Fujifilm signs contract with US co for Covid vaccine

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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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NLC India decommissions TPS 1; stock up 1%

As part of retirement the Thermal Power Station has been withdrawn from service.

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Sensex rallies over 450 points; Bajaj Auto, PVR stocks gain

All sectors also witnessed heavy buying in early morning deals with the Nifty Bank surged over 1.5% while Financial Services and IT also rose over 1% each, followed by auto and metal indices gained 0.9%.

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India Rating reaffirms Cybertech Systems rating at IND BBB-/Stable/IND A3

The fund-based facilities Rs10cr have been affirmed as BBB-/Stable/IND A3. Non-fund-based facilities Rs3cr are reaffirmed as IND A3.

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Sensex rises over 450 points in opening trade, Nifty above 11,350

Equity indices started on a positive note on Thursday with the benchmark BSE sensex rising over 450 points in opening trade led by gains across sectors, amid positive global cues. The 30-share BSE index was trading 461 points or 1.21 per cent higher at 38,529; while the broader NSE Nifty was up 129 points or 1.15 per cent at 11,377.

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Google notices to Swiggy, Zomato

Search engine giant Google has sent notices to online food delivery platforms Swiggy and Zomato for gamification and promotions related to IPL matches, which led to the offers being taken down.

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IL&FS to put its engineering arm on the block

IECC comes under the ‘red’ category of subsidiaries, which means that the beneficiaries of the resolution process will be its largest lenders. These include SBI, ICICI Bank and IL&FS Group. The company has an outstanding debt of Rs 4,700 crore, part of which is owed to the promoter group.

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UTI AMC IPO picks momentum on Day 2; Subscribed by 79% as retail investors, employees show appetite

During the first day of the issue, UTI AMC saw subscription of mere 0.27 times.

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Navigating post moratorium asset quality would be a key differentiator for lenders: ICRA

Lenders are still formalising the restructuring policies and process and are expected to roll-out the same in the first few weeks of October 2020.

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451 Research features Datamatics Intelligent Automation Products

The industry analyst firm recently featured Datamatics IA products in a detailed report titled Datamatics looks to broaden its footprint in the RPA market.

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Eight Core Industries decline for six months in a row; Index contracts 8.5% in Aug 2020

Eight Core Industries holds 40.27% of the weight of items included in the Index of Industrial Production (IIP).

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Commodity Mantra Morning Update: Gold in green, Oil steady; Base Metals trade higher

Here is the global trend and our view on Commodities.

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Brookfield India Real Estate Trust files draft document with SEBI

The units are proposed to be listed on BSE and NSE under applicable guidelines.

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Sigachi Industries files for 60 cr IPO

The Equity Shares offered through the DRHP are proposed to be listed on the BSE and the NSE

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PNB reports Rs 1,203cr fraud by Sintex Industries

Public sector Punjab National Bank (PNB) on Wednesday declared its Rs 1,203.26 crore exposure to Sintex Industries Ltd as fraud.Pursuant to the applicable provisions of Sebi's Listing Obligations and Disclosure Requirements (LODR) and the bank's policy, "we inform reporting of borrowal fraud of Rs 1,203.26 crore in NPA account of Sintex Industries Ltd (SIL)," PNB said in a regulatory filing.

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Shareholders vote out Dhanlaxmi Bank CEO

Shareholders of Thrissur-based Dhanlaxmi Bank have voted out the Reserve Bank of India (RBI)-approved MD & CEO Sunil Gurbaxani at its annual general meeting on Wednesday. A filing by the bank said that 90.5% of the shareholders voted against the appointment.

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GAP, Arvind part ways as Covid hits fashion biz

Iconic US fashion brand GAP is breaking away from its India franchise partner Arvind Fashions, three sources aware of the matter said. This is one of the first casualties in fashion retail due to Covid and may lead to GAP’s exit from India or a significantly reduced presence here, the sources said.

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Govt to miss divestment target, borrow Rs 12L cr

The government on Wednesday acknowledged for the first time that it will fall short of the disinvestment target as it deferred the BPCL bid submission deadline for the fifth time, while retaining the annual borrowing target at the revised level of Rs 12 lakh crore.

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Money Market Operations as on September 30, 2020

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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 positive opening for Indian markets

For today, expect strong short covering in early trade as strong global cues see bears scamper for cover.

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Top stocks in focus: Lupin, RIL, ONGC, Oil India, Inox, PVR, GAIL

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

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Oil India hopes to control Bhagjan Well blowout in 2 months

Loss estimated from Bhagjan blowout estimated to be Rs179cr.

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Nifty hovers around 11,200-mark; banks, financial, metal stocks slip

Broader markets gained with Nifty Smallcap100 and Nifty Midcap100 trading 0.2% and 0.3% higher, respectively.

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Welspun Corp surges 5% after receiving orders of ~147 KMT worth Rs1,400cr

The companys order book stands at 755 KMT valued at ~Rs6,300cr.

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General Atlantic to invest ₹3675 crore in Reliance Retail Ventures

Mukesh Ambani said, “Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world.”

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$3m in NRI’s Swiss account not black money: ITAT

In a case covering several financial years, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has struck down the action of the I-T officer in treating $3 million — with which a Swiss bank account was opened — as “unaccounted income” in the hands of an individual, who at that point of time was a non-resident.

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No need for e-pay gateway to deduct tax if e-tailer does it

The income tax (I-T) department on Tuesday evening said payment gateways facilitating e-commerce transactions don’t need to deduct taxes if the e-commerce platform has deducted it already. For proper implementation, e-tailers and payment gateways may have an understanding on the same, the Central Board of Direct Taxes (CBDT) circular said.

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Poor services due to delay in spectrum sale: Jio

Reliance Jio, the country’s largest telecom operator, has written to the Prime Minister’s Office (PMO) and the telecom ministry, alleging that “vested interests” are holding back spectrum sale worth nearly Rs 4 lakh crore, which is leading to poor services for the consumers and depriving the exchequer of much-needed cash.

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SP Group co seeks loan rejig under RBI’s Covid plan

Shapoorji Pallonji and Company, the SP Group flagship, has formally written to banks for a restructuring of its loan obligations under the special Covid scheme announced by the Reserve Bank of India (RBI). This is the first large account of over Rs 1,500 crore to come up for restructuring and is likely to be referred to the K V Kamath-led committee, which will vet all restructuring proposals of over Rs 1,500 crore.

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Forensic audit info to stock exchanges must: Sebi

Markets regulator Sebi on Tuesday made it mandatory for all listed entities to disclose to the stock exchanges any forensic audit that a company carries out. The entity is also required to intimate to the exchanges when a forensic audit is initiated, the regulator said after its board meeting earlier in the day.

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All-India House Price Index (HPI) for Q1:2020-21

Today, the Reserve Bank released its quarterly house price index (HPI)1 (base: 2010-11=100) for Q1:2020-21, based on transaction level data received from housing registration authorities in ten major cities (viz., Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai). Time series on all-India and city-wise HPI are available at the Bank’s Database of Indian Economy (DBIE) portal (https://dbie.rbi.org.in/DBIE/dbie.rbi?site=statistics > Real Sector > Price & Wages > Quarterly). Highlights: The all-India HPI increased by 1.2 per cent on a sequential basis (q-o-q) during Q1:2020-21; house prices in Bengaluru, Kochi, Ahmedabad and Lucknow increased during the quarter. On an annual basis (y-o-y), the all-India HPI increased by 2.8 per cent in Q1:2020-21 as compared with 3.4 per cent a year ago; annual growth in city wise HPI varied from an increase of 16.1 per cent (Bengaluru) to a contraction of 6.7 per cent (Delhi). (Yogesh Dayal)      Chief General Manager Press Release: 2020-2021/407 1 Compiled in the Department of Statistics and Information Management, Reserve Bank of India. Reference may be made to the article “House Price Index: 2010-11 to 2013-14” in October 2014 issue of the RBI Bulletin (weblink: https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx) for HPI compilation methodology.

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UTI AMC IPO witnesses lacklustre demand on Day 1; Issue gets subscribed by 27%

UTI AMC plans to raise about Rs2,152.09cr through the IPO.

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Retail investors show huge appetite for Mazagon Dock; IPO oversubscribed by 2.09 times on Day 1

At the upper price band, the government of India plans to raise about Rs443.68cr from the IPO.

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Likhitha Infrastructure gets oversubscribed by 1.01 times on Day 1 driven by retail investors

The price band for the IPO is fixed at the lower end of Rs117 per equity share and at the upper end of Rs120 per equity share.

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TCS global survey finds 90% of large enterprises are maintaining or increasing digital transformation budgets amid Covid-19

Tata Consultancy Services survey benchmarks six essential digital capabilities needed to thrive in rapidly evolving global markets.

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BSE Equity Derivatives Segment sets new record with single day turnover of Rs168,450cr

Since launch on June 29 this year, Sensex 50 contracts have rapidly developed robust liquidity and become the most successful new products in BSE's history.

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General Atlantic to invest Rs 3,675 crore in Reliance Retail Ventures

Reliance Industries Limited (RIL) on Wednesday announced that New York-based General Atlantic will invest Rs 3,675 crore for a 0.84 per cent stake in its retail arm -- Reliance Retail Ventures Limited (RRVL) -- making it the latest in a series of investments at the oil-to-telecoms conglomerate.

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Money Market Operations as on September 29, 2020

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@         Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 291,492.73 3.25 1.00-3.90      I. Call Money 11,233.53 3.40 1.80-3.90      II. Triparty Repo 172,100.10 3.23 2.80-3.37      III. Market Repo 108,159.10 3.26 1.00-3.50      IV. Repo in Corporate Bond 0.00   - B. Term Segment            I. Notice Money** 848.80 3.45 2.55-3.55      II. Term Money@@ 281.40 - 3.10-3.65      III. Triparty Repo 40.00 3.45 3.45-3.45      IV. Market Repo 100.00 2.00 2.00-2.00      V. Repo in Corporate Bond 0.00 - -

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) Repo&&                (ii) Reverse Repo Tue, 29/09/2020 1 Wed, 30/09/2020 454,917.00 3.35 2. Variable Rate&             (I) Main Operation                (a) Reverse Repo             (II) Fine Tuning Operations                (a) Repo                (b) Reverse Repo - - - - - 3. MSF Tue, 29/09/2020 1 Wed, 30/09/2020 1,249.00 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 (-)]*       -453,668.00   II. Outstanding Operations 1. Fixed Rate                (i) Repo&& Fri, 11/09/2020 56 Fri, 06/11/2020 1,000.00 4.00   Mon, 14/09/2020 56 Mon, 09/11/2020 0.00 -      (ii) 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 15.00 # 5.15   Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 # 5.15   Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 # 5.15   Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 # 5.15   Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 # 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$       37,705.91   E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     153,150.91   F. Net liquidity injected (outstanding including today's operations) [injection (+)/absorption (-)]*     -300,517.09   RESERVE POSITION@ G. Cash Reserves Position of Scheduled Commercial Banks      (i) Cash balances with RBI as on 29/09/2020 433,322.00        (ii) Average daily cash reserve requirement for the fortnight ending 09/10/2020 432,490.00   H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 29/09/2020 0.00   I. Net durable liquidity [surplus (+)/deficit (-)] as on 11/09/2020 578,328.00   @ 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-Reverse Repo. && As per the Press Release No. 2020-2021/288 dated September 04, 2020. # As per the Press Release No. 2020-2021/287 dated September 04, 2020. Ajit Prasad Director    Press Release : 2020-2021/406

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Corporate offenders will not face imprisonment for procedural, technical or minor offences

So far, 48 sections of the Act have been decriminalised and 23 of the remaining 66 compoundable offences can be dealt with by an in-house adjudicating mechanism. Total penal provisions under the Act have been brought down to 124 from 134 earlier. Fines for various offences have also been brought down in the latest set of changes.

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

Here is the global trend and our view on Commodities.

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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 flat to positive opening for Indian markets

For today expect Reliance to call the shots as it continues to dominate the presence on the index with all declines being bought.

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Top stocks in focus: HDFC, Indiabulls Housing Finance, Welspun Corp, Dhanlaxmi Bank, Vedanta

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

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‘Listed units must report start of forensic audit’

SEBI aims to plug information gap

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Sensex opens higher led by metal, auto stocks

On the Nifty50 index, Hindalco, Asian Paints, Tata Steel, Hero MotoCorp and UltraTech Cement were the top gainers while ICICI Bank, Power Grid, Bharti Airtel, HCL Tech and Dr Reddy's led the losses.

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Zydus Wellness increases equity share capital by allotment of shares

The QIP opened on September 23, 2020 and closed on September 28, 2020.

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RBI extends marginal standing facility deadline, banks get major relief

This would be the second extension in the MSF.

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Temasek to back Bigbasket in $400 million round

Singapore state investor Temasek, hedge fund Tybourne Capital and former US vice-president Al Gore’s Generation Investment Management are among the potential new backers for Bigbasket. The online grocer is looking to mop up $350-400 million in a new round of funding, said two sources familiar with the development.

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Twitter appoints Rinki Sethi as info security head

Twitter Inc appointed Rinki Sethi, a former information security executive at IBM, as its chief information security officer, the social media company said on Monday. Sethi had previously worked as the vice president of information security at cyber-security firm Palo Alto Networks Inc, according to her LinkedIn profile.

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3-member LVB panel working on rights issue

The three-member committee comprising Lakshmi Vilas Bank (LVB) directors is working on a rights issue, which is expected in a couple of months, while pursuing Clix Capital’s proposal for acquiring a stake in the southern lender.

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Residential unit sales up 34% QoQ in July-Sept

The country’s residential real estate market has shown initial signs of a pick-up during the July-September quarter, with sales rising 34% compared to the June quarter, although it was still 65% lower than the second quarter of 2019-20.

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Paytm tweaks its cricket cashbacks

Paytm on Monday evening said its cricket league cashbacks through the Unified Payments Interface (UPI) is now back on its app after it made changes to the programme. In the current version, a user will have to submit all his stickers to claim a cashback. In the earlier version, the user had the option to choose a select number of stickers from the total number for the cashback.

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Money Market Operations as on September 28, 2020

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@         Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 272,374.16 3.25 0.15-4.00      I. Call Money 12,642.40 3.42 1.80-4.00      II. Triparty Repo 160,235.75 3.24 2.80-3.38      III. Market Repo 98,131.01 3.23 0.15-3.45      IV. Repo in Corporate Bond 1,365.00 3.48 3.45-3.50 B. Term Segment            I. Notice Money** 251.50 3.27 2.55-3.50      II. Term Money@@ 45.50 - 3.10-3.70      III. Triparty Repo 1,950.00 3.40 3.30-3.40      IV. Market Repo 100.00 2.00 2.00-2.00      V. Repo in Corporate Bond 0.00 - -

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) Repo&&                (ii) Reverse Repo Mon, 28/09/2020 1 Tue, 29/09/2020 425,051.00 3.35 2. Variable Rate&             (I) Main Operation                (a) Reverse Repo             (II) Fine Tuning Operations                (a) Repo                (b) Reverse Repo - - - - - 3. MSF Mon, 28/09/2020 1 Tue, 29/09/2020 9.00 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 (-)]*       -425,042.00   II. Outstanding Operations 1. Fixed Rate                (i) Repo&& Fri, 11/09/2020 56 Fri, 06/11/2020 1,000.00 4.00   Mon, 14/09/2020 56 Mon, 09/11/2020 0.00 -      (ii) 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 15.00 # 5.15   Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 # 5.15   Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 # 5.15   Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 # 5.15   Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 # 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$       37,705.91   E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     153,150.91   F. Net liquidity injected (outstanding including today's operations) [injection (+)/absorption (-)]*     -271,891.09   RESERVE POSITION@ G. Cash Reserves Position of Scheduled Commercial Banks      (i) Cash balances with RBI as on 28/09/2020 435,237.87        (ii) Average daily cash reserve requirement for the fortnight ending 09/10/2020 432,490.00   H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 28/09/2020 0.00   I. Net durable liquidity [surplus (+)/deficit (-)] as on 11/09/2020 578,328.00   @ 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-Reverse Repo. && As per the Press Release No. 2020-2021/288 dated September 04, 2020. # As per the Press Release No. 2020-2021/287 dated September 04, 2020. Ajit Prasad Director    Press Release : 2020-2021/402

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Indian cos with foreign units fear domestic tax implications

Many Indian companies with foreign subsidiaries whose directors or senior executives are stranded in India due to the pandemic are now worried that they may have domestic tax implications under the place of effective management (PoEM) rule.

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Commodity Mantra Morning Update: Gold trades higher; Oil and Base Metals trade lower

Here is the global trend and our view on Commodities.

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ITC Hotels opens laundry service to public, to also home-deliver food

Our premium in-house Lavanderia is now available for all your fabric care needs, it says

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Sell defaulter-members’ assets in 6 months: SEBI

Exchanges, clearing entities asked to act

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Apple vendors may invest $900 mn under PLI plan

‘Foxconn, Wistron, Pegatron interested’

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Top Apple suppliers plan to invest $900m in India

Three of Apple Inc's top contract manufacturers plan to invest a total of almost $900 million in India in the next five years to tap into a new production-linked incentive plan, according to two sources familiar with the matter.

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RBI puts off MPC meet in absence of new members

The Reserve Bank of India (RBI) on Monday said that the three-day monetary policy committee (MPC) meeting scheduled to commence from September 29 to review the central bank’s benchmark repo rate has been postponed. Without attributing any reason for the rescheduling, the RBI said that the new dates will be announced soon.

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Cosmo Films launches BOPP-Fragranced packaging film

Through initial tests, these newly designed films have proven to remain fragrant for more than two months.

from India Infoline News Service https://ift.tt/2S7RFfc

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/2HEBR1A

SGX Nifty indicates a flat opening for Indian markets

For today, expect a quiet start after 2 days superb gains with the 2nd half seeing more action as value buying drives mid cap stocks further.

from India Infoline News Service https://ift.tt/2Ge1Iwy

Top stocks in focus: Infosys, BPCL, SBI, India Grid Trust, Hexaware

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/2HGe5ST

Banking

Shareholders of Lakshmi Vilas Bank, led by institutions, unexpectedly voted against the appointment of Sundar as chief executive as well as the reappointment of six other directors on Friday. Shareholders alleged that part of the accountability for the bank’s deteriorating performance over the past few years rested with them.

from Banking/Finance-Industry-Economic Times https://ift.tt/3l0fAK1

RBI may pick Lakshmi Vilas Bank CEO from names given by bank

Shareholders of Lakshmi Vilas Bank, led by institutions, unexpectedly voted against the appointment of Sundar as chief executive as well as the reappointment of six other directors on Friday. Shareholders alleged that part of the accountability for the bank’s deteriorating performance over the past few years rested with them.

from Banking/Finance-Industry-Economic Times https://ift.tt/3l0fAK1
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‘Engineering exports drop 18% in April-August’

‘Market challenging due to COVID-19’

from The Hindu - Economy https://ift.tt/2G7vFyF
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Market pulse at 10:15 AM today

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

from India Infoline News Service https://ift.tt/3kU0oOi

Vodafone Idea stocks extend gains; up 2%

On Friday, Vodafone Group Plc has won an international arbitration against India over retrospective tax demand of Rs20,000cr.

from India Infoline News Service https://ift.tt/2EI0c5w

Banking

The three Chinese banks to whom Anil Ambani owes more than $716 million (Rs 5,276 crore), as well as significant legal costs, have decided to pursue their rights against him on his worldwide assets, following the beleaguered Reliance Group chairman’s English high court cross-examination on Friday.

from Banking/Finance-Industry-Economic Times https://ift.tt/3367v0c

3 independent directors to run Lakshmi Vilas Bank on an interim; Re-appointment of 7 directors disapproved

RBI approved a three-member committee of directors who will exercise the discretionary powers of MD&CEO in the ad-interim.

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

Surya Roshni spurts over 7% on receiving orders of Rs272.86cr

The orders are for the supply of coated API Line Pipes to GAIL and Indradhanush Gas Grid Limited for North-East Gas Grid Pipe Line project.

from India Infoline News Service https://ift.tt/3j4rrGh

Chinese banks to start enforcement action against Anil Ambani’s worldwide assets

The three Chinese banks to whom Anil Ambani owes more than $716 million (Rs 5,276 crore), as well as significant legal costs, have decided to pursue their rights against him on his worldwide assets, following the beleaguered Reliance Group chairman’s English high court cross-examination on Friday.

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Nifty above 11,100-mark; metal, bank stocks gain

ONGC, Bharti Airtel, Hero Moto, Tata Steel, and Dr Reddy's were the top gainers while TCS, Nestle, and HUL, traded in the red on the Nifty50 index.

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Sun Pharma closes buy-back period; stock up ~1%

No Equity Shares have been bought back as the volume weighted average market price of Equity Shares of the company.

from India Infoline News Service https://ift.tt/30dkgnD

Sensex rises over 350 points in opening trade; Nifty above 11,100

Equity indices opened on a positive note on Monday with the benchmark BSE sensex rising over 350 points amid positive global cues. The 30-share BSE sensex was trading 359 points or 0.96 per cent higher at 37,748; while the broader NSE Nifty was 107 points or 0.97 per cent up at 11,157.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/339N0jb

Government yet to name MPC nominees

Typically, it is the Reserve Bank of India (RBI) governor who is at the centre of attention ahead of the Monetary Policy Committee (MPC) meeting. But this time, all eyes are on the Capital’s Raisina Hill as the central bank awaits clarity on the government’s nominees on the crucial panel that decides the trajectory of interest rates.

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

RBI’s secondary market G-Sec buys at Rs 7,000cr

After months of speculation if the RBI will directly buy government bonds from the secondary market, the central bank looks to have settled it. In the week ended September 20, the RBI purchased government securities (G-Secs) worth nearly Rs 6,900 crore from the secondary market. This is its biggest weekly direct market purchase ever, excluding the open market operations (OMOs), which are done on a pre-planned basis.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3cDCB2w

Vodafone's $3 billion tax victory against India shows the perils of state overreach

Modi’s government didn’t invent the capricious Indian state, but it hasn’t lessened uncertainty or cut red tape. Neither for small startups, nor for large global investors.

from Economy-News-Economic Times https://ift.tt/2EEzHOn
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S&P reaffirms India's sovereign rating; strong external settings to act buffer against financial strains

This would be the second time in four months that S&P maintained a similar stance on India.

from India Infoline News Service https://ift.tt/2Gc1UMX

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

Here is the global trend and our view on Commodities.

from India Infoline News Service https://ift.tt/2EHP7RY

Chinese banks to target Anil Ambani’s global assets

The three Chinese banks to whom Anil Ambani owes more than $716 million (Rs 5,276 crore), as well as significant legal costs, have decided to pursue their rights against him on his worldwide assets, following the beleaguered Reliance Group chairman’s English high court cross-examination on Friday.

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

Money Market Operations as on September 25, 2020

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@         Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 279,997.82 3.23 0.01-5.30      I. Call Money 12,387.63 3.41 1.50-4.00      II. Triparty Repo 177,104.90 3.23 2.76-3.40      III. Market Repo 89,065.29 3.20 0.01-3.40      IV. Repo in Corporate Bond 1,440.00 3.57 3.44-5.30 B. Term Segment            I. Notice Money** 257.50 2.87 2.55-3.50      II. Term Money@@ 405.80 - 3.30-5.55      III. Triparty Repo 1,469.00 3.40 3.35-3.45      IV. Market Repo 225.00 1.26 1.00-3.35      V. Repo in Corporate Bond 0.00 - -

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) Repo&&                (ii) Reverse Repo Fri, 25/09/2020 3 Mon, 28/09/2020 436,263.00 3.35 2. Variable Rate&             (I) Main Operation                (a) Reverse Repo             (II) Fine Tuning Operations                (a) Repo                (b) Reverse Repo - - - - - 3. MSF Fri, 25/09/2020 3 Mon, 28/09/2020 50.00 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 (-)]*       -436,213.00   II. Outstanding Operations 1. Fixed Rate                (i) Repo&& Fri, 11/09/2020 56 Fri, 06/11/2020 1,000.00 4.00   Mon, 14/09/2020 56 Mon, 09/11/2020 0.00 -      (ii) 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 15.00 # 5.15   Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 # 5.15   Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 # 5.15   Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 # 5.15   Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 # 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$       37,690.91   E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     153,135.91   F. Net liquidity injected (outstanding including today's operations) [injection (+)/absorption (-)]*     -283,077.09   RESERVE POSITION@ G. Cash Reserves Position of Scheduled Commercial Banks      (i) Cash balances with RBI as on 25/09/2020 429,914.82        (ii) Average daily cash reserve requirement for the fortnight ending 25/09/2020 430,706.00   H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 25/09/2020 0.00   I. Net durable liquidity [surplus (+)/deficit (-)] as on 11/09/2020 578,328.00   @ 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-Reverse Repo. && As per the Press Release No. 2020-2021/288 dated September 04, 2020. # As per the Press Release No. 2020-2021/287 dated September 04, 2020. Ajit Prasad Director    Press Release : 2020-2021/398

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Hundreds of Chinese investment proposals in limbo after Centre ups scrutiny on Beijing money

These proposals, ranging from early to growthstage investments, are on hold or are being moved between various departments and ministries as the government continues to maintain strict curbs on capital inflow from Beijing and Hong Kong.

from Economy-News-Economic Times https://ift.tt/3mZZku7
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GDP contraction in Q2 likely to have slowed to 12%, recovery will be patchy, say economists

High Covid-19 cases and localised lockdowns to contain the spread are dampening demand, according to most of the respondents in an ET poll of 10 economists.

from Economy-News-Economic Times https://ift.tt/3kNzNCs
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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/3jcuQTt

SGX Nifty indicates a positive opening for Indian markets

For today, expect a positive start with mid session volatility as global cues see positive flows into equities.

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

Top stocks in focus: Vodafone Idea, RIL, Berger Paints, Nalco, Grasim, Thomas Cook

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/3kX1XuP

Jio eyes deal with local firm to make handsets

With an eye on entering mobile manufacturing, Reliance Industries may acquire United Telelinks or forge a contract-manufacturing deal, sources said. Questions sent to Reliance Industries remained unanswered. Jio Platforms, the telecom and technology arm of Reliance Industries, has received funding from top global private equity and internet giants, including Facebook and Google.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3kTh8VU

Deposit-credit gap widens by Rs 8.2L cr in FY21

Bank credit growth continues to lag with loans outstanding yet to reach end-March 2020 levels even as deposits continue to surge, growing 5% during the current fiscal up to September 11. This is likely to keep deposit rates under check despite the RBI holding back on rate cuts due to rising inflation.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3367BVq

Banking

Anush Raghavan, Senior Vice-President and Head – Cash Business Unit of the CMS said that with a network spanning over 115,000 ATMs and retail outlets that spread across 98.3 per cent of districts in India, the company is uniquely positioned as the "backbone of the circulation cycle" of the economy.

from Banking/Finance-Industry-Economic Times https://ift.tt/3j6ws0Y

RBI likely to maintain status quo in upcoming policy review

In its last MPC meeting in August, RBI kept policy rates unchanged to help tame inflation that in recent times had surged past 6 per cent mark, and said the economy is in an extremely weak condition following the pandemic. The RBI has cut policy rates by 115 basis points since February.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2S4ZjHk

Banking

Among other things, the CII has suggested exclusion of certain categories of borrowers (other regulated entities like Mutual Funds/ PMS/ Insurance/ Exchange Brokers/ NBFCs HFCs etc) from the scope of the circular.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Galp8C

DPIIT shares list of 24 key sectors with ministries to work on plan to boost manufacturing

"Each ministry has been sent those sectors to identify their response. What incentives they (sectors) need, what policy tweaking is required, they (respective ministries) should do that. We have given them a preliminary action plan and the ministries will work on that. Each ministry will bring its own policy on these sectors," the commerce and industry ministry official said.

from Economy-News-Economic Times https://ift.tt/3ifGuff
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CII asks RBI to relook circular on opening of current accounts

Among other things, the CII has suggested exclusion of certain categories of borrowers (other regulated entities like Mutual Funds/ PMS/ Insurance/ Exchange Brokers/ NBFCs HFCs etc) from the scope of the circular.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Galp8C
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Banking

The fund infusion would be for meeting regulatory capital requirements if the need arises in October-December quarter. In 2019-20, the government infused Rs 70,000 crore into PSBs to boost credit for a strong impetus to the economy.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Gf6VnG

Banking

Voting results released late on Saturday night showed that seven of the ten directors proposed to be reappointed by the bank in its 93rd annual general meeting (AGM) held on Friday were rejected by the shareholders by a comfortable majority of more than 60% of votes polled.

from Banking/Finance-Industry-Economic Times https://ift.tt/3j8AeHk

Maharashtra sugar factories asked to cut down output, focus on ethanol

"Maharashtra produces 90 to 100 lakh tonnes of sugar every year. We are moving ahead to cut the production by 10 lakh tonnes every year, and take up ethanol production and provide it to petroleum companies," Maharashtra State Co-operative Sugar Factories Federation Chairman Jayprakash Dandegaonkar said.

from Economy-News-Economic Times https://ift.tt/3kU4wy6
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Finance Ministry may provide capital support to some PSBs in third quarter

The fund infusion would be for meeting regulatory capital requirements if the need arises in October-December quarter. In 2019-20, the government infused Rs 70,000 crore into PSBs to boost credit for a strong impetus to the economy.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Gf6VnG
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LVB crisis deepens as shareholders vote out current management

Voting results released late on Saturday night showed that seven of the ten directors proposed to be reappointed by the bank in its 93rd annual general meeting (AGM) held on Friday were rejected by the shareholders by a comfortable majority of more than 60% of votes polled.

from Banking/Finance-Industry-Economic Times https://ift.tt/3j8AeHk
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Neutrality must for platforms, app stores and devices, says outgoing TRAI chief

RS Sharma - whose tenure at the helm of the Telecom Regulatory Authority of India is slated to end on September 30 - further said that at a time when internet has become all-pervasive, smartphones and devices are the medium to access software, operating system, and app stores

from The Hindu - Industry https://ift.tt/3cDHQ2a

India plans $4.6 bn spur for EV battery makers

Bid to cut down dependence on oil

from The Hindu - Industry https://ift.tt/3698dM0

Court grants bail to Malvinder Mohan Singh in bank fraud case

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/369pJj8

India opens dumping probe on Malaysia, Vietnam, Thai copper tube, pipe imports

The investigation by India's Directorate General of Trade Remedies, the investigative arm of the commerce ministry, could result in these imports facing countervailing duties, said a government circular posted on Friday.

from Economy-News-Economic Times https://ift.tt/3jdG0HO
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Centre offers processed moong, urad to states at subsidised rate for retail sale

"This is a new retail price intervention mechanism which has been approved by the Group of Ministers recently. Under this initiative, the central government will provide processed moong and urad to state governments either in bulk quantity or in one or half kilo pack for retail sale," Consumer Affairs Secretary Leena Nandan said.

from Economy-News-Economic Times https://ift.tt/3jkXySp
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