09th November, 2K19
Economic Times
· 4 Public Sector Banks may come out of PCA shackles (Positive) for Bank of India, Bank of Maharashtra and Corporation Bank)
· Demonetisation impact: Bharat going digital for payments (Positive)
· Govt to open charging stations for individuals to boost EV dream (Positive for E Vehicle Companies)
· Godrej Properties cuts net debt by half in 1 year (Positive)
· Finance minister Arun Jaitley says Mastercard, Visa losing out to local players (Neutral to Negative Statement)
· L&T, Tata Power want a piece of Aarey forest land (Neutral)
· Carmakers slam brakes on output as demand slows (Negative)
· Falling solar power cost lead to pricing disputes (Negative)
· Fortis Healthcare CEO Bhavdeep Singh quits (Negative)
· India's Essar Steel seeks LNG cargo on GLX Trading Platform (Neutral)
· Small Retailers flocks to ecommerce for buying smartphones and televisions (Positive)
· Moody's puts Airtel on ratings downgrade watch (Negative)
· TRAI to meet Telco Chiefs in December, issue OTT Paper next week (Neutral)
· DGCA asks Jet Air, SpiceJet to take action on sensor-related issues with Boeing 737 MAX (Neutral)
*Business Standard*
· Centre reckons on REC-PFC deal to meet Rs 800-billion divestment Target (Neutral, Regulatory Aspects)
· Maruti Suzuki paring production amid slowing sales and tepid demand (Negative)
· Vedanta's Commercial Power sales up 19% on electricity demand revival (Positive)
· Biocon's Malaysia Insulin facility on the path to break even in FY19 (Positive)
· Surge in Fuel demand revives global investors' interest in retail outlets (Positive)
· IL&FS crisis: Did LIC violate IRDAI guidelines while increasing its stake (Neutral)
· Refund Rs 180 mn to homebuyers for not handing over flats: NCDRC to Unitech (Negative)
· Vedanta's commercial power sales up 19% on electricity demand revival (Positive)
· Africa IPO won't change shareholding of Tanzania unit: Bharti Airtel (Positive)
*Business Line*
· Auto industry will see a roller-coaster ride during BS-VI (Negative)
· Steel, Commerce Ministries differ on challenging WTO panel ruling (Neutral, Regulatory Aspects)
· NCLT orders insolvency proceedings against Empee Distilleries (Negative)
· This Festival season, consumer durables sales surge as online, offline channels kick in strongly (Positive)
*Mint*
· Tepid Diwali for Auto makers on higher oil, Interest rates, Inflation (Negative)
· After a selling spree, FIIs make a return to India’s Debt market (Positive)
· Govt pumps Rs 3054 cr into Allahabad Bank (Positive)
· Manappuram sees borrowing costs rising (Negative)
· 50 Top NBFCs need ₹70,000 crore in November to redeem Commercial Papers: CRISIL (Negative)
· Adani Gas plans to invest ₹8,000 crore in next 5 years: Pranav Adani (Positive for Adani Gas)
09.11.18 Economic News
👉Finance Ministry informs that GST refund of Rs 82,775 Crore to Exporters has been cleared as on October 31, which is 93.8% of the total such claims with the tax authorities. Rs 5,400 crore worth GST refund is still pending with the Govt and that is being "Expeditiously Processed"
👉GST: CBIC to Monitor Grievances of MSMEs on a Daily basis, as part of efforts to resolve issues being faced by small businesses in the new indirect tax regime.
👉CBIC clarifies that Tea Board of India is liable to collect TCS from Tea producers and Auctioneers, in accordance with the provisions of section 52 of the CGST Act, 2017
👉RBI plans to establish a Payments Ombudsman for Digital Payments by March to take the load off the increasing number of complaints currently being handled by the Banking Ombudsman
👉RBI relaxes External Commercial Borrowings(ECB) Norms for Infrastructure Companies “in consultation with the Government”. The Minimum Average Maturity Requirement for ECBs in the infrastructure space raised by Eligible Borrowers has been reduced to 3 years from earlier 5 years. Additionally, the Average Maturity Requirement for Mandatory Hedging has been reduced to 5 years from earlier 10 years.
👉Indian Bank raises Rs 110 Crore through Basel-III-compliant Tier-2 bonds with a coupon rate of 8.85% per annum. The bonds have tenor at 10 years and call option after completion of 5 years on Private Placement Basis
👉Central Govt to infuse fresh capital of Rs 3,054 Crore in Allahabad Bank towards contribution in the preferential allotment of equity shares (special securities/bonds) of the bank during the FY 2018-19
👉China has finally agreed to buy 15,000 tonnes of Raw Sugar from India following months of negotiations and the export is expected to begin early next year
