Indian Oil chairman Sanjiv Singh resigns; to form 50:50 JV with Bangladeshs Beximco LPG

The company has appointed Shrikant Madhav Vaidya as the new chairman of the company.

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Escorts Agri Machinery Segment up by 21.1% in tractor sales in June

Domestic tractor sales at 10,623 tractors registering a growth of 22.8% in June 2020 as against 8,648 tractors in June 2019.

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Jayant Agro Organics face Covid-19 hit on profits; stock dips 2%

Due to the lockdown in the country, the operations in most of its facilities were shut.

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ONGC plunges 4% on Q4 net loss of Rs3,098cr led by an exceptional item; Crude oil production dives

On Sensex, ONGC stock has plunged by as much as 3.93% with an intraday low of Rs78.20 per piece in early deals.

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Cupid stock zooms 9% after strong Q4FY20 numbers

Operating Revenue for Q4FY20 at Rs412.8mn; FY20 operating revenue at Rs1,612.5mn, PAT at Rs398.4mn. Total Dividend paid in FY20 of Rs4.5 per share.

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Sensex, Nifty open higher; Manufacturing PMI in focus

The market breadth was in favour of the advances with 965 stocks gains and 475 declined on the NSE.

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India's housing price index rose 3.9% yoy in Q4; Mumbai sees highest sequential rise

RBI's all-India HPI performance is derived from transaction-level data received from housing registration authorities in ten major cities.

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ATF price hiked by 7.5%; petrol, diesel rates unchanged for 2nd straight day

Jet fuel or ATF price on Wednesday was hiked by 7.5 per cent, the third increase in a month, while petrol and diesel rates were unchanged for the second day in a row.

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Fitch trims Indian economy growth forecast; sees GDP at 8% for FY22

Fitch has retained its forecast that the Indian economy is set to contract by 5% in the current fiscal FY21.

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Stock in focus: Indian Bank reduces MCLR rate by 10bps across tenor

Now, the MCLR for 1-year tenor stands at 7.40% compared to previous 7.50%.

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Commodity Mantra Morning Update: Gold steady, Oil and Base Metals trading higher

Here is the global trend and our view on Commodities.

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Carlyle to acquire about 25% stake in Airtel’s Nxtra Data

This will peg the enterprise valuation of Nxtra at USD 1.2 billion

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Carlyle to acquire about 25% stake in Airtel's data centre business for about Rs 1,780 crore

The Carlyle Group will acquire about 25 per cent stake in Airtel's data centre business, Nxtra Data, for $235 million (about Rs 1,780 crore), the company said in a statement on Wednesday.

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HUL in talks to shift supply from China

Hindustan Unilever (HUL) has initiated discussions on possible alternatives to raw materials that the company imports from China. This was stated by HUL CMD Sanjiv Mehta in response to shareholders’ queries at the company’s 87th annual general meeting that was held virtually on Tuesday.

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Desi clones rush to fill space vacated by TikTok

The race to replace China’s TikTok, and grab its users and creators, is heating up. A new set of Indian startups in the social and short-video sharing space — like Chingari, Roposo, Public and Mitron — has emerged in the list of top 20 downloaded apps on Google’s Play Store in the last few days. Bengaluru-based Chingari has seen one million new users in the last 24 hours.

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Money Market Operations as on June 30, 2020

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Carlyle to acquire ~25% stake in Bharti Airtel's data centre business at a valuation of US$1.2 bn

The transaction is subject to the necessary regulatory approvals, including approval from the Competition Commission of India, Bharti Airtel said in the filing.

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Top stocks in focus: Bharti Airtel, Jindal Steel, Maruti Suzuki, Eveready Industries, Kalpataru

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

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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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SGX Nifty indicates a negative opening for Indian markets

For today, expect another day of volatile movement as foreign ETF flows continue to see selling pressure.

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App ban won’t impact your Chinese phones, for now

Your Chinese smartphones — from companies such as Xiaomi, Oppo, Vivo and RealMe — will continue to work and not be immediately affected by the government action against 59 Chinese apps. But the app ban may impact the strong grip that phone makers from across the border have on Indian markets.

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India’s app ban a setback to global ambitions of Chinese tech giants

The ban includes apps from some of the largest Chinese technology companies, including Alibaba, Bytedance, Baidu, Tencent, Xiaomi, YY Inc and Lenovo, which have been building up user bases of millions in India. Even more worryingly for them, India's move ban 59 Chinese apps could set a global precedent. Among the top 200 apps, the share of Chinese apps was at 38% in 2019.

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App makers to approach govt to ‘clarify’ position

A day after the govt ordered the “blocking” of 59 Chinese apps, some of them, such as TikTok, Club Factory, decided to approach the Centre seeking to clarify their position while maintaining that they were compliant with Indian regulations. The statements came as Apple and Google said they were yet to receive official communication to remove all 59 the Chinese apps.

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Market pulse at 10:15 AM today

Here is the stock market performance at 10:15 AM today.

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SBI has whopping Rs5.64 lakh cr loan under moratorium; stock trades 2% up

Over 23% of SBI's total loan book is under moratorium scheme.

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J&K Bank slips 3.5% despite reporting 10% increase in Q4 NII

Increases Provisioning Coverage Ratio after announcing quarterly results

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Shilpa Medicare stock surges 5% after launch of generic drug to treat advanced kidney cancer

AXISHIL is available as 1 mg and 5 mg tablets in pack of 14s Tablets in one bottle.

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Sensex rallies over 200 points; Tata Steel, Axis Bank among top gainers

The Auto index has opened 1.1% higher led by Motherson Sumi, Tata Motors and Ashok Leyland

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Covid-19 causes adverse affect on Shreeniks revenue and profitability

As per the nationwide lockdown, all the offices and branches of the company was closed and restarted gradually.

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TikTok removed from Apple, Google stores

Social media app TikTok has been removed from the app stores in a bid to curb downloads after the government ordered to block as many as 59 apps owned or backed by the Chinese. A search for the app done on Tuesday morning showed no results on both Apple Store and Google Play Store. Govt on Monday “blocked” as many as 59 apps, including popular ones such as TikTok, UC Browser.

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Andhra CM releases 2nd installment of Rs 512 crore to MSMEs, spinning mills to be focus next

The state government had released the first installment of Rs 450 crore in May this year during the lockdown.

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19% of MSMEs eligible for govt guarantee in high-risk category: CIBIL

According to TU Cibil analysis, 28% of the MSMEs have a CMR between 1 to 3 which makes them super-prime borrowers and the least likely to default.

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RBI unveils fresh OMOs worth Rs10,000cr each; Investors can buy and sell in G-Secs next week!

Investors can bid between 10:00 am and 11:00 am on July 02, in an electronic format.

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India's first Covid-19 vaccine nears reality! DGCI approves Bharat Biotech's COVAXIN trial on human

DGCI granted its approval for human trials after Bharat Biotech submitted promising results with safety and immune response highlighted.

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Commodity Mantra Morning Update: Gold steady, Oil lower; Base Metals trading higher

Here is the global trend and our view on Commodities.

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RIL nears deal to acquire retail biz of Future Group

Reliance Industries (RIL) has moved close to clinching a deal to buy the retail businesses of Kishore Biyani’s Future Group. ​​The move will further cement RIL’s position as the top brick-and-mortar player across categories like groceries, fashion and general merchandise, said two people briefed on the matter.

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Money Market Operations as on June 29, 2020

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No purchase of China items on GeM: Ram Vilas Paswan

Minister for consumer affairs, food and public distribution, Ram Vilas Paswan, has directed officials to ensure that any item made in China is not purchased through the Government e Marketplace (GeM) or other sources.

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Banking

The missive is being seen as part of a collective effort by Indian banks, investigative agencies and other entities to put pressure on the UK government to hasten Mallya’s return to India.

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Banking

UPI, operated by the National Payments Corp of India (NPCI), processed 1.42 billion transactions worth ₹2.31 lakh crore until June 28, the most recorded by the channel in a month, Reserve Bank of India (RBI) data showed.

from Banking/Finance-Industry-Economic Times https://ift.tt/31vjbsW

Talbros Automotive Components gets aggregate orders worth Rs234cr including JVs and subsidiaries

These order span over 5 years starting from H2FY21 and are expected to be completed by FY26.

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Top stocks in focus: ONGC, Tata Steel, Vodafone Idea, Axis Bank, Raymond

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

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SBI urges UK Home Secretary to reject Vijay Mallya’s asylum plea

The missive is being seen as part of a collective effort by Indian banks, investigative agencies and other entities to put pressure on the UK government to hasten Mallya’s return to India.

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SGX Nifty indicates a positive opening for Indian markets

Asian markets opened in the green led by the Japanese Nikkei, which traded higher by 350 points in early trade.

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Digital payments bounce back to pre-Covid levels

UPI, operated by the National Payments Corp of India (NPCI), processed 1.42 billion transactions worth ₹2.31 lakh crore until June 28, the most recorded by the channel in a month, Reserve Bank of India (RBI) data showed.

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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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Nifty slips below 10,300; Bajaj Finance, Axis Bank stocks decline

The Nifty Bank opened 300 points or 1.4% lower at 21,291 with the all the components were trading in the red.

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Alicon Castalloy stock slumps ~4% after reporting loss of Rs5.8cr in net profit for Q4FY20

During the fiscal year FY20, total income stood at Rs960.0cr compared to Rs1,192.1cr in FY19, a decrease of 19% yoy.

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Diesel price at new high as fuel prices hiked for 22nd time in just over 3 weeks

Diesel price on Monday scaled a new high after prices were hiked for the 22nd time in just over three weeks, taking the cumulative increase to Rs 11.14 per litre.

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Startup funding deals in H1 2020 down 31% at 272

Dealmaking for startups in the first six months of 2020 has dipped by 31% to 272 transactions, while the total capital invested fell by 11% to $4.1 billion as compared to the year-ago period, according to data from Venture Intelligence.

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Tech companies struggled to get small businesses on the digital bandwagon. Then came the pandemic

For years IT majors have been trying to target small businesses and get them to be a part of the digital world. The pandemic has been an unlikely ally.

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Unbroken link: How tie-ups with MSMEs helped large players

No large player can execute a big project on its own strength. It requires the load-bearing capacity of several small and micro players who, in turn, depend on the financial prowess of the large company.

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A setback for power gencos! Discoms' outstanding dues jump by 63% yoy to Rs1.23 lakh cr in April 2020

Generally, an outstanding due arises after 60 days of raising the bill to Discoms or state against the power supplied.

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Covid-19 impacts debt-laden Air India's divestment move; Govt extends deadline to bid by 2 months

The government plans to sell 100% stake in Air India which will also include a 100% stake in Air India Express and 50% holding in Air India SATS.

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Commodity Mantra Morning Update: Gold higher, Oil lower; Base Metals trading mixed

Here is the global trend and our view on Commodities.

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Baru, ex-advisor to Manmohan Singh, duped online

A 31-year-old man was arrested for allegedly duping political commentator and policy analyst Sanjaya Baru of Rs 24,000 on the pretext of online delivery of liquor, police said on Sunday.

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Amazon India to hire 20,000 more temporary staff

Amazon India said it is looking to hire 20,000 seasonal or temporary roles for customer support services in India. This is on top of the 50,000 seasonal roles it had announced for the supply chain and delivery network in May.

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Money Market Operations as on June 26, 2020

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@         Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 317,521.97 2.68 0.01-4.10      I. Call Money 10,607.05 3.54 1.80-4.10      II. Triparty Repo 216,768.80 2.68 2.20-3.18      III. Market Repo 90,146.12 2.58 0.01-3.20      IV. Repo in Corporate Bond 0.00   - B. Term Segment            I. Notice Money** 171.08 3.31 2.40-3.92      II. Term Money@@ 712.30 - 3.50-5.60      III. Triparty Repo 550.00 3.26 3.20-3.30      IV. Market Repo 0.00 - -      V. Repo in Corporate Bond 15.00 8.25 8.25-8.25

RBI OPERATIONS@   Auction Date Tenor (Days) Maturity Date Amount Current Rate / Cut off Rate C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF) I. Today's Operations 1. Fixed Rate                (i) Reverse Repo Fri, 26/06/2020 3 Mon, 29/06/2020 634,893.00 3.35 2. Variable Rate&             (I) Main Operation                (a) Reverse Repo             (II) Fine Tuning Operations                (a) Repo                (b) Reverse Repo - - - - - 3. MSF Fri, 26/06/2020 3 Mon, 29/06/2020 65.00 4.25 4. Long-Term Repo Operations -   -   - 5. Targeted Long Term Repo Operations - - - - - 6. Targeted Long Term Repo Operations 2.0 - - - - - 7. Net liquidity injected from today's operations [injection (+)/absorption (-)]*       -634,828.00   II. Outstanding Operations 1. Fixed Rate                (i) Reverse Repo           2. Variable Rate&             (I) Main Operation                (a) Reverse Repo             (II) Fine Tuning Operations                (a) Repo                (b) Reverse Repo           3. MSF           4. Long-Term Repo Operations Mon, 24/02/2020 365 Tue, 23/02/2021 25,021.00 5.15   Mon, 17/02/2020 1095 Thu, 16/02/2023 25,035.00 5.15   Mon, 02/03/2020 1094 Wed, 01/03/2023 25,028.00 5.15   Mon, 09/03/2020 1093 Tue, 07/03/2023 25,021.00 5.15   Wed, 18/03/2020 1094 Fri, 17/03/2023 25,012.00 5.15 5. Targeted Long Term Repo Operations Fri, 27/03/2020 1092 Fri, 24/03/2023 25,009.00 4.40   Fri, 03/04/2020 1095 Mon, 03/04/2023 25,016.00 4.40   Thu, 09/04/2020 1093 Fri, 07/04/2023 25,016.00 4.40   Fri, 17/04/2020 1091 Thu, 13/04/2023 25,009.00 4.40 6. Targeted Long Term Repo Operations 2.0 Thu, 23/04/2020 1093 Fri, 21/04/2023 12,850.00 4.40 D. Standing Liquidity Facility (SLF) Availed from RBI$       29,234.74   E. Special Liquidity Facility for Mutual Funds (SLF-MF)$$     2430.00#   F. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     269,681.74   G. Net liquidity injected (outstanding including today's operations) [injection (+)/absorption (-)]*     -365,146.26   RESERVE POSITION@ H. Cash Reserves Position of Scheduled Commercial Banks      (i) Cash balances with RBI as on 26/06/2020 430,194.42        (ii) Average daily cash reserve requirement for the fortnight ending 03/07/2020 425,179.00   I. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 26/06/2020 0.00   J. Net durable liquidity [surplus (+)/deficit (-)] as on 05/06/2020 413,373.00   @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL). - Not Applicable / No Transaction ** Relates to uncollateralized transactions of 2 to 14 days tenor. @@ Relates to uncollateralized transactions of 15 days to one year tenor $ Includes refinance facilities extended by RBI & As per the Press Release No. 2019-2020/1900 dated February 06, 2020 ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015 * Net liquidity is calculated as Repo+MSF+SLF+SLFMF-Reverse Repo $$ As per the Press Release No. 2019-2020/2276 dated April 27, 2020 # The amount outstanding under SLF-MF includes an amount of ₹2,000 crore allotted on April 27, 2020 and an amount of ₹430 crore allotted on April 30, 2020. Ajit Prasad Director    Press Release : 2019-2020/2558

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Boycott China: Checks on imports to hit drug, devices supply

Medical equipment such as infrared thermometers and pulse oximeters needed in the fight against Covid-19, among others, are stuck at the ports and may result in shortages soon, according to the Pharmaceutical Export Promotion Council (Pharmexcil).

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India's protectionism conflicts with aim to be the next China

It doesn’t look like India sees itself as the world’s next factory, which requires openness.

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India may step up scrutiny of imports from Chinese cos in Asean countries

The government has also sounded out industry and importers to identify such shipments that abuse the FTA as it contemplates actions such as enhanced checks on country of origin certificates by customs authorities. The FTA with Asean allows lower tariffs on most manufactured goods. India is seeking to lower its dependence on imports & looking for ways in which it can reduce trade and business ties with China.

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Top stocks in focus: ITC, Axis Bank, Piramal Enterprises, IDBI Bank, Tata Steel, Bharat Forge

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

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SGX Nifty indicates a negative opening for Indian markets

For today, the index will see gap down open as global cues turn negative after the big sell off in the US & the sharp discount of the Nifty futures will see reduction.

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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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Dependence on H-1B has fallen significantly: Infosys CEO

Infosys CEO Salil Parekh said the company's dependence on H-1B visas has reduced significantly, given its local hiring in America, and said it will hire even more locally to deal with the growing visa challenges.

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Google, Apple approach government with proposal to contact-trace

The APIs, part of a global joint initiative by Google and Apple to enable contact tracing in order to warn about potential corona infections were embedded in the latest updates to the operating system of the devices. Over 20 countries are using the APIs in their contact-tracing apps.

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Starbucks pauses social media ads as it targets 'hate speech'

Starbucks said Sunday that it will pause its advertising on social media while it studies ways to "stop the spread of hate speech" as part of a growing corporate movement. Major social media platforms, but particularly Facebook, have faced sharp criticism for failing to eliminate racist or hate-filled posts.

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Agriculture ministry eyes drones for night duty in locust fight

The broad specification comes a little over one month after India’s civil aviation regulator granted the agriculture ministry conditional exemption to use drones in anti-locust operations, making India the first country to do so.

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RBI board debates 90-day NPA cap

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India’s commercial investment transaction volumes shrunk by 94%

The report said, the commercial investment transaction volumes, which include investment of big funds and HNIs in commercial properties in APAC reduced by 52% year-on-year to USD 44.1 billion.

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Government extends deadline to bid for Air India by 2 months till August 31

This is the third time the deadline has been extended.

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India's spice export to China slows down after Galwan row

The exporters reckon that the current problems will be temporary. "We hope that what is happening at the border will not affect commerce and trade," noted Rajiv Palicha, chairman of All India Spices Exporters Forum.

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Government approves additional Rs 1,691 crore for highway works in J&K, Uttarakhand for 2020-21

A total of Rs 340 crore ceiling has been approved for Uttarakhand for national highways, according to the communication dated June 24. In addition, it has also given nod for additional sanction of Rs 71 crore for highway works by the state's Public Works Department in Jammu & Kashmir, Ladakh, Sikkim and Tamil Nadu.

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No plans to sell non-core assets during this fiscal: PNB Chief

"We have a lot of real estate assets because of the merger. We are planning to sell some of them. We are planning to sell a good amount of these assets by the end of the third quarter provided the market is available. We will be not selling at a discounted price," he said.

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Amazon India to hire 20,000 temporary staff in customer service to serve global customers

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Banking

"We have a lot of real estate assets because of the merger. We are planning to sell some of them. We are planning to sell a good amount of these assets by the end of the third quarter provided the market is available. We will be not selling at a discounted price," he said.

from Banking/Finance-Industry-Economic Times https://ift.tt/3dztn68

India to check power equipment from China for malware

India has in the recent days taken steps to impose stringent quality control measures and higher tariffs on goods from China as it looks to boost domestic manufacturing to cut reliance on imports.

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'Employees allowed to claim I-T exemption on conveyance allowance'

These include any allowance granted to meet the cost of travel on tour or on transfer, any allowance, whether, granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty.

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Air India to operate 170 flights to and from 17 countries between July 3-15

The government started the mission on May 6 to help stranded people reach their destinations using special repatriation flights. Scheduled international passenger flights have been suspended in India since March 23 due to the coronavirus pandemic.

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India among Switzerland's top-3 partners for info exchange on tax matters: Global Forum

India figures among the top-three countries getting detailed information from Switzerland about bank accounts and beneficiary ownership of entities established by their residents in the Alpine nation, according to the latest study by OECD's Global Forum on transparency and exchange of information for tax purposes.

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India to check power equipment from China for malware: R. K. Singh

Renewable energy ministry has proposed customs duties on some solar power equipment starting August 1 as part of the country’s goal of becoming self-sufficient.

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

Banking

Work from home may remain part of the norm for many in India’s financial industry beyond the end of the world’s biggest lockdown. The reason: elimination of lengthy commutes in the past three months has boosted employee productivity.

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India to check power equipment from China for malware

Tightening import norms, India will check all power equipment bought from China for malware and Trojan horses that can be potentially used to trigger electricity grid failures to cripple economic activity in the country, Power Minister R K Singh said.

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View: It’s hard to be the next China, not impossible

Some of India’s retreat may be tactical and temporary. The U.S. is still coping with China’s rise, and not in a mood to let another 200 million workers latch on to its customers. Industrialization of the periphery requires a fundamental restructuring of the labor force in the core, as the authors of Bretton Woods 2.0 warned.

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Missing old data makes online tax payment tough

Citizen groups, residents welfare associations and experts have raised questions about the old property tax data, which was gathered over the last 12 years, not being utilised in the new portal made by National Informatics Centre.

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Bankers in India are more productive working from home

Work from home may remain part of the norm for many in India’s financial industry beyond the end of the world’s biggest lockdown. The reason: elimination of lengthy commutes in the past three months has boosted employee productivity.

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Banking

Airtel Payments Bank's revenues rose 87% to Rs 474 crore during FY20, driven by surge in digital payments, money transfer and offtake of new services, according to its MD and CEO Anubrata Biswas.

from Banking/Finance-Industry-Economic Times https://ift.tt/3g60aRX

View: Rescue solvent companies but kill off zombies

The rescues mounted by the government and RBI will, rightly, save fundamentally productive firms, but also, wrongly, create many zombies. The government’s Rs 2 trillion rescue package is far from excessive.

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Airtel Payments Bank CEO says revenue up 87% in FY20; sees headroom for growth

Airtel Payments Bank's revenues rose 87% to Rs 474 crore during FY20, driven by surge in digital payments, money transfer and offtake of new services, according to its MD and CEO Anubrata Biswas.

from Banking/Finance-Industry-Economic Times https://ift.tt/3g60aRX
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Infosys’s resilience will help it tide over pandemic: Nilekani

No big hit as 60% of U.S. workforce visa-independent: CEO

from The Hindu - Industry https://ift.tt/31oNxxc

CBIC extends validity of e-way bills in new set of relaxations

In notifications issued on Saturday, the Board further extended the time limit, till August 31, for authorities to issue orders or notices in case of rejection of full or partial refund claims.

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‘Bhonsle’ movie review: Agents of anger and gloom

Bhonsle might be set in another time and deals with hatred of a specific kind.But it feels prescient for the here and the now because hate hasn’t quite died amongst us. The emotion has just shifted shape to become even more multi-faceted and demonic.

from The Hindu - Reviews https://ift.tt/2NxUqnK
June 28, 2020 at 06:31AM

Carlyle firm to pick up 20% stake in Piramal Pharma for ₹3700 crore

This transaction is one of the largest private equity deals in the Indian pharmaceutical sector, PEL said.

from The Hindu - Industry https://ift.tt/3i7AN41

Over 90% of sellers back on platform, seeing huge traction in new sign-ups from MSMEs: Flipkart

Uttar Pradesh, Maharashtra, West Bengal, Delhi and Tamil Nadu were the top states where local micro, small and medium enterprises (MSMEs) have shown maximum interest in taking their businesses online.

from SME Sector-Small Biz-Economic Times https://ift.tt/2CPDUgZ
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