Today's Paper - 13/11/2018 + Print Archive

A slew of investment offers marks first day of ‘Make in Odisha’ summit

The first day of the Odisha government’s flagship investment summit, Make in Odisha (MIO), kicked off in Bhubaneswar with a slew of commitments from the country’s top industrialists.

PNB Housing Finance obtains refinance sanction of Rs 3,500 crore from NHB

The refinance facility will help PNBHFL boost liquidity as well as improve its asset-liability profile.

M&A, PE deal volumes rise 11% in October; values increase marginally: GrantThornton

The sector also saw Oyo Rooms entering the unicorn club with $1 billion funding, which includes a commitment of an additional $200 million.

Royal Enfield strike called off, workers resume duty

The 50-day-old strike at Royal Enfield manufacturing factory situated at Oragadam near here has been called off. Sources in the know confirmed that the striking workers, numbering into more than 650 are expected to resume their first shift effective Tuesd

Gopal Vittal, Mathew Oommen appointed GSMA Board members

Bharti Airtel's managing director and CEO for India and South Asia, Gopal Vittal and Reliance Jio’s president, Mathew Oommen have been appointed as members to the Board of the global telecom industry body, GSMA for the 2019-2020 term.

GAIL struggles to find gas buyers in West Bengal

With GAIL (India) putting its gas pipeline projects on the fast track, the company has gone on an overdrive to get customers, even though the response has been poor in states such as West Bengal.

Ashok Leyland gears up for Electric Vehicle onslaught, lines up four products for rollout in 2019

Ashok Leyland, a Hinduja Group flagship, is betting big on the electric vehicle (EV) front.

Aurobindo Pharma net down 22% at Rs 611 crore

Aurobindo Pharma has reported a net profit of Rs 611.4 crore as against Rs 781.1 crore in the corresponding period due to higher costs and expenditure. Revenue from operations stood at Rs 4,751.4 crore, a growth of 7.1% over corresponding period.

Agriculture needs govt boost: Both PMFBY and PMKSY are flagging, revive them

While the government has reason to be pleased about the fact that the claims paid to farmers under the Pradhan Mantri Fasal Bima Yojana (PMFBY) have risen by around 50%, to Rs 15,181 crore in Kharif 2017 as compared to Rs 10,425 crore in Kharif 2016, what

Negative returns from liquid funds? Here’s what you should do

The USP of liquid funds is that these give stable returns even when the market is volatile. Individual investors use liquid funds for temporary parking of funds, and corporate treasuries use it for its efficiency over bank deposits.

Six mistakes to avoid while planning for your child’s financial needs

Children’s Day—November 14—is a good day to take stock of your child’s long-term money requirements.

Canara Bank rating ‘Hold’: Quarter results were a mixed bag

Q2FY19 PAT at Rs 3 bn (up 15.1% y-o-y) was higher than expected primarily due to tax reversal (`8.1 bn); else, the bank would have reported a loss. NII growth was healthy at 17.9% y-o-y (on favourable base) driven by improved loan growth (14.3% y-o-y) and

Gujarat Pipavav Port rating ‘Hold’: Average realisation took a hit in Q2FY19

Hopes of strong volume growth belied; sharp cut in EPS; downgraded to ‘Hold’ with TP cut to Rs 105.

Avenue Capital to pick up 27% in Arcil

US-based Avenue Capital will pick up a 27% stake in Asset Reconstruction Company India (Arcil) for an unspecified amount, as existing investors IDFC Bank, Ashmore Capital, FirstRand Bank, Barclays, Singapore's GIC and Karur Vysya Bank exit the company.

OMCs’ shares fall as OPEC talks of output reduction

Indications from the OPEC that it would cut the output of crude oil by 1 million barrels per day starting January sent stocks of oil marketing companies (Indian Oil, BPCL and HPCL) crashing on Monday and brokerages downgraded their stocks.

ADNOC looks to explore crude storage in Karnataka

A week after the Cabinet approved filling the underground strategic oil reserve at Padur in Karnataka by foreign oil companies, Abu Dhabi National Oil Co (ADNOC) on Monday signed an initial agreement with Indian Strategic Petroleum Reserves (ISPRL), the s

Sugar mills submit false FRP reports: Maharashtra farmers

Farmer organisations in Maharashtra are up in arms over the issue of pending Fair and Remunerative Price (FRP) payments to farmers. Farmer body Swabhimani Shetkari Sanghatana claims that several sugar mills have allegedly submitted false reports to the Su

In its largest-ever deal, SAP to buy Qualtrics for $8 billion

That’s a field Europe’s biggest software company wants to gain a stronger foothold in because it’s growing faster than its core enterprise software business.

Hyundai India commits Rs 7,000-crore fresh investment in Tamil Nadu

Hyundai Motor India Limited (HMIL) will be making an investment of Rs 7,000 crore at its Chennai plant — for increasing the production capacity by 100,000 units per annum as well making 10 new models between now and 2025, including electric vehicles.

SoftBank to raise $21 billion in Japan’s largest IPO yet

At that price, the IPO would surpass the offering of former national carrier Nippon Telegraph & Telephone in 1987.

Tribute: Ananth Kumar never lost a poll, built bridges across the divide

Union minister H N Ananth Kumar, who died Monday at the age of 59 after a short, uphill battle with cancer, was never defeated in the six Lok Sabha elections that he contested from the Bengaluru South constituency.

Crude steel production up 5.2% at 61.1 MT this fiscal

The current trends in the global economy are highly influenced by the conflicting events in the political scenario of major economies.

Government followed due process in Rafale deal: Centre to Supreme Court

The Narendra Modi government on Monday told the Supreme Court that it has followed the due process in procurement of 36 Rafale fighter jets from France’s Dassault at Rs 59,000 crore.

CBI vs CBI: CVC submits enquiry report on Alok Verma, SC raps for delay

The Central Vigilance Commission (CVC) submitted on Monday its preliminary enquiry report on allegations against CBI director Alok Verma to the Supreme Court which pulled it up for not turning over the report a day earlier.

Analyst corner: Maintain ‘hold’ on Godrej Properties, valuations rich

Given the strong balance sheet (net D/E at 0.7x), GPL is well-positioned to capitalize on industry consolidation that is expected to accelerate in wake of ongoing NBFC liquidity crisis.

Analyst corner: Retain ‘buy’ on TeamLease, target price Rs 2,801

Post a slow FY18, it is becoming evident that TeamLease Services (TeamLease) is making a strong comeback to growth in H1FY19 as it has added 18,000 associates (11% addition over FY18-end).

UCO Bank posts net loss of Rs 1,136 crore

Public sector lender UCO Bank on Monday reported a net loss of Rs 1,136.44 crore for the quarter ended September, against a net loss of Rs 622.56 crore in the same period a year ago, as its provision to cover bad loans increased. 

BoI Q2 loss at rs 1,156 crore as provisions jump 71%

Net interest income rose 15% y-o-y to Rs 2,927 crore, and the net interest margin, a key profitability ratio, stood at 2.27% in Q2, up 28 basis points on a sequential basis

Bond yield rises 4 bps to 7.80%, banking system liquidity under pressure

Banking system liquidity was pressured by continued intervention in the forex market to stem rupee depreciation and a mismatch in assets and liabilities of NBFCs.

PwC India to invest Rs 100 crore on developing digital solutions for emerging technologies

PwC India on Monday said it will invest `100 crore on developing digital solutions as it aims to unlock new value for clients by exploiting the potential presented by emerging technologies.

Private equity or venture capital investments aggregate to $25.2 billion so far in 2018: EY

The largest deal in Oct saw Warburg Pincus, Temasek, SoftBank and a few other investors investing $1.3 bn in Bharti Airtel’s Africa business for a 28.4% stake.

NCLAT to hear Centre’s plea on immunity to IL&FS board Tuesday

The plea was initially rejected by the Mumbai bench of the National Company Law Tribunal.

Adani gets SC nod to supply natural gas to three areas in Ahmedabad

The Supreme Court on Monday allowed Adani Gas to supply natural gas to commercial and industrial units in the areas of Sanand, Bavla and Dholka of Ahmedabad district of Gujarat till further orders.

Face recognition: The technology is becoming standard on devices, and this is just the beginning

Face recognition has finally started to become standard on devices, and this is just the beginning.

Banks’ NPA and RBI: Are regulators responsible for the (non) performance of the regulated?

It cannot be argued that the regulator should dictate the activities of the regulated. If that happens, then the regulator becomes responsible for the performance of the regulated, which should not be the case. No regulator ever tells the regulated to be

Don’t write off ATMs: Their use for everything from DBT to bill payments could become the norm

Just as assisted e-commerce has become widespread, assisted ATM use for everything from DBT to bill payments through ATMs could become the norm

Tug of war of markets: Global downward forces slowing activity in China and Europe

The downward forces acting on worldwide markets are the slowing of activity in China and Europe and the divergent beliefs of the Fed and markets when it comes to the Reserve’s rate hikes

RBI vs Govt: Forcing RBI to part with reserves could set a bad precedent

When the rbi governor and so many former ones are arguing against a lowering of reserves, surely this should count for something?

IRCTC’s cybersecurity breach: It is time govt bodies recognise and incentivise ethical hacking

IRCTC’s security flaw is the latest cybersecurity breache and it is time govt bodies recognise and incentivise ethical hacking

E-commerce: Modi government to say no to proposed FDI curbs?

Disinclined to accept panel’s suggestion that foreign investors be denied ‘control’.

H1 performance: Lukewarm sales lead SIAM to trim target

The PV sales declined by 5.61% in September — the biggest decline so far in this fiscal — marking the third straight month of decline.

Beating estimates: HUL net jumps 20% on price rise, volume growth

Chairman and managing director Sanjiv Mehta said that with increase in crude oil prices and other commodities, the company may look at calibrated price hike in the coming quarters.

To ‘continue buying Iran oil’, says India; ‘Not helpful’: US

India would “continue to buy” crude oil from Iran though the shipments might see some reduction, economic affairs secretary Subhash Chandra Garg said on Friday.

NHAI may acquire incomplete projects of IL&FS

The National Highways Authority of India may acquire incomplete projects of the debt-laden Infrastructure Leasing & Financial Services (IL&FS), a senior government official said. 

Imported coal-based power plants: SC to hear Gujarat’s plea

Reviving these plants would not only allow the states to buy power at lower tariffs, but address the issue of domestic coal supply shortage.

IL&FS’ new board initiates measures for austerity

The seven-member board, headed by chairman Uday Kotak, also appointed nominee directors for eight of IL&FS' subsidiaries, and had detailed deliberations in relation to the road map ahead, according to a statement.

Ministry of Corporate Affairs seeks lawsuit moratorium on IL&FS, its group companies

The (NCLT) has already accepted the MCA’s earlier plea filed last week, seeking immunity for the newly-appointed board of IL&FS from any potential legal action against them by numerous creditors and investors of the company.

Lack of job opportunities blamed on flawed system

Job opportunities are insufficient because of the structure of the system that is currently in place in India and the system needs redesigning to produce the desired results.

Bharti aims to push revenue with premium content, offers on smartphone, vouchers – What consumers need to know

The company on Friday launched a digital programme, #AirtelThanks, which offers exclusive benefits to its subscribers.

Reliance Power’s market cap falls by 93.3% since IPO

Since January, the stock has lost some 50% in value. Other power stocks such as Tata Power has lost 29%, Adani Power 23.56% and JSW Energy 30.31%.

Workers’ strike: Madras High Court notice to Yamaha India

The Madras High Court on Friday issued a notice to the management of Yamaha Motors India and the Tamil Nadu labour secretary, asking them to respond to a petition filed by the workers' union, India Yamaha Motor Thozhilalar Sangam.

Demand for ‘unboxed’ cars on rise, says OLX

Listing of 'Unboxed' cars, ie owned for less than 2 years, are seeing an impressive growth on OLX auto platform, with an impressive 18% y-o-y growth in 2018 over 2017.

Falling markets & MF NAVs: Fund managers hid the fact we were in a bull market for a long time

Fund managers at the country’s mutual funds, as also fund managers overseeing ULIPs, have a lot to answer for, given the majority of schemes have posted negative returns over the last year.

Longer tenure 3rd party cover, higher insurance for owner-driver: Impact more serious than one can imagine

While both buyers and sellers of two-wheelers and cars are still grappling with the impact of recent court rulings on insurance, the impact is a lot more serious than most imagine.

No leave for judges on working days? Filling up vacancies better way to cut backlog

Chief Justice of India Ranjan Gogoi has banned all judicial officials, from high court judges to judicial officers in subordinate courts, from taking leave on working days—unless, of course, there is an emergency.

Settling for the less: The new and not improved NAFTA

This is Trump’s modus operandi: Threaten to do something catastrophic, so people are relieved when things get a little bit worse.

Why the GST audit can be seen as an opportunity, not just a futile compliance exercise

There is a need for companies to gear up on the technological reporting front to ensure hassle-free compliance going forwards.

Japan-North Korea relations remain in a freeze – Shinzo Abe seeks an evolution of Yoshida Doctrine

Shinzo Abe seeks an evolution of Yoshida Doctrine. Abe has made constitutional revision high on the agenda, seeking the ‘birth of a new Japan’ before it hosts the 2020 Olympics.

Monsoon deficiency shadow over millet, cotton – Here are the charts and figures explaining details

State-wise, Maharashtra’s Marathwada region recorded a 20% rainfall deficiency for the season. Madhya Pradesh recorded 12% deficiency, Rayalaseema in Andhra Pradesh recorded 36% deficiency and eastern Rajasthan 23% deficiency.

Sebi exempts Bandhan Bank from post-listing lock-in norms

Kolkata-based private lender Bandhan Bank on Friday said the capital markets regulator has exempted it from rules governing the post-listing lock-in period for promoter shareholdings in companies.

FPIs sell bonds worth $537 m in October so far

The central bank eased investment norms for FPIs in debt securities by raising the cap on the investment in a government security from 20% to 30% of the outstanding stock of that security.

PCA essential to maintain fiscal stability: Viral Acharya

Speaking at Indian Institute of Technology, Mumbai, he noted that PCA lays out the case for structured early intervention and resolution by regulators for banks that become under-capitalised due to poor asset quality.

Life insurance industry sees 7% premium growth

The data from Irdai also shows that first year premiums in the current fiscal of life insurance companies surged by 1.1% at Rs 93,079.03 crore as against Rs 92,065.36 crore in the corresponding period last fiscal.

Analyst Corner: Maintain ‘hold’ on TCS with revised TP of Rs 1,935

TCS reported an in-line Q2FY19 with revenue growth in constant currency (CC) terms being 3.7% quarter-on-quarter (I-Sec: 4% quarter-on-quarter) and EBIT margin expanding by 150 basis points quarter-on-quarter to 26.5% (I-Sec: 26.5%).

Analyst Corner: Retain ‘buy’ on Business Services sector on steady growth

While these stocks have corrected 25–32% in the past three months, we reiterate that organised business services remain under-penetrated in India and, hence, a headcount CAGR expectation of 9–10% over the next six–seven years is realistic.

Gujarat cotton season opens with higher prices

Delay in arrival, good demand from mills and higher minimum support price (MSP) have ensured that the new cotton season in Gujarat opens with higher prices this year. Cotton prices are about 20% higher as compared to last year (2017-18).

Volvo Cars India starts a clean air campaign

It will cover three areas: pan-India school programmes, dealership-led initiatives, and developing clean zones in Delhi NCR

Car lovers alert! Jaguar has developed the Audible Vehicle Alert System for its first electric car, the I-Pace – All you need to know

The company, in a statement to the media, added that the I-Pace’s sound was tested by members of Guide Dogs for the Blind, the UK’s leading charity for people affected by sight loss, as part of the testing undertaken by Jaguar.

JSW STEEL Rating ‘Buy’: Growth levers are intact for company

FY19/20e Ebitda up 4/13% to factor in earnings from overseas assets; while stock is trading at a premium, TP raised to Rs 433 from Rs 372

Sadbhav Engineering Rating ‘Buy’: Uncertain ordering remains a overhang

Traffic and BOT portfolio stake sale bode well; TP cut to Rs 370 from Rs 435 given uncertainty in NHAI awards.

Cabinet briefing: Government signals poll season

Package of 3 schemes underfunded, purchase losses could overburden govt

Up to 25% hike in ethanol prices to shrink OMC margins, boost mills

In a relief to the sugar industry struggling to cope with exorbitant state-fixed cane prices, the Cabinet Committee on Economic Affairs (CCEA) on Wednesday decided to raise the rate of ethanol produced directly from sugarcane juice by 25% from the rate an

Trend reverses: Rupee, bond yields get some succour

The markets were comforted by the possibility the government would in coordination with the Reserve Bank of India (RBI) take a series of fiscal and monetary measures to ease the pressure on the currency and arrest the rise in bond yields.

Up to Rs 8,831 crore: Essar Steel in Bank of India’s NPA sale list

Bank of India (BoI) on Wednesday put on sale its exposures to Essar Steel, Bhushan Power and Steel and Alok Industries along with 38 other non-performing assets (NPAs) worth a total Rs 8,831 crore.

Electrification of all railway lines cleared

While around 46% of the railways’ 66,000-route km are already electrified and work on another 20,000 km is ongoing, the carrier will now also electrify the rest of the 13,675 km at a cost of Rs 12,314 crore.

Supreme Court hearing: Numetal challenges Arcelor’s 3-day time frame

Even as the Supreme Court hears ArcelorMittal’s appeal against the National Company Law Appellate Tribunal (NCLAT) order relating to its eligibility to bid for bankrupt Essar Steel, rival Numetal also on Wednesday moved the apex court challenging the th

Fare war: Jio’s new price points portend fresh pain points for rivals

After a gap of four months, Reliance Jio has once again brought in a disruptive tariff scheme which will hurt incumbents Bharti Airtel and Vodafone Idea.

DSF bid round II may attract $1.2-bn investments: DGH

The Directorate General of Hydrocarbons (DGH) is hopeful of achieving $1.2 billion worth of investments after the second round of bidding of discovered small fields (DSFs) is completed by the bidders.

Uttar Pradesh becomes 1st state to make RFID tag must for e-way bill

Uttar Pradesh has made it mandatory for vehicles operating in the state to use the radio frequency identification device (RFID) tag along with e-way bill from November 1.

Tata Motors drives in Tiago variant NRG at Rs 5.49 lakh

Tata Motors on Wednesday launched a variant of the Tiago, called Tata NRG, at a starting price of Rs 5.49 lakh.

Cabinet decisions: Oil producers to get govt sops for higher recovery

With a view to ramping up production from ageing hydrocarbon fields, the Cabinet on Wednesday approved a policy to incentivise enhanced and improved recovery (ER/IR) methods for oil and gas, and unconventional hydrocarbons (UHCs).

M&A deals in Aug at 8-month low over lack of big ticket transactions: Report

Lack of big ticket transactions led to a decline in merger and acquisitions (M&A) deals which dropped to an eight-month low with August, witnessing just 33 deals aggregating to $0.6 billion, said a dealtracker report by Grant Thornton.

Initiate ‘buy’ on Varroc Engineering; TP Rs 1,250

Varroc Engineering is a leading tier-1 manufacturer of automotive exterior lighting and supplier of polymers, electrical and metallic products to two-wheeler and three-wheeler OEMs in India.

IL&FS needs to repay Rs 617 cr by Septemeber end

The sudden downgrade of blue-chip infrastructure financier IL&FS has caught the company’s bondholders on tenterhooks who are now looking forward to its board meeting scheduled for September 15, which will be attended by all the company’s major shareho

HDFC AMC has all makings of best play in MF space

We have a structurally bullish view on Indian mutual funds and HDFC AMC offers all the ingredients to be the best play in the space.

Ambuja Cement moves SC against Rs 6,300-cr CCI fine

CCI had slapped Rs 6,700 cr penalty on 11 cement firms as well as the Cement Manufacturers Association for indulging in cartelisation

Engie ties up with STOA to set up 2 GW wind plants in India

French utility giant Engie said on Wednesday it has partnered with Paris-based infrastructure equity investor STOA to build a 50-50 joint venture platform to set up more than 2,000 MW of wind power projects in India in the next five years.

Kissht raises $30 m in Series C funding round

Kissht will use this funding to penetrate its business further into both offline and online merchants, and deeper across categories, and further enhance its data and analytics capabilities

Spread between 10-yr bond yield and Nifty dividend yield rises to four-year high

The sell-off in the bond market and rising equity valuation have pushed the spread between the yield on 10-year government bond and Nifty’s dividend yield to a four-year high level.

Bond yield recovers slightly, but stays above

The government is not ruling out an increase in interest rates, an official told reporters in New Delhi, asking not to be identified citing rules.

After SC order, seven coal power plants with PFC funding may not go to NCLT

The Supreme Court order halting the insolvency and bankruptcy process under the Reserve Bank of India’s (RBI) February circular could allow seven coal-based stressed power projects with generation capacities of 10,190 MW not to use the National Company

PoS glitches put offline expansion plan in limbo

Flipkart-owned online payments app PhonePe’s POS devices are suffering from manufacturing glitches thus affecting its expansion into offline unorganised retail merchants.

Poll season kicks off, now to see what MSP costs government

While it remains to be seen whether MSP scheme works, the ethanol plan leaves original high-sugar-price issue unresolved

Investors seek clarity on corporate governance, Kochhar probe

In response to these queries, Bakhshi said that it would not be appropriate for the bank board to take any decision before the investigation against Kochhar is concluded.

The Serena Williams-Carlos Ramos controversy should be an opportunity to look closely at gender discrimination in sports

The Serena Williams-Carlos Ramos controversy should be an opportunity to look closely at gender discrimination in sports

Recovery mode: RBI OMOs & NRI bonds key to stabilising rupee

RBI rate hikes depreciate the ` as FPI equity investments that respond to growth, are far larger than FPI debt investments that respond to rate differentials

Many anomalies in the GDP back series estimates

The report of the committee on real sector statistics—constituted by the National Statistical Commission, that gave the back series estimates of the GDP—appeared for a brief period on the MoSPI website.

More disruptions ahead in global trade

The unpredictability of US trade policy make future trade patterns difficult to fathom

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