost production by end of FY20
- Apart from banks, DHFL also owes money to about 87,000 bondholders. The lenders are currently working on a resolution plan but the majority of its bondholders declined last month to be a party to that plan.
- Only 17% Of Banks Have Transformed Digitally At Scale: Report
- Two trade unions of bank employees have proposed an all-India strike on October 22 to protest against the announced consolidation of 10 state-run lenders into four.
- PowerBar maker BellRing climbs after low-range $480 million IPO
- E-cigarette ban: Phillip Morris develops an alternative to fill the gap
- Govt probing Flipkart, Amazon over alleged predatory pricing: Piyush Goyal
- The Mukesh Ambani-led Reliance Industries Ltd (RIL) has become the first Indian company to cross ₹9 trillion market capitalization after its shares rose nearly 2% trading session to hit ₹1,423.
- On the Multi Commodity Exchange, silver contracts for December delivery fell by Rs 125, or 0.27 percent, at Rs 45,420 per kg in a business turnover of 3,006 lots.
- L&T to buy Old Lane's stake in subsidiary for Rs 48 cr
- Acting White House Chief of Staff Mick Mulvaney told reporters on Thursday that the 46th G7 Summit, a grouping that comprises of world's largest developed economies, would be held from June 10 through June 12 at the Trump National Doral facility in Miami, Florida.
- According to the Federation of Automobile Dealers Associations (FADA), passenger vehicle (PV) sales stood at 1,97,653 units in September 2018.
- Crude oil futures gain on domestic cues, On the Multi Commodity Exchange, crude for delivery in October traded higher by Rs 26, 0.68 percent, at Rs 3,831 per barrel in 17,828 lots.
- Govt likely to remove a controversial bail-in provision from FRDI Bill
- Launches in realty plunge 45% in top nine metros in Q2: PropTiger report
- Govt expands PM's Economic Advisory Council; appoints 3 part-time members
- CCEA may consider govt's stake cut in some PSUs to below 51% next week
- Pakistan F-16 jets escorted SpiceJet Boeing 737 aircraft in September
- Rupee recovers, trades higher at 71.10 per dollar, Going ahead, if Brexit deal is done by the Parliament, as mentioned by UK PM, then we can see further appreciation in rupee, says Rahul Gupta, Head of Currency, Emkay Global Financial Services.
- "Odisha's transformative initiatives and policies have resulted in the sharpest drop in poverty, about 25 percent, bringing millions out of poverty in last two decades," the chief minister said.
- The IMF trimmed India's growth forecast by 90 basic points to 6.1 percent. This is a second downward revision in seven months and in total 120 basis points reduction. 100 basis points are equal to one percentage point.
- Recalling when and what went wrong during a certain period is necessary: Nirmala Sitharaman
- India's rice exports in August fell 29% year-on-year to 644,249 tonnes due to weak demand from African countries for non-basmati rice, among other factors.
- MP CM Kamal Nath expects mega investment proposals from the maiden summit: This is the first investment summit being organized by the Congress government after coming to power last December since then the state has received investment proposals worth Rs 1.05 lakh crore, chief secretary SR Mohanty said.
Banking:
- Federal Bank gains 2% as brokerages maintain buy after Q2 numbers, Jefferies maintained buy rating while it cut target to Rs 120 from Rs 123 per share.
- SBI Life at record high after IAG decides to sell stake in JV, SBI and IAG currently own 70 percent and 26 percent stake.
- Westminster Magistrates' Court Judge Nina Tempia confirmed that Modi's extradition trial is scheduled between May 11 and 15 next year. Modi must also re-appear via video link every 28 days for ‘call-over hearings’ until the trial kicks in from February next year.
- Mumbai Police to probe oversight of PMC Bank irregularities in RBI audit: "We are looking into why such disproportionate rise in the loans were not noticed by the regulators," Mumbai Police Commissioner Sanjay Barve said
- The PMC Bank crisis saw a substantial portion of depositors’ money getting blocked with the bank. Many fear the worse is yet to come if the bank goes in for liquidation. So, how safe is your deposit in such a situation
- The Wadhawans, who are the promoters of HDIL, have been accused of orchestrating the fraud at the Punjab and Maharashtra Cooperative Bank along with the bank's top management. The scam at the PMC Bank is worth Rs 4,355 crore.
- A scrutiny was carried out by RBI to examine the implementation of SWIFT related operational controls in SBM Bank (Mauritius) at its Indian operations, and it was observed that it failed to comply with certain provisions, the RBI said.
- Slowdown in credit offtake is an indication of a “ We believe though the sharp decline in credit flow to commercial sector do indicate heightened risk aversion in the system”, said S K Ghosh, group chief economist, SBI in a note.
- In a regulatory filing BOB said, the functions of MD, CEO will be performed by executive directors till the time govt appoints someone for the post. It is also to be noted that top posts are also vacant at PNB, Canara Bank and Bank of India.
- Slowing Indian bank lending overshadows economic rebound hopes, Credit growth by banks had nearly halved to 8.8% at the end-September from the start of the year.
- Gurugram-based used cars buying platform Cars24 has raised $100 million in Series D funding round led by Unbound and KCK Global, who invested $25 million each. Telecom tycoon Sunil Bharti Mittal's son Shravin Bharti Mittal invested in the round through his London-based investment firm Unbound.
- Ola launches self-drive car-sharing service Ola Drive, Ola said that as of now, the service has been rolled out for its customers in Bengaluru and will soon be launched in Mumbai, New Delhi and Hyderabad.
- TVS Motor rises 9% on better Q2 numbers, The company has reported a 20 percent jump in its Q2FY20 standalone net profit at Rs 255 crore on the back of improvement in the margins.
- India to miss fiscal deficit target by 30-50 bps: Sources, The government is now trying to cap the fiscal deficit for 2019/20 at 3.8 percent of GDP from the target set during the budget presented in July, the two officials told Reuters.
- PMUY brought Rs 3,000 cr investment, generated 3,000 jobs in Northeast: Official, The ambitious program, being implemented by the three PSU oil marketing companies IOCL, HPCL, and BPCL, has increased the LPG customer base to over 94 lakh in October 2019 from 48.3 lakh on April 30, 2017, the official said.
- Sitharaman made the comments while responding to a question during an interactive session with investors at the IMF headquarters here. The event was organized by the Federation of Indian Chambers of Commerce and Industry and US India Strategic and Partnership Forum.
- Microsoft's India-born CEO Satya Nadella was paid total compensation of $42.9 million (about ₹306 crores) for FY19, up around 66% than the previous financial year.
- Rupee extends gains, trades at day's high: For the next couple of sessions, we expect the USD-INR to quote in a wide range of 71.20 and 71.80 (Spot), says Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services Private.
- Delhi govt approves the hiring of 2,000 CNG operated buses by DTC during the odd-even scheme, A cabinet meeting chaired by Chief Minister Arvind Kejriwal approved the decision to hire the 2,000 extra buses on Thursday.
- No better place to invest than in India, govt continuously working to bring reforms: Nirmala Sitharaman
- US commercial aerospace startup Rocket Lab successfully launched its ninth Electron rocket to space on Thursday.
- The Gujarat government has passed a resolution to impose a fine ranging from ₹3,000 to ₹25,000 on teachers and their schools if the former do not turn up for the evaluation process for Class 10 and Class 12 exam papers.
- The benchmark BSE Sensex rose over 350 points to hit 38,958.86 in the afternoon trade on Thursday and Nifty hit the 11,550-mark amid gains in Asian peers.
- The gains in banking, auto, and consumer goods stocks like HDFC, TCS and ITC supported the markets. However, losses in information technology shares like Infosys, Tech Mahindra, and HCL Technologies limited the upside.
Banking:
- Bharti's Sunil Mittal and Hero Group's Sunil Munjal eye stake in Yes Bank: Report, Their interest is at the preliminary stage and if the deal does take place, Mittal and Munjal would be acquiring the stake in their private capacity, which could be up to 5%
- Federal Bank slips 6% post Q2 results: The company has reported a 56.7 percent jump in its Q2FY20 profit to Rs 416.7 crore against Rs 266 crore in the same period last year.
- Insurance stocks rally 3-20% on premium collections data, SBI Q2 numbers, New India Assurance Company was locked at 20 percent upper circuit at Rs 113.75, but ICICI Lombard General Insurance Company fell 6 percent following premium collections data.
- RBI issues guidelines on 'on tap' authorization on payment systems, The minimum net worth for entities desirous of entering the WLA segment should be Rs 100 crore.
- PMC Bank scam | SC agrees to urgent hearing of PIL, The PIL seeks the full protection of over 15 lakh affected bank customers and 100 percent insurance cover
- Indian public sector banks had "worst phase" under Manmohan Singh, Raghuram Rajan, says Nirmala Sitharaman
- Lack of coordination is causing hurdles, SBI feels. The bank is worried about systemic risk if efforts to finalize the resolution plan do not go through. While NBFCs have taken a hit on their advances, banks have yet to mark such credit as NPAs.
- Probe agencies should keep off the company which is under the insolvency process, the SBI chairman has said.
- Amidst the festive season, SBI Credit Card has introduced 'India Ka Diwali Offer' for October. Twelve top spenders will win a mega prize of holiday vouchers worth ₹1,00,000 on MakeMyTrip.
- Aluminium futures ease on low demand, At the Multi Commodity Exchange, aluminum for delivery in October declined by 20 paise, or 0.15 percent, to Rs 134.20 per kg in a business turnover of 456 lots.
- IRB Infrastructure Q2 PAT may dip 13.2% YoY to Rs. 150 cr: Net Sales are expected to increase by 8.3 percent Y-o-Y (down 12.5 percent Q-o-Q) to Rs. 1,551 crore, according to Sharekhan.
- Petronet LNG Q2 PAT seen up 29% YoY to Rs. 726 cr: Net Sales are expected to decrease by 10 percent Y-o-Y (up 12.3 percent Q-o-Q) to Rs. 9,670 crore, according to Sharekhan.
- Bajaj Auto announced on October 16 that it would be making a comeback into the two-wheeler segment with an electric scooter designed along the lines of the original Chetak.
- Global brokerages bearish on Wipro after Q2 results, cut target despite better Q3 guidance. Japanese brokerage firm Nomura has maintained its reduce call on the stock with a target price at Rs 235 per share as it expects growth to continue to lag peers.
- Swedish telecom equipment maker Ericsson and chipmaker Qualcomm demonstrated India's first-ever live 5G video call using millimeter-wave (mmWave) spectrum on Tuesday.
- Ankit Agarwal, who along with Flipkart Co-founder Sachin Bansal founded investment fund Navi Technologies (formerly BAC Acquisitions), drew over ₹5 crores in salary and perks in FY19, Entrackr reported citing regulatory filings. The fund was founded in December 2018.
- It posted a total income of ₹16.7 crores and turned out profits in the very first fiscal of its operations.
- Hyderabad-based School of Accelerated Learning (SOAL) has raised $300,000 in its first funding round from Astarc Ventures. Investors like T-Hub CEO Srinivas Kollipara and BeeCash Founder Krishnan Menon also participated in the round.
- Singapore-based Xander Investment Management (XIM) has announced a $250-million industrial real estate fund for India.
- India has been ranked 102nd out of 117 countries on Global Hunger Index 2019. India is the second lowest-ranked among the South Asian countries, with Pakistan, Bangladesh and Nepal ranked 94th, 88th, and 73rd on the index
- Rupee at day's high: Rupee dived 31 paise to end at a nearly one-month low against the US currency due to heavy dollar buying amid fresh concerns over the progress of China-US trade talks.
- India's fuel demand fell 0.1% in September: Sales of gasoline, or petrol, were 6.3 percent higher from a year earlier at 2.37 million tonnes.
- Chief Economic Adviser KV Subramanian urges large corporations to clear MSME dues. He said the virtuous cycle with investment was slowing down secularly.
- Billionaire Elon Musk-led aerospace startup SpaceX has filed documents to launch up to 30,000 more Starlink internet satellites. The paperwork was filed with the International Telecommunication Union, which governs international use of global bandwidth.
- The startup had already secured permission to launch up to 12,000 satellites for its planned network, of which it launched the first 60 in May.
- US space agency NASA has unveiled its "next-generation" spacesuits designed for its Artemis missions, under which it plans to send astronauts to Moon and eventually Mars. NASA plans to send astronauts to Moon by 2024.
Banking:
- Indian Bank would be amalgamated with Allahabad Bank under the Centre's move to merge various public sector banks.
- Bandhan Bank climbs 9% ahead of MSCI index inclusion, Bandhan Bank will be included in the MSCI Global Standard Index, under large-cap segment, from October 16.
- Yes Bank gains over 3% after selling stake in Fortis Healthcare, Through this transaction, the bank said it has reduced its exposure to the Religare Group.
- Umesh Mehta recommends 5 stocks that would be wealth creators for the next 2-3 years would be Hindustan Zinc, HDFC, SBI Life Insurance, Kotak Mahindra Bank and ITC.
- RBI governor Shaktikanta Das to meet public sector bankers today, The meeting comes a day after the bankers met finance minister Nirmala Sitharaman in the Capital.
- Andhra Bank to cut MCLR by 10 bps across all tenors from today, The benchmark one-year tenor MCLR, which is used to price most of the consumer loans, has been brought down to 8.30 percent from 8.40 percent.
- Paytm may raise funds from SoftBank, Ant Financial at $16bn valuation, The the funding would be done in equal parts debt and equity
- The co-operative banking system came into being with the aim to promote saving and investment habits among people, especially in rural parts of the country.
- Bank of Japan's Haruhiko Kuroda vows further easing if price momentum lost, "We need to pay closer attention to the possibility that momentum towards achieving our price target will be lost," Kuroda said in a speech at a quarterly meeting of the central bank's regional branch managers.
- Rupee trades lower at 71.31 per dollar, ICICIdirect expects the USD-INR to find supports at lower levels. Utilize downsides in the pair to initiate long positions
- The bond issue will be of Rs 1,000 crore with a greenshoe option of another Rs 2,000 crore, he said and added that "we may retain or not retain over-subscription of up to Rs 2,000 crore."
- Maruti Suzuki reports Rs 154-cr investment in CSR initiatives last fiscal, "The projects are selected based on need-assessment and stakeholder consultation. These are closely monitored by the company and third party impact assessment is carried out," MSI MD and CEO Kenichi Ayukawa said in a statement.
- Adani Family and TOTAL SA shareholders will ultimately hold 37.4 percent each and public shareholders will hold the remaining 25.2 percent.
- Crude futures down 1.49% in afternoon trade, The value of the October contract traded so far is Rs 3,588.97 crore and November contract saw value of Rs 91.61 crore.
- Polycab India Q2 PAT seen up 24.5% YoY to Rs. 160 cr: Sharekhan: Net Sales are expected to increase by 13 percent Y-o-Y (up 5.3 percent Q-o-Q) to Rs. 2,035 crore, according to Sharekhan.
- KEI Industries Q2 PAT seen up 35.7% YoY to Rs. 56 cr: Sharekhan: Net Sales are expected to increase by 10.1 percent Y-o-Y (up 1.5 percent Q-o-Q) to Rs. 1,097 crore, according to Sharekhan.
- Apollo Tricoat Standalone September 2019 Net Sales at Rs 153.65 crore, up 28259.41% Y-o-YO
- JMC Projects Q2 PAT may dip 11% YoY to Rs. 27 cr: Sharekhan, Net Sales are expected to increase by 15 percent Y-o-Y (down 6.7 percent Q-o-Q) to Rs. 844 crore, according to Sharekhan.
- PMC is in bad health allegedly due to its exposure to near-bankrupt realty player HDIL, to which it has loaned over 70 percent of its Rs 9,000 crore in advances.
- Indian-American Banerjee, who on Monday won the 2019 Nobel for Economics, has said the Indian economy is on shaky ground and the data currently available does not hold any assurance for the country's economic revival anytime soon.
- India-born economist Abhijit Banerjee has said he went back to sleep after getting the news on Monday that he, his wife Esther Duflo, and Michael Kremer had been awarded the 2019 Nobel Prize in Economics.
- Chipmaker Qualcomm has announced support for India's ISRO-made indigenous navigation system NavIC for manufacturers to leverage starting next month. ISRO said it collaborated with Qualcomm to build and test chipset platform across their portfolio to support NavIC.
- India has huge potential for trade with the US, no dispute: Piyush Goyal
- Finance Minister Nirmala Sitharaman on Monday defended the government’s policies after her husband Parakala Prabhakar attributing the economic slowdown to the Narendra Modi regime’s policies.
- Oil prices extend losses as weak China data compounds US-China trade deal doubts, Brent crude futures fell 30 cents, or 0.5%, to $59.067 barrel by 0142 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $53.38 a barrel, down 21 cents or 0.4%.
Banking:
- Indian Bank would be amalgamated with Allahabad Bank under the Centre's move to merge various public sector banks.
- The secretary was addressing the media after the finance minister Nirmala Sitharaman met the heads of state-run banks for measures to boost the economy.
- He said that an amount of Rs 34,342 crores was disbursed to new entrepreneurs while noting that the banks followed prudential norms while disbursing the loans.
- NEW DELHI: The Prime Minister’s Office is keeping close tabs on developments related to fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank, two senior officials said.
- NEW DELHI: Leaders of the cooperative sector should think of a self-regulatory mechanism to strengthen it and prevent recurrence of scams like Punjab and Maharashtra Cooperative Bank case, Commerce and Industry Minister Piyush Goyal said
- State Bank of India or SBI offers a range of maturities for fixed deposit (FD) accounts. Fixed deposits, also known as term deposits (TDs), are fixed-income instruments that yield fixed returns over a pre-defined period of lock-in.
- For retail domestic fixed deposits up to Rs. 2 crores, SBI pays interest rates to the tune of 4.50-6.40 percent to the general public over a maturity period of seven days to 10 years, according to the bank's website - sbi.co.in. The lender last revised its FD interest rates with effect from October 10, 2019.
- Many account holders in the PMC Bank gathered at a Mumbai court to protest against the Reserve Bank of India (RBI) and the government.
- Net Sales are expected to increase by 5.4 percent Y-o-Y (up 16.5 percent Q-o-Q) to Rs. 1,354.7 crore, according to Emkay.
- Sharekhan is bullish on Infosys has recommended buy rating on the stock with a target price of Rs 880 in its research report dated October 11, 2019.
- Lower purchases by India, the biggest buyer of Malaysian palm oil so far in 2019, could lead to higher inventories and put pressure on Malaysian palm oil prices, but help rival Indonesia in raising its shipments to India.
- "In the last few years, there has been a sea of changes in the attitude towards electric vehicles.
- This industry is changing rapidly and I place good value on the sound logic and the approach that the team at Tork Motors has taken," Tata Sons Chairman Emeritus Ratan Tata said in a statement.
- Around 20,000 employees of Hindustan Aeronautics Limited (HAL) will begin an indefinite strike from Monday over a revision of wages and other demands. This comes after weeks of talks between the employees union and the management failed to reach an agreement.
- Indian Railway Catering and Tourism Corporation (IRCTC) shares more than doubled on their first day of trade, marking the best debut for a local company in two years.
- The stock listed at ₹644 apiece at a premium of 101% over its issue price of ₹320 a share on BSE. IRCTC shares were trading at ₹724
- Referring to challenges like crude oil prices, it supplies, and other issues, FM said India needs to widen its energy basked in view of speculation in crude oil prices in international markets.
- $60 billion investment coming in gas infrastructure, says Dharmendra Pradhan: Stating that the government has laid emphasis on developing a gas-based economy, he said natural gas is gradually becoming a bridging fuel for low carbon economy in India.
- Wholesale prices based inflation eased to 0.33 percent in September, as against 1.08 percent in August due to falling in prices of non-food articles, government data showed
- When GST was introduced on July 1, 2017, amalgamating over a dozen central and state levies, five commodities - crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) - were kept out of its purview given the revenue dependence of state governments on this sector.
- Indian-origin economist Abhijit Banerjee has won the 2019 Nobel Prize for Economic Sciences.
- Section 144 has been imposed in Ayodhya district till December 10 in anticipation of a verdict in Ayodhya land dispute case. This comes a day before the Supreme Court will resume day-to-day hearings in the case after it reconvenes after Dussehra holidays
- CPI(M) leader Sitaram Yechury said that Prime Minister Narendra Modi's slogan has become 'Jio Hind', instead of 'Jai Hind'. He added that the government's alleged plans to shut down state-owned BSNL and MTNL are to "help Mukesh Ambani's Reliance Jio".
- Sourav Ganguly, who is set to become BCCI president, said he's taking over at a time when BCCI hasn't been in greatest of position for the last three years. "
- Prabhakar referred to the liberalization of the economy ushered in by the Congress government in 1991. He said that BJP hasn't been able to propose any "economic framework of its own"
- Finance Minister Nirmala Sitharaman on Monday said Corporate Affairs Ministry has a complete list of companies that owe MSMEs ₹40,000 crore.
- Even soaring onion prices may not stop RBI from delivering more rate cuts
Banking:
- PNB, UBI, OBC merger: "The new name and logo of the merged entity will be decided after inviting suggestions from all and sundry," a top UBI official told.
- KOLKATA: With three state-run lenders -- Punjab National BankNSE 0.80 % (PNB), United Bank of India NSE -0.65 % (UBI) and Oriental Bank of CommerceNSE -2.94 % (OBC) -- heading for an amalgamation, an outside expert may be engaged to decide the logo of the merged entity, an official said.
- The central probe agency said it has attached land, building, plant and machinery of the firm located in Odisha under the provision of the Prevention of Money Laundering Act (PMLA)...
- The bank was put under 'directions' by RBI last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.
- The Reserve Bank of India (RBI) placed Mumbai’s CKP Co-operative Bank under restrictions on withdrawals and lending in 2014, it changed Gupte’s life. Nearly Rs 12 lakh, about 85% of his life’s savings, are stuck at the bank, with no clarity on if and when he might get the money back.
- State-run Bank of Baroda and French financial services group BNP Paribas has agreed to merge their mutual fund businesses. Bank of Baroda will have a stake of 50.1% in the combined asset management company.
- The average assets under management (AAUM) of Baroda Mutual Fund stood at ₹10,675 crores in Q2 and BNP Paribas Mutual Fund had AAUM of ₹7,300 crores.
- India's growth rate is projected to fall to 6%, the World Bank said. In 2018-19, the growth rate of the country stood at 6.9%.
- However, the World Bank in its latest edition of the South Asia Economic Focus said the country was expected to gradually recover to 6.9% in 2021 and 7.2% in 2022.
- Buy ICICI Lombard, target Rs 1,450: Anand Rathi, We have a buy rating on ICICI Lombard General Insurance Company with a target price of Rs 1,450 per share.
- Option traders can go with Bull Call Ladder with the view to multiple support at 11,180-11,100 zones while hurdle at 11,500 to 11,700 zones
- 'Infosys is better placed than TCS to win large deals, which will provide better growth': Slowing global economic growth has been hurting Indian IT companies’ earnings. But Infosys is better placed than TCS to win large deals which will provide better growth visibility ahead
- The government last week constituted the panel of officers to suggest steps to expand the tax base and check evasion in the backdrop of falling revenue collections under GST.
- In Singh brothers’ case, Delhi police will have to find where all the money has flown: Investigating agencies have a task at hand to find out the money trail -- where it had flown and who were the end beneficiaries
- The OECD Secretariat has published a public consultation paper to advance international negotiations to ensure large and highly profitable MNEs pay tax wherever they have significant consumer-facing activities and generate their profits.
- Consumer offers at a peak will go down post-October: Maruti Suzuki, The company, which is offering cash discounts and extended warranties on various models, witnessed its sales jump by 18-20 percent last month as compared with July and August.
- Vineet Rai’s group has assets under management of Rs 6,700 crore. The latest investment in his Aavishkaar group is $37 million by FMO, a Dutch entrepreneurial development bank. Yet the company's founder and chairman says he has no money.
- Ride-hailing giant Uber has launched a boat taxi service 'UberBOAT' in Nigeria's most populous city Lagos, having a population of around 22 million people.
- Traders' body CAIT said it has shared emails that Amazon and Flipkart sent to sellers asking them to offer discounts on a sharing basis and reward them back with credits.
- Google may unveil a Pixel smartwatch alongside the Pixel 4 smartphone range at its hardware event in New York on October 15, reports said
- Tamil Nadu biggest beneficiary of Sewa service trains: the Railways will introduce 10 Sewa Service trains to ensure better last-mile connectivity between smaller towns in short distance of less than 120 km.
- Indian Railway Catering and Tourism Corporation (IRCTC), which recently concluded its Rs 645-crore initial public offering, will make its stock market debut
- The commerce and industry ministry has advised e-commerce companies to gradually slash single-use plastic in the packaging of products being sold through their platforms, in line with the government's commitment to reduce the use of such material
- Regulatory battle for renewable projects begins in Andhra Pradesh
- Essar leads corporate deleveraging; pays off Rs 1.4 lakh crore, Prashant Ruia: While the group deleveraged some of its assets, its flagship Essar Steel was dragged to bankruptcy proceedings by lenders over unpaid loans.
- Indian government's policy thinks tank NITI Aayog has decided to draw up an action plan to make India an education hub and attract 2 lakh foreign students annually from 2023.
- Reportedly, foreign students' inflow declined to 0.78% annual growth in 2017-18 against 2% seen till 2007-08. NITI Aayog has also decided to create 'Exclusive Education Zone' in some select cities.
- Oscar-nominated actor Robert Forster passed away due to brain cancer at the age of 78 in Los Angeles.
- Alleged black money amounting to ₹30 crores was seized after the IT department raided a coaching institute in Tamil Nadu, training students for competitive exams like NEET, the CBDT said
- Replying to mythologist Devdutt Pattanaik's tweet trolling her, Finance Minister Nirmala Sitharaman tweeted, "???". "Can we start a campaign to get Dr. Subramaniam Swamy (who actually knows economics) as finance minister? Why is he being ignored?" Pattanaik had tweeted.
Banking:
- Maharashtra Chief Minister Devendra Fadnavis has told the depositors of the scam-hit PMC Bank that he would discuss the issue of their distress with Prime Minister Narendra Modi when he meets the latter on October 13.
- Mehul Choksi cheated Punjab & Sind Bank of Rs 44 crore: This is the first time the 111-year-old bank has come clean on the default perpetrated by Choksi, who has now settled as a citizen of Antigua & Barbados, the West Indies.
- PMC Bank scam: ED traces Wadhawans’ 2,100 acres of land worth Rs 3,500 crore, ED officials are examining the documents to ascertain if these lands were purchased on individual name of Wadhawans or in the name of HDIL.
- Mumbai: Altico Captial and Dubai’s Mashreq Bank have approached the Reserve Bank of India, accusing HDFC Bank NSE -0.15 % of violating regulatory provisions by debiting part of the funds the company had raised through external commercial borrowing (ECB) and parked at the Indian bank.
- NEW DELHI: State-owned Allahabad Bank NSE -2.26 % reduced the marginal cost of funds-based lending rate (MCLR) by 5 basis points, with effect from Monday.
- The Reserve Bank of India has overhauled the daily reporting system at cooperative banks after the collapse of Punjab and Maharashtra Bank following the uncovering of Rs.4000 crore fraud at the Mumbai based cooperative bank.
- Finance Minister Nirmala Sitharaman announced setting up of a panel to recommend legislative changes to ensure better governance at cooperative banks.
- The bank's asset-liability management committee has reviewed the existing MCLRs and decided for a downward revision of MCLRs by 5 bps across different tenors, it said in a regulatory filing.
- NEW DELHI: Government e-Marketplace (GeM) on Friday said it has signed a pact with Union Bank of India NSE -0.20 % (UBI) under which the bank will offer several services NSE 1.20 % to it including transfer of funds.
- The commerce ministry launched the procurement portal GeM to increase transparency in public procurement of goods and services, which is estimated at about Rs 8 lakh crore per year.
- HDFC Chairman Deepak Parekh said it is "brutally unfair" we have regular loan waivers and corporate loan write-offs but no system to protect the common man's savings.
- "To my mind, there is no greater cardinal sin in finance than misuse of the common man's hard-earned savings," Parekh further said. His comments come amid the crisis at PMC Bank.
- IT major Infosys posted a 6.2 per cent rise in consolidated net profit in the September quarter at ₹4,073 crore compared to the quarter ended June, helped by good performance of financial services, manufacturing and energy, and utility segments.
- The company seems to have weathered the global macro-economic slowdown with revenues growing 3.8 per cent quarter-on-quarter to ₹22,629 crore helped by growth in Europe and North America.
- Late billionaire and Microsoft Co-founder Paul Allen's space firm Stratolaunch has announced that it has been sold to a new unnamed owner and will continue operations with transitioned ownership.
- Bengaluru-based Ola has denied reports that the ride-hailing giant's Co-founder and CTO Ankit Bhati has moved out of day-to-day operations. "It's a shame that baseless rumour-mongering and speculation is being fanned," the startup said.
- India's first-ever unicorn startup InMobi's Co-founder and CEO Naveen Tewari, at a recent event, said that failing is "the worst feeling ever".
- "Innovation happens when you fail, fail, fail, and then you succeed," Tewari said, adding that the flip side is that you shouldn't repeat mistakes. InMobi achieved the 'unicorn' status with an over $1-billion valuation in 2011.
- All postpaid mobile phone services in Jammu and Kashmir will be restored from Monday, J&K Principal Secretary (Planning Commission) Rohit Kansal announced
- Facebook's cryptocurrency Libra has lost backing from payments giants Visa and Mastercard along with eBay, Stripe and Mercado Pago. This comes days after global digital payments giant PayPal dropped its support for Libra.
- Bengaluru-based self-drive car rental startup Zoomcar has raised about ₹55 crore in a mixed debt and equity funding round from WeWork India head Karan Virwani and its parent entity, as per regulatory filings.
- India and China are setting up a new mechanism under the Finance Minister of India and Chinese Vice-Premier, to works towards reducing trade deficit and improving investment and services.
- Paytm Founder and CEO Vijay Shekhar Sharma, in a recent event, reiterated that he believes everything that has happened on the Indian internet is because of Flipkart founders Sachin and Binny Bansal and Ola founder Bhavish Aggarwal.
- "I'm in the shadow of these giants in my journey from 'Zero to One'," he said. Sharma had founded Paytm in 2010.
- There were 16,345 more crorepatis in the 2018-19 assessment year (AY) in the country compared to the previous year, showed official direct tax data.
- Industrial output crashed to an 81-month low in August, reducing by 1.1 per cent after a contraction in manufacturing output and a deepening slowdown in capital goods production pulled down growth.
- Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman asked tax professionals not to curse it and sought their help to make it better.
- The 0.9 per cent fall in power generation during August 2019 as compared to August 2018 could be because State governments opted out from meeting the higher demand for power from domestic homes.
Banking:
- The scam at PMC Bank has affected thousands of its depositors as their money is stuck with the urban cooperative bank's after RBI had put a withdrawal limits at Rs 25,000 per accounts last month.
- The private sector lender said that it had a combined exposure to three debt-laden companies: Zee, DHFL and Anil Ambani led Reliance of about Rs.2100 crore or 1.1 percent of the loan book.
- Investigations have revealed that the board of directors was aware of the loans sanctioned to the promoters of Housing Development and Infrastructure (HDIL), he said, speaking on the condition of anonymity.
- MUMBAI: Amid the crisis at Punjab & Maharashtra Cooperative Bank (PMC), HDFC chairman said it is "brutally unfair" we have regular loan waivers and corporate loan write-offs but no financial system to protect the common man's savings.
- The income tax department sought to reopen the accounts of NuPower last year to examine the genuineness of investments of about Rs 50 crore by Firstland Holdings in 2011.
- The Reserve Bank had rejected a proposal to merge Indiabulls Housing Finance Ltd (IBHFL) with the Tamil Nadu-based troubled lender.
- About half a dozen public sector banks, including Bank of India, Oriental Bank of Commerce NSE -3.61 % and Bank of Maharashtra, have reduced lending rates by up to 25 basis points following a cut in the key policy repo rate by the RBI last month.
- The memorandum of understanding (MoU) will facilitate a cashless, paperless and transparent payment system on the portal and will create an efficient procurement system for government entities
- The RBI governor and other officials will be called to discuss issues related to slow down, interest rates and reserves, the sources said.
- Bandhan Bank soars 20% on reports of inclusion in MSCI Index
- US-based startup Grammarly, which offers a digital writing assistant to check English grammar and spellings, has gained the 'unicorn' status with an over $1-billion valuation.
- The US Treasury Department has sanctioned India-born Gupta brothers over corruption in South Africa.
- Microsoft employees, in an open letter, urged the company to end over $8-million worth of contracts with US Immigration and Customs Enforcement (ICE).
- A security flaw, found by cybersecurity researcher Ehraz Ahmed on Mumbai-based hyperlocal search engine platform Justdial, exposed over 15.6 crore Indian users' private data.
- Apple CEO Tim Cook, in a memo to employees, defended the iPhone maker's decision to ban the 'HKmap.live' app that let people in Hong Kong track police activity amid ongoing pro-democracy protests.
- Infosys posts 2% fall in Q2 net at Rs 4,019 cr, ups FY20 guidance to 9-10%
- Proposed mega trade deal RCEP should not lead to job losses, and hurt the government's Make in India initiative, auto industry body SIAM cautioned on Friday ahead of the trade ministers' meeting of the bloc in Bangkok
- To reassure investors, the government will issue a draft share purchase agreement (SPA) along with the formal Expression of Interest (EoI) invitation for loss-making Air India (AI). This is the first time in a disinvestment exercise where the EoI and SHA will be issued simultaneously.
- The finance ministry, faced with a steep revenue collection target for 2019-20, is internally exploring whether the goods and services tax (GST) can be imposed on certain items and services that are exempt, and if rates can be increased on those in the lowest slab.
- India, China private sector inks 129 MoUs ahead of Modi-Xi Jinping meet
- Gem and jewellery export down 7.6% to Rs 1.3 trillion in first half
- India is the world's biggest producer of sugar, cotton and pulses and the second-biggest producer of wheat and rice. The success of these crops is largely determined by the June-September monsoon, which delivers about 70% of the country's annual rainfall.
- SpaceX Crew Dragon astronaut capsule could launch its first manned test flight into orbit in the first quarter of 2020, as per NASA Administrator Jim Bridenstine and SpaceX CEO Elon Musk.
- Around ₹4.5 crore cash was seized in the Income Tax raids conducted at Congress leader and former Karnataka Deputy CM G Parameshwara's residence and two medical colleges linked to him.
- ISRO shared the findings of the Solar X-ray Monitor (XSM) aboard India's second Moon mission Chandrayaan-2's Orbiter, which observed a series of small solar flares from September 30 to October 1.
- XSM provided very detailed information of X-ray emissions in contrast to US' GOES-15 satellite's sensor. X-rays emitted by Sun help identify various major elements on Moon's surface, ISRO said.
- After arriving in Delhi from France on Thursday night, Defence Minister Rajnath Singh said, "Seven Rafale jets will arrive in India by April or May." He added, "After induction of Rafale fighter aircraft, the combat capability of Indian Air Force will increase.
- Padma Shri awardee and veteran saxophone player Kadri Gopalnath passed away aged 69 on Friday.
Banking:
- State Bank of India has reduced its marginal cost based lending rate (MCLR) by 10 basis points across all tenors with effect from October 10, making it the bank's sixth cut in MCLR in FY20.
- The Kerala government's long pending dream of setting up its own bank, by merging district co-operative banks, is all set to become a reality with the Reserve Bank of India (RBI) giving the final nod for the move.
- The Reserve Bank of India quashed a proposed merger of IndiabullsNSE -8.54 % Housing Finance Ltd., one of the country’s largest real-estate lenders, with Lakshmi Vilas Bank NSE -4.82 % Ltd.
- MUMBAI: The police have told a local court that Housing Development and Infrastructure Ltd NSE -4.69 % (HDIL) promoters had diverted Rs 90 crore taken as loans from Punjab & Maharashtra Cooperative Bank (PMC Bank) to settle their outstanding dues with Bank of India.
- NEW DELHI: State-run Bank of Maharashtra NSE -3.24 % on said the Reserve Bank has denied permission to settle its accumulated losses of Rs 7,360 crore against the balance lying in its share premium account and revenue reserve account.
- Depositors of Punjab and Maharashtra Cooperative (PMC) Bank protested outside a court, demanding stringent action against the culprits.
- Bank of Maharashtra cuts MCLR by 10 bps
- Share market update: PSU bank shares slip; Canara Bank down 2%
- Iffco-Tokio General Insurance Co has approached the insurance regulator saying it has been falsely implicated in the Rs 600 crore alleged fraud involving the J&K Bank.
- Central banks are nearing reversal rates: Some policy makers have also argued there’s the risk that rock-bottom rates will inflate asset bubbles or damage productivity.
- To similarly make bite-sized finance sustainable, account aggregators are coming. They'll digitally record a consumer's transactions with various institutions and, with consent, share data with a lender.
- Union Finance Minister Nirmala Sitharaman on Thursday said that she would speak with RBI Governor Shaktikanta Das to enhance the withdrawal of money by customers of crisis-hit PMC bank.
- "I shall request him to expedite the clearing of or giving permission for withdrawal of their money," she added. The bank's customers are allowed to withdraw only ₹25,000 from their accounts.
- LIVE market updates (Sensex, Nifty today): On Wednesday, the S&P BSE Sensex index had ended 645.97 points - or 1.72 per cent - higher at 38,177.95 and the broader NSE Nifty benchmark settled at 11,313.30, up 186.90 points - or 1.68 per cent - from its previous close.
- Samsung Display, which is also a supplier for Apple, has announced an investment of over 13 trillion won (about $11 billion) into facilities and research for next-generation displays.
- Apple has removed 'HKmap.live' app that allowed tracking of police activity in Hong Kong. Apple said the app violated its rules as it was used to ambush police and by criminals to victimise residents in areas with no law enforcement.
- Ajmera i-Land has introduced 'Invest Your Rent' scheme, wherein you can now own a 2 BHK residence by paying ₹3 lakh/month. Ajmera i-Land offers 2,3,4 BHK future residences at Wadala, Mumbai with direct connectivity to MonoRail & Eastern Freeway
- India's most valuable hospitality startup, Gurugram-based OYO is reportedly planning to enter the wedding planning business. OYO is reportedly looking to launch offline stores to offer wedding products and also use technology to simulate wedding scenarios and show to customers for booking orders
- Working professionals can meet the demand for cybersecurity experts by upskilling with Stanford Center for Professional Development's Advanced Computer Security Program, delivered by Great Learning.
- Interconnect Usage Charge of 6p/minute, proposed to be scrapped from 2020, is paid by an operator to rivals for connecting calls of its users. As TRAI considers continuing the charges, Jio stands to lose because 64% of its traffic is outgoing.
- TCS may report higher Q2 margin; weak rupee to help firm
- MARKETS LIVE: Sensex near day's low; IndusInd Bank slips 5% post Q2 results
- BSE, NSE to be shut on October 21 on account of Maharashtra polls
- Kerala signs MoU with Bahrain to collaborate for startup growth in state
- UP govt seeks plans of sugar mills for CSR spend ahead of crushing season
- Govt constitutes panel to suggest measures to augment GST revenue
- Moody's slashes India's GDP growth forecast for fiscal 2020 to 5.8%
- The economic slowdown, which has been haunting the companies for few months now, has started to dampen the festival season as well, according to traders. The usual festive mood is missing this year as compared to last year, they said.
- Government increased dearness allowance by 5 per cent to 17 per cent from 12 per cent, Union Minister Prakash Javadekar informed reporters after the cabinet meeting headed Prime Minister Narendra Modi approved the proposal.
- Gold has soared in 2019, hitting a six-year high in dollar terms, as investors fret about the impact of the trade war, central banks cut rates and exchange-traded fund holdings surge.
- Commerce Minister Piyush Goyal has asked Department for Promotion of Industry and Internal Trade (DPIIT) to summon Flipkart and Amazon on Thursday over allegations of abusing the FDI policy.
- The e-commerce giants were accused of practising predatory pricing, deep discounting, loss funding and exclusivity of various products by traders' body CAIT. Goyal had met with CAIT.
- Billionaire Richard Branson's small satellite launch company Virgin Orbit has announced its first Mars mission, adding that it plans to send commercial cubesat satellite by as early as 2022.
- Defence Minister Rajnath Singh visited a facility that manufactures engines for the Rafale fighter aircraft in Villaroche, France. Rajnath met Indian engineers training at the facility and called their hard work and technical knowledge impressive and inspiring.
Banking:
- Customer security programme of SWIFT needs to be implemented by the banking system as small retail accounts are getting hacked, says global body’s India chair Arundhati Bhattacharya.
- Shares of IndusInd Bank gained more than 6 percent intraday on October 8, a day ahead of the second quarter earnings announcement. Brokerage houses expect a healthy set of results from the private sector lender.
- Net Interest Income (NII) is expected to increase by 11.5 percent Y-o-Y (up 3.2 percent Q-o-Q) to Rs. 314.6 crore, according to ICICI Direct.
- Sensex ended 645.97 points higher or 1.72 percent at 38177.95. The Nifty closed 186.90 points in the green at 11313.30. About 1251 shares have advanced, 1232 shares declined, and 170 shares are unchanged. Banking index zoomed over 3 percent while IT stocks dragged.
- Bandhan Bank Q2 Net Profit seen up 47.7% YoY to Rs. 720 cr: ICICI Direct
- Today we need more money in the hands of corporates if investment must pick up: Rajnish Kumar
- Why Indian bankers are hesitant to report frauds: The public perception of a fraud is a Nirav Modi-style attack, perpetuated by a crook with corrupt motives.
- Share market update: Bank shares down; YES Bank plunges 8%
- NEW DELHI: YES Bank NSE -5.26 % with over 0.31 crore shares changing hands was leading among the most traded stocks on NSE
- SBI Reduces Key Lending Rates, Home Loans To Get Cheaper: From October 10, the MCLR will stand reduced to 8.05 per cent for the one-year tenor, as against the existing 8.15 per cent, according to SBI.
- SBI Revises Interest Rates On Savings Deposits, Fixed Deposits: SBI interest rates, The cut in interest rates comes on the back of RBI's 135 basis points reduction in the repo rate so far this year.
- TV actress Nupur Alankar has revealed that she had to sell her jewellery after she was left with no money at home, following the RBI restrictions on her accounts in Punjab and Maharashtra Co-operative (PMC) Bank.
- The RBI in its Monetary Policy Report, has said that a combination of domestic and global headwinds has depressed economic activity in the country.
- Gold can be bought around Rs 38,250 with a stop loss of Rs 38,050 for a target of Rs 38,600. Silver can be bought around Rs 45,500 with a stop loss of Rs 45,200, and a target of Rs 46,100.
- New Nissan CEO Makoto Uchida brings global outlook but faces uphill task And Nissan's Jun Seki, current head of the firm's China unit, will serve as vice-COO, in a new structure intended to avoid anyone consolidating power in the way Ghosn is said to have before his arrest on financial misconduct charges last year.
- Net Sales are expected to increase by 2.5 percent Q-o-Q (up 2.8 percent Y-o-Y) to Rs. 8,871.8 crore, according to Motilal Oswal.
- Fitness company Mirror has added a new feature to its $1,500 (over ₹1 lakh) 'smart mirror' to let users have real-time, one-on-one fitness sessions with trainers via two-way audio-video.
- Boeing has said its venture arm HorizonX will take a $20-million stake in billionaire Richard Branson-led aerospace company Virgin Galactic after it goes public.
- US-based co-working office space startup We Work is reportedly planning to fire up to 500 employees from its technology team, as per The Information.
- This comes days after a Business Insider report claimed that the startup could fire as many as 25% or 3,000 employees overall. We Work, valued at $47 billion in a January funding round, recently withdrew its IPO.
- A team of Dutch researchers has been given a €2.9 million grant to develop a working prototype of an artificial womb for use in clinics.
- A Cameroon national was arrested from Noida for allegedly duping people in the name of converting their Indian currency notes into American dollars through a "magic trick".
- Police have arrested a Muthoot Finance Manager's cousin and one other for allegedly killing him four months ago after failed attempt to rob the company's gold vault in its Ghaziabad branch.
- The International Monetary Fund chief Kristalina Georgieva said the global economy is witnessing "synchronized slowdown", however, the effect is "more pronounced" this year in some of the largest emerging market economies like India.
- A train caught fire after an unidentified person threw a discarded bag on the pantograph of the train at Maharashtra's Vashi station.
- The Union Cabinet met in New Delhi and approved to hike the Dearness Allowance (DA) for central government employees by 5% to 17%.
- Information and Broadcasting Minister Prakash Javadekar called the move, which will benefit around 50 lakh employees and 62 lakh pensioners, a 'Diwali gift'. The move will cost the government around ₹16,000 crore.
- Ahead of Chinese President Xi Jinping's visit to India, Chinese Foreign Ministry spokesman Geng Shuang said that China's stand is that the Kashmir issue should be resolved between India and Pakistan.
- Ministry of External Affairs has confirmed the second informal summit between India and China and said that Chinese President Xi Jinping will visit Chennai from October 11-12.
- Imran Khan-led Pakistan government has borrowed a record PKR 7.5 trillion (over ₹3 lakh crore) in its first year of power, the local media reported.
- Pakistan's share of domestic debt increased by 3.68% to PKR 21.495 trillion at the end of August. Pakistan's total public debt stood at PKR 31.786 trillion at the end of June 2019, the report added.
- A jury in US ordered Johnson & Johnson to pay $8 billion in punitive damages to a man over his claims that it failed to warn that young men using its antipsychotic drug 'Risperdal' could grow breasts. The man was previously awarded $680,000 in the case in 2015.
- A study has found that the desert bird population decrease is due to heat stress associated with climate change. The study found that 29% of the 135 species that were present 100 years ago are less common today.
- A total of 93 films from 93 countries will compete in the Best International Feature Film category at the 2020 Oscars, out of which, only 10 will be shortlisted to go ahead.
Banking:
- The proposed merger of Indiabulls Housing Finance (IHFL) and Lakshmi Vilas Bank (LVB) may face hurdles in getting fit and proper status from the Reserve Bank of India (RBI) as many of the law enforcement agencies and regulators are yet to tick on “no objection”, citing “pending investigations” against the promoters of the housing finance firm.
- It is expected to be in the range of 10-12 per cent this festive season.” Compared to last year, the retail loan book of SBI has grown by 18.68 per cent till June 2019. Due to slowdown in the economy, the first two quarters of 2019-20 have been slow for retail loans
- The public sector banks (PSBs) that had given loans to HDIL will face prolonged litigation in recovering their dues as several properties mortgaged by the real estate developer and its promoters to the banks have been seized by the investigating agencies.
- CBI has booked unidentified officials of state-run helicopter service company Pawan Hans for allegedly transferring ₹1.8 crore to a fake Indonesian bank account instead of Russia's Klimov JSC contracted for servicing chopper engines in 2016.
- The department of commerce has begun an exercise to develop sector-specific indices to estimate the logistics costs and bring them down to 10% of the gross domestic product (GDP) from 14% at present as they are higher than those in developed countries.
- Fixed deposit (FD) interest rates: Top banks such as State Bank of India (SBI), Punjab National Bank (PNB), ICICI Bank and HDFC Bank provide up to 50 basis points higher returns to senior citizens.
- Foreign investors keen on REITs, InvITs SEBI: During the meeting, the regulator found that "the participants were keen on emerging areas such as REITs (real estate investment trusts) and InvITs, (infrastructure investment trusts) which have more than $10 billion asset size as on today".
- Healthy volume activity makes Britannia, Citi Union Bank among top buys; here’s why: A sustained trade above 11,060-11,100 can trigger short-covering rally taking the Index to levels of 11,400-11,470.
- Stock mkt more polarised after tax cut; 91% of gains cornered by 13 firms
- The US has banned 28 Chinese organisations, including eight technology corporations that specialise in video surveillance, facial recognition and artificial intelligence over human rights concerns.
- Facebook has agreed to pay $40 million to settle a lawsuit that accused it of falsifying ad data, incorrectly calculating average viewing time on the ads. Advertisers alleged that Facebook overstated video-viewing metrics over an 18-month period from 2015-16
- Titan Company announced the retirement of its MD Bhaskar Bhat after about 33 years of service in the company.
- Xiaomi announced that it sold a total of 5.3 million devices during the first few days of the festive sale, 3.8 million of which were smartphones.
- Bengaluru-based edtech unicorn Byju's has revised its Employee Stock Option Plan (ESOP) after four years to 1,38,648 options, regulatory filings revealed. Byju's had raised $150 million led by Qatar Investment Authority in the round.
- The income-tax department has sent notices in each category of return filing to 58,322 assessees through the faceless e-assessment system, the top body of which was inaugurated on Monday.
- German physicist Wilhelm Conrad Röntgen won the first-ever Nobel Prize in Physics in 1901 for discovering X-rays.
- Jaipur-based non-banking financial company (NBFC) Kogta Financial has raised ₹300 crore in a Series C funding round led by new investor Creador.
- The Income Tax Department has selected 58,322 cases for a faceless e-assessment scheme
- Indian Air Force Wing Commander Abhinandan Varthaman flew MiG-21 Bison aircraft and led a 'MiG Formation' at Hindon Air Base in Ghaziabad on 87th Air Force Day
- A painting of a cartoon girl by Japanese artist Yoshitomo Nara was sold for $24.9 million (nearly ₹177 crore) at an auction in Hong Kong
- Apple has released the Catalina update for its macOS as a free software update for Macs introduced mid-2012 or later.
- In a regulatory filing ahead of detailed earnings due later this month, Samsung Electronics has said that its Q3 operating profit would likely tumble 56% to 7.7 trillion won (about $6.4 billion).
- International Astronomical Union's Minor Planet Center has announced the discovery of 20 new moons around Saturn, bringing its total known moons to 82.
Banking:
- The Reserve Bank of India (RBI) may reduce interest rates in December by 25 basis points to bring the repo rate to 4.9%.
- The RBI study shows that the aggregate debt level could go beyond 25 per cent of GDP in the current year itself if off-budget guarantees are taken into account
- NEW DELHI: YES Bank with over 0.55 crore shares changing hands was leading among the most traded stocks on NSE
- Paytm founder Vijay Sharma says winning in India prepared him for the world
- YES Bank is looking at raising $1-1.2 billion by December through a fully underwritten rights issue.
- Yes Bank files complaint against 'fake news', attempt to scare depositors
- India's largest bank by assets, State Bank of India (SBI) and the sole stock to hang on to this elite list was evicted last week, with its market-cap out falling below that of Bajaj Finance
- In an interview with Somesh Jha, Rao spoke about the road map of the amalgamation and how the corporate tax cut and repo rate-linked products will impact the finances of banks
- HDFC Bank climbs 3% as Motilal Oswal remains bullish after Q2 loan growth: The private sector lender said its advances aggregated to approximately Rs 8,97,000 crore as of September 2019, 19 percent more compared to Rs 7,50,800 crore as of September 2018.
- In the holiday-shortened week, MCX gold gained by 0.8 percent whereas Comex gold ended flat to positive due to rising fear of recession and weak set of economic data from the US
- Union Minister Hardeep Singh Puri and Lt Governor Anil Baijal on Monday laid foundation stones for various projects, including two sports complexes, four foot-over bridges and a golf course, in Dwarka.
- Rupee near day's low: The Indian rupee declined further and trading near day's low level at 71.03 per dollar.
- Shares of BEML rose almost 2 percent after the heavy equipment manufacturer bagged more orders from the Delhi Metro Rail Corporation.
- In the average revenue requirement (ARR) filing for the year 2019-20, the Andhra discoms estimate a loss of Rs 9,415 crore
- The government is planning to bring down the allocation of subsidised kerosene that it makes to states to 2 million kiloliters (kl) by 2020-21 and phase out subsidy on the fuel in the same period.
- Under M-SIPS, 419 investment proposals involving investments of Rs 1.13 lakh crore were received until December 2018, as per the National Policy for Electronics 2019.
- Madhya Pradesh PWD Minister Sajjan Singh Verma said ex-CM Shivraj Singh Chouhan used to plead businessmen to come to the investors' summits even if they were not investing.
- Rajasthan CM Ashok Gehlot questioned the liquor ban in Gujarat and claimed that the state has the maximum consumption of liquor among all.
- Analysts at rating agency ICRA feel the debt level of the telecom companies is very high and the ecosystem for the premium band is not in place
- Japan's Nippon Life Insurance has changed the name of Reliance Nippon Life Asset Management (RNAM) after acquiring 75 percent stake in the asset management company.
- Embassy Industrial Parks will invest about $300 million (about Rs 2,100 crore) in three years to develop its logistic and warehousing projects, a top company official said.
- The 50th International Film Festival of India (IFFI) will honour and showcase Dadasaheb Phalke Award winner Amitabh Bachchan's selected films at the festival
- Facebook has been criticised over data privacy but it cannot be doing the job of policing the internet, spokesperson Nick Clegg told Spanish daily El País.
- PUBG Mobile banned over 3,300 accounts for 10 years from playing the game after they were found cheating.
- Axis Asset Management Company Ltd (Axis AMC) on Monday said it has invested Rs 65 crore in a housing project to be built by Adarsh Developers in Bengaluru
- Telecom service provider Vodafone Idea said it has partnered with Kia Motors in India for supporting connected car services in the auto maker's SUV, Seltos.
Business:
- Bengaluru-based car rental startup Zoomcar's Co-founder and CEO Greg Moran said he was "a day away from shutting down everything, returning seed capital and going back home" in December 2012
- After Facebook decided to shut down Group Stories on its platform, Instagram may be testing the feature. It was first detected by Jane Manchun Wong when she found the test code for a Group Story feature in Instagram.
- Bengaluru-based payment gateway service Razorpay Software has received ₹130.15 crore ($18.4 million) funding from its US-based parent entity Razorpay Inc, as per RoC filings
- Union Minister Harsh Vardhan said that 'green crackers', on which the Council of Scientific and Industrial Research (CSIR) had been working, will be available this year.
- Earlier this week, state-run hydro power giant NHPC concluded a definite agreement to acquire Lanco Teesta VI Hydro Power Project in Sikkim at a bid-out price of about Rs 907 crore. The total investment approval for the project is Rs 5,748.04 crore which includes Rs 907 crore bid amount.
- Keen to get multi-nationals in domestic fuel retailing to boost competition, the government is mulling selling most of its 53.3 percent stake in BPCL to a strategic partner.
- Seven of the 10 most valued domestic companies suffered a combined erosion of ₹1 trillion in their market valuation for the week ended Friday with HDFC Bank losing the most, over ₹30,000 crore.
- The RBI has decided to make it mandatory for large non-bank prepaid payment instrument (PPI) issuers to institute an internal ombudsman, to improve their redressal process for consumer complaints
- A recent survey conducted by the RBI found that consumer confidence slumped to a six-year low in September as sentiment around employment, income and spending declined among households.
- Six people, wearing helmets and covering their faces, robbed over ₹8 lakh from a bank in Bihar's Muzaffarpur on Saturday.
- Finance Ministry to kick-start budgetary exercise from Oct 14 - The Budget Estimates for 2020-21 will be provisionally finalised after the expenditure secretary completes discussions with other secretaries and financial advisers.
- September quarter earnings: Top 5 things to look for during earnings season: Simply avoid taking new positions in stock if its results are due within a week. Booking your profits and staying away from the stock before its results are announced is not a bad idea
- 'Nifty may see more pressure if it remains below 11,250; positive trend seen in these 3 largecaps': Option data suggests a shift in lower trading range in between 11,000 to 11,600 levels
- The gasoline is one of the major demand side indicators which suggest the consumption pattern in US economy and other countries about the pace of growth in the market
- Allocating portion of your portfolio to Indian sovereign bonds can be a good strategy at this time: In spite of few concerns, sovereign bonds in India are poised to advance after economic growth slumped to a six-year low, bolstering bets for deeper interest-rate cuts
- As per EIA, global natural gas production was at record level during 2018. Production has been rising since the economic crisis in 2019 with an annual growth rate of 2.8 percent
- Markets may witness range-bound trade, to be guided by Infy, TCS earnings
Banking:
- Aavas Financiers hits new high after RBI hikes lending limit for NBFC-MFIs
- MARKET WRAP: Sensex ends 434 pts lower as RBI cuts GDP forecast; banks slip
- 'Sitting ducks': $63 bn of zombie buildings sound alarm for Indian banks
- The banking sector, which has moved from MCLR to an external benchmark loan rate, Will pass on 25 bps rate cut to consumers, says Syndicate Bank CMD
- Slashing rates alone will not help the economy recover. In fact, all these measures taken by the government and the RBI in no case boost the consumer sentiment domestically or internationally
- Bandhan Bank''s merger with Gruh Finance will help the Kolkata-based private lender diversify its loan portfolio of Rs. 45,400 crore, which is heavily skewed towards micro loans with 85 per cent share
- Sivakumar Jayachandran: Journey of a BPO employee to a star trader
- The S&P BSE Midcap index declined 3.87 percent and S&P BSE Largecap index fell 3.11 percent, while the Smallcap Index was down 3.92 percent last week.
- With several investments expected in the sector in the coming months and the competition becoming steeper, the telecom companies should be witnessing several big moves in the coming time period
- Goldilocks' jobs data propels Wall Street to best day since August
- The Dow Jones Industrial Average jumped 1.42% to close at 26,573.72 points, while the S&P 500 also surged 1.42%, finishing at 2,952.01. The Nasdaq Composite added 1.4% to end at 7,982.47.
- Week in 5 charts: Sensex, Nifty lost 3% amid rate cut, fresh global trade concern; rupee slips On a weekly basis, the Rupee ended lower by 33 paise at 70.89 on October 04 against the September 27 closing of 70.56.
- IRDAI has barred insurers from denying a medical cover for mental health, genetic disorders and hazardous activities. But the real issue is health covers are not available for a series of conditions
- Euro to remain under pressure amid new import duties by US - Sterling lost the ground as EU rejected the latest British proposals for a revised Northern Ireland/Ireland border deal
- HCL Technologies, Biocon among top buy ideas for the coming week: The Nifty50 could find support around 11,050-10,800 levels and 11,250-11,400 zone is likely to act as a hurdle.
Banking:
- D-Street Buzz: Bank, auto stocks in focus ahead of RBI policy; ONGC top gainers
- IDBI Bank Offers Repo-Based Lending, Bulk Deposit Rates
- The Reserve Bank of India (RBI) on Friday lowered the repo rate by 0.25 percentage point to 5.15 per cent, in line with economists' expectations. The central bank's Monetary Policy Committee also maintained an accommodative stance on policy, which rules out any increase in the key interest rates for now.
- RBI Raises Near-Term Inflation Forecast To 3.4% For Second Quarter Of 2019-20
- The Reserve Bank of India raised withdrawal limit for account holders of the stressed Punjab and Maharashtra Co-Operative Bank or PMC Bank to Rs. 25,000 from earlier withdrawal limit of Rs. 10,000.
- Mr Das said that the central bank has no doubt over the government's commitment to meet the fiscal deficit target despite the massive tax giveaways of Rs. 1.45 lakh and falling indirect tax collections.
- PMC Bank scam: EOW arrests HDIL's Rakesh Wadhawan, Sarang Wadhawan
- Shares of Lakshmi Vilas Bank continued to remain under pressure as they were locked in lower circuit again on October 4, trading near 10-year low after the RBI initiated prompt corrective action (PCA) plan against the lender.
- A morning walk down Dalal Street: Bears could tighten grip is Nifty slips below 11,246
- ThyssenKrupp: Backed by our strong technology and innovation capabilities in India, we are eyeing to double our revenues to Rs 4,000 crore in the next five years
- Apollo Global Management is in preliminary talks with lenders to buy troubled non-banking financial company (NBFC) Altico Capital, but lenders have decided to first finalise the quantum of haircut they would be taking, by October 11.
- Apple iPad sale in India: The iPad 2019 will go on sales in India from October 4. Prices starting from Rs 29,990, the 2019 iPad comes with 10.2-inch display and features Apple A 10 Fusion SOC.
- BENGALURU: The country's dominant services sector slipped into contraction in September as new business orders fell for the first time since early 2018, according to a private survey which also found business optimism at its lowest in 2-1/2 years.
- Sunil Mittal, founder and chairman of Bharti Enterprises, on Thursday lend his voice in favour of Chinese telecom gear maker Huawei Technologies that has been caught in the ongoing US-China trade war.
- The international arm of Maharashtra Hybrid Seed Company Ltd (Mahyco India) is planing to raise $20 million from the International Finance Corporation (IFC).
- Adi Godrej Calls For Lower Income Tax To Boost Consumer Spending
- NEW DELHI: The Finance Ministry will start pre-Budget and Revised Estimates meetings from October 14 to November's first week.
- Rupee at day's low, trades at 70.98 per dollar: ICICIdirect expects the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions.
- RBI Lowers GDP Growth Forecast For Current Financial Year To 6.1%
- Revival of NBFC sector linked with revival of real estate sector: Tamal Bandyopadhyay
Banking:
- Yes Bank CEO Ravneet Gill said Group President and former CFO Rajat Monga has decided to "move on".
- The resignation ends his association with the private lender since its inception in 2004. Monga, who was also considered for the CEO's position, had divested his entire stake in the bank for ₹8.22 crore during September 18-20.
- MARKET PULSE IRCTC IPO oversubscribed by 111 times on last day of bidding
- Yes Bank jumps 20% after hitting multi-year low on sale of pledge shares IndusInd Bank hits 52-week low; management steps in to calm nerves
- Mukesh Trends Lifestyle plans IPO, files DRHP with SEBI
- Rana Kapoor's daughters 'dejected' with sale of his stake in YES Bank
- Monetary policy review: PMC fallout adds to RBI's woes ahead of rate cut
- In NPAs race, Urban Cooperative Banks are no worse than commercial banks
- Govt policy on e-commerce industry may miss year-end deadline: Sources
- Monetary policy review: Another rate cut may not help Indian economy
- Indian firms raise Rs 6,000 cr through 10 IPOs in July-Sep quarter: Report
- Energy Efficiency Services (EESL) is planning to launch an Initial Public Offering (IPO) by 2020 and has been valued at around ₹5,000 crore by financial services company Investec.
- A 12-year-old girl in Madhya Pradesh's Sagar was arrested on Saturday for allegedly stealing ₹250 from a temple donation box to buy flour for her family
- Punjab CM Captain Amarinder Singh met PM Narendra Modi and urged him to take up canalisation of the state's three rivers, Sutlej, Ravi and Beas, as a national project.
- Bear grip getting stronger? Over 50% Nifty F&O stocks trade below 200 DMA
- US-India trade deal can happen quickly: Wilbur Ross
- INX Media scam: Delhi court extends Chidambaram’s judicial custody till October 17
- “The government should provide more stimulus,” the Godrej Chairman said on the sidelines of India Economic Summit here.
- Number of distressed real estate developers doubles after collapse of IL&FS
- India Economic Summit: World Economic Forum’s India Economic Summit is set to begin today.
- PMS manager of Coffee Can with AUM of over Rs 300 cr reveals his 3 success mantras
- Add these 8 stocks to your portfolio as sentiment revives
- EESL plans to launch IPO at Rs 5,000 crore: Report Needed: Lowering of personal income tax as proposed in the DTC
Banking:
- The Reserve Bank of India (RBI) recently placed operational restrictions on the PMC bank, earlier limiting the withdrawal limit to Rs 1,000, which was then revised to Rs 10,000.
- PMC Bank auditor Lakdawala & Co under scanner: Report, This is the latest in worrying news for stakeholders of PMC which was brought under Direction by the Reserve Bank of India (RBI) for undisclosed reasons
- The Indian banking system is safe & stable; no need to panic, RBI says, Customers of these banking complained about the failure of online transactions despite multiple attempts.
- The forced sale of pledged shares pull Yes Bank to multi-year low, The company in its BSE filing said that the forced sales were triggered by an invocation of pledge on the equity shares of a large stakeholder.
- Yes Bank seeks to arrest the further decline in stock prices, affirms strong financials, The private sector lender's share price had plunged by nearly 30 percent during intra-day trade on October 1, before closing the session down by 22.8 percent at Rs 32.
- Ashok Kapur family expresses full faith in Yes Bank: The family's ownership is over 8.7 percent and very minuscule part of it is pledged, Shagun Gogia told PTI
- Developing country debt jumps to USD 7.8 tn in 2018, World Bank: However, the data show an increasing share of countries where the debt burden is rising, according to the International Debt Statistics Report.
- IRDAI slaps Rs 15 lakh fine on Shriram Transport Finance: The Insurance Regulatory and Development Authority of India (Irdai) said Shriram Transport Finance as a corporate agent (CA) engaged persons other than specified persons (SPs) to procure business.
- Johnson promises 'compromise' Brexit offer to Brussels: In his closing speech to his Conservative party's annual conference, Johnson said the plans would address the contentious issue of how to keep open Britain's border with Ireland.
- WTO approves US tariffs on USD 7.5 bn of EU goods in Airbus retaliation: The ruling is the largest arbitration award in WTO history and a landmark moment the 15-year long Airbus-Boeing battle, which threatens to intensify already strained trade relations between the US and the European Union.
- DLF settles Rs 8,700 cr amount payable to JV with GIC: With the settlement of this dues, the company said it has completed the exercise of transforming its balance sheet and consolidation of all rental assets under the DCCDL.
- Mawana Sugars looks to restructure biz, attract investors: The decision was taken at the meeting of the board of directors, Mawana Sugars said in a regulatory filing.
- Raymond aims to have a network of 2,000 stores by 2021: Raymond currently operates a network of 1,500 stores across all the brands in 600 cities.
- 11-year data suggests bears control D-Street in October; can bulls make a comeback? Foreign institutional investors (FIIs) have bought Indian shares worth $1.04 billion in September, the highest monthly inflow since May, said a report.
- Wall Street tumbles as factory activity hits 10-year low: The Dow Jones Industrial Average fell 1.28% to end at 26,573.04, while the S&P 500 lost 1.23% to 2,940.25.
- Global shares at one-month low on US manufacturing shock: In Asia, MSCI's ex-Japan Asia-Pacific shares index dropped 0.32%, with Australian shares falling more than 1%. Japan's Nikkei slid 0.50%.
- India showing remarkable resilience amid global slowdown: WEF Prez Borge Brende, He further said that India is very advanced from many developed economies when it comes to the information technology sector, but there is a lot of scope for development in terms of infrastructure.
- "China has a predatory approach in trade and investment" and represents a "mutual threat" to the two countries, Pompeo said during a joint press conference with Italy's Foreign Minister Luigi Di Maio.
- "I see nothing compromising in the conversation between Trump and (Ukrainian leader Volodymyr) Zelensky," Putin said of the phone call that has sparked an impeachment probe in the US.
- The Islamic republic is prepared "to hold fruitful negotiations", he told the Iranian cabinet, referring to two days of diplomatic efforts by French President Emmanuel Macron.
Banking:
- Bajaj Finance overtakes SBI in market value at ₹2.32 lakh crore
- Yes Bank's exposure to Indiabulls Housing Finance has gone down about 30 percent over the last few months, said Gill.
- RBL Bank plunges 22%, hits fresh low, Shares of the bank have been falling over concerns of its exposure to troubled Indiabulls Housing Finance.
- RBI begins policy review meet; rate cut on cards to boost economy
- DBS expects RBI to make 20 bps rate cut this week - "Of the 40 bps cut we expect in this quarter, half is likely this week," said DBS, also noting the significant variation in market estimates from 5.15 per cent to 5 per cent.
- The latest decline is the first downward revision after a span of 30 months and the impact of this will be widespread as natural gas forms a key input ingredient across industries.
- The highest incidence of fraud was by way of data theft with nearly 41% of Indian firms affected by it in the last 12 months, compared to the global average of just 29%.
- Closing Bell: Sensex falls 362 pts, Nifty ends below 11,400; Yes Bank, DHFL hit hard
- The investors' sentiment was ruined by the fraud in Punjab and Maharashtra Co-Operative Bank as Nifty Bank index fell more than 1,000 points intraday to 28,077.35.
- India blocked a first request from the US for establishment of a panel to rule on India’s decision to impose additional duties on certain US products," the global trade watchdog’s Dispute Settlement Body said on September 30.
- "The Commission found that the divested assets constitute a viable integrated business that would enable a suitable buyer to effectively compete with the merged entity. Feedback received from market participants on the proposed commitments confirmed the Commission's view," it said in a statement.
- Wipro Consumer Care allocates ₹200 cr for its startup venture fund
- Won’t be surprised if Amazon becomes the largest marketplace by Diwali-end: Amit Agarwal
- However, “the pace of net tax revenue growth slowed considerably to 10.5 per cent at the end of August 2019 from 15.8 per cent at the end of July 2019, which appears to have partly been led by the settlement of IGST balances,”
- WEF’s India Economic Summit to focus on innovation, technology - Bangladesh's PM, Singapore's Deputy PM and Ministers from India to attend the event, beginning October 3
- No change in small savings rates for Oct-Dec quarter-Based on the recommendations of the Shyamala Gopinath panel, interest rates on 12 small savings schemes are reviewed before the end of every quarter