EOD UPDATE 28-08-2019

RBI’s trading gains to decide profit transfers to government
There is no guarantee, however, that Reserve Bank of Indias (RBI) surplus will always increase.

RBI’s ‘undeclared’ NBFC review akin to banks’
The Asset Quality Review of the RBI had opened a can of worms for banks.

BP to exit Alaska in $5.6 bn deal
The sale, which is due to be completed next year, is part of BP’s USD 10 billion divestment programme to help the company shore up its balance sheet.

US approves $3.3 bn sale of anti-ballistic missiles to Japan
Japan will buy up to 73 of the Raytheon-made SM-3 Block IIA missiles, which are designed to be fired by the ship-board Aegis system to intercept incoming ballistic missiles, the Pentagon said.

6 IT centres developed in several African nations in last 4 years: MEA
Addressing the India-Africa Higher Education and Skills Development Summit, T S Tirumurti, Secretary (Economic Relations).

What Government Can Do With Rs 1.76 Lakh Crore Windfall From RBI

Finance Minister Nirmala Sitharaman last week announced various measures to spur growth, including hastening the capital infusion into state-run lenders.

Govt’s capex plans likely to get renewed push from RBI windfall
The increased allocation to the road sector will benefit heavy commercial makers.

Income Tax Return (ITR) Filing Deadline Ends In 3 Days:

Only three days are left to file income tax returns (ITR) for assessment year 2019-20(financial year 2018-19). It is compulsory for individuals who earn a specified amount of annual income to file ITR.

Rate Cuts Not Enough To Re-Fire Damp Housing Market: Poll

A majority of respondents in the August13-27 survey said risks to those already-modest predictions were skewed more to the downside.

Jobs in Jammu and Kashmir: Centre to recruit 50,000 young people
The measures include a paramilitary and military recruitment drive in the two newly-formed Union territories and efforts to develop the food processing and dairy industries, an official aware of the details said on condition of anonymity. The government is considering recruiting as many as 50,000 young people for the paramilitary forces from Jammu and Kashmir and Ladakh.

PM Modi urges people to visit Sardar Sarovar Dam
The prime minister said he is happy to share that the water levels at the Sardar Sarovar Dam have touched a historic 134-meter mark.

ISRO performs 3rd lunar-bound orbit maneuver for Chandrayaan-2
According to ISRO, the mission objective of Chandrayaan-2 is to develop and demonstrate the key technologies for end-to-end lunar mission capability, including soft-landing and roving on the lunar surface.

DGCA calls urgent meeting with Indigo, GoAir to review performance of Airbus Neo aircraft
The two budget carriers have been facing glitches in the P&W engine that powers many of their A320 planes.

Indian Oil Plans Rs 2 Lakh Crore Investment By 2023-24: Chairman

IOC through its 11 refineries controls about a third of country’s 5 million-barrel-per-day (bpd) refining capacity.

Fake-Branded Bars Slip Dirty Gold Into World Markets

Gold bars fraudulently stamped with the logos of major refineries are being inserted into the global market to launder smuggled or illegal gold.

US Open 2019: Rafael Nadal rampant as Dominic Thiem, Stefanos Tsitsipas lead exodus
Four players in the world’s top 10 — Dominic Thiem, Stefanos Tsitsipas, Karen Khachanov and Roberto Bautista Agut — lost on August 27 to ease Nadal’s potential path to the final.

IOC plans $28 billion investment by 2023-24, says chief Sanjiv Singh
IOC through its 11 refineries controls about a third of India’s 5 million-barrel-per-day (bpd) refining capacity.

Amazon moves Supreme Court against direct sellers: Report
The Delhi High Court had barred ecommerce marketplaces from offering products of direct sellers such as Amway, Oriflame, and Modicare.

Universal Sompo General Insurance eyes 10% premium growth in FY20
Universal Sompo has Allahabad Bank, Indian Overseas Bank and Karnataka Bank as its joint venture partners, apart from Dabur.

US Open 2019: Tsitsipas goes on a tirade, tells US Open umpire ‘You’re all weirdos!’

Amit Shah to attend concluding rally of Devendra Fadnavis’ pre-poll yatra
Fadnavis is currently in the second phase of his mass outreach initiative, launched ahead of the state Assembly polls due in September.

Process to release J&K political leaders begins, to happen in phases: Report
At least 173 leaders from the National Conference, the J&K Peoples Democratic Party and the J&K People’s Conference could be released in phases, in the coming days.

Loyalty programme leak: Mastercard informs EU regulators
The Belgian Data Protection Authority said Mastercard informed them the breach was detected on August 19.

Jairam Ramesh responsible for UPA-2’s policy paralysis: Veerappa Moily
The former Union Minister also slammed Shashi Tharoor for his statement that praising the Prime Minister Narendra Modi for doing the right things would lend credibility to the opposition’s criticism of him.

Maharashtra Assembly polls: BJP, Shiv Sena could reconsider alliance options
BJP could be hoping to retain its dominance in the Maharashtra Assembly after a successful general election campaign.

Govt mulling Rs 5,400 cr funding to Northeast gas grid
The 1,656-km North-East Natural Gas Pipeline Grid will connect Guwahati in Assam to major cities in the region such as Itanagar, Dimapur, Kohima, Imphal, Aizwal, Agartala, Shillong, Silchar, Gangtok, and Numaligarh.

Moody’s Changes Outlook For Asian Steel Producers To “Negative”

Prices of iron ore and coking coal, two key steelmaking inputs, have surged by more than 60 per cent and 20 per cent in the year to June 2019.

ICICI Bank Deploys Robotic Arms To Count Currency Notes

These Robotic Arms are currently functioning at Mumbai, and Sangli (Maharashtra), New Delhi, Bengaluru and Mangaluru (Karnataka), Jaipur, Hyderabad, Chandigarh, Bhopal, Raipur, Siliguri and Varanasi.

India Ratings: New Stress To Emerge In Banking System As Economy Slows

CARE Downgrades Credit Rating Of Coffee Day Global’s Bank Facilities

For the month ending June 30, the company had reported gross debt of Rs 706 crore which steeply increased to Rs 1,097 crore as on July 31.

Fitch Firm Lowers GDP Growth Forecast To Six-Year Low At 6.7%

With most engines of growth stuttering, the economic slowdown would continue and the April-June GDP figure could slip to 5.7 per cent.

Foreign Investment Norms Eased For Digital Media, Coal Mining

The government approved FDI in digital media wherein foreign investor can buy 26 per cent stake in a digital media company with its approval.

Task Force Recommends New Income Tax Slabs For Individuals: Report

People earning between Rs 5 lakh and Rs 10 lakh per year may have to pay 10% income tax, if the recommendations of the tax force are accepted.

Govt relaxes FDI norms: 100% FDI in coal mining, contract manufacturing; 26% in digital media

Cabinet eases FDI norms for coal mining, clears Rs 6,270 cr sugar export subsidy

Piramal Enterprises defers Rs 3,000 crore NCD plan

Vodafone Idea gets approval to raise share capital to Rs 50,000 crore

NCLT allows ILFS to sell 7 wind assets to Orix for Rs 4,800 crore

Government Eases Local Sourcing Rules In Single Brand Retail

Commerce Minister Piyush Goyal said the 30 per cent local sourcing norms in single-brand retail remains, but its definition has been expanded.

Government Eases Foreign Investment Rules For Several Sectors

The government also allowed 100 per cent foreign direct investment in contract manufacturing and eased sourcing norms for single-brand retailers.

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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