Monday, 25 July 2016

India Weekly Market Updates from 16 July to 22 July 2016

India Market Weekly


  • Service tax collection by the city zone department in the first quarter has increased by 23 per cent, which has helped it surpass the target by nearly 4 per cent for the period.
  • Foreign investors have brought in over Rs 9,700 crore into the Indian capital markets in the first two weeks of this month on improving prospects for the economy.
  • Venkaiah Naidu on Sunday said that the tax-rate cap on GST in the Constitution bill sought by the Congress was not feasible but hoped that the GST bill will be passed.
  • Amid a clamour among bankers for immunity from action by agencies like CBI and CVC, RBI Guv Raghuram Rajan has disapproved of any "blanket sort of relief."
  • Labour Minister Bandaru Dattatreya has said the EPFO may invest up to 12 per cent of its investable amount in equities over a period of time.
  • Companies will now have to ensure that all statements annexed with the cost audit report are first approved by their board of directors before final submission.
  • Introduction of the much-awaited GST is likely to address issue of cascading and dual taxation impact on Indian media and entertainment industry, a sunrise sector, says report.
  • Imports will become easier from the next year as the CBEC is planning to go paperless and move towards a completely integrated Customs system for facilitating documentation and fast-tracking clearances of consignments.
  • Banks and financial institutions have sanctioned about Rs 78,830 crore funding for clean energy projects, of which Rs 33,482.83 crore has been released till March end this year, Parliament was informed on Monday.
  • In a bid to shore up cash- strapped public sector banks, the government on Tuesday injected Rs 22,915 crore capital in 13 lenders including SBI and Indian Overseas Bank to revive loan growth that has hit a two-decade low.
  • GSMA launches mobile connect in India. At present, around 42 operators in 22 countries around the world are implementing Mobile Connect, making it available to nearly three billion customers.
  • The payments landscape in emerging markets, including India, is expected to transform in the wake of accelerating growth in electronic payments with advent of new and disruptive market players and alternative business models, a PwC report said.
  • The International Monetary Fund on Tuesday slightly trimmed India's growth projections to 7.4 per cent for 2016 and 2017, a drop of 0.1 per cent from its previous forecast, attributing it to a more sluggish investment recovery while declaring Brexit as a "spanner" in the global economic recovery.
  • Boeing Co (BA.N) said on Tuesday it expects Indian airlines to order 1,850 new aircraft worth $265 billion over the next 20 years.
  • The National Highways Authority of India (NHAI) on Tuesday said it would issue bids for construction of roads and highways with a total length of 10,000 km by the end of the current fiscal.
  • Minister of State for Finance Santosh Kumar Gangwar on Tuesday, quoting the Financial Stability Report of RBI, said bad loans of public sector banks may rise to 10.1 per cent by March 2017.
  • In face of a CAG report drilling holes into subsidy savings made on LPG, the government on Wednesday asserted that over Rs 21,000 crore was indeed saved in two years by directly transferring subsidy to user bank accounts.
  • Tesla motors on Saturday said that India will "definitely" be a market for their next generation low-cost sustainable model-3, with the Union road and transport minister Nitin Gadkari asking the iconic company to outline their proposals for entry into the Indian market.
  • Negative global cues, combined with a logjam in parliament and disappointing quarterly results, subdued the Indian equity markets on Friday.
  • The additional capital infusion of Rs 22,915 crore into 13 weak banks announced recently by the central government is positive for them but the actual capital needs were much more higher, said global credit rating agency Moody's Investors Service.

  •  Fashion apparel brand Spykar, which is expanding its presence in the women''s wear segment, is aiming to double its sales to Rs 700 crore in the next four years.
  • In a bonanza to oil producing states like Assam, the government has ordered state-owned ONGC and Oil India to pay royalty to them on the gross price for crude oil and not the net rate they actually realise.
  • Bandhan Bank on Monday further eased the micro lending rate by 60 basis points to bring interest rate down to 19.9% with immediate effect.
  • Homegrown FMCG major Dabur on Monday said it has acquired South Africa-based Discaria Trading (PTY) Ltd, a firm engaged in manufacturing and trading of cosmetics, for an undisclosed amount.
  • Shares of Reliance Industries on Monday rose by nearly 3 per cent after the company reported a bigger-than-expected 18 per cent jump in June quarter profit.
  • Infosys co-founder and former CII president Kris Gopalakrishnan has said that almost 70% of startups globally will fail and only 5 to 10% will become large and scale up.
  • Storage battery major Exide Industries will be investing Rs 1,400 crore over the next two years, of which Rs 700 crore will be at Haldia in West Bengal to introduce high performance automotive batteries with new-age punch-grid technology.
  • Glenmark Pharmaceuticals has received final approval from the US health regulator USFDA for rosuvastatin calcium tablets, used in lowering cholesterol.
  • Adani Group flagship Adani Enterprises on Wednesday said it plans to raise up to Rs 6,000 crore via issuance of securities to sustain rapid growth.
  • Piramal Enterprises on Thursday said it is looking to raise up to Rs 1,000 crore through issuance of non-convertible debentures (NCDs) on private placement basis.
  • Ford Motor Company is in the process of setting up a Research and Development (R&D) centre here, the first such facility to be located outside of the US, Finance Minister O Panneerselvam told the House.
  • ITC Ltd has planned multiple projects with an outlay of Rs 25,000 crore over the next five years, Chairman and Chief Executive Officer Y.C. Deveshwar told shareholders on Friday.

Global events:

  • The United States and India have agreed to take several key steps in petroleum and energy sector, aimed towards achieving the ambitious goal of energy independence.
  • State-owned Saudi Aramco says it has signed a deal for a new gas project that will be worth more than 50 billion Saudi riyals (USD 13.3 billion) when complete in 2019 aimed at meeting the kingdom’s growing domestic demand for energy.


  • American Ports have evinced a keen interest in a comprehensive port-led development, especially the ambitious Sagarmala programme, Indian officials said as the Union Road Transport and Highways Minister Nitin Gadkari concluded his week-long trip in Los Angeles

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