GST collection in November crosses Rs 1 lakh crore

The November 2019 collection is the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019 collections.

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12 global companies evinced interest to shift base from China to India: Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said about 12 global companies have evinced interest to shift their base from China to India, taking advantage of competitive tax rate of 15 per cent announced recently.

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Government plans to invest $1.39 trillion in infrastructure to spur economy

In a push to improve the country's economy, the Government will unveil a series of infrastructure projects this month as part of a plan to invest 100 trillion rupees ($1.39 trillion) in the sector over the next five years, the finance minister said on Saturday.

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IndiGo to have multilingual website, start with Hindi next year

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India will not negotiate any FTA on back foot; will protect India's interest: Piyush Goyal

Prime Minister Narendra Modi is ready to bite the bullet and because of that India decided to walk out from the mega free trade pact Regional Comprehensive Economic Partnership (RCEP) as the concerns of India was not addressed, Goyal said.

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Fertiliser subsidy arrear at Rs 33,691 crore, may touch Rs 60K cr by March: FAI

Out of this, Rs 20,853 crore is under DBT (Direct Benefit Transfer) and balance Rs 12,838 crore is other than DBT. FAI also pointed out that Rs 20,434 crore dues are pending for which bills have been generated but not paid and the balance Rs 13,257 crore are pending for which fertilizer companies are not able to generate bills.

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Work is on to amend IBC to address cross-border insolvency: M S Sahoo

"There is proposal to amend the IBC to provide for such cases like cross border insolvency and to address some of the problems that have come up, but I will not be able to say which are these," Sahoo told reporters here on the sidelines of 'Roadshow on Competition Law and Practice' organised by CII here.

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Maruti crosses 20 mn passenger vehicle sales mark

The company accomplished this landmark number in less than 37 years of selling its first car on December 14,1983, when it first rolled out the iconic Maruti 800, Maruti Suzuki India (MSI) said in a statement. ​

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Dasu Krishnamoorty’s book ‘The Seaside Bride and Other Stories’ is a tale of life

Digging into the occurrences in his life, Dasu Krishnamoorty’ weaves heart-warming tales

from The Hindu - Reviews https://ift.tt/2LngD7x
November 30, 2019 at 04:18PM

Q3 GDP to be worse: Chidambaram

Senior Congress leader P Chidambaram on Saturday said the lower GDP growth rate of 4.5 per cent was as predicted but warned that third quarter will be worse.

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View: Recession door ast?

We can quibble over the definition of a recession and take satisfaction in the fact that India is far away, still, from two consecutive quarters of negative growth. Recession door ast. Or we can try and do something to reverse the slowdown. India needs proactive policy a little beyond waiting for the inevitable turn of the business cycle.

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Mustard cultivation shrinks as rains make farmers turn to wheat, pulses

The sown area of mustard in Rajasthan—the largest producer of the oilseed—has shrunk to around 2.1 million hectares this winter from 2.5 million hectares a year ago. Mustard seed prices generally follow an uptrend during winters when mustard oil is widely used for body massage.

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Japan won’t be part of RCEP without India

Japan is not considering signing the Regional Comprehensive Economic Partnership (RCEP) without India, the top Japanese negotiator said on Friday, ahead of a series of diplomatic exchanges in the coming weeks that include a visit to Delhi by Prime Minister Shinzo Abe.

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Q3 GDP to be worse: P. Chidambaram

"As predicted widely, GDP growth in Q2 has come lower at 4.5%. Yet the Government says 'All is well'. Q3 will not be more than 4.5% and in all likelihood will be worse," Chidambaram said in a tweet posted by his family on his behalf.

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IL&FS takes InvIT route to sell nine road projects

IL&FS Transportation Networks, the largest company in the IL&FS group, has taken steps to set up an infrastructure investment trust (InvIT) in a bid to offload the company’s road assets that are not seeing much demand.

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FMCG companies tweak sales mix in slow market

To de-tangle growth from the grip of a slowdown, fast-moving consumer goods (FMCG) companies are redefining their product and marketing strategies, depending on their stage of evolution.

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Chanda Kochhar moves High Court against ICICI Bank over termination

Says bank had already accepted her request for an early retirement.

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Banking

Says bank had already accepted her request for an early retirement.

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

Sebi rejects Karvy’s plea for limited use of power of attorney

In a six-page order, Sebi whole-time member Anant Barua said that since Karvy Stock Broking had violated several of Sebi’s circulars since October 1, it was not inclined to relax the part of its earlier order.

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'The Good Liar' movie review: The Helen Mirren and Ian McKellen show

Not so much a thriller, The Good Liar, despite its stellar cast – stays predictable

from The Hindu - Reviews https://ift.tt/2OAUMLH
November 30, 2019 at 12:25PM

Yes Bank to raise $2 billion from 8 investors

Topping the list at $1.2 billion is SPGP Holdings backed by Canadian family office of Erwin Singh Braich — Canada’s first Sikh billionaire. It is not clear whether Yes Bank has received any in-principle nod from the RBI for SPGP Holdings. SPGP was in the news in India for failing to make a Rs 2-crore earnest money deposit after it put in a bid for bankrupt apparel company Reid and Taylor.

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Meeting fiscal deficit target a Herculean task

The pressure to meet the fiscal deficit target for 2019-20 intensified further on Friday after latest data estimated nominal GDP growth at 6.1% in the September quarter, pegging the first half number at a shade over 7%.

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Termination from ICICI: Chanda Kochhar moves HC

Chanda Kochhar, the former CEO of ICICI Bank, has approached the Bombay high court challenging the validity of the bank’s termination letter issued early this year. She has sought from the court a declaration upholding the validity of an earlier letter in October 2018 wherein ICICI Bank had accepted her early retirement.

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GDP growth falls to 4.5%, lowest since March 2013

India's economy grew at its slowest pace in 26 quarters in the July-September period of the current fiscal year, dragged down by contraction in the crucial manufacturing sector. Data released by National Statistical Office showed GDP grew by 4.5% in the September quarter, the lowest since the 4.3% expansion in the January-March quarter of 2012-13.

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Blow to AirAsia India, COO Sanjay Kumar quits

In a blow to AirAsia India, Sanjay Kumar — its chief operating officer (COO) — for just about a year has resigned from the position. Kumar is among the most experienced aviation professionals in India who had joined the Tata-AirAsia JV on December 3, 2018, after heading network and commercial at IndiGo for 12 years.

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View: With growth this bad, India needs more than luck

The troubling state of India's economy requires the ability of rate cuts to flow through the economy.

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Dharamshi-Jhunjunwala Consortium: NCLT okays Ricoh revival plan

A dedicated bankruptcy court has accepted the resolution plan for the revival of Ricoh India, the largest player in printing and document solutions.

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Banking

A dedicated bankruptcy court has accepted the resolution plan for the revival of Ricoh India, the largest player in printing and document solutions.

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

Government plans WhatsApp security systems audit

The government wants to conduct an audit and inspection of security systems and processes of Facebook-owned instant messenger WhatsApp over the Pegasus spyware controversy. This is the second major action against the American social media giant after the CBI inquiry that was ordered over the data leaks in the Facebook-Cambridge Analytica controversy.

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Markets trade lower; Nifty Bank hovers around 32K

All sectoral indices traded in the negative, except Nifty Media, Pharma, and Realty.

from India Infoline News Service https://ift.tt/2Y1eqn5

Rupee opens flat at 71.61/$ ahead of GDP data today

Besides, investors remained cautious amid worries that tensions between the US and China over Hong Kong could delay a potential "phase one" trade deal.

from India Infoline News Service https://ift.tt/2OPj1Vm

Governance reforms take centre stage

SGoS are also likely to recommend creation of an All India Judicial Service, a new modern and technology backed legislation on emigration, pre-departure orientation training for more than 500,000 Indian emigrant workers, a Bharat Drive on the lines of the Google Drive and dedicated central prabharis or in-charges for the Northeast.

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Broker Radar for November 29

Check out the stock commentaries and recommendations from brokerage houses.

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Aditya Birla Finance becomes first company to raise CP worth Rs100cr on NSE

ABFL, the lending subsidiary of Aditya Birla Capital Limited is the first company to list its Commercial Paper on NSE with a value date of November 28, 2019, and maturity date on February 7, 2020.

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Money Market Operations as on November 28, 2019

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CG Power cancels royalty pact worth Rs411.2cr with Avantha Holdings

This is in reference to the Royalty Agreement which envisaged 50% of brand royalty payable by the Company to AHL in perpetuity aggregating to Rs411.20cr for part settlement of outstanding loans due from Avantha group of companies.

from India Infoline News Service https://ift.tt/33vi4Xm

Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on November 28, 2019 is as under: Amount (Face Value in ₹ Crore) Items Overnight Reverse Repo Auction 4.90% Fixed Rate 1. Bids received   (i) Number 58 (ii) Amount 13,549 2. Bids accepted   (i) Number 58 (ii) Amount 13,549 Ajit Prasad Director   Press Release: 2019-2020/1289

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In talks with SBI to jointly run e-commerce portal for MSMEs: Nitin Gadkari

MSME Minister Nitin Gadkari on Thursday said that he is to meet SBI Chairman next month to discuss whether the bank can jointly run an e-commerce portal called Bharat Craft, meant for taking Indian MSMEs to the global platform. “For the first time, after our govt came to power, we are readying a portal called Bharat Craft,” Gadkari said

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Commodity Mantra Morning Updare: Gold, Crude trade muted; Base Metals positive

Here is the global trend and our view on Commodities.

from India Infoline News Service https://ift.tt/35K0sZq

HDFC Bank forms 6-member committee to find MD Aditya Puri's successor

Aditya Puri has been the MD and CEO of the bank since 1994 when the bank was set up.

from India Infoline News Service https://ift.tt/2DpK1W7

IL&FS Transportation board approves incorporation of new arm

The company's Board has also granted in-principle approval to transfer the companys shareholding in nine SPVs to the Trust.

from India Infoline News Service https://ift.tt/35Ki3k8

Asian markets down led by Hong Kong shares

According to the media reports, China warned the US on Thursday it would take firm counter measures in response to US legislation backing anti-government protesters in Hong Kong.

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SGX Nifty indicates a flat opening for Indian markets

For today, expect another day of stock specific gains as indices consolidate at new highs.

from India Infoline News Service https://ift.tt/2L1wOqG

Corporate frauds see massive surge: SBI

Data disclosed in the initial public offering (IPO) document of SBI Cards showed that largeticket corporate frauds worth Rs 26,757 crore were reported to regulators between April and November this year by SBI, compared with Rs 10,725 crore were reported in FY19. The comparison appears even starker when FY18 disclosures, at only Rs 146 crore, are considered.

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Aurobindo Pharma arm to acquire business assets of Profectus BioSciences Inc., USA

The acquisition provides access to proprietary and innovative technology platforms for prophylactic use and therapeutic use along with Global R&D center.

from India Infoline News Service https://ift.tt/2DtoYBW

Top stocks in focus: Indiabulls Housing Finance, Tech Mahindra, RIL, HDFC Bank

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

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What not to miss today

Here is the important news for today.

from India Infoline News Service https://ift.tt/34uPtmH

Banking

Data disclosed in the initial public offering (IPO) document of SBI Cards showed that largeticket corporate frauds worth Rs 26,757 crore were reported to regulators between April and November this year by SBI, compared with Rs 10,725 crore were reported in FY19. The comparison appears even starker when FY18 disclosures, at only Rs 146 crore, are considered.

from Banking/Finance-Industry-Economic Times https://ift.tt/2L3KEZU

Banking

Lenders need to come up with a plan by January 7, failing which they would be required to make 20% provisions or refer the cases to court under IBC within 30 days, under the new RBI rule. “Many cases will be referred to NCLT whereever banks fail to put together a resolution plan,” said a senior bank executive with a public sector bank.

from Banking/Finance-Industry-Economic Times https://ift.tt/35IfX47

Lenders to refer more cases to NCLT

Lenders need to come up with a plan by January 7, failing which they would be required to make 20% provisions or refer the cases to court under IBC within 30 days, under the new RBI rule. “Many cases will be referred to NCLT whereever banks fail to put together a resolution plan,” said a senior bank executive with a public sector bank.

from Banking/Finance-Industry-Economic Times https://ift.tt/35IfX47
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Government measures fail to stem slide in NBFC credit

Loan sanctions fell 34% in the September quarter, a year after the NBFC liquidity crisis at IL&FS. Total NBFC sanctions fell to Rs 1.9 lakh crore at the end of September from Rs 2.9 lakh crore during the same period last year, according to data compiled by the CRIF High Mark credit bureau and the Finance Industry Development Council (FIDC).

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Balaji Amines stock surges 6% after getting environmental clearance

The company has received the Environmental Clearance for the same from the Ministry of Environment, Forests & Climate Change, Government of India.

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Rupee opens marginally higher at 71.32 against US Dollar

The rupee gained 3 paise at 71.32 per dollar vs. previous close 71.35 per dollar.

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Markets open higher; Nifty Bank hits 32K mark

Sectorally, Nifty Bank, Pharma, and IT indices led gainers, while Auto, FMCG, and Media were the main laggards.

from India Infoline News Service https://ift.tt/2qVGZ9x

Three UP regional rural banks to be amalgamated

The notification said the the government had after consultations with the National Bank for Agriculture and Rural Development (NABARD) and the sponsor banks of the concerned regional rural banks decided that it was necessary in public interest and the interest of the three regional rural banks that they be amalgamated.

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FIS India fined Rs 12 crore by Bank of India for flouting ATM service norms

The problem came to light due to a complaint by a whistleblower, a source aware of the developments told ET. The issue has been taken up through an internal enquiry and four of FIS’ top executives who were managing the ATM and allied services business in India have been asked to step down till the enquiry is complete, the source added.

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Banking

The notification said the the government had after consultations with the National Bank for Agriculture and Rural Development (NABARD) and the sponsor banks of the concerned regional rural banks decided that it was necessary in public interest and the interest of the three regional rural banks that they be amalgamated.

from Banking/Finance-Industry-Economic Times https://ift.tt/2L2bUro

Banking

The problem came to light due to a complaint by a whistleblower, a source aware of the developments told ET. The issue has been taken up through an internal enquiry and four of FIS’ top executives who were managing the ATM and allied services business in India have been asked to step down till the enquiry is complete, the source added.

from Banking/Finance-Industry-Economic Times https://ift.tt/35HiR9j

Rupee opens high marginally higher at 71.32 against US Dollar

The rupee gained 3 paise at 71.32 per dollar vs. previous close 71.35 per dollar.

from India Infoline News Service https://ift.tt/35H1m92

Jet Airways to extend last date submission of Resolution Plan

The CoC passed the resolution to extend the last date for submission of Resolution Plan to December 16, 2019.

from India Infoline News Service https://ift.tt/2Oq0KPi

Cipla to acquire remaining 40% stake in Cipla Pharma Lanka

Cipla Pharma Lanka (Private) Limited has aturnover of LKR 3,244,483,618 in FY19 and a market share of 6.5% in Sri Lankan market.

from India Infoline News Service https://ift.tt/33txpYu

Money Market Operations as on November 27, 2019

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Three Directors of Zee Entertainment resign

The Company, while accepting the resignations and intimating the exchanges about the same, has discussed the same in detail in the Board meeting held on November 25, 2019.

from India Infoline News Service https://ift.tt/2OpmECr

Ceat to acquire 26% stake in Greenzest Solar

Greenzest is engaged in the business of owning, operating and maintenance of the Captive Generating Plant and supply of electricity.

from India Infoline News Service https://ift.tt/2sh9VsK

Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on November 27, 2019 is as under: Amount (Face Value in ₹ Crore) Items Overnight Reverse Repo Auction 4.90% Fixed Rate 1. Bids received   (i) Number 56 (ii) Amount 22,350 2. Bids accepted   (i) Number 56 (ii) Amount 22,350 Ajit Prasad Director   Press Release: 2019-2020/1283

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SGX Nifty indicates a flat opening for Indian markets

For today, expect higher volatility as expiry of derivative contracts along with mixed global cues could see bouts of profit booking.

from India Infoline News Service https://ift.tt/2qTRV7r

Commodity Mantra Morning Update: Gold up, Oil down, Base Metals mixed

Here is the global trend and our view on Commodities.

from India Infoline News Service https://ift.tt/2Orfv4n

Top stocks in focus: ZEEL, Cipla, Ceat, Bajaj Electricals

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

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What not to miss today

Here is the top news to watch out for today

from India Infoline News Service https://ift.tt/2OWXrhU

Top stocks in focus: ZEEL, Cipla, Ceat, Bajaj Electricals

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

from India Infoline News Service https://ift.tt/2L0fPF4

Merger of three RRBs to form Baroda UP Bank

The government has notified amalgamation of regional rural public sector banks — Baroda Uttar Pradesh Grameen Bank, Kashi Gomti Samyut Gramin Bank and Purvanchal Bank — into a single regional rural bank, Baroda UP Bank.

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Banking

The government has notified amalgamation of regional rural public sector banks — Baroda Uttar Pradesh Grameen Bank, Kashi Gomti Samyut Gramin Bank and Purvanchal Bank — into a single regional rural bank, Baroda UP Bank.

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

Ola, Uber fees may be capped at 10% of total fare

The final rules for cab aggregators, which will be notified under the Motor Vehicle Act, is likely to be formalised before the end of the year. The guiding document detailed the fee caps, apart from regulations on surge pricing, passenger and driver safety, penalties for drivers and aggregators, and licencing norms for aggregators.

from Economy-News-Economic Times https://ift.tt/37GvROi
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Japan keen to fix India’s RCEP issues

Tokyo’s eagerness to include India stems from the fact that it fears China setting the terms of the pact and also reap the benefits from easier origin rules that would allow it to sell goods coming from China to other RCEP countries at low duties. India opted out of the RCEP earlier this month after a 7-yr negotiation with 15 other Asia-Pacific countries.

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Prestige Estates Projects to open 6 new hotels in partnership with Marriott International

Currently, Prestige Estates Projects is operating 850 rooms in partnership with Marriott International.

from India Infoline News Service https://ift.tt/2DlSJoo

Money Market Operations as on November 26, 2019

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Facebook to partner with more VC funds for mentoring SMEs

Archana Vohra, director of small and medium businesses at Facebook India said that the company has done a lot of work this year to facilitate the growth of the segment, including the launch of its VC Brand Incubator programme.

from SME Sector-Small Biz-Economic Times https://ift.tt/37DgN3Y
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Broker Radar for November 27

Check out the stock commentaries and recommendations from brokerage houses.

from India Infoline News Service https://ift.tt/2rqkc5I

Commodity Mantra Morning Update: Gold, Oil fall, while base metals trade mixed

Here is the global trend and our view on Commodities

from India Infoline News Service https://ift.tt/2DiXXRA

Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on November 26, 2019 is as under: Amount (Face Value in ₹ Crore) Items Overnight Reverse Repo Auction 4.90% Fixed Rate 1. Bids received   (i) Number 54 (ii) Amount 14,021 2. Bids accepted   (i) Number 54 (ii) Amount 14,021 Ajit Prasad Director   Press Release: 2019-2020/1275

from PRESS RELEASES FROM RBI https://ift.tt/2QUW3io
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Tata Communications appoints Amur S Lakshminarayanan as MD & CEO

Lakshmi has over 35 years of experience in a broad range of leadership roles across regions and industries.

from India Infoline News Service https://ift.tt/37I1oPO

HCL Tech fixes Dec 7 as record date for bonus issue

The company raised its full-year revenue forecast to a growth of 15-17% in CC vs. 14-16% earlier.

from India Infoline News Service https://ift.tt/2sdKIiS

Tighter CAFE norms to electrify govt’s EV push

CAFE is the average fuel efficiency of all vehicles produced by a manufacturer in a given period, taking into consideration the sales volume of each model. The government expects that a strict CAFE target will provide incentives to auto makers to produce and sell more EVs, to improve their average fuel efficiency.

from Economy-News-Economic Times https://ift.tt/2sgDsTn
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Grasim Board approves draft scheme of amalgamation of ABSL and ABReL

Board approved the draft scheme of amalgamation between Aditya Birla Solar and Aditya Birla Renewables.

from India Infoline News Service https://ift.tt/2QU6cfa

RITES sold 10% equity in the co. via offer for sale issues

The company said in the press note on Tuesday after market hours that, "the government undertook Offer for Sale (OFS) for 10% of paid-up equity in RITES Limited on November 22-25.

from India Infoline News Service https://ift.tt/2pZ2vtC

SGX Nifty indicates a flat opening for Indian markets

For today, expect more volatility as we head into the highest ever expiry of derivative contracts tomorrow.

from India Infoline News Service https://ift.tt/37zpWdM

BPO firms left in the lurch over input tax refund

The Maharashtra Appellate Authority for Advance Ruling (AAAR) had held in a ruling in February that back-office support services did not qualify as “export of service” and were in the nature of arranging or facilitating supply of goods or services between overseas companies and customers. It said these services fell in category of intermediary services and were liable to GST.

from Economy-News-Economic Times https://ift.tt/37IFRq7
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Asian stocks gain on more upbeat trade signals

As per media reports, US President Trump said on Tuesday that the US and China are close to agreement on the first phase of a trade deal after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.

from India Infoline News Service https://ift.tt/2OnFvxx

What not to miss today

Here is the important news for today.

from India Infoline News Service https://ift.tt/2QVrWHA

Banking

The Insurance Regulatory and Development Authority has said that group insurance schemes should show collection of premium, issue of certificate of insurance and reimbursement of expenses. Also, interest rates declared under group savings products should be in such a way that there is no discrimination among identical policyholders on fund size.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Oq8gK9

Banking

Financial institutions’ meltdown could be quicker than wax. Unlike manufacturing cos, which affect only a small set of suppliers and customers, troubles in a financial institution could lead to risk aversion and their inter connectedness could lead to even sound companies finding it difficult to access credit and meet their obligations.

from Banking/Finance-Industry-Economic Times https://ift.tt/2OQn4Az

New group insurance norms set to promote fair practices

The Insurance Regulatory and Development Authority has said that group insurance schemes should show collection of premium, issue of certificate of insurance and reimbursement of expenses. Also, interest rates declared under group savings products should be in such a way that there is no discrimination among identical policyholders on fund size.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Oq8gK9
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Is IBC the best way to treat bankrupt financial institutions? Here are some clues

Financial institutions’ meltdown could be quicker than wax. Unlike manufacturing cos, which affect only a small set of suppliers and customers, troubles in a financial institution could lead to risk aversion and their inter connectedness could lead to even sound companies finding it difficult to access credit and meet their obligations.

from Banking/Finance-Industry-Economic Times https://ift.tt/2OQn4Az
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Top stocks in focus: Prestige Estates, Yes Bank, HDFC, ICICI Bank

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

from India Infoline News Service https://ift.tt/34qnKDo

Bill introduced to raise cap on chit fund collections

Minister of state for finance and corporate affairs Anurag Singh Thakur said a government-constituted key advisory group (KAG) and the parliament’s standing committee on finance had both recommended changes to the legal and regulatory framework for chit funds for the orderly growth of the sector.

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