Centre to ensure tribals get MSP for produce

Tribal Cooperative Marketing Development Federation of India (Trifed) managing director Pravir Krishna said, “The pandemic has struck at a time when it is gathering time for MFP.

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NHAI clears contractors' bills worth Rs 25,000 cr

The National Highways Authority of India (NHAI) has cleared bills worth Rs 25,000 crore owed to contractors in March 2020, expediting the process in the last one week after construction activity came to a grinding halt due to the national lockdown post Covid-19.

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FM Nirmala Sitharaman seeks to enhance IMF toolkit, expand liquidity swap network

India has asked the International Monetary Fund to use its existing resources to create a non-stigmatised short term liquidity swap facility, which could be rapidly deployed as and when needed by the countries.

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Govt sticks to BE to borrow Rs 4.88 lakh cr in H1FY21

The government said it will borrow Rs 4.88 lakh crore in the first half of FY21, sticking to the estimate in the budget presented before the coronavirus outbreak, and promised to do everything needed to meet the demands of the economy.

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IndusInd Bank soars 10% in todays trade

The bank said to the exchange that, we hereby wish to confirm that IndusInd Ltd, Mauritius (Promoters of IndusInd Bank Ltd) have fully liquidated/repaid the said borrowing arrangements and Security Trustees will be releasing the pledged shares this day.

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Markets begin FY21 in the red; Nifty below 8,500-mark

ONGC, Kotak Mahindra Bank, Tech Mahindra and HCL Tech slipped in the range of 5-3%.

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Indian Overseas Bank reduces interest rate on loans

Retail loans (Housing, Education, Vehicle, etc.), loans to Micro and Small Enterprises and Medium enterprises, which are linked to RLLR, will now be available at cheaper rates.

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Punjab National Bank cuts interest rates

Further, Bank has also reduced its MCLR rates by 30 bps across the tenor for better monetary transmission of policy rate cut benefit to the borrowers.

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Payments stuck, exporters seek government’s support

When a local manufacturer ships consignments to its overseas client, it is supposed to produce shipment related documents including invoice, and bill of lading to the local bank in India. This local bank in turn is supposed to send physical copies to the consignee’s bank account overseas that provides the letter of credit.

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Efforts on to line up e-commerce & data laws

The commerce ministry, which is giving final shape to the much-awaited e-commerce policy, is soon expected to provide recommendations related to the governance of data to the Ministry of Electronics and IT (MeitY), which is looking to regulate personal as well as non-personal data.

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Covid-19 battle: World Bank offers $1bn for proposed India project

The idea of the project will be to respond and mitigate the Covid-19 threat and strengthen national systems for public health preparedness in India, as per the project document.

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Commodity Mantra Morning Update: Gold, oil lower; base metals mixed

Here is the global trend and our view on Commodities.

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Asian markets trade mixed; Nikkei index ~1% lower

The US Federal Reserve said Tuesday it was establishing a temporary repurchase agreement facility to allow foreign central banks to swap any Treasury securities they hold for cash.

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Eight core industries data at 11-month high, output up 5.5% in Feb

The combined Index of Eight Core Industries stood at 132.9 in February 2020, which increased by 5.5% as compared to the index of February, 2019.

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Banks start giving options to avail loan moratorium

Customers will either have to contact the bank or the bank will allow 3 months break on loan repayments by default

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RBI moratorium: Lenders’ body wants RBI to freeze bad loan recognition as on February 29

Lenders do not want any borrower who makes use of the moratorium to fall into the category of a non-performing loan because of having missed payments in the previous two months – January and February. A loan gets classified as a bad loan if the interest or principal is overdue 90 days.

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Banking

Customers will either have to contact the bank if they want to take advantage of the moratorium or the bank will allow the three-month break by default.

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

Banking

Lenders do not want any borrower who makes use of the moratorium to fall into the category of a non-performing loan because of having missed payments in the previous two months – January and February. A loan gets classified as a bad loan if the interest or principal is overdue 90 days.

from Banking/Finance-Industry-Economic Times https://ift.tt/3bHDipH

Biocon's Malaysia unit gets EIR from USFDA

Biocons Insulin manufacturing facility in Malaysia receives EIR from USFDA with Voluntary Action Indicated (VAI) classification, inspection stands closed.

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

Top stocks in focus: ONGC, Gujarat Gas, GM Breweries, Jubilant Lifesciences, Oil India, Adani Enterprises

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

from India Infoline News Service https://ift.tt/2WZHr4k

Eight core industries records at 11-month high, output up 5.5% in Feb

The combined Index of Eight Core Industries stood at 132.9 in February 2020, which increased by 5.5% as compared to the index of February, 2019.

from India Infoline News Service https://ift.tt/2R3l4qR

SGX Nifty indicates a lower opening for Indian markets

For today, expect some action in financials as Government cuts interest rates on small savings instruments by a huge margin of between 80-140 basis points, which should see pass on effect to the industry for lower cost of money.

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Stock market news that you should not miss today

Here is the important stock market news to watch out for today.

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Market regains tracking global cues; JSW Steel, Vedanta stocks lead

In the broader market, the S&P BSE MidCap and the S&P BSE SmallCap indexes were up over 1% each.

from India Infoline News Service https://ift.tt/2JsDM72

Banking

Industry experts have pointed out that the central bank relaxation guidelines only cover deferment of principal amounts and lenders may still opt to accrue compounded interest rates in this period, leaving customers under huge repayment burden when the moratorium ends.

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

Banking

There’s misconception among borrowers that RBI has given a loan waiver.

from Banking/Finance-Industry-Economic Times https://ift.tt/2UvWlh1

Deferring credit card, personal loan payments may cost more

Industry experts have pointed out that the central bank relaxation guidelines only cover deferment of principal amounts and lenders may still opt to accrue compounded interest rates in this period, leaving customers under huge repayment burden when the moratorium ends.

from Banking/Finance-Industry-Economic Times https://ift.tt/2UvDsLe
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Loan waiver or postponement? Muddled messaging puts bankers in a fix

There’s misconception among borrowers that RBI has given a loan waiver.

from Banking/Finance-Industry-Economic Times https://ift.tt/2UvWlh1
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Aster DM Healthcare sold its loss-making pharmacies in Kuwait; stock surges 3%

Aster DM Healthcare sold its loss-making pharmacies in Kuwait for 4,83,000 Kuwaiti Dinar.

from India Infoline News Service https://ift.tt/2UPeZ2k

Shalimar Paints stands with its painters amid COVID-19 crisis

To contain the spread of coronavirus contagion, Shalimar Paints has also ceased the operation of its manufacturing and sales units for the next few days until further notice.

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Money Market Operations as on March 30, 2020

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H-1B workers seek 180-day stay in US post-unemployment period instead of 60

Fearing massive layoffs in America due to the coronavirus crisis that is hitting businesses around the globe, foreign technology professionals on H-1B visas, the most sought after among Indians, demand the Trump administration extend their permissible post-job loss limit to stay in the US from the existing 60 to 180 days.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2ULscsQ

Extend WFH option to all: IT employees union

The Union of IT and ITES Employees on Monday demanded that the central government enforce all companies, ranging from MNCs to MSME, to extend work from home option to all employees and make it voluntary in the wake of Covid-19. It also demanded to ensure that no leave adjustments, salary reductions or retrenchments happen during the lockdown period.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2UvU19N

Banks yet to act on EMI relief, spark confusion

With just two days left for the next EMI cycle to begin, most big lenders are unprepared to follow the Reserve Bank of India’s blanket order allowing borrowers to hold back from paying instalments for the month. Top lenders such as State Bank of India, HDFC Bank, ICICI Bank, Kotak Bank and Axis Bank have not activated any channel for customers to exercise an option.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2JrQZNy

Lockdown disrupts operations at Britannia despite products being essential

The company's products despite being essential, operations have been disrupted due to the lockdown. The company said that it is taking all necessary steps to restore operation of factories.

from India Infoline News Service https://ift.tt/2WUK4UR

Bharti Airtel extends pre-paid pack validity for over 80 mn customers till April 17

The program has been kicked off, and these benefits will be available to users in the next 48 hours.

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Commodity Mantra Morning Update: Gold lower, crude and base metal trade higher

Here is the global trend and our view on Commodities.

from India Infoline News Service https://ift.tt/3dF5N9e

Covid-19 in India: Banks wary of liquidity crunch

Some lenders, particularly private sector institutions, fear that if a large number of borrowers refuse to service loans, Reserve Bank of India’s measures to soften the blow from Covid-19 could fall short of requirement. In such a situation the moratorium on interest and loan repayment will more than offset the benefits of extra liquidity.

from Banking/Finance-Industry-Economic Times https://ift.tt/3dGGFit
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Reliance Industries announces Rs500cr contribution to PM CARES Fund

RIL also continues its 24x7, multi-pronged, on-the-ground effort to do its bit to ensure the nation remains prepared, fed, supplied, safe, connected and motivated to fight and win against the unprecedented challenges brought upon by the Coronavirus pandemic.

from India Infoline News Service https://ift.tt/3dGtL42

Top stocks in focus: Bharti Airtel, Fortis Healthcare, SBI, RIL, Wockhardt, L&T

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

from India Infoline News Service https://ift.tt/3dEbdRP

Hero Group pledges Rs100cr towards Covid-19 relief efforts

Half of this sum, Rs50cr, will be contributed to the PM-Cares Fund and the remaining Rs50cr will be spent in other relief efforts.

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RBI extends Fixed Rate Reverse Repo and MSF window

These changes will come into effect from March 31, 2020, and will be applicable till April 30, 2020, RBI said on Monday.

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Stock market news that you should not miss today

Here is the important stock market news to watch out for today.

from India Infoline News Service https://ift.tt/3ayRKA0

SGX Nifty indicates a positive opening for Indian markets

For today, expect some consolidation even as global cues show improvement with 2nd half buying/short covering driving up stocks and broader market seeing outperformance.

from India Infoline News Service https://ift.tt/3dGZVMH

Banking

Some lenders, particularly private sector institutions, fear that if a large number of borrowers refuse to service loans, Reserve Bank of India’s measures to soften the blow from Covid-19 could fall short of requirement. In such a situation the moratorium on interest and loan repayment will more than offset the benefits of extra liquidity.

from Banking/Finance-Industry-Economic Times https://ift.tt/3dGGFit

Covid-19 impact: Tax and duty relief likely in package for industry

The government has also initiated talks with the World Bank for an unprecedented package from the multilateral lender to speed up the creation of healthcare infrastructure that’s urgently needed besides support for some key economic sectors to tackle Covid-19’s impact. “It is being worked out ... it will be announced shortly,” said a government official.

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Coffee Day repays Rs1,644cr debt with proceeds from tech business park sale; stock slips ~5%

Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs3,200cr as on March 27, 2020. This includes a debt of Rs1,400cr of its subsidiary, Sical Logistics, where disinvestment process is in progress. The company and subsidiaries have repaid around Rs4,000cr to the lenders since the beginning of this financial year.

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Money Market Operations as on March 27, 2020

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US reaches H-1B cap of 65,000 for 2021

The US Citizenship and Immigration Services (USCIS) said it has reached the congressionally-mandated 65,000 H-1B cap for the fiscal year 2021 as it received enough requests from corporations and businesses.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/39lZMuQ

Over 40 diesel cars, SUVs to go off road in April

Come April and diesel versions of over 40 cars and SUVs will be phased out from the market as companies shift their focus completely to petrol models and cleaner CNG and electric versions, with the onset of the BS6 emission norms era. The move comes at a time when dealerships are stretched due to closures related to the coronavirus outbreak.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3bE4fuy

Covid-19: DGCA suspends breath analyser tests

DGCA on Sunday said it was suspending breathalyser tests, which is done to detect alcohol, for all aviation personnel, hours after an Air India union had requested it to do so citing that these tests could spread coronavirus. The decision comes after SpiceJet said one of its pilots had tested positive for the novel coronavirus pandemic.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2QT6gL4

E-tail to take $1 billion hit in lockdown

The 21-day lockdown will lead to a loss of at least $1 billion in gross sales as India’s largest online retail platforms like Amazon and Flipkart stop selling non-essentials till at least the middle of next month, based on current government directives.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Jr3yZs

Companies advance payday to ease virus woes

In a move that will calm the frayed nerves of employees, several organisations have disbursed March salaries early. Given the state of the economy, and now the Covid-19 impact, job losses and salary cuts are some concerns that would naturally make employees anxious. An advance payment is expected to help for now.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3auMPA9

Commodity Mantra Morning Update: All commodities trade lower

Here is the global trend and our view on Commodities.

from India Infoline News Service https://ift.tt/39wRqAp

Sun Pharma receives OAI from USFDA for its Halol facility

The Company continues to manufacture and distribute existing products for the US market, thereby not likely to have any adverse impact on current business from the facility, Sun Pharma said in the press note.

from India Infoline News Service https://ift.tt/3bDcwhY

Lockdown period won’t be counted in IBC timeline: IBBI

“...the period of lockdown imposed by the Central Government in the wake of COVID19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process," said a notification by Insolvency and Bankruptcy Board of India Sunday.

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March CPI inflation figures may have caveats as data suffers due to Covid lockdown

The Ministry of Statistics and Programme Implementation (MoSPI) is assessing the quality and amount of data that can be collected to estimate the consumer price index (CPI) inflation for this month. The data for March is scheduled to be released on April 13.

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Banking

The finance ministry said ₹1.75 lakh crore will be given to “80 crore poorest Indians” under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) over three months starting April 1.

from Banking/Finance-Industry-Economic Times https://ift.tt/3bCeCio

Coronavirus: Relief package for the poor via DBT may face hurdles

The finance ministry said ₹1.75 lakh crore will be given to “80 crore poorest Indians” under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) over three months starting April 1.

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SBI passes on entire 75 bps Repo rate cut to its borrowers

Consequently, EMIs on eligible Home Loan accounts (linked to EBR/RLLR) get cheaper by around Rs52 per 1 lakh on a 30 year loan.

from India Infoline News Service https://ift.tt/3awsD0I

Top stocks in focus: Sun Pharma, Maruti Suzuki, Coffee Day, IndusInd Bank, Lupin

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

from India Infoline News Service https://ift.tt/3avBVKv

Bank of India reduces MCLR and Housing, Vehicle and MSME loan interest rates

With this, the Bank has passed on the benefit of rate cut announced by RBI on March 27, 2020, to its Home, Vehicle and MSME customers.

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Stock market news that you should not miss today

Here is the important stock market news to watch out for today.

from India Infoline News Service https://ift.tt/33Sl9Ts

A quarter of MSMEs may shut shop if the lockdown persists

GAME is also in the process of creating a $100-million Small Business Stabilisation Fund to help these small businesses tide over this crisis.

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SGX Nifty indicates a negative opening for Indian markets

Given the fresh bouts of margins and restrictions volumes have dried up with further curtailment expected as the new series sees lowest rollovers

from India Infoline News Service https://ift.tt/3bxUMon

Banking

Non-bank lenders, concerned about the ‘discretion’ banks would enjoy on demanding repayments through a three-month grace period, plan to approach the finance ministry and the Reserve Bank of India (RBI).

from Banking/Finance-Industry-Economic Times https://ift.tt/3auO5Dh

Banking

Union Bank of India will become the fifth largest state-run bank after Andhra Bank and Corporation Bank merge with it on April 1. Six banks are being merged with larger peers to get economies of scale.

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

NBFCs want banks to pass on moratorium benefits

Non-bank lenders, concerned about the ‘discretion’ banks would enjoy on demanding repayments through a three-month grace period, plan to approach the finance ministry and the Reserve Bank of India (RBI).

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Union Bank: As a merged entity, we can face this lockdown better

Union Bank of India will become the fifth largest state-run bank after Andhra Bank and Corporation Bank merge with it on April 1. Six banks are being merged with larger peers to get economies of scale.

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Portfolio Characteristics of Axis Focused 25 Fund

Axis Focused 25 Fund is an open ended equity scheme investing in maximum 25 stocks investing in large cap, mid cap and small cap companies. The scheme invest...

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Banking

Watch the video to know about Axis Focused 25 Fund. Plan your long term goals with Axis Focused 25 Fund - An open ended equity scheme investing in maximum 25...

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Know more about Axis Focused 25 Fund

Watch the video to know about Axis Focused 25 Fund. Plan your long term goals with Axis Focused 25 Fund - An open ended equity scheme investing in maximum 25...

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Policies for pandemics

While existing policies must cover virus, insurers have unveiled specific products

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FinMin, RBI meet on Tuesday to decide borrowing plan for FY21

The Finance Ministry and RBI will hold a meeting on Tuesday to decide on the government's borrowing plan for the first half of 2020-21 amid the lockdown to contain the spread of coronavirus. According to sources, the government would resort to front-load it's borrowing plan to deal with the challenges posed by COVID-19 on the economy.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2xtSrw7

FinMin, RBI meeting on Tuesday to decide first-half borrowing plan for FY21

The meeting between the Finance Ministry and Reserve Bank of India (RBI) will be held through video conferencing for the first time as there is lockdown across the country. As per the Budget, the government plans to borrow Rs 5.36 lakh crore from the market in 2020-21, higher than the Rs 4.99 lakh crore estimated for the current financial year.

from Economy-News-Economic Times https://ift.tt/3audBsi
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Covid-19: Major handicraft trade fair canceled

The Export Promotion Council for Handicrafts (EPCH) on Sunday said it has cancelled the 49th edition of IHGF – Delhi Fair Spring-2020 in view of present status of COVID-19 in India and abroad. The fair, which was earlier to be held from April 15 – 19, was planned to be postponed to June or July.

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Covid effect: Govt may ease resolution rules for insolvent firms

Sitharaman recently said that if the disruption caused by coronavirus extends then it would suspend the use of the corporate insolvency resolution process for sometime. The finance minister had also increased the minimum amount of the default required to initiate the insolvency resolution and liquidation processes against companies from Rs 1 lakh to Rs 1 crore.

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Government approves insurance scheme for health workers fighting COVID-19

"The medical insurance scheme would include sanitation staff, doctors, Asha workers, paramedics and nurses. These professionals are not considering their own health risks and have been attending to Coronavirus patients," FM announced at a presser.

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Industry wants government to make this financial year a 15-month one due to Coronavirus

Industry experts point out that for all the companies last one month has hugely impacted cash flows and that has resulted in their mark to market. Extension of the financial year may spread the bad period over more months and could help companies recover a bit say experts.

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Banking

The more options we have, more confused we get! The same goes for stocks also, with so many stocks around, investors also get confused. Then how to make the ...

from Banking/Finance-Industry-Economic Times https://ift.tt/2UrrUZ7

Make the right choice with Axis Focused 25 Fund

The more options we have, more confused we get! The same goes for stocks also, with so many stocks around, investors also get confused. Then how to make the ...

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Coronavirus: India urges FTA partners to temporarily allow imports without certificate of origin

India has urged the countries, with which it has free trade agreements (FTAs), to allow imports of goods without certificate of origin for the time being as the domestic authorities are currently not issuing the document on account of lockdown due to COVID-19 pandemic.

from Economy-News-Economic Times https://ift.tt/2UJ8fCZ
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Labour Ministry allows EPF withdrawal amid lockdown

The decision is taken in view of lockdown across the country to fight COVID-19. The COVID-19 has been declared pandemic and therefore employees working in establishments and factories across entire India, who are members of the EPF Scheme, 1952 are eligible for the benefits of non-refundable advance.

from Economy-News-Economic Times https://ift.tt/3dFsdqP
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Tackling the inevitable: The need for new economic ideas in the time of coronavirus

Once the health emergency is addressed, the world will be left to deal with the inevitable economic threat. The global economy stands upon a mountain of debt in a time when economic growth is nowhere in sight to service them. Innovative solutions will be required to extricate the world out of the crisis.

from Economy-News-Economic Times https://ift.tt/2UEnmxy
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Nobel laureates Esther Duflo & Abhijit Banerjee bat for bolder social transfers to fight Covid-19

In an article published in The Indian Express, the duo said that the government should make use of the JAM trinity (Jan Dhan, Aadhaar and Mobile) to directly transfer the benefits into the accounts of people with an electronic receipt.

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