EOD UPDATE 26-08-2019

NCLT starts insolvency proceedings against Today Homes Noida
A two-member NCLT bench, headed by President Justice M M Kumar, has appointed an interim resolution professional (IRP) to take over the management of the company.

CVC sets up panel to examine bank fraud above Rs 50 crore
The panel in its previous avatar called the Advisory Board on Bank, Commercial and Financial Frauds.

Bank of Maharashtra to link retail loans with repo rate
The bank has already linked the housing loan interest rate with repo rate, it added.

Hong Kong police use water cannon in latest clashes
The financial hub has been gripped by mass rallies that were initially against a proposed extradition bill to China, but have spun into a wider pro-democracy movement targeting the pro-Beijing government.

DHFL wants lenders to take 35% haircut
On net present value basis, bond holders may see a 30-35 per cent hit on principal.

Trump’s only regret on China is ‘not raising tariffs higher’
“President Trump responded in the affirmative — because he regrets not raising the tariffs higher.”

Donald Trump, Shinzo Abe say US and Japan have agreed in principle on trade deal
The agreement, if finalized, would cool a trade dispute between the two allies just as a trade war between the United States and China escalates.

China state media blasts US after Donald Trump threats
Chinese state media on Monday blasted the United States after U.S. President Donald Trump announced additional tariffs on goods from China and lashed out at China and ordered U.S.

Donald Trump, Emmanuel Macron to meet press together in France today.

Saudi Arabia intercepts six Yemen rebel missiles: Coalition
The missiles fired by the Iran-aligned Huthis targeted civilians in Jizan, the coalition said in a statement released by the official Saudi Press Agency. No damage or casualties were reported.

In IndiGo Feud, A Move Towards Truce Between Billionaire Co-Founders

Rakesh Gangwal now intends to support a move to expand the company’s board to 10 directors at its annual general meeting scheduled for August 27, reversing his earlier stance.

China’s Yuan Hits 11-Year Low Amid Trade Tensions

The plunge past 7.0 prompted Washington to officially brand Beijing a “currency manipulator”. China’s central bank has “resolutely opposed” the label.

Alibaba hits pause on fresh India investments.

China is in a lot more difficult situation now: Richard Harris, Port Shelter Investment
The American economy is doing okay and Trump is not going to worry too much about other economies.

FM Sitharaman’s stimulus plan falls short on vision
New Delhi still doesnt have a cohesive strategy to reverse the slowdown.

$1-2 billion FPI flows may return over next 2-3 months: Saurabh Mukherjea
I do not think the entire FPI outflow from the last couple of months could come back.

Amrapali Case: Supreme Court Orders Disbursement Of Rs 7 Crore To NBCC

The court also directed the Noida and Greater Noida authorities to comply with its earlier order.

Bank recapitalisation to give a boost to the economy: Arijit Basu, SBI
The funds will help the banks which are in urgent need of capital.

Centre unlikely to introduce new law to curb lynching:
An official has been quoted suggesting that existing laws are suffice to combat lynchings and that they only needed proper.

BHEL bags Rs 2,500 cr order from NTPC
State-run Bharat Heavy Electricals Limited (BHEL) on Monday said it has secured two orders worth Rs 2,500 crore from NTPC for setting up of emission control equipment at two of its therma

EPFO to launch e-inspection system to simplify process
The release quoted EPFO officers as saying that the process of claim has evolved from offline filing to digital and app-based platform and the next phase of advancement will be based on big data analytical platform that utilises artificial intelligence and machine learning to trigger all activities.

India’s first startup IPO opens, to alter young entrepreneurs’ world
Markets regulator Sebi in February paved the way for a separate platform for startups.

FinMin may go slow on overseas bonds plan
In her maiden Budget speech, finance minister Nirmala Sitharaman announced the proposal to issue offshore sovereign bonds, starting from the current fiscal year. “India’s sovereign external debt to GDP is among the lowest globally at less than 5 percent.

BharatPe raises $50 million from Ribbit Capital, others
Existing investors Sequoia Capital, Beenext Capital and Insight Partners also participated in the round.

Pay gap between public and private sector bank chiefs widens
This difference in total daily remuneration has widened by about Rs 70,000 since FY17, when it was Rs 1.7 lakh. For instance, India’s largest bank, the State Bank of India (SBI) paid its chairman Rajnish Kumar Rs 8,092 per day in FY19, as compared to Rs 3.74 lakh that HDFC Bank Ltd, India’s largest private bank, paid its CEO Aditya Puri in FY19.

Rs 70,000 Crore Infusion In PSU Banks To Push Loan Growth By 15%: Moody’s

Moody’s estimates that fresh capital will enable PSU banks to grow loans by around 13-15% in 2019-20, compared with about 10% in fiscal year 2019.

ISRO eyes mini satellite launcher by December 2019
SSLV is being designed to carry small commercial satellites into the low-earth orbit—2,000km above earth’s surface. The launcher has a payload capacity of 500 kgs to low earth orbit.

GDP Growth Pegged At 6% In June Quarter: Industry Body Survey

Furthermore, the annual median GDP growth forecast for 2019-20 has been pegged at 6.9 per cent, with a minimum and maximum estimate of 6.7 per cent and 7.2 per cent, respectively.

Tamil Nadu Newsprint jumps 9% after HDFC MF increases stake by 2.5%
The aggregate holding of the schemes of HDFC Mutual Fund in the company is 7.541 percent of the paid up equity.

India signs MoU with Africa for online courses; focus on Study in India, National Research Foundation

RBI Employees Ask To Seek Consensus On Bimal Jalan Panel Report

The panel’s report states how much reserves the RBI should retain and also the dividend payment to the government.

RBI To Transfer Rs 1.76 Lakh Crore To Government

The Reserve Bank follows a July-June financial year and the dividend is usually distributed in August after annual accounts are finalised.

Vikesh Kumaar Kataria

Experienced Founder of Brokers Bazaar with a demonstrated history of working in Skilled in RMS from various big corporate giants, Analytical Skills, Banking, Entrepreneurship, Digitalisation and Equities with Strong entrepreneurship professionalism. Experienced Co-Founder with a demonstrated history of working in the logistics and supply chain industry.

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