05.11.18 Economic News
👉GST Allocation: In order to prevent incorrect allocation of GST revenue among states, the Directorate General of Audit has been asked to Scrutinise the accounting software of large service providers like Banks and Telecom Companies
👉Finance Ministry is likely to finalise the Second Round of Rs. 54000 Crore Capital Infusion for Public Sector Banks (PSBs) by November-end or by the first half of December, after taking into account the Latest Quarter's Performance
👉SEBI has shortlisted five entities including Deloitte, EY, Accenture Solutions, BDO India LLP and EIT Services India, that will be entrusted with the task of Improving Online Registration System, Inspect Market Intermediaries and Enhance the Efficiency of the Complaint Redressal Process
👉SBI puts up 11 NPA accounts for sale to ARCs and Financial Companies to recover dues of nearly Rs 1,019 Crore. E-Auction of these NPA accounts will take place on 22 November.
👉Central Information Commission (CIC) issues Show-Cause Notice to RBI Governor for Non-Disclosure of Wilful Defaulters' List
👉India may impose anti-dumping duty on certain kinds of uncoated paper from Indonesia, Thailand and Singapore for 3 years to protect interest of Domestic Companies against Cheap Shipments.
👉In a first for India, British banking major HSBC has executed a Trade Finance Transaction involving an export by RIL to an American client using the Blockchain, which massively reduced the time taken for processing the documents. It makes overseas payment for RIL via Blockchain
Economic Times
Ø Central Information Commission issues show-cause notice to RBI Governor (Neutral, Regulatory Aspects)
Ø FinMin likely to finalise Capital infusion in PSBs (Positive for Public Sector Banks)
Ø Adani Transmission company to buy KEC's arm for Rs 227 Crores (Positive)
Ø Liberty House misses deadline to pay Amtek lenders (Negative for Liberty House)
Ø End of NPA cycle near: P. K. Gupta, MD, SBI (Positive for Banks)
Ø Air India’s Rs 29000 Cr Capital debt to be moved to SPV (Neutral to Slight Positive)
Ø Mukesh Ambani sets up Estonian JV for e-governance (Positive for Reliance Industries)
*Business Standard*
Ø Deloitte, EY in shortlist to revamp online redressal, inspection: SEBI. Other firms on the shortlist are Accenture Solutions, BDO India LLP and EIT Services India. (Positive)
Ø AAI, Secondary Aluminium producers lock horns over import duty hike (Neutral, Regulatory Aspects)
Ø Govt to levy anti-dumping duty on uncoated paper imports from 3 countries. The West Coast Paper Mills, Tamil Nadu Newsprint, Ballarpur Industries and JK Paper had filed an application before the directorate for initiation of the anti-dumping investigation. (Positive for Paper Companies)
Ø RBI to set up registry to give authorities '360-degree' data on borrowers (Positive for Banks, other Lending Organisations)
Ø L&T, BEL among 8 players (HFCL, L&T, BECIL, BEL, Mahindra Defence, TCIL, Avrin Pro and KEC International in fray for advanced CCTVs at 6,000 Railway stations. (Positive for these Firms)
*Business Line*
Ø US removal of Trade sops to hit Handloom exports (Short Term Negative)
Ø India, Iran put systems in place to continue Crude Shipments (Positive)
Ø Rupee may touch 76 levels against dollar in next 3 months: UBS (Short Term Negative Sentiment, Positive for Exporters)
Ø 75 lakh new Tax filers added to IT net this fiscal (Positive, Compliance Aspects)
Ø Marico PAT up 18% at Rs 214 crore on improved Rural Sales (Positive)
Ø Decorative paints likely to get costlier in December (Negative for Paint Firms)
*Mint*
Ø Aircel-Maxis case: NSE chairman Ashok Chawla facing SEBI probe (Negative, Regulatory Aspects)
Ø SBI puts up 11 NPA accounts for sale to recover Rs1,019 crore dues (Positive for SBI)
Ø Singapore assessing 2019 GDP growth forecast as US-China trade war risks loom (Neutral)
Ø Ex-RBI governor Bimal Jalan: Government is ultimately the highest authority (Neutral)
Ø Bharti Airtel’s African Safari takes a curious turn (Negative for Bharti Airtel)
*Financial Express*
Ø Modi Government’s Selloff push: Sale of 10% Stakes in GIC, New India Assurance may fetch Rs 10,000 crore (Positive)
Ø Protecting depositors, taxpayers is public interest: RBI to Government (Neutral)
Ø Trump-Xi Trade deal likely to begin rather than end at G-20 (Positive)
Ø RBI Kick-starts process to set up Public Credit Registry for capturing details of borrowers (Positive for Banks, Lending Organisations)
*Financial Chronicle*
Ø PNB to step up disbursals to MSME, Retail Sectors (Positive)
Ø FPI outflow crosses Rs 1 Lakh Crore this year (Negative Sentiment)
Ø $34 Billion Forex lost in 6 months, but no need to panic (Neutral)
Ø Modi announces Quick loans, relaxation in Labour laws for MSMEs (Positive for MSMEs)