7th August 2K20
Economic Times
Ø Wipro announces collaboration with Intel
Ø Business optimism slips to record low
Ø IBBI amends liquidation process norms
Ø RBI asks banks not to open current accounts for customers having cash credit, overdraft facilities
Ø ITC's food business crosses Rs 10,000 cr sales milestone in FY20, Rs 600 cr short of Britannia
Ø Ratings agency ICRA expects two-wheeler sales to decline 16-18 per cent in FY21
Ø LIC acquires close to 5% stake in YES Bank
Business Standard
Ø RBI holds rates amid rising inflation: Key announcements and takeaways
Ø RBI announces special liquidity facility of Rs 10,000 cr for Nabard, NHB
Ø IDBI Bank inks pact to divest 27% stake in insurance JV for Rs 595 cr
Ø HPCL reports 157% jump in June quarter's net profit at Rs 2,253 cr
Ø Novartis India Q1 net profit jumps over 5-fold to Rs 4.39 cr on price cuts
Ø Loan restructuring may only provide short-term respite to lenders
Business Line
Ø Vodafone Idea Q1 loss widens to ₹25,460 crore on AGR liabilities
Ø IEX opposes CERC’s key proposal in power market reforms
Ø Embassy Office Parks REIT posts 8% lower Q1 profits
Ø Whirlpool India Q1 profit falls 92% to ₹16 cr
Ø JK Tyre posts ₹204-crore net loss in Q1
Ø Torrent Power standalone Q1 net rises 33% to ₹366 crore
Mint
Ø Microsoft expands TikTok takeover ambitions to entire global business: Report
Ø Lupin signs exclusive pact for distribution of 2 complex injectable drugs
Ø Adani Electricity Mumbai sells shares worth ₹202 crore in Yes Bank
Ø Torrent Power Q1 profit up 35% at ₹374 cr
Ø IHCL Q1: Net loss of ₹280 crore, revenue of ₹ 175 crore
Financial Express
Ø RBI says protracted spread of COVID-19 poses downside risk to economy
Ø Jubilant FoodWorks enters FMCG space with launch of ready-to-cook sauces, pastes
Ø Abu Dhabi’s Etihad Airways posts $758 million in half-year losses
Ø Total, Adani to apply for petrol pump licence in India
Deccan Chronicle
Ø RBI increases gold loan-to-value ratio to 90%, interest rates unchanged
Ø Sensex ends 362 points higher after RBI policy, Nifty tops 11,200
Ø Fugitive merchant Nirav Modi's trial in UK will start in September.
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⚫The RBI opted for a status quo and left interest rates unchanged, but maintained an accommodative stance, implying more rate cuts in future if the need arises to support the economy hit by the Covid-19 crisis.
⚫The RBI announced an additional special liquidity facility of Rs 10,000 crore equally split between Nabard and the NHB to help small financiers and home loan companies amid COVID-19 difficulties.The liquidity facility will be offered at the policy repo rate.
⚫The RBI allowed another restructuring of loans for small businesses impacted by the Covid-19. MSMEs that didn’t slip into NPA till March 1, 2020 and were treated as standard accounts will benefit from the scheme which will have to be implemented by March 1, 2021.This is an extension of a continuing scheme, in place till December 31, 2020, which was meant for ‘standard’ accounts till January 1, 2020.
⚫The RBI barred banks from opening current accounts for customers who have availed cash credit or overdraft facilities, stressing that there is a "need for discipline" on this front.
⚫The RBI said it will set up an innovation hub to encourage start-ups and companies address the challenges of financial inclusion and efficient banking transactions. The hub aims to bring solutions to the financial sector by tapping into areas such as cyber security, data analytics, delivery platforms, and payment services.
📈 Opening of Multiple Current A/c not permitted for existing CC/OD account holders
📈 Collection a/c is new option, rather than opening of multiple Current A/c.
📈 Consortium bankers will operate thru escrow account mechanism, permitting ONLY COLLECTION, NOT WITHDRAWLS
New Era in Indian Banking regulations..... more regulated/ difficult fund management time for Industries & Businesses.
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SEBI amends disclosure norms about intimation of record date to stock exchanges
⛺A company is required to inform all stock exchanges where it is listed or where stock derivatives are available on its stock or where its stock form part of an index on which derivatives are available.
🌴The record date is for the purpose of declaration of dividend; issue of right or bonus shares; issue of shares for conversion of debentures or any other convertible security; shares arising out of rights attached to debentures or any other convertible security and corporate actions like mergers, de-mergers, splits and bonus shares.
To give effect to this, Sebi has amended LODR (Listing and Disclosure Requirements) Regulations, the regulator said in a notification on Wednesday.
Record date, in market parlance refers to a particular date fixed by issuing company when an investor must own shares to be eligible to receive corporate dividends or bonus shares among others.
🍁Markets regulator Sebi has amended disclosure norms pertaining to intimation of record date to stock exchanges. Under the norms, listed companies will intimate the record date for corporate events, including dividend declaration, bonus share and rights issue, to stock exchanges.
🍀https://www.google.com/amp/s/www.moneycontrol.com/news/business/markets/sebi-amends-disclosure-norms-about-intimation-of-record-date-to-stock-exchanges-5655111.html/amp
🌂https://www.sebi.gov.in/legal/regulations/aug-2020/securities-and-exchange-board-of-india-listing-obligations-and-disclosure-requirements-second-amendment-regulations-2020_47274.html
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