Showing posts with label http://goo.gl/Yg26Dv http://goo.gl/9ekNft. Show all posts
Showing posts with label http://goo.gl/Yg26Dv http://goo.gl/9ekNft. Show all posts

Saturday 2 July 2016

India Weekly Market Updates from 25th June to 1st July 2016

India Market Weekly
Economy
·      RBI Governor on Thursday called on Finance Minister as the central bank and the government seek to quickly put in place a broad-based 6-member panel — the Monetary Policy Committee (MPC) which is being set up to decide on lending rates instead of the present practice of RBI Governor taking a call in this regard. MPC will set interest rates by a majority, with a casting vote for the governor in the case of a tie. Out of the six members of MPC, three will be from RBI — the Governor, who will be the ex-officio chairman, a deputy Governor and an executive director. The other three members will be appointed by the government on recommendations of a search-cum-selection committee, which will be headed by the Cabinet Secretary. http://goo.gl/mx94xc
·        Large part of banks' bad loans result of fraud: CAG  http://goo.gl/3Le7UM
·     The World Bank Thursday committed USD 1 billion to support solar energy programme in India, which is reducing dependence on conventional energy sources to reduce greenhouse gas emissions. http://goo.gl/VxLKdR
·         The tax department Thursday notified rules for calculating fair market value of assets located in India in case of indirect transfer by multi-national companies for the purpose of levying tax. http://goo.gl/2Oz7jH
·         The central government on Thursday asked the Odisha government to expedite the process for mines auction, an official said. http://goo.gl/KG5L1B
·         The stressed assets problem affecting the banking sector is still not over and the menace will continue for some more time, SBI chief Arundhati Bhattacharya said today.  "In terms of asset quality, I did not say 2016-17 will be a lot better. In fact, I said there could be pains as well because the numbers we have taken are basically on the fund- based part but the non-fund based part also gets converted subsequent to classification," SBI Chairman Bhattacharya told reporters after the AGM of the bank. http://goo.gl/hRdw6g
·         Owing to policy measures taken by the government, India has improved in global rankings in terms of transparency in real estate sector in Asia Pacific, says a report. http://goo.gl/KgAi6E
·         India telecom market to face ‘massive’ tariff erosion post Jio entry: Sunil Mittal http://goo.gl/LwrVXu
·         The government is mulling an additional Rs 25,000 crore allocation to roads, railways and power sectors over and above the allocation made to them in the Union Budget, potentially providing a mid-year boost to public spending. http://goo.gl/xiujOM
·         Cabinet approves rise in salaries, pension for government employees http://goo.gl/NfRULL
·         Centre clears a move that makes 24x7 malls, movie theatres, eating joints a reality http://goo.gl/H0sjrn
·         Government asks LIC to fund road expansion projects http://goo.gl/j8A7k5
·         World Bank chief Jim Yong Kim said that Reserve Bank of India Governor Raghuram Rajan's decision to not take a second term at the bank will not affect the Indian economy http://goo.gl/LFaSB9
·         Output of India's core industries declined in May after five consecutive months of rise, official data showed on Thursday http://goo.gl/rx55Pu

Corporates
·         DLF promoters to make the company debt-free by infusing Rs 10,000 crore http://goo.gl/LcPXiR
·         Hit by a fire incident at one of its key vendors, Maruti Suzuki India reported 13.9 per cent in total sales in June at 98,840 units as against 1,14,756 in June 2015.  Hyundai Motor India Ltd (HMIL) on Friday said its domestic sales in the month of June grew 9.7 per cent to 39,806 units.  Ashok Leyland Ltd closed last month with a volume growth of seven per cent, the company said on Friday. Eicher Motors Ltd. closed last month with 36 per cent growth in sales volumes
Equitas Holdings Ltd. on Friday said it had got the final licence from the Reserve Bank of India to start operations as small finance bank. http://goo.gl/GfdPeS
Indian Oil Corp (IOC) has cut the price of transport fuel effective on Friday by under a rupee each, of petrol by 89 paise a litre and of diesel by 49 paise
·         Reliance Defence gets Reserve Bank nod to exit CDR http://goo.gl/7snjB3
·        Dairy major GCMMF, which markets milk and dairy products under Amul brand , will invest Rs 3,000 crore over the next four years on its expansion plans.     http://goo.gl/P6bCQI
 
Global events
·         China bank PSBC files for 2016's biggest IPO http://goo.gl/6CFBQs
·        EU decides to block itself as a single market to UK: Europe had made it "crystal clear" that access to the European single market remained contingent on accepting its four principles of free movement - applying to goods, services, capital, and people. "There will be no single market access 'a la carte'," European Council President Donald Tusk Angela Merkel, meanwhile, rejected the idea of treaty change or reform in light of the UK's referendum, saying voters would rather see results - not debate - from Brussels. http://goo.gl/tFRcgq

Politics
·         Modi cabinet reshuffle likely in first week of July, poll-bound UP may get more say http://goo.gl/4vA8Or
·         Government feels it has got numbers in Rajya Sabha to move GST Bill http://goo.gl/Yg26Dv
·         Amid a fresh controversy over its legal validity, the one-man Justice S.N. Dhingra Commission of Inquiry set up by the Haryana government to probe controversial land deals in Gurgaon district has sought extension of time for six weeks to submit its report, state government sources said on Thursday. 
·         Three-year tenure for RBI governor is short, says Raghuram Rajan. On Thursday he pitched for a longer tenure for the central bank head, saying the global practice has to be emulated in India as well. http://goo.gl/9ekNft








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