©orporate Updates on 8.8.2019
Ø SEBI enhances disclosure norms on encumbered shares
Ø World economy stares at recession amid trade war fears
Ø Auto industry seeks stimulus package from government
Ø Tata Steel Q1 profit plunges 65% to Rs 683 crore
Ø Maruti cuts production by 25 per cent in July
Ø RBI moves unlikely to ease pain for NBFCs
Ø Reliance Industries set to bring Tiffany stores to India
Ø RBI cuts repo rate by 35 bps to 5.40%, reduces FY20 growth forecast to 6.9%
Ø NBFCs to receive more liquidity support as RBI raises exposure limit
Ø SEBI directs commodity exchanges to constitute product advisory panel
Ø Cipla increases stake in consumer health biz to 100%, looks for tie-ups
Ø Profit margins of sugar mills likely to rise by 5-6% in one year
Ø Aurobindo Q1 profit up 39.5% at Rs. 636 crore on strong revenue growth
Ø Adani Gas standalone net up 44%
Ø Siemens net up 21% at Rs. 250 cr in June quarter
Ø HPCL net tumbles on sharp fall in gross refining margin
Ø Ramco Cements’ Q1 net zooms to Rs 192 crore
Ø Auto industry to FM: Bring down GST, raise depreciation rate
Ø Balaji Infra submits offer to settle dues of Dighi Port lenders
Ø US slaps duties on $4.4 billion of China cabinet imports
Ø RBI's 'unconventional' rate cut to support growth, say experts
Ø World economy edges closer to recession as trade woes spread
Ø RBI cuts risk weight on consumer credit to 100%
Ø Sterlite Power sees $35 billion energy storage opportunity
Ø Essar case: New amendments in IBC come under SC scanner
Ø Real estate industry expects banks to pass on rate cut benefits
Ø HCL Tech Q1 net profit falls 8.2% to Rs 2,230 crore
Ø China wants to double down on gold reserves as trade war runs hot
Ø RBI lowers GDP growth forecast to 6.9% for FY20 on demand, investment slowdown
Ø SAT upholds Rs 2 crore fine on NDTV for disclosure lapses
Ø SENSEX slumps 286 points as RBI cuts growth forecast; rate-sensitive stocks tank
Ø Rupee skids for 5th day; drops 8 paise to 70.89 vs USD
Ø SBI lowers lending rates by 15 bps from August 10
Ø RBI to allow round-the-clock fund transfers under NEFT from December
👉CBDT extends Time Limit for processing of Income Tax Returns (ITRs) filed with refund claims up to AY 2017-18 till 31st December 2019.
👉Income tax department launches ‘E-Verify Return’ for e-Verification of ITR without login. The same can be accessed by clicking ‘E-Verify Return’ button on the home page under ‘Quick Links’
👉RBI announces 2 key measures to help Stressed NBFCs raise funds from banks:
>>First, RBI increased the ceiling for a bank’s exposure to a single NBFC to 20% of its Tier I capital from 15% earlier.
>>Second, it allowed Banks lending to NBFCs excluding Microfinance Institutions for on-lending to certain sectors like Agriculture, Micro and Small Enterprises, and Housing to be classified as Priority Sector Lending, up to specified limits.
👉Interest rates on loans are set to fall further & Loans set to get cheaper, with the RBI announcing a reduction in Repo Rate by an unconventional 35 Basis Points (100bps = 1 percentage point) to spur economic activity that has slowed down in recent months, while inflation has remained under check.
👉SEBI tightens the norms for pledging of shares by Promoters of Listed Companies. In its circular, SEBI directed every listed firm to disclose Detailed Reasons for pledging of shares by its promoters along with the amount of stake pledged within 2 days if the total amount of shares pledged by the promoter or the promoter group crosses 50% of the total stake held by the promoter or if it is more than 20% of the concerned company’s total share capital.
👉SEBI directs Commodity Exchanges to form a Product Advisory Committee (PAC) for each group or complex of commodities within a month to bring transparency in the designing process of Commodity Derivatives Contracts.