EOD update as on 09-09-2019

Roca India explores manufacturing plant in Gujarat
The sanitaryware maker had recently appointed R Sreenivasan as the head of marketing for India operations for leading the marketing activities for both the brands.

Flipkart to help Jharkhand’s craftsmen set up online biz
The initiative ‘Flipkart Samarth’ aims at enabling and handholding craftsmen from across India to set up online business.

Hopes fading on re-establishing link with lander Vikram: ISRO scientists
Chairman of Indian Space Research Organisation K Sivan said on September 7.

Patanjali to infuse Rs 3,438 cr in Ruchi Soya to settle dues
Ruchi Soya informed that resolution applicant Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt.

Duracell wins battle of bunnies for Eveready
Pips Energizer in race to buy cos battery and flashlight business for Rs 1,600-1,700 crore.

Fuel Supplies Restored To Air India At 6 Airports

Fuel supplies were suspended on August 22 amid reports that the national flag carrier owed three state-run oil firms more than Rs 4,500 crore.

Expected Economic Growth Measures, Macro Data To Guide Markets: Experts

The government is expected to announce some more growth inducing measures especially for the real estate sector during the week.

Petrol Rates Cut Across Metros, Check Prices

Petrol prices were cut by 6 paise per litre in the four metros compared to the previous day’s rates, data from Indian Oil showed.

FPIs pull out Rs 1,263 cr from capital markets in Sept
FPIs have remained net sellers for the previous two months, pulling out Rs 5,920.02 crore in August and Rs 2,985.88 crore in July.

Centre Likely To Infuse Capital In BSNL, MTNL: Report

The funds infusion in both BSNL and MTNL will be through bonds as has been the case of PSU bank recapitalisation, according to the report.

Post Office Offers Senior Citizen Savings Scheme

Investments under the post office senior citizen savings scheme (SCSS) also qualify for the benefit of Section 80C of the Income Tax Act.

SBI Sought Issuance Of 147 Look Out Circulars In Last Five Months: Report

In FY19, the banking sector reported 6,801 frauds involving Rs 71,542.93 crore, the Reserve Bank of India has said in its latest report.

Oil Companies Flag Issues In Rationalising Taxes On Jet Fuel

According to government estimates, if a direct-billing mechanism is implemented, airlines would be able to save around Rs 400 crore per year.

Saudi Arabia has a new energy minister: What it means for oil
Prince Abdulaziz served as deputy petroleum minister for a dozen years and most recently as minister of state for energy since 2017.

PNB puts up for sale 11 NPA accounts to recover dues of Rs 1,234 crore
The lender has invited bids from asset reconstruction companies (ARCs)/ NBFCs/ banks/ financial institutions for 11 NPA accounts.

SBI Flexi Deposit Scheme: Interest Rates And Other Details

For SBI’s flexi deposit account, the minimum instalment amount is Rs. 500, and in a financial year, a person has to deposit a minimum of Rs. 5,000.

18 PSU Banks Hit By Frauds Worth Rs 32,000 Crore In June Quarter: Report

As many as 1,197 cases of cheating involving Rs 12,012.77 crore were detected in SBI in the first quarter, according to the report.

British Airways pilots ground planes in unprecedented 48-hour strike
The British Airline Pilots Association (BALPA) last month gave the airline notice of three days of industrial action in September, in what is the first ever strike by BA pilots.

SBI Cuts Interest Rates On Home Loans, Fixed Deposits

SBI interest rate: The move marked the fifth consecutive reduction in MCLR by the country’s largest bank so far this financial year.

WeWork considers dropping valuation below $20 billion: Dow Jones
Earlier this year, Goldman Sachs Group Inc. bankers were saying WeWork could soon become a $65 billion company.

Baba Ramdev’s Company Makes New Acquisition For $600 Million

Patanjali Consortium Adhigrahan Pvt. — a venture by Patanjali Ayurved Ltd. and three other companies — will merge with Ruchi Soya.

Ahead of festivals, SBI again cuts lending rates by 10 bps
The new rates are effective from Tuesday, the lender said announcing the third rate reduction in the current fiscal year.

Jaishankar visits innovation exhibition in Singapore
External Affairs Minister S Jaishankar on Monday visited an innovation exhibition here in which around 60 startups from India are participating. Jaishankar was accompanied by his Singaporean counterpart Vivian Balakrishnan to the exhibition.

Saudi Aramco likely to give IPO roles to Citi, Goldman, HSBC and Samba
Aramco is preparing to sell up to a 5 per cent stake by 2020-2021.

China funding NGOs against hydro projects in Arunachal Pradesh
The development comes amid India’s efforts to revive work on the long-pending hydro projects, including the 2,000 megawatts (MW) Lower Subansiri and 2,880MW Dibang projects by state-run NHPC Ltd. The Centre is also trying to expedite the completion of 600MW Tawang-I and 800MW Tawang-II projects in the strategically located state.

DHFL climbs 10% as it repays DSP MF debt
DHFL paid Rs 75 crore in June and the remaining amount was paid on September 7.

Ashok Leyland Declares “Non-Working Days” Citing Weak Demand

Ashok Leyland shared details of a total 59 “non-working days” at its plants located in Ennore, Hosur, Alwar, Bhandara and Pantnagar.

Monthly Passenger Vehicle Sales Log Worst-Ever Drop In August

Passenger vehicle sales plunged 31.57 per cent year-on-year to 196,524 units in August, falling for the 10th straight month.

First 100 days of Modi 2.0 wipes off Rs 14 lakh crore stock investor wealth
2,290 of the 2,664 actively-traded stocks on BSE lost up to 96 per cent of value.

Apple, Foxconn say they overly relied on temporary workers in China
The response comes after China Labor Watch on Monday issued a lengthy report accusing the two companies of breaching numerous.

CCI clears Amazon’s 0.51% equity acquisition in Quess Corp
Quess Corp in a regulatory filing on July 12 had said its board has approved the issuance of over 7.54 lakh equity shares to Amazon.com NV Investment Holdings LLC.

Ashok Leyland announces non-working days at manufacturing facilities in September
Accordingly, Chennai-based heavy commercial vehicle major has announced 16 days non-working days for its facility in Ennore, five days

Shadow Banks To Face Growth, Funding Headwinds: India Ratings

India Ratings and Research (Ind-Ra) has revised its sector outlook on NBFCs to “negative” from “stable”.

Tribunal Quashes 2-Year Sebi Ban On PwC In Satyam Scam

SAT said, only the auditors watchdog ICAI can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.

JSPL will reduce debt by Rs 5,000 crore this year: MD
Demand has fallen for construction grade steel like TMT, re-bars.

McLeod Russel seeks debt restructuring
The company’s short and long-term debt amounts to around Rs 1,700 crore.

Skipper climbs 17% on order worth Rs 524 crore from Power Grid
Bid pipeline for international projects will ensure that company achieves order inflow targets for the year.

Time the world bid goodbye to single-use plastic, says PM Modi at UN Meet
Addressing delegates from nearly 200 countries at the high-level segment of the 14th conference of parties to United Nations Convention to Combat Desertification, he said India would put an end an to its use in the coming years.

Former CAG Vinod Rai says no regrets about 2G acquittals, defends loss figure.

India Post Payments Bank Rolls Out Aadhaar Enabled Payment Services

With AePS services, a person with a bank account linked to Aadhaar can perform banking services irrespective of the bank they hold their account with.

Reliance Sec’s Mitul Shah on why he is bullish on Maruti Suzuki
Industry people are expecting support from the government on various fronts.

Asian Equity Valuations Fall To Lowest In 3 Months In August

China, Hong Kong and South Korea were the lowest-cost shares in the region, with P/E multiples of about 11 or less.

Union Bank board okays merger of Andhra, Corp Bank with itself; clears Rs 17,200-cr capital infusion

There is no quick solution to the slowdown: Sachin Trivedi, UTI MF
It will take six to may be two to three more quarters for things to eventually start reflecting on ground.

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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