Live Market Update: Markets trade higher; PSU Bank outperforms

Nifty PSU Bank index is among the top outperformers gaining ~2.6% led by SBI & Canara Bank, which have added fresh long positions, since the start of todays trade.

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L&T wins order for new gas export pipeline by KOC-Kuwait; stock up 2%

The new strategic gas export pipeline contract has been awarded through international competitive bidding on a Lump Sum Turn Key (LSTK) basis, the company said in the filing.

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Nifty Metal index gains 3% amid positive global cues

Shares of Welspun Corp, which spurted 8%, were leading the indexs gains.

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Starting today, new rules of saving, spending and investing kick in

The taxman will track you even more closely now than in the past. The Income Tax department has given taxmen access the Project Insight (a tax tracker based on big data built at a cost of Rs 1,000 crore) portal that has much more information about you than ever.

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First Bi-monthly Monetary Policy Statement, 2019-20

The Monetary Policy Committee (MPC) will meet during April 2 to 4, 2019 for the First Bi-monthly Monetary Policy Statement for 2019-20. The resolution of the MPC will be placed on the website at 11.45 AM on April 4, 2019. Jose J. Kattoor Chief General Manager Press Release : 2018-2019/2336

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When ex-RBI governors get political, it impacts autonomy cause: FM Arun Jaitley

Finance minister Arun Jaitley asserted that when former RBI governors join political battles, they hurt the cause of RBI autonomy.

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Maruti Suzuki stock spurts 2% after March sales number

The company ended 2018-19 with its highest ever total sales of 18.62 lakh units a growth of 4.7%.

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Dena-Bank of Baroda-Vijaya merger takes effect today; BoB stocks gains 4%

The combined bank will have a geographical reach of more than 9,500 branches, more than 13,400 ATMs with 85,000 employees serving 120 mn customers.

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Sensex surges over 350 points to surpass 39,000-mark; Nifty above 11,700

On the Sensex chart, Vedanta, Tata Steel, Tata Motors, Mahindra and Mahindra and ICICI Bank led the rally. On NSE, all sub-indices were trading in green with Nifty Auto and Metal rising the most, up as much as 2.44 per cent.

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Embassy Office Parks REIT opens at Rs300 on BSE

The stock was trading 4% at Rs311 on BSE.

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Kotak Mahindra Bank first lender to charge for UPI use

Several other banks have held discussions with National Payments Corporation of India (NPCI), the umbrella payments body that manages UPI, to bring fees and cap the number of free monthly P2P transactions from one bank account, said sources.

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Vijaya and Dena make BoB second largest PSB

For corporate borrowers of Dena Bank, the merger comes as a major relief. These customers were earlier finding it difficult to obtain loans as their bank was facing lending restrictions under RBI’s prompt corrective action (PCA). Dena Bank CEO Karnam Sekar is tipped to join Chennai-based Indian Overseas Bank, while R A Sankara Narayanan, CEO, Vijaya Bank, is likely to take charge of Canara Bank in Bengaluru.

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Did Saudi hack Amazon CEO Jeff Bezos's phone?

But unlike Bezos’s blog, which had screenshots of mails from an Enquirer executive, Gavin de Becker, the security chief, did not provide any proof for his claim. He also wrote that he would not speak again publicly on the issue. It thus complicates an already messy — and dirty — scandal that began when the Enquirer started publishing stories on Bezos's impending divorce from his wife.

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Sensex rallies over 300 points; Metal index surge ~2%

In the broader market, the BSE Midcap index was trading 108 points higher at 15,587 levels, while the BSE Smallcap index was trading at 15,160 levels, up 133 points.

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Buyer can't wait indefinitely for flat, says Supreme Court on 7-year delay

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India delays levying retaliatory tariff on US goods to May 2

New Delhi decided in June last year to raise the import tax from Aug. 4 on some U.S. products including almonds, walnuts and apples.

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Sensex rallies over 200 points; Metal index surge ~2%

In the broader market, the BSE Midcap index was trading 108 points higher at 15,587 levels, while the BSE Smallcap index was trading at 15,160 levels, up 133 points.

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Indoco Remedies gains 2% after USFAD clears Goa plant

The change in the Inspection Classification status from 'Official Action Initiated' (OAI) to 'Voluntary Action Initiated' for the company by USFDA, signifies that the site has come out of the 'Warning Letter' issued to the site in March 2017.

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Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on March 31, 2019 is as under: Amount (face value in ₹ Billion) Items 2 day Reverse Repo Auction 6.00% Fixed Rate 1. Bids received   (i) Number 39 (ii) Amount 163.58 2. Bids accepted   (i) Number 39 (ii) Amount 163.58 Ajit Prasad Assistant Adviser Press Release: 2018-2019/2335

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Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on March 30, 2019 is as under: Amount (face value in ₹ Billion) Items 3 day Reverse Repo Auction 6.00% Fixed Rate 1. Bids received   (i) Number 54 (ii) Amount 410.74 2. Bids accepted   (i) Number 54 (ii) Amount 410.74 Ajit Prasad Assistant Adviser Press Release: 2018-2019/2334

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Dr. Reddy's says Duvvada facility fully compliant with EU- GMP

The facility has been re-inspected by the authority and considered to be fully compliant.

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Tata Motors sells entire stake in TAL to TASL; stock up 4%

The auto company has acquired the non-aerospace business from TAL Manufacturing Solutions Limited (TAL) for Rs10lakh.

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Tata Motors sells entire stake in TAL to TASL

The auto company has acquired the non-aerospace business from TAL Manufacturing Solutions Limited (TAL) for Rs10lakh.

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Money Market Operations as on March 29, 2019

(Amount in ₹ billion, Rate in Per cent) MONEY MARKETS @       Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 407.96 6.02 3.00-11.00      I. Call Money 182.48 6.12 5.10-6.25      II. Triparty Repo 193.98 5.36 3.00-6.68      III. Market Repo 0.00   -      IV. Repo in Corporate Bond 31.50 9.49 7.00-11.00 B. Term Segment            I. Notice Money** 112.19 8.48 5.00-9.75      II. Term Money@@ 2.55 - 6.80-8.65      III. Triparty Repo 1,050.54 6.65 5.00-7.44      IV. Market Repo 509.77 7.06 5.75-8.00      V. Repo in Corporate Bond 0.00 - -

RBI OPERATIONS@   Auction Date Tenor (Days) Maturity Date Amount Outstanding Current Rate / Cut off Rate C. Liquidity Adjustment Facility (LAF)    (i) Repo (Fixed Rate) Fri, 29/03/2019 4 Tue, 02/04/2019 146.85 6.25    (ii) Repo (Variable rate)              (ii.a) Regular 14-day Tue, 19/03/2019 14 Tue, 02/04/2019 186.33 6.26   Fri, 22/03/2019 14 Fri, 05/04/2019 152.30 6.26   Tue, 26/03/2019 14 Tue, 09/04/2019 195.60 6.26   Fri, 29/03/2019 14 Fri, 12/04/2019 243.00 6.26    (ii.b) Others Wed, 20/03/2019 14 Wed, 03/04/2019 111.75 6.26   Mon, 11/03/2019 28 Mon, 08/04/2019 250.01 6.34   Wed, 06/03/2019 55 Tue, 30/04/2019 250.02 6.31   Thu, 14/03/2019 56 Thu, 09/05/2019 250.03 6.33    (iii) Reverse Repo (Fixed rate) Fri, 29/03/2019 4 Tue, 02/04/2019 782.58 6.00    (iv) Reverse Repo (Variable rate) - - - - - D. Marginal Standing Facility (MSF) Fri, 29/03/2019 4 Tue, 02/04/2019 128.82 6.50 E. Standing Liquidity Facility (SLF) Availed from RBI $     26.78   F. Net liquidity injected [injection (+)/absorption (-)] *     1158.91   RESERVE POSITION @ G. Cash Reserves Position of Scheduled Commercial Banks (i) Cash balances with RBI as on # 29/03/2019 5,657.07   (ii) Average daily cash reserve requirement for the fortnight ending 29/03/2019 5,042.92   H. Government of India Surplus Cash Balance Reckoned for Auction as on ¥ 29/03/2019 408.91   @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL). - Not Applicable / No Transaction ** Relates to uncollateralized transactions of 2 to 14 days tenor. @@ Relates to uncollateralized transactions of 15 days to one year tenor # The figure for the cash balances with RBI on Sunday is same as that of the previous day (Saturday). $ Includes refinance facilities extended by RBI ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015 * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo Ajit Prasad Assistant Adviser Press Release : 2018-2019/2333

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Liquidity Adjustment Facility: Fixed Rate Repo Operations

The result of the RBI Fixed Rate Repo Operations held on March 31, 2019 is as under: Amount (face value in ₹ Billion) Items 2 day Repo Operations 6.25% Fixed Rate 1. Bids received   (i) Number 1 (ii) Amount 4.25 2. Bids accepted   (i) Number 1 (ii) Amount 4.25 Ajit Prasad Assistant Adviser Press Release: 2018-2019/2332

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Liquidity Adjustment Facility: Fixed Rate Repo Operations

The result of the RBI Fixed Rate Repo Operations held on March 30, 2019 is as under: Amount (face value in ₹ Billion) Items 3 day Repo Auction 6.25% Fixed Rate 1. Bids received   (i) Number 16 (ii) Amount 106.19 2. Bids accepted   (i) Number 16 (ii) Amount 106.19 Ajit Prasad Assistant Adviser Press Release: 2018-2019/2331

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Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on March 29, 2019 is as under: Amount (face value in ₹ Billion) Items 4 day Reverse Repo Auction 6.00% Fixed Rate 1. Bids received   (i) Number 69 (ii) Amount 782.58 2. Bids accepted   (i) Number 69 (ii) Amount 782.58 Ajit Prasad Assistant Adviser Press Release: 2018-2019/2330

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Asian stock markets gain; Yen dips as China eases growth worry

Treasuries fell with Australian government bonds as the global rally in sovereign debt shows further signs of steadying.

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Gujarat Pollution Control Board orders SRF to shut Dahej plant

The order has been passed under Water (Prevention and Control of Pollution) Act, 1974.

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Broker Radar for April 01

Check out the stock commentaries and recommendations from brokerage houses.

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Cipla receives 8 GMP observations from USFDA for Kurkumbh plant

The observations issued after a product specific pre-approval (PAI) and Good Manufacturing Practices (GMP) inspection of Kurkumbh plant from March 11, 2019, to March 20, 2019.

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Top stocks in focus: Dr. Reddys Lab, Tata Motors, Sun Pharma, GMR Infra

Check out the companies which will be in focus during trade today based on recent and latest news developments.

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SGX Nifty indicates a positive opening for Indian market

For today, we expect more action on financials ahead of the monitory policy due on April 4, with consensus showing a 25 basis point rate cut by the Reserve Bank of India.

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What not to miss today

Here are the important news to watch out for today.

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SoftBank’s top executive Alok Sama to leave firm

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RBI may cut rate on April 4

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FIU: 1,400% rise in reporting of shady dealings after demonetisation

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Outdated financial advice parents should avoid giving

Advising millennials to buy an insurance policy first or even invest in a house could simply be wrong in today’s environment

from The Hindu - Industry https://ift.tt/2HMydRW

Cartoonscape - April 1, 2019

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Kartarpur focus

Security concerns are high-priority, but blocking work on the corridor is not right

from The Hindu - Editorial https://ift.tt/2JUZVxP
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Murky swamp: on Goa politics

The midnight manoeuvres in post-Parrikar Goa raise disturbing questions

from The Hindu - Editorial https://ift.tt/2UmwzfO
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View: Where’s the money tree?

Rahul Gandhi's proposed income distribution scheme, NYAY, could spiral over time

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Tax refund in the works for exports to US

The programme has been disputed by the US for violating the World Trade Organization (WTO) rules.

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Healthy capital ratios, low NPAs

Private sector lender has been able to maintain asset quality with 1.5-1.9% GNPA

from The Hindu - Industry https://ift.tt/2VanSm6

Outdated financial advice parents should avoid giving

Advising millennials to buy an insurance policy first or even invest in a house could simply be wrong in today’s environment

from The Hindu - Economy https://ift.tt/2HMydRW
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A systematic way of maximising returns on investment

What is a SIP?A Systematic Investment Plan (SIP) is a way to invest in mutual funds wherein a fixed sum of money is put into a mutual fund scheme at a

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Govts extends PAN-Aadhaar linking deadline to September 30

It is mandatory to quote and link Aadhaar number while filing the return of income w.e.f. April 1, 2019

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Music streaming providers like what they hear as listeners tune in

Riding on inexpensive data, app providers are building customisation, such as voice-enabled features, to distinguish themselves in the market

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Our role will be to find new business models that can make water much more accessible: Grundfos CEO

Replacing millions of submersible diesel pumps with sustainable solutions, an ambition for Grundfos

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Some soup, with a dash of health

A cafe in Sivakasi offers food as preventive medicine

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SpiceJet launches 28 new flights

14 new flights launched under UDAN scheme, connecting the “un-served” market of Jharsuguda and the “underserved” markets of Kishangarh and Lakhimpur to key metros and cities

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Government notifies new accounting standard on leases; effective from Apr 1

The Indian Accounting Standard (Ind AS) 116 is expected to have a significant impact on various industries

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Note ban triggers record 14-times high generation of suspicious transaction reports linked to tax crimes: FIU

This is the highest-ever figure of STRs since the FIU first started the regime over a decade ago.

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Jet Airways pilots postpone strike to April 15

Jet Airways has been defaulting on salary payments to pilots, engineers and senior management since August last year.

from The Hindu - Industry https://ift.tt/2JT9HRc

Banking

HDFC Bank started operations in the Northeast in 2004. As of December 31, 2018 the bank network in the region comprised 126 branches and 203 ATMs.

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Banking

The branches of Vijaya Bank and Dena Bank will function as BoB outlets from Monday onwards.

from Banking/Finance-Industry-Economic Times https://ift.tt/2I2IcCb

HDFC Bank to add 100 branches in Northeast

HDFC Bank started operations in the Northeast in 2004. As of December 31, 2018 the bank network in the region comprised 126 branches and 203 ATMs.

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Vijaya Bank, Dena Bank to become BoB from Apr 1

The branches of Vijaya Bank and Dena Bank will function as BoB outlets from Monday onwards.

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India's oldest jeans company is weaving a new business

Technical textiles are now Arvind's bigger bets, along with water and wastewater treatment

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GST officers prodding businesses to deposit taxes by March 31 to meet fiscal target

This practice of prodding assessees to pay taxes by March end to meet the fiscal target was also prevalent during the erstwhile excise and service tax regime.

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India does have huge potential, real question is speed of growth: Indra Nooyi

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Roll-out of new, simplified GST return forms deferred

The GST Council had in July last year decided that the simplified GST return forms — Sahaj and Sugam — would be rolled out on a pilot basis from April 1, 2019, while mandatory filing across the country would kick in from July.

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Branches of Vijaya, Dena Bank to function as BoB outlets from Monday: RBI

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Branches of Vijaya, Dena Bank to function as BoB outlets from Monday: RBI

The merger of Vijaya Bank and Dena Bank with Bank of Baroda, will be effective from April 1, 2019.

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Banking

The merger of Vijaya Bank and Dena Bank with Bank of Baroda, will be effective from April 1, 2019.

from Banking/Finance-Industry-Economic Times https://ift.tt/2I7Hu6L

Branches of Vijaya Bank and Dena Bank to operate as branches of Bank of Baroda from April 1, 2019

The Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019 dated January 2, 2019, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980). The scheme comes into force on the 1st day of April 2019. Consequently, all branches of Vijaya Bank and Dena Bank will function as branches of Bank of Baroda from April 1, 2019. Customers, including depositors of Vijaya Bank and Dena Bank will be treated as customers of Bank of Baroda with effect from April 1, 2019. Ajit Prasad Assistant Adviser Press Release : 2018-2019/2329

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Nirav Modi's defence team even uses his pet dog in attempt to win bail

Fugitive diamond merchant Nirav Modi on Friday failed in his second attempt to get bail in his extradition case at Westminster Magistrates' Court here despite his defence team vehemently trying to establish his close ties to the UK, including having to care for a pet dog.

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Shanghai becomes world's first district with 5G coverage

Trial runs of the 5G network, backed by state-run telecom carrier, started the service in Shanghai's Hongkou on Saturday, where 5G base stations had been deployed over the last three months to ensure full coverage, a report said. 5G is the next generation of cellular technology with download speeds that are 10 to 100 times faster than 4G LTE networks.

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I-T, GST offices to remain open on Mar 30, 31

The CBDT asked its field offices to facilitate filing of tax-returns by the taxpayers by opening additional receipt counters. As per past practice, all field offices of CBIC will remain open during the last weekend of the current financial year also - March 30 and March 31, 2019, for assisting the taxpayers in all matters," CBIC said in an office memorandum.

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Will oil from the US bring down your petrol bill?

The fact that US shale oil exports are increasing is bound to have an impact on the global oil prices in the next five years — given that of the top three oil exporters, two will be non-OPEC countries, viz., the US and Russia, who will export nearly double of what Saudi Arabia, which has the largest reserves of conventional crude oil, will export.

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Lyft raises $2.3billion, shares priced at top of range

The no. 2 US ride-hailing company said in a statement that it priced 32.5 million shares on Thursday at $72 each, which was at the top of the marketed range. Lyft also increased the size of the offering from the 30.8 million shares it had planned to sell. At that price, the IPO gives Lyft a market value of about $20.6 billion, based on the shares that were to be outstanding after the IPO, according to earlier filings.

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Deadline to impose high import duty extended till May 2

India is pushing the dates as both sides are negotiating a trade package to boost bilateral commerce. But earlier this month, the US decided to withdraw export incentives being provided by them to Indian exporters for certain goods under generalised system of preferences (GSP) programme.

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Income tax, GST offices to remain open on March 30, 31 to facilitate year-end collection

GST collections in the current fiscal till February totalled Rs 10.70 lakh crore.

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GAIL, BHEL sings MoU for development of Solar based power project

GAIL shall be the project developer and BHEL shall act as an engineering, procurement, construction and project management contractor.

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US lawmaker urges USTR to delay GSP decision till Indian elections

Under the United States GSP programme, nearly 2,000 products including auto components and textile materials can enter the US duty-free.

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A reality check: on U.S. draft resolution to blacklist Masood Azhar

The move on Azhar in the UNSC is welcome, but India must continue to engage with China

from The Hindu - Editorial https://ift.tt/2U5CwOL
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Govt extends deadline to impose higher duties on 29 US products to May 2

The department of commerce had recommend the finance ministry to extend the deadline for levying higher tariffs worth $235 million.

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Indias April-Feb fiscal deficit at 134% of FY target

The gap between the governments revenue and expenditure stood at Rs8.51 lakh cr at the end of February, or at 134.2% of the budgeted estimate of Rs6.34 lakh cr for FY19.

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Midcaps to outperform, index broken-out from a Flag pattern

If the momentum does extend and Nifty opens with a gap up in coming week then all-time high cannot be ruled out.

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Sensex, Nifty shuts FY19 on a high

The coming week promises to be full of action, as all eyes will be on the RBI policy meet scheduled on April 4, 2019.

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Rail Vikas Nigam IPO subscribed 7% on Day 1

The issue will close on April 03.

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Over 1,000 Jet Airways pilots to go ahead with 'no flying' call from April 1

The National Aviators Guild (NAG), the body claiming representation of some 1,100 pilots at Jet Airways, had last week announced its decision not to fly from April 1 if their pending salaries were not cleared and clarity on the revival plan not provided by March 31.

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Foreign funds drive sensex up 17% in FY19

In FY16, the index had seen a 9.4% loss after rising nearly 25% in FY15, data showed. While the sensex had witnessed a loss in FY16, the BSE had recorded a Rs 25.8-lakh crore jump in market capitalisation, indicating a rally in midcap and smallcap stocks and also several new listings in the market that year.

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Estimates show likely dip in fruit, vegetable production

Fruit production in the 2018-19 crop year is likely to drop to 99.92 lakh tonnes from 117 lakh tonnes in 2017-18.

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Consumer data can’t be national asset: US body

Over the course of the past few weeks, several startups have said that the government’s proposal for instant access to data should also be diluted.

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Lens on shady bank deals in shell companies

The tax department wants to make sure that the banking system is still not being used to park illegal funds.

from Economy-News-Economic Times https://ift.tt/2TFFl4h
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A stop sign: on India's growing carbon emissions

India must raise its ambition on reduction in carbon emissions

from The Hindu - Editorial https://ift.tt/2FF7aEy
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Govt mulls sending officials to US to resolve trade issues

Although officials of India and the US were negotiating a trade package, the Trump administration earlier this month announced its decision to withdraw export benefits provided by them to India under the generalised system of preferences (GSP) programme.

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View: Congress' NYAY scheme is neither fair nor feasible

One concern is financial feasibility. Proponents of NYAY pegs cost at Rs 3.6 tn —13% of govt expenditures in budget.

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View: ​​NYAY would be the next big disrupter of entrenched poverty

​​NYAY may bring 20% of India’s population still below the poverty line out of poverty.

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Status of SFL promoter reclassified

The board of directors of Sundaram Finance Ltd. (SFL) on Friday approved a request from Barath Rengarajan, one of the promoters, seeking re-classific

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‘The Least of These: The Graham Staines Story’ review: mixed messaging

Director Aneesh Daniel’s attempt to offer insights on the murdered missionary and his murder gets lost in convoluted storytelling

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March 29, 2019 at 09:11PM

‘Us’ review: Antidote to spoon-fed Hollywood narratives

Jordan Peele’s Us can be read as an allegory, a metaphor or allusion – but in the end is an urgent critique of American ills

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March 29, 2019 at 08:47PM

IOB hopes to come out of Reserve Bank’s PCA

Lender on the turnaround path: CEO

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Share pledges on the rise as funds dry up

NBFCs see a sharp increase in shares pledged with them as mutual funds reduce their exposure

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RBI sets NBFC-MFIs' average base rate at 9.21% for April-June

The regulator in February 2014 had issued directions to NBFC-MFIs regarding pricing of credit.

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Five coffee varieties get GI tag

The government on Friday said it has awarded Geographical Indication (GI) tag to five varieties of Indian coffee including Coorg Arabica. The move is

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SBI Caps to hunt for new investors for Jet Airways

Former SBI chairman AK Purwar would take charge as chairman of the interim board as promoter Naresh Goyal has relinquished his position following lenders’ demand.

from Banking/Finance-Industry-Economic Times https://ift.tt/2FLiUHe
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SBI plans to bring more high net worth customers into its fold

SBI has opened wealth management service in 44 major centres so far with a network of 121 wealth hubs.

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Banking

Former SBI chairman AK Purwar would take charge as chairman of the interim board as promoter Naresh Goyal has relinquished his position following lenders’ demand.

from Banking/Finance-Industry-Economic Times https://ift.tt/2FLiUHe

Banking

SBI has opened wealth management service in 44 major centres so far with a network of 121 wealth hubs.

from Banking/Finance-Industry-Economic Times https://ift.tt/2JO3iXf

Falling inflation? Numbers from states don't say so: HDFC Bank

The report by house economists at largest private sector lender HDFC Bank Friday comes days ahead of the monetary policy review scheduled for next Thursday.

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‘Notebook’ review: an insipid romance

A breathtaking setting and some adorable children can’t rescue the flavourless romance that is Notebook

from The Hindu - Reviews https://ift.tt/2HLQfUp
March 29, 2019 at 07:29PM

Fiscal deficit crosses 134% of budget estimate at Feb-end

In absolute term, fiscal deficit for April-February 2018-19 was Rs 8.51 lakh crore as against the revised estimate (RE) of Rs 6.34 lakh crore for the entire year, according to controller general of accounts (CGA) data.

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