FINANCE & MONEY MARKETS
FINANCE & MONEY MARKETS
- FIPB clears 6 FDI proposals worth Rs1,810 crore
Nov 19, 2015
The Foreign Investment Promotion Board (FIPB) has cleared six FDI proposals envisaging foreign investment of Rs1,810 crore, including that of IIFL Holding. “Based on the recommendations of FIPB in its meeting held on 30 October 2015, the government has approved six proposals of foreign direct investment (FDI) amounting to Rs1,810.25 crore,” a finance ministry statement said on Wednesday. The FIPB, however, rejected the proposal of Volkswagen Finance for investment in treasury bills, government securities, mutual funds and corporate debts. The board has approved the proposal of IIFL Holdings, a non-banking finance company, to increase foreign equity from 50.16% to 80% by issuing shares to FIIs. This proposal is expected to result in foreign investment of Rs1,800 crore. Moreover, FIPB has also approved the proposals of Agile Electric Sub Assembly, Sharekhan Ltd and SeQuent Scientific. These proposals, however, will not involve any inflow of foreign investment and have more to do with restructuring of businesses.
Source:http://www.livemint.com/Politics/RL0Ts3hiTiAgTCcOPVOl1K/FIPB-clears-6-FDI-proposals-worth-Rs1810-crore.html
- Gold bonds may make a dent in assets of ETFs
Nov 19, 2015
The launch of sovereign gold bonds might not be good news for the gold exchange-traded fund (ETF) schemes of the mutual fund sector. Gold ETFs are passive investment instruments, based on gold prices and investing in bullion. Each unit of the ETF is equivalent to a gramme of gold. Market participants expect the assets under management (AUM) of gold ETFs to halve over the next six months, to about Rs 3,000 crore from the current Rs 6,000 crore. Till end-October, gold ETFs have seen 29 straight months of outflow, with the category AUM declining by more than half, primarily due to strengthening of the dollar and, owing to import restrictions, less demand for gold in the domestic market.
Source:http://www.businessstandard.com/article/ markets/gold -bonds -may -make -a -dent -in -assets -of-etfs-115111800920_1.html
- India Inc’s Oct foreign borrowings down 24%
Nov 19, 2015
India Inc raised $2.11 billion from overseas markets in October 2015, down 24.1 per cent from the corresponding month a year ago, Reserve Bank of India data showed on Wednesday. Domestic firms had raised $2.78 billion abroad in October last year. Of the total borrowings during the month, $1.45 billion was raised through the approval route, while $669.17 million came through the automatic route.
Source:http://www.business-standard.com/article/ finance/india-inc-s-oct-foreign-borrowings-down-24-115111801196_1.html
- MFs buy shares worth Rs 52,000 crore in April-October
Nov 19, 2015
Mutual Fund managers remained bullish on equity markets and purchased shares worth a staggering Rs 52,000 crore in the first seven months of the ongoing financial year. This is on top of Rs 40,722 crore already invested by them in the entire 2014-15 – the first net inflow in six years for an entire fiscal after outflows, on net basis, for five consecutive financial years.
Source:http://economictimes.indiatimes.com/mf/mf-news/mfs-buy-shares-worth-rs-52000-crore-in-april-october/articleshow/49829497.cms
- Pulses rise again on supply concern
Nov 19, 2015
Despite government measures, the price of pulses have again started rising, on supply concerns from the recently ended kharif season and less than expected growth in the ongoing rabi sowing. Chana (chickpea) for delivery in December on the benchmark National Commodity & Derivatives Exchange is up five cent or Rs 195 ito trade currently at Rs 5,141 a quintal since last Friday, when traders booked profits amid fear of further action by government or regulator. On November 7, the Securities & Exchange Board of India levied up to 75 per cent margins for near-month contracts, increased as settlement day neared. So, the chana price for delivery in December declined to Rs 4,946 a qtl by Friday.
Source:http://www.business-standard.com/article /market/pulses-rise-again-on-supply-concern-115111800826_1.html
- Govt tweaks procurement norms to benefit SMEs
Nov 17, 2015
Central government ministries and public sector undertakings (PSUs) would now be required to procure “at least” 20 per cent of their annual value of goods or services from micro and small enterprises, with the government tweaking provisions of the procurement policy. The government had introduced a public procurement policy for micro and small enterprises. Under this, every central government ministries, departments and public sector undertakings has to procure a minimum 20 per cent of their total annual value of goods or services from micro and small enterprises.
Source:http://www.business-standard.com/article/pti-stories/govt-tweaks-procurement-norms-to-benefit-mses-115111601302_1.html
- Rupee extends gains to end at 66, up 10p
Nov 17, 2015
The rupee on Monday continued its upward march against the US dollar for the third day, firming up by another 10 paise to 66.00 on fag end selling of the American currency by banks and exporters on the back of a lower greenback in the overseas market. The rupee resumed lower at 66.2 a dollar against Friday’s closing level of 66.1 at the interbank foreign exchange market and dropped further to 66.3 on initial demand for the US currency from banks and importers following higher dollar opening. However, it recovered afterwards to 65.9450 a dollar before finishing at 66 on fag end dollar selling by banks and exporters, showing a gain of 10 paise or 0.15 per cent. The rupee has gained by four paise or 0.66 per cent in three trading days.
Source:http://www.business-standard.com/article/ finance/rupee-extends-gains-to-end-at-66-up-10p-115111600863_1.html
- India imports record 14.61 MT vegetable oil in 2014-15
Nov 17, 2015
India’s vegetable oil imports touched a record 14.61 million tonnes in 2014-15 oil year ended October, on sharp jump in shipments of palm oils buoyed by lower prices, industry body SEA said today. The world’s leading vegetable oil buyer had imported 11.82 million tonnes of vegetable oils during the previous year. Palm oil makes up 70 percent of the country’s total vegetable oil imports.
Source: http://www.moneycontrol.com/news/economy/india-imports-record-1461-mt-vegetable-oil2014-15_4173381.html
- Big day for M&As
Nov 17, 2015
On a day of major deals, two big sale and one big buy was done by India Inc. ICICI Bank sold 6 per cent in ICICI Pru for some Rs. 1,900 crore and Anil Ambani-run Reliance Infrastructure entered into a non-binding agreement with Canada’s public sector Pension Investment Board to sell 49 per cent in the company’s integrated power generation, transmission and distribution business in Mumbai for an undisclosed consideration. Apollo Tyres, on the other hand, acquired a German tyre retail and distribution company for €45.6 million.
Source:http://www.thehindubusinessline.com/todays-paper/big-day-for-mas/article7885105.ece
- Telcos line up Rs 34,000-cr capex for 4G expansion
Nov 17, 2015
Large telecom operators plan to spend Rs 34,000 crore in the current financial year to roll out fourth-generation technology (4G) networks and boost their existing one, to address call drops. Airtel, which had earlier said it would spend $3 billion for its India and global operations in FY16, recently said it might end up investing $200-$400 million totalling a capex of $3.2-3.4 billion (Rs 21,142-22,463 crore) because of accelerated 3G and 4G expansion in India. Idea Cellular, the third largest operator, has already raised its guidance from Rs 5,000-5,500 crore to Rs 6,000-6,500 crore for the current financial year, out of which half has already been spent. Vodafone, the second largest telecom service provider, also said it would be stepping up investments.
Source:http://www.business-standard.com/article/ companies/telcos-line-up-rs-34-000-cr-capex-for-4g-expansion-115111700028_1.html
- Infosys eyes large deals in range of $1.5-2 billion per quarter
Nov 17, 2015
India’s second largest IT services exporter, Infosys, is now targetting large deals in the range of $1.5-2 billion per quarter. At the Axis Capital conference call on Monday, Infosys chief operating officer Pravin Rao said the large deal wins have significantly increased over the last couple of quarters. The IT major, on an average, has won large deals in the range of $500-550 million a quarter, but in the second quarter this year it topped $830 million. This has led Infosys to project an even higher number in subsequent quarters.
Source: http://www.financialexpress.com/article/industry/companies/infosys-eyes-deals-in-1-5-2-bn-range/166502/
MUMBAI: The promoters of Ratnagiri Gas and Power (RGPPL) and its lenders plan to infuse as much as Rs 2,000 crore in the beleaguered utility after the regulator cleared the way for the Indian Railways to buy electricity from the gas-based plant.
The funds from State Bank of India, ICICI Bank, IDBI Bank and promoters NTPC and GAIL will be used to hike capacity of the LNG terminal to five million tonnes by 2018 from three million tonnes currently, upgrade the plant system and build a brea .. Read more at:
http://economictimes.indiatimes.com/articleshow/49775171.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
MUMBAI: The nation’s largest lender State Bank of IndiaBSE -1.25 % (SBI) today said Prime Minister Narendra Modi launched the country’s first low-income state infrastructure equity partnership (or the Neev fund) in London.
The event was also attended by British Prime Minister David Cameron.
The two prime ministers recognised the importance of infrastructure for sustainable development and launched the country’s first low-income state infrastructure equity partnership with co- .. Read more at:
http://economictimes.indiatimes.com/articleshow/49772806.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
NEW DELHI: The government is working on a detailed plan to tackle bad loans at public sector banks that curtail their ability to lend and stifle private investment, thus posing a significant threat to the broader Indian economy. “Discussions are on… A plan is being worked upon to address this issue,” said a senior government official.
The government wants to kickstart private investment and there is a growing feeling among policy makers that a more radical and focused approach is need .. Read more at:
http://economictimes.indiatimes.com/articleshow/49750791.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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