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India s factory output declines again in December
India’s factory output declined again in December by (-)1.3 percent but was somewhat better than the (-)3.42 percent dip registered in the month before, official data showed on Friday. There was a growth of 3.6 percent in December 2014. As per data on index of industrial production (IIP) released by the Central Statistics Office,the cumulative growth of the country’s factory output logged a 3.1 percent rise in the first nine months of the current fiscal year.
Amid Market Selloff,Jaitley Promises More Steps to Tackle Bad Loans
Finance Minister Arun Jaitley on Friday tried to soothe the nerves of investors who have suffered big losses in the wake of a sell off in Indian stock markets. The finance minister said the fall in Indian markets is a result of a chain reaction from sell off in other major global markets.
ICICI Bank Q1 net up 12%,retail loan surges 25%,NPA down
ICICI Bank's standalone net profit met street expectations on Friday,rising 12 percent year-on-year to Rs 2,976 crore in June quarter. Strong retail loan book growth,other income and operating profit boosted the overall profitability. The share price surged 6 percent on strong credit growth and improvement in asset quality. According to average of estimates of analysts polled by CNBC-TV18, profit was estimated at Rs 2,919 crore and net interest income at Rs 5,188.4 crore for the quarter.
Gold heads for longest weekly losing streak in 16 years
Gold slipped to near 5-1/2-year lows on Friday and was on course for a sixth straight weekly fall, its longest retreat since 1999, after upbeat US economic data strengthened expectations for a near-term hike in interest rates. Bullion was also set to end July with its biggest monthly decline in more than two years after a deep rout last week further shook investor confidence,with more losses seen ahead. The July 20 selloff saw gold trip more than 3 per cent,encouraging more investors since then to trim their holdings that pulled the global spot benchmark to $1,077 days later,its lowest since February 2010.
Uber s $1 bn India investment means it has enough cash to burn and will fight back
If your competitors are spending, you must spend too- This seems to be the driving mantra in the start-up space these days. Just days after news of taxi-haling app Ola raising another $500 million made headlines, US-based rival Uber has announced plans of pumping in $1 billion (Rs 6,400 crore) into India, thus signalling an escalation of the war between the two companies in a cut-throat market. This basically implies more cash burning and chasing of market share rather than profitability by both companies.
FinMin working for a reasonable GST rate: Revenue Secy
A day after Cabinet approved incorporation of changes in the landmark Goods and Services Tax (GST) Bill as suggested a Rajya Sabha Select panel, Finance Ministry today said it is working closely on a "reasonable" GST rate. "Working closely on GST rates. Reasonable rates are key to its success. Passage of Bill in Parliament to take us to next activities," Revenue Secretary Shaktikanta Das said in a tweet. The Union Cabinet last night approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime,as has been suggested by Rajya Sabha Select Committee.
Moody s cautions against curbing RBI autonomy on policy rates
Moody's on Thursday cautioned against tampering with the independence of the Reserve Bank of India (RBI) in deciding on interest rates saying it would hurt India's economic prospects. Moody's Analytics, an economic research unit of Moody's Corp, also raised a red flag over the Parliament logjam and said it is denting business confidence as key reform bills like land and GST are stuck.
India s true potential of GDP growth rate lies somewhere near 10%: Moody s
India's negative output gap is showing little signs of closing in 2015. Though the economy has been in a cyclical upswing since late 2014,it has failed to gain broader momentum,global rating firm,Moody's said in a report. Green shoots are slowly emerging, but the government's failure to deliver promised reforms is the major impediment. India's political infighting is denting business confidence,says the Moody's report authored by Faraz Syed.
Rupee down 7 paise against dollar in early trade
The rupee fell by 7 paise to 63.98 a dollar in early trade at the Interbank Foreign Exchange market on Thursday as the American curreny strengthened overseas after the Federal Reserve upgraded its outlook on the US economy. Besides,month-end demand for the US currency from importers also weighed on the rupee.
SpiceJet Extends Gains to Fifth Day,Jet Airways Soars 10%
Shares of SpiceJet soared over 5 per cent on Wednesday while Jet Airways surged 11 per cent. Budget carrier SpiceJet announced second consecutive quarterly profit, lifting sentiment in aviation stocks. SpiceJet shares have extended their gain to the fifth straight day, surging nearly 25 per cent. The outlook for aviation sector has improved after a fall in aviation fuel prices, which account for nearly 40 per cent of the operating expenses of airlines in India. The passenger traffic has also shown a strong growth.
Bank of India Q1 Net Falls 84%,Bad Loans Zoom
Bank of India, the country's third-biggest state-run lender by assets, reported a sharply bigger-than-expected 84 per cent fall in quarterly profit as bad loans surged. Net profit fell to Rs 130 crore ($20.3 million) for its fiscal first quarter to June 30, from Rs 806 crore reported a year earlier, the Mumbai-based lender said.
Greek crisis: A new avenue for Indian drug exports
Debt-ridden Greece and the global pharmaceutical industry are not getting along well. The Greek government has recently accused more than 50 pharmaceutical firms,globally,of cutting off supplies of key drugs. However,Greeks might find a saviour in Indian-made low-cost generics. As per commerce ministry,the exports of drugs into Greece have fallen by over 35% in last three years.
PRECIOUS-Gold stuck near 5-1/2-year low as Fed rate hike looms
Gold hovered near its weakest level since early 2010 on Tuesday, reflecting investor hesitation to bid up bullion amid growing expectations of a near-term hike in U.S. interest rates. The Federal Reserve begins a two-day meeting later in the day where policymakers are likely to signal that a rate hike later in the year is certain as the U.S.economy strengthens.
61,000 millionaires left India in last 14 years: Why are the richie rich fleeing the country?
India has the second highest millionaire outflow in the world. A new report by global wealth sector information consulting services firm New World Wealth reveals that India has seen its high net worth individuals leave the country in droves in the last 14 years, with as many as 61,000 millionaires shifting base over high taxes and security concerns as well as better education opportunities for their children.
Air India Cuts Losses to Rs 5,547 Crore
India's national carrier Air India has reduced its net loss by more than a quarter to INR 5,547.47 crore in the previous fiscal as compared to a net loss of INR 7,559.74 crore in FY12, government said on Monday. Air India has achieved the target set out in the Turn Around Plan (TAP), and has made substantial progress in both operational as well as financial areas, Indian Minister of State for Civil Aviation Minister Mahesh Sharma told Lok Sabha on Monday.
The Gajendra Chauhan syndrome: Why politicians are trying to take over RBI
The politicians are at it again—trying to fill up their people everywhere. The latest casualty of what I will call the Gajendra Chauhan syndrome of Indian politics,is likely to be the Reserve Bank of India (RBI). During the course of last week,the revised draft of the Indian Financial Code (IFC) was released by the Ministry of Finance,which is currently headed by Arun Jaitley. Among other things the draft also recommends curtailing the powers of the governor of the RBI.
Tech Mahindra Q1 net profit up 7.2% to Rs 676.07 crore
IT major Tech Mahindra on Monday posted a 7.2 per cent rise in net profit at Rs 676.07 crore for the quarter ended June 30, 2015. This is against a net profit of Rs 630.72 crore in the year-ago period,Tech Mahindra said in a statement. The company’s revenues grew 22.9 per cent to Rs 6,293.8 crore in the quarter under review from Rs 5,121.50 crore in the same period last year.
State Bank of Hyderabad Q1 net up 10.6%
State Bank of Hyderabad (SBH) has posted 10.6 per cent increase in net profit at Rs. 251.45 crore in the first quarter ended June 30, 2015 compared with Rs. 227 crore in the corresponding quarter of the previous financial year. This was driven by 11 per cent growth in net interest income at Rs. 1,108 cr and 16 per cent growth in other income at Rs. 278 crore,among others,the bank said in a release.
Reliance s debt went up by nearly Rs 10,000 crore even as it posted 7-year high profit
The outstanding debt on the books of Reliance Industries went up to Rs 1,70,814 crore for the quarter ended June 30,2015 as against Rs 1,60,860 crore at the end of last fiscal. The Mukesh Ambani-led petrochem major said that it had a cash and cash equivalents of Rs 87,391 crore at the end of the first quarter in the current fiscal. The company said,These were in bank deposits,mutual funds,CDs and Government Bonds and other marketable securities. The company said,Gross refining margins (GRM) for 1Q FY16 stood at a six year high of $10.4 per barrel as against $8.7 per barrel in 1Q FY15.
74% Indians think country s economic conditions good: Pew
More Indians are on Friday bullish about the country's economic state than they were a year ago as nearly three-fourth belie tvehe economy is doing well, despite concerns about a worldwide recovery,according to a new study. Pew Research in a report released on Thursday said 74 percent of Indians they interviewed believed the country's economic conditions are good, a 10 percent jump from a year ago. "In emerging markets, half or more in 14 of 21 countries see their economy as negative.
Brokerages see Lupin s acquisition of Gavis as long-term positive
Lupin's move to acquire privately-held Gavis Pharmaceuticals for $880 million, approximately Rs 5600 crore, is seen as a long-term positive for the company which is facing approval issues in the US. The company cut its sales guidance by 10-15 per cent for FY 16. Shares of Lupin fell over 10 per cent in two days. Gavis specialises in formulation development, manufacturing, packaging, sales, marketing, and distribution of pharmaceuticals products.
India Seeks to Weaken Central Bank s Power
India’s Ministry of Finance released late Thursday a draft regulation aimed at revamping decision-making processes at the country’s central bank, as the two institutions negotiate changes in the way the Reserve Bank of India sets monetary policy. In a draft of the Indian Financial Code circulated for public discussion,the finance ministry proposed the setting up of a seven-member Monetary Policy Committee, a body that would set interest rates.
GDP to Hit $8 Trillion before 2030: Panagariya
NITI Aayog vice chairman Arvind Panagariya on Friday exuded confidence that India could be an $8-trillion economy within next 15 years or even less if it continues with growth-enabling policies. "The prospects for our economy to become the third largest one in the world in less than 15 years are excellent today," Mr Panagariya said while delivering the 6th RK Talwar memorial lecture on 'Growth, Poverty and Economic Transformation', organised by the Indian Institute of Banking & Finance here on Friday.
Govt banks weigh hike in profit share for staff
Concerned about competition from new private sector banks and other financial services providers,public sector banks,led by State Bank of India (SBI), have approached the government to increase performance-based incentives for their employees. SBI,the country’s largest lender,has already set the ball rolling,writing to the finance ministry and seeking approval to share three per cent of profits with senior-and middle-management employees.
US applauds India s multi-stakeholder approach on Internet
The US has applauded India s recent support for multi-stakeholder approach on Internet,saying the decision is critical for ensuring the vitality of the World Wide Web. Just a few weeks ago,Union Minister Ministry of Communications and Information Technology Ravi Shankar Prasad announced the Government of India s support for the multi-stakeholder approach at the last Internet Corporation for Assigned Names and Numbers (ICANN) meeting,said Catherine A Novelli,Under Secretary of State for Economic Growth,Energy and Environment,on Saturday.
Rupee recovers 5 paise to Rs 63.46 against dollar
The rupee rose by 5 paise to Rs 63.46 against the US dollar in early trade on Friday at the Interbank Foreign Exchange market on fresh selling of the dollar by exporters amid increased foreign capital inflows. Forex dealers said a higher opening in the domestic equity market also supported the rupee. Dollar's gains against some currencies overseas,however,capped the rise.
Banks can factor export receivables to cheer cash flow: RBI
The Reserve Bank on Thursday allowed banks to factor export receivables on a non-recourse basis,so as to enable exporters to improve their cash flow and meet their working capital requirements. The decision has been taken following recommendation made by the Technical Committee on Facilities and Services to the Exporters. By factoring export receivables,banks could provide cash to exporters,which would help exporters to meet cash requirement before the actual payment is received.
End of a $12 bn dream? After a decade of delays,Posco suspends Odisha project
South Korean steelmaker Posco has suspended the $12-billion project it had agreed to set up in Odisha a decade ago. There are also indications that the company may altogether scrap the project,following the delays in getting ore mining lease and land acquisition. a new law that makes it costlier to source iron ore for the plant,a company spokesman said. The 2005 project to set up a steel plant was billed as India's biggest foreign direct investment at that time but it has encountered a series of delays.
Anil Ambani to invest Rs 5,000 cr more in Pipavav Shipyard
Promoting the Pipavav Shipyard as being a one-stop shop for all of the Indian Navy's requirements, from the constructions of frigates to aircraft carriers and submarines, industrialist Anil Ambani said on Thursday that he would invest an "additional Rs 5,000 crore" into the project over the course of the next few years. The Reliance Group Chairman emphasised on self-reliance in the defence sector for flexibility to pursue country's foreign policy objectives and called for more transparent and predictable systems and procedures.
OMCs,oil drilling stocks spurt on nuclear deal between Iran,world powers
Stocks of oil marketing and oil drilling companies rallied as much as 16 per cent in trade today after reports suggested that Iran and six major powers have reached a nuclear deal that could see an easing of sanctions against Tehran and a gradual increase in its oil exports. Aban OffshoreBSE 2.47 % surged 15.60 per cent to hit its day's high of Rs 320 on the BSE. Iran contributes a significant 35 per cent to total revenues for Aban Offshore.