Wednesday, September 26, 2018

Size: px
Start display at page:

Download "Wednesday, September 26, 2018"

Transcription

1 Wednesday, Members are requested to kindly mention the GST Registration No. of their respective organization. Please ignore if already mentioned. Explained: What is IL&FS crisis and how bad it is? Finance ministry urges Reserve Bank of India to take steps to ease liquidity in the system, tackle credit crunch L&T to invest about Rs 2,500 cr more to complete Hyderabad metro Explained: What is IL&FS crisis and how bad it is? Reuters, The debt-laden IL&FS has been hit by over-leverage and illiquidity Reuters India s financial markets have been reeling under high selling pressure in recent days, triggering concerns about risks in the country s shadow banking sector. The crisis has shaved off Rs 8.48 lakh crore ($ billion) in investor wealth in the last ten days and at the eye of the storm is the Mumbai-based Infrastructure Leasing & Financial Services (IL&FS). The three-decade-old infrastructure lending giant, IL&FS, is a 'shadow bank' or a non-banking financial company that provides services similar to traditional commercial banks. The major shareholders of IL&FS include state-backed Life Insurance Corp of India holding, 25.3 per cent stake, Housing Development Finance Corporation with 9.02 per cent, Central Bank of India with 7.67 per cent and State Bank of India with 6.42 percent. Other key shareholders are the Japan s Orix Corp, holding 23 per cent, and Abu Dhabi Investment Authority with per cent.

2 The subsidiaries of IL&FS include transportation network building subsidiary IL&FS Transportation Networks Ltd (ITNL), engineering and procurement company IL&FS Engineering and Construction Co. Ltd and financier IL&FS Financial Services Ltd. What is the crisis? To put it simple, IL&FS defaulted on a few payments and failed to service its commercial papers (CP) on due date which means the company has run out of cash or it is facing a liquidity crunch. The company piled up too much debt to be paid back in the short-term while revenues from its assets are skewed towards the longer term. IL&FS first shocked markets when it postponed a $350 million bonds issuance in March due to demand for a higher yield from investors. The recent slowdown in infrastructure projects and disputes over contracts locking about Rs 90 billion of payments due from the government have further worsened the condition. IL&FS Financial Services disclosed on September 6 that the commercial papers (CP), which were due on August 28, could not be paid on due date and were settled in full on August 31. IL&FS Financial Services has about $500 million in repayments which are due in the second half of this financial year while it has only about $27 million available. According to a Reuters report, by the middle of September, IL&FS and IL&FS Financial Services had a combined Rs 270 billion of debt rated as junk by CARE Ratings and a further six group companies had suffered downgrades with a negative outlook on another Rs 120 billion of borrowings. What are the effects? The company's default spells trouble for its investors, which include banks, insurance companies, and mutual funds. Investors and traders have been worried over the cascading effects of IL&FS s defaults. IL&FS sits atop a web of 169 subsidiaries, associates, and joint-venture companies, which makes the default even more worrisome. IL&FS has revealed a series of delays and defaults on its debt obligations and inter-corporate deposits. On Friday, IL&FS said it was unable to service its obligation towards a letter of credit to IDBI Bank Ltd. This has raised concerns about the possibility of a contagion or spillover, with further defaults hitting mutual funds with exposure to IL&FS and its group companies. However, Life Insurance Corporation (LIC), which has the largest shareholding in IL&FS, said that it would not allow the debt-ridden IL&FS to collapse and would explore options to revive it.

3 Meanwhile, IL&FS has moved the National Company Law Tribunal (NCLT) in Mumbai on Tuesday seeking relief in relation to filing of a scheme of arrangement under Section 230 of the Companies Act, as it looks to protect itself from any potential bankruptcy proceedings. Finance ministry urges Reserve Bank of India to take steps to ease liquidity in the system, tackle credit crunch Reuters, The finance ministry wants the Reserve Bank of India (RBI) to consider more steps to improve liquidity in the system, including reducing the amount of funds banks must set aside with it, a senior ministry official said on Tuesday, amid a bubbling credit crunch in the Indian shadow banking industry. The RBI could also explore buying more bonds from the open market and open a special window for mutual funds to inject liquidity, the official told reporters. Prime Minister Narendra Modi s government faces a new challenge that could derail growth at a time when surging fuel costs and a slumping rupee are buffeting the world s fastest-growing major economy. The RBI did not immediately respond to a request for comment on the proposed ideas. Late on Monday the RBI said it would buy 100 billion rupees ($1.38 billion) of government bonds via an open market operation, in a move to ease liquidity. The finance ministry, RBI and India s markets regulator have this week all said they all are closely monitoring the liquidity crunch that has hit non-banking financial companies (NBFC), and they stand ready to intervene. Investors have been unnerved by credit concerns that have engulfed one of the biggest NBFC names in India - Infrastructure Leasing & Financial Services (IL&FS) - which has this month defaulted on a series of its coupon payments and seen its debt downgraded by big rating agencies to junk from AAA, within a span of less than two months. That, in turn, has sparked concerns around the viability of other NBFCs, leading to a sharp selloff in the sector, higher borrowing costs for NBFCs, and growing fears of contagion. Finance minister Arun Jaitley at a press event on Tuesday said the government was watching the IL&FS situation closely. As far as the government is concerned, we are closely in touch with the situation and monitoring the situation, he said, adding banks were confident of maintaining liquidity for various sectors as required. Earlier in the day, India s largest state-run insurer, Life Insurance Corp (LIC), which owns some 25 percent of IL&FS, also said it would not allow IL&FS to collapse.

4 Speaking with media on Tuesday, LIC Chairman VK Sharma said all options, including increasing LIC s stake in IL&FS, are open. Markets mixed The reassurances from Sharma lifted shares in two of IL&FS s biggest listed-units IL&FS Transportation Networks and IL&FS Engineering & Construction Co percent and 10 percent, respectively. This coupled with government assurances helped Indian equity markets snap a five-session losing streak and close nearly a percent higher on Tuesday, driven by gains in banks and other financial companies. The benchmark 10-year bond yield rose one basis point to 8.13 percent on the day. The partially convertible rupee, which is Asia s worst performing currency so far this year, also weakened further on the day to close at , after slumping as low as per dollar early in trading on Tuesday. Despite the assurances, analysts and investors remain wary of NBFCs and their prospects in the near-term. We are cautious on NBFCs that have grown asset-liability mismatches, warned Credit Suisse analyst Ashish Gupta in a note to clients on Monday, adding weaker NBFCs could see net interest margins squeezed given the rise in funding cost on the back of tightening liquidity and widening credit spreads. Credit Suisse noted that yields on commercial paper issued by NBFCs have spiked 175 basis points in the aftermath of the IL&FS defaults. The brokerage firm also estimates mutual funds currently own an estimated 60 percent of this commercial paper and may seek to trim their exposure in the current market environment. L&T to invest about Rs 2,500 cr more to complete Hyderabad metro The Hindu Business Line, DPR for Phase II of metro to be ready soon Construction and infrastructure major L&T today hinted at investing about Rs 2500 crore more to complete the ongoing Hyderabad metro rail project. As a concessionaire, L&T has thus far invested about Rs 13,000 crore of the Rs 14,132 crore elevated metro rail project taken up under the public, private partnership. And the Telangana Government has invested more than Rs 2300 crore for land acquisition, right of way and related infrastructure to facilitate the project completion.

5 Of the 72 km elevated metro rail, thus far a stretch of 45 km spanning two corridors has been completed, and the stretch connecting the Hitec City, the IT hub of Hyderabad, is at advanced stage of completion. According to NVS Reddy, Managing Director of Hyderabad metro Rail Limited and KVB Reddy, Managing Director and CEO of L&T Metro Rail Hyderabad Limited, efforts are on to complete the Hitec City stretch by December and the third corridor between Secunderabad and MGBS, by second half of With this, the project will see completion of 66 km. However, the Old City section connecting Falaknuma will take some more time as there have been issues relating to right of way, they explained. The L&T has set apart equity of Rs 3,000 crore and raised a debt of Rs 12,000 crore for the metro. The project will need to tackle interest of about Rs 1200 crore per annum, when it is fully ready, NVS Reddy stated. Mentioning about metro progress and its role in transforming Hyderabad into a modern city, they said not just the metro, but the entire project is aimed at bringing about urban rejuvenation. Asked about financial implications due to delay, they said This could be assessed only after the entire project gets completed. Detailed project report NVS Reddy said that the detailed project report for the phase II of Hyderabad metro, which seeks to connect the International airport at Shamshabad and other lines, is expected to be ready soon. The Telangana Government is planning to link the airport from two sections, and the second phase is aimed at taking this up. Shortlisted NVS Reddy said that Hyderabad metro has been shortlisted amongst best 15 metro rails in the world. Of the 15 metros chosen for the survey by a UK based firm, Hyderabad metro ranks high and expected to notch up a high ranking. Referring to financial viability of metro projects, NVS Reddy said of the 250 metros in the world, only four metros Singapore, Tokyo, Hongkong and Taipei have been profitable. We will have to strive hard and ensure the success of the metro. With the commissioning of the 16 km stretch on Monday, the metro is looking at a ridership of over 2 lakh commuters per day. French company, Kiolis today said its satisfaction survey of 15 metros had showed outstanding results for Hyderabad metro.

Daily Market Update Report as on Monday, October 01, 2018

Daily Market Update Report as on Monday, October 01, 2018 Daily Market Update Report as on Monday, October 01, 2018 Gold prices remained supported in the wake of the U.S. Federal Reserve s plans last week for multiple interest rate hikes by 2020. The Fed raised

More information

Asia s Debt Risks The risk of financial crises is limited, but attention should be paid to slowing domestic demand.

Asia s Debt Risks The risk of financial crises is limited, but attention should be paid to slowing domestic demand. Mizuho Economic Outlook & Analysis November 15, 218 Asia s Debt Risks The risk of financial crises is limited, but attention should be paid to slowing domestic demand. < Summary > Expanding private debt

More information

1 of 5 5/29/2018, 12:06 PM

1 of 5 5/29/2018, 12:06 PM 1 of 5 5/29/2018, 12:06 PM Deccan Chronicle Andhra Bhoomi Asian Age epaper epaper POWERED BY Search Last Updated:02:39:03 AM Tuesday May 29,2018 Home Politics,Plan & Policy Companies & Markets Brand Around

More information

Significance of the NBFC Sector

Significance of the NBFC Sector Significance of the NBFC Sector What is the issue? The significance of non-banking financial companies (NBFCs) calls for measures to revive the sector, in the backdrop of the recent crisis. How did NBFCs

More information

Daily Market Update Report as on Monday, September 17, 2018

Daily Market Update Report as on Monday, September 17, 2018 Daily Market Update Report as on Monday, September 17, 2018 Gold posted a volatile two-sided trade last week settled at 30436 level. Early in the week, a weaker U.S. Dollar drove the market higher due

More information

WHAT'S NEW. International Developments

WHAT'S NEW. International Developments International Developments Bank of Canada raised its target for the overnight rate to 1% citing strongerthan-expected economic performance warranting a removal of some of the considerable stimulus in place

More information

The Worst Week In A Decade For US Stocks

The Worst Week In A Decade For US Stocks The Worst Week In A Decade For US Stocks February 15, 2018 by Gary Halbert of Halbert Wealth Management 1. The Worst Week For US Stock Markets Since 2008 2. Confluence of Negative Factors Became Important

More information

15 th October 2018 Daily Current Affairs

15 th October 2018 Daily Current Affairs 15 th October 2018 Daily Current Affairs J S Varma Committee 2013: The Centre recently announced its plan to set up a panel of judges to look into the legal and institutional framework to curb sexual harassment

More information

JUNE NIKKEI 225 FUTURES 22,120

JUNE NIKKEI 225 FUTURES 22,120 Friday, June 1, 2018 The Nikkei Is Expected to Surrender Overnight Gains JUNE NIKKEI 225 FUTURES 22,120-50.0 (-0.23%) Day High: 22,270.0 Day Low: 22,010.0 Japanese equities bounced yesterday, lifted by

More information

Daily Market Update Report as on Wednesday, September 19, 2018

Daily Market Update Report as on Wednesday, September 19, 2018 Daily Market Update Report as on Wednesday, September 19, 2018 Gold prices drifted lower on Tuesday as the dollar edged higher after the United States announced a 10% tariff on $200 billion in imports

More information

1 of 5 10/22/2018, 12:48 PM

1 of 5 10/22/2018, 12:48 PM 1 of 5 10/22/2018, 12:48 PM EnglishEnglish தம ழ Tamil Bangla Malayalam ह द Hindi मर ठ Marathi Follow Us: Monday, October 22, 2018 Sponsored Gifting Recommendations: A Realme for every Indian during Flipkart

More information

MONETARY POLICY OUTLOOK- THE FIFTH BI-MONTHLY MONETARY POLICY REVIEW OF THE CURRENT FINANCIAL YEAR DECEMBER-MARCH

MONETARY POLICY OUTLOOK- THE FIFTH BI-MONTHLY MONETARY POLICY REVIEW OF THE CURRENT FINANCIAL YEAR DECEMBER-MARCH MONETARY POLICY OUTLOOK- THE FIFTH BI-MONTHLY MONETARY POLICY REVIEW OF THE CURRENT FINANCIAL YEAR DECEMBER-MARCH 2018-19 Dr. Arun Kumar Misra, Associate Professor, Finance & Accounts, VGSOM, IIT Kharagpur

More information

CURRENT AFFAIRS FEBRUARY BANKING

CURRENT AFFAIRS FEBRUARY BANKING CURRENT AFFAIRS FEBRUARY 2016 - BANKING http://www.tutorialspoint.com/current_affairs_february_2016/banking.htm Copyright tutorialspoint.com News 1 - Corporation Bank Signs MoU with Universal Sompo for

More information

LKP SECURITIES LIMITED 13th Floor Raheja Center, Free Press Marg, Nariman Point, Mumbai

LKP SECURITIES LIMITED 13th Floor Raheja Center, Free Press Marg, Nariman Point, Mumbai Free Press Marg, Nariman Point, Mumbai-421 Currency USD-INR EUR-INR GBP-INR JPY-INR Particulars EURUSD EURGBP EURJPY GBPJPY GBPUSD USDJPY Indices BSE Nifty Nikkei HangSeng Straits Shanghai Jakarta Exp.

More information

SYSTEMATIX SHARES AND STOCKS (INDIA) LIMITED PCG Research

SYSTEMATIX SHARES AND STOCKS (INDIA) LIMITED PCG Research SYSTEMATIX SHARES AND STOCKS (INDIA) LIMITED PCG Research Daily Forex Report as on Friday, October 05, 2018 Close % Chg. 35169-2.24 10599-2.39 58487 1.44 23785-0.80 27833 0.42 3232-1.10 26828 0.20 8025

More information

Daily Market Update Report as on Thursday, September 27, 2018

Daily Market Update Report as on Thursday, September 27, 2018 Daily Market Update Report as on Thursday, September 27, 2018 Gold Prices Hold $1,200 As Fed Raises Rates; Leaves Forward Guidance Relatively Unchanged: The gold market is seeing little reaction to the

More information

Role of recovery channels in managing Non-Performing Assets in Scheduled Commercial Banks

Role of recovery channels in managing Non-Performing Assets in Scheduled Commercial Banks Role of recovery channels in managing Non-Performing Assets in Scheduled Commercial Banks Dr. KRISHNA BANANA 1 V RAMA KRISHNA RAO CHEPURI 2 1.Asst. Professor,Dept. Of Commerce & Bus. Admn., Acharya Nagajuna

More information

Liquidity conditions have been tightening in India for the past 6-12 months Currency. (Dewan Housing) at a discount for liquidity reasons

Liquidity conditions have been tightening in India for the past 6-12 months Currency. (Dewan Housing) at a discount for liquidity reasons October 2018 What happened with IL&FS Response from various stake holders There has been a liquidity scare in the Indian financial system recently, driven by a few events which led to a spike in yields

More information

1 of 6 9/25/2018, 11:49 AM

1 of 6 9/25/2018, 11:49 AM 1 of 6 9/25/2018, 11:49 AM 2 of 6 9/25/2018, 11:49 AM New Delhi: Fuel prices in India hit all-time highs on Monday, with a litre of petrol costing more than 90 in Mumbai, stoking inflation fears and adding

More information

Global Financial Crisis: Impact on India

Global Financial Crisis: Impact on India Global Financial Crisis: Impact on India Mathew Joseph Pankaj Vashisht ICRIER-INVENT Workshop Current Developments in Indian Financial System New Delhi 20 March 2009 1 Roots of Global Crisis Global macroeconomic

More information

RBI Q1 FY11 Monetary Policy Review

RBI Q1 FY11 Monetary Policy Review RBI Q1 FY11 Monetary Policy Review The Policy Measures In Brief In its First Quarter Review of the Annual Monetary Policy for 2010-11, the Reserve Bank of India increased its policy rates with immediate

More information

Daily Market Update Report as on Monday, October 15, 2018

Daily Market Update Report as on Monday, October 15, 2018 Daily Market Update Report as on Monday, October 15, 2018 Gold prices look firm this week as stocks eased due to concerns about a potential decline in China s economic growth amid an ongoing trade war

More information

Reviving the Financial Sector. Recommendations

Reviving the Financial Sector. Recommendations Reviving the Financial Sector Recommendations October 2018 Background The Financial Sector in India over the last few years has become an integrated system with players like NBFCs, Banks, HFCs, Mutual

More information

Emerging Markets Equities VALUE COULD EXTEND THE EMERGING MARKETS RALLY

Emerging Markets Equities VALUE COULD EXTEND THE EMERGING MARKETS RALLY PRICE POINT December 2017 Timely intelligence and analysis for our clients. Emerging Markets Equities VALUE COULD EXTEND THE EMERGING MARKETS RALLY KEY POINTS Emerging markets (EM) equities have extended

More information

The Lehman Shock Financial Disaster the Effects on Japan. found out an attractive and interesting article, which showed the world economic

The Lehman Shock Financial Disaster the Effects on Japan. found out an attractive and interesting article, which showed the world economic 1 The Lehman Shock Financial Disaster the Effects on Japan Introduction In the third cycle, I researched about Greece s financial crisis. In the research process, I found out an attractive and interesting

More information

India s Demonetization: Bold, Brash, or Both?

India s Demonetization: Bold, Brash, or Both? India s Demonetization: Bold, Brash, or Both? November 23, 2016 by Charles Roth of Thornburg Investment Management Prime Minister Modi s politically risky push to tamp down India s outsized underground

More information

August 30, on 29th August, IANS reported. However, stock markets in the country's financial capital will

August 30, on 29th August, IANS reported. However, stock markets in the country's financial capital will August 30, 2017 Rains Bring Mumbai to its Knees Normal life in Mumbai was thrown out of gear following torrential rains which are likely to continue on 30th August, according to forecast. According to

More information

Daily Market Update Report as on Wednesday, October 17, 2018

Daily Market Update Report as on Wednesday, October 17, 2018 Daily Market Update Report as on Wednesday, October 17, 2018 Gold on MCX dropped as pressure seen after Rupee recovered while Comex Gold edged up Tuesday to mark another finish at their highest since July,

More information

CONTENTS. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

CONTENTS. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. CONTENTS Index Views SENSEX Index Movers BSE 200 Index Movers FII and MF Data SENSEX Movement Key Developments International Key Developments Domestic Mutual Fund investments are subject to market risks,

More information

Steel In The News. A compilation of leading news items on Indian steel industry as reported in major national dailies. Highlight of the Week

Steel In The News. A compilation of leading news items on Indian steel industry as reported in major national dailies. Highlight of the Week Steel In The News A compilation of leading news items on Indian steel industry as reported in major national dailies CONTENTS Page Highlight of the Week 2 Company News 2 Policy 5 Financial 5 Newsmaker

More information

A. Present Context. Page 1 of 7

A. Present Context. Page 1 of 7 NSE-NYU Conference on Indian Financial Markets Dr. R. H. Patil Auditorium, NSE, Bandra Kurla Complex December 14, 2017 Address by Chairman SEBI Developing Corporate Bond Market The Unfinished Agenda A.

More information

Daily Market Update Report as on Wednesday, September 26, 2018

Daily Market Update Report as on Wednesday, September 26, 2018 Daily Market Update Report as on Wednesday, September 26, 2018 Gold prices traded in the range but sentiments remain firm as the US dollar stayed mostly sluggish amid simmering trade war fears and ahead

More information

NPAs and their assignment to Assets Reconstruction Companies (ARCs)

NPAs and their assignment to Assets Reconstruction Companies (ARCs) Introduction NPAs and their assignment to Assets Reconstruction Companies (ARCs) Dr. A.N. Garg NPA is a classification used by financial institutions that refer to loans that are in jeopardy of default.

More information

Hong Kong & Mainland China News Feb-2013

Hong Kong & Mainland China News Feb-2013 Hong Kong & Mainland China News Feb-2013 Company legislation gazetted Wednesday, January 30, 2013 The first batch of subsidiary legislation for the new Companies Ordinance's implementation will be gazetted

More information

Daily Market Update Report as on Tuesday, August 21, 2018

Daily Market Update Report as on Tuesday, August 21, 2018 Daily Market Update Report as on Tuesday, August 21, 2018 Gold prices turned higher in yesterday s session as improving risk appetite triggered a reversal of haven-seeking capital flows buoying the US

More information

Daily Market Update Report as on Tuesday, November 13, 2018

Daily Market Update Report as on Tuesday, November 13, 2018 Daily Market Update Report as on Tuesday, November 13, 2018 Gold slid as the dollar rose to 16-month highs, boosted by the U.S. Federal Reserve s hawkish interest rate policy and political uncertainty

More information

Daily Market Report 4 th Sep 15

Daily Market Report 4 th Sep 15 [Type text] Daily Market Report 4 th Sep 15 Research Team IFA Global Domestic and International Highlights Indian rupee opened at 66.15 after closing the previous session at 66.24 levels. The intra-day

More information

Daily Market Update Report as on Friday, October 05, 2018

Daily Market Update Report as on Friday, October 05, 2018 Daily Market Update Report as on Friday, October 05, 2018 Gold gained on worries over Italian finances. EU officials expressed concerns about Italy s financial budget plan and fears of a widening budget

More information

Commodities & Currencies. Weekly Tracker

Commodities & Currencies. Weekly Tracker Commodities & Currencies Weekly Tracker Commodities Weekly Tracker Returns Non Agri Commodities Currencies Agri Commodities Contents Non-Agri Commodities Gold Silver Copper Crude Oil Currencies DX, Euro,

More information

U.S. Chides Europe, Japan for Overreliance on Monetary Policy...

U.S. Chides Europe, Japan for Overreliance on Monetary Policy... This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. http://www.wsj.com/articles/u-s-chides-europe-japan-for-overreliance-on-monetary-policy-1428611406

More information

Daily Market Update Report as on Thursday, August 30, 2018

Daily Market Update Report as on Thursday, August 30, 2018 Daily Market Update Report as on Thursday, August 30, 2018 International Gold prices fell pressured after a small upward revision to second-quarter U.S. gross domestic product data, as a leading dollar

More information

REFERENCE NOTE. No. 28/RN/Ref./November /2013

REFERENCE NOTE. No. 28/RN/Ref./November /2013 LOK SABHA SECRETARIAT PARLIAMENT LIBRARY AND REFERENCE, RESEARCH, DOCUMENTATION AND INFORMATION SERVICE (LARRDIS) MEMBERS REFERENCE SERVICE REFERENCE NOTE. No. 28/RN/Ref./November /2013 For the use of

More information

IBC Opportunities for CMAs in. 76 The Management Accountant l

IBC Opportunities for CMAs in. 76 The Management Accountant l Opportunities for CMAs in The Insolvency and Bankruptcy Code 2016 which has been notified by the Government on 28 th May 2016 is the biggest economic reform next to GST. Before this Code, there was no

More information

Market E-digest October 2018 Issue

Market E-digest October 2018 Issue Market E-digest October 2018 Issue A) Emerging Markets: Diminishing Risks VS. Fears Emerging market (EM) economies are facing a number of insecurities. Investors have grown increasingly concerned about

More information

Precious Metals Monthly China in focus

Precious Metals Monthly China in focus Precious Metals Monthly China in focus Group Economics Macro Research Georgette Boele tel, +31 2 6297789 3 March 214 Gold investment demand outlook to remain negative and to overshadow an increase in jewellery

More information

India Infrastructure Debt Fund: A Concept Paper

India Infrastructure Debt Fund: A Concept Paper India Infrastructure Debt Fund: A Concept Paper - Gajendra Haldea Creation of world-class infrastructure has been recognised as a key priority and a necessary condition for sustaining the growth momentum

More information

FDI in India. Policy Update November Table of Contents

FDI in India. Policy Update November Table of Contents I. Introduction II. Expected changes in FDI rules III. News & Views FDI in India Policy Update November 2009 Table of Contents I Introduction With economies recovering from the effects of the global meltdown,

More information

Impact of Global Financial Crisis on India

Impact of Global Financial Crisis on India Impact of Global Financial Crisis on India Collateral Damage and Response Presentation at the Symposium on Global Economic Crisis Challenges for the Asian Economy Tokyo February 18, 2009 Global Crisis

More information

SURF EASY WITH SARFAESI

SURF EASY WITH SARFAESI [2017] 78 taxmann.com 313 (Article) [2017] 78 taxmann.com 313 (Article) SURF EASY WITH SARFAESI RITUNJAY GUPTA Associate, J. Sagar Associates KUNAL MIMANI Associate, J. Sagar Associates 'Ease of Doing

More information

Retail Investor s Survey: October 2012

Retail Investor s Survey: October 2012 1. Introduction Retail Investor s Survey: October 2012 A survey of Rural, Urban & Metropolitan Segments With the onset of the sovereign debt crisis in the Euro-Zone, and with the consequent spreading of

More information

E-Books on RBI Policies. From

E-Books on RBI Policies. From E-Books on RBI Policies From Jan 2013- May 2013 EDITOR: ARJUN PARTHASARATHY 1 Table of Content RBI Policies 29 th January 2013 Why RBI will cut repo by 50bps 4-7 Markets should recognize RBI s efforts

More information

Global Equities PUTTING RECENT MARKET VOLATILITY IN PERSPECTIVE

Global Equities PUTTING RECENT MARKET VOLATILITY IN PERSPECTIVE PRICE POINT February 2018 Timely intelligence and analysis for our clients. Global Equities PUTTING RECENT MARKET VOLATILITY IN PERSPECTIVE KEY POINTS The upswing in equity market volatility can be attributed

More information

Asia Total Return Fund

Asia Total Return Fund 8 Q Important Notes:. Manulife Global Fund Asia Total Return Fund ("Manulife Asia Total Return Fund" or the Fund ) invests primarily in a diversified portfolio of fixed income securities issued by governments,

More information

Markit economic overview

Markit economic overview Markit Economics Markit economic overview Global economic growth weakest since late-2012 April 13 th 2016 Global economic growth weakest since late-2012 Global economic growth was running at its weakest

More information

India on the move Abu Dhabi November 15, 2017

India on the move Abu Dhabi November 15, 2017 India on the move Abu Dhabi November 15, 2017 KPMG.com/in Contents 1 India s Economic Growth 2 Flagship Programs and Regulatory Changes 3 Business Reforms 4 India Energy Scenario 5 Government Plans for

More information

Daily Market Update Report as on Tuesday, September 18, 2018

Daily Market Update Report as on Tuesday, September 18, 2018 Daily Market Update Report as on Tuesday, September 18, 2018 Gold on MCX settled up 1.12% at 30776 as support seen from Rupee weakness and speculation on import duty hike by 3% to control CAD. While Comex

More information

In Rs. Lakh Crore Spread (%) Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18

In Rs. Lakh Crore Spread (%) Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 In Rs. Lakh Crore Spread (%) A Dislocated Bond Market What does it mean for investors? Since the release of the RBI monetary policy committee minutes on 19 th April 2018, bond yields have spiked. The benchmark

More information

WHAT'S NEW. International Developments

WHAT'S NEW. International Developments International Developments Bank of Japan Governor Haruhiko Kuroda pledged to forge on with very accommodative monetary policy as he warned that the inflation target remains distant and the current pace

More information

Wednesday, May 17, 2017 MAJOR COMMODITIES. News & Development. For Private Circulation Only

Wednesday, May 17, 2017 MAJOR COMMODITIES. News & Development. For Private Circulation Only Wednesday, May 17, 2017 For Private Circulation Only MAJOR COMMODITIES Commodity Expiry High Low Close Change Commodity Expiry High Low Close ($) Change Gold Jun 28135 28020 28094 102 Gold (Oz) Jun 1239.10

More information

India: The Next China?

India: The Next China? BY ERIK NORLAND, SENIOR ECONOMIST AND EXECUTIVE DIRECTOR, CME GROUP JUNE 1 India: The Next China? All examples in this report are hypothetical interpretations of situations and are used for explanation

More information

Current Economic Scenario: Some Indicators

Current Economic Scenario: Some Indicators LOK SABHA SECRETARIAT PARLIAMENT LIBRARY AND REFERENCE, RESEARCH, DOCUMENTATION AND INFORMATION SERVICE (LARRDIS) MEMBERS REFERENCE SERVICE REFERENCE NOTE. No. 26 /RN/Ref./August /2013 For the use of Members

More information

WHAT'S NEW. International Developments. U.S. GDP expanded an annualized 0.50% in the first quarter of 2016, the slowest pace in two years.

WHAT'S NEW. International Developments. U.S. GDP expanded an annualized 0.50% in the first quarter of 2016, the slowest pace in two years. International Developments U.S. GDP expanded an annualized 0.50% in the first quarter of 2016, the slowest pace in two years. China's GDP grew 6.70% in first quarter of 2016, down from 6.80% in fourth

More information

Will Fiscal Stimulus Packages Be Effective in Turning Around the European Economies?

Will Fiscal Stimulus Packages Be Effective in Turning Around the European Economies? Will Fiscal Stimulus Packages Be Effective in Turning Around the European Economies? Presented by: Howard Archer Chief European & U.K. Economist IHS Global Insight European Fiscal Stimulus Limited? Europeans

More information

The ICBC Trust Crisis Why A Trust Default Wouldn t Cause a Financial Crisis in China

The ICBC Trust Crisis Why A Trust Default Wouldn t Cause a Financial Crisis in China Orient Capital Research January 27, 2014 Orient Capital Research Andrew Collier 631-521-1921; 852-9530-4348 andrew@collierchina.com Juilice Zhou, Analyst, Shanghai The Why A Trust Default Wouldn t Cause

More information

Asia Equities DESPITE GEOPOLITICAL RISKS, ASIA LEADING GLOBAL MARKETS

Asia Equities DESPITE GEOPOLITICAL RISKS, ASIA LEADING GLOBAL MARKETS PRICE POINT November 2017 Timely intelligence and analysis for our clients. Asia Equities DESPITE GEOPOLITICAL RISKS, ASIA LEADING GLOBAL MARKETS KEY POINTS Anh Lu Portfolio Manager, New Asia Fund Asian

More information

Improving. The Financial Ecosystem of. Indian MSMEs

Improving. The Financial Ecosystem of. Indian MSMEs Improving The Financial Ecosystem of Indian MSMEs Introduction A vibrant entrepreneurial ecosystem constitutes a failsafe route to a nation s economic development. Prime Minister Narendra Modi s Make in

More information

Wednesday, November 28th 2018

Wednesday, November 28th 2018 1 of 8 11/28/2018, 1:42 PM India World Cities Opinion Explained Sports Entertainment Lifestyle Technology Parenting Viral Videos Photos Audio Toggle Menu Wednesday, November 28th 2018 English ह द मर ठ

More information

FII Flows in Indian Equity Markets: Boon or Curse?

FII Flows in Indian Equity Markets: Boon or Curse? 1 FII Flows in Indian Equity Markets: Boon or Curse? Viral V. Acharya, V. Ravi Anshuman, and K. Kiran Kumar 1 The principal risk facing India remains the inward spillover from global financial market volatility,

More information

WEEKLY PREMIUM REPORT FOR MCX 24/04/2017 TO 28/04/2017

WEEKLY PREMIUM REPORT FOR MCX 24/04/2017 TO 28/04/2017 WEEKLY PREMIUM REPORT FOR MCX 24/04/2017 TO 28/04/2017 CONTENTS MCX WEEKLY LATEST UPDATE WEEKLY MARKET WRAPUP TECHNICAL LEVEL TECHNICAL CHARTS & RESEARCHER VIEWS NCDEX WEEKLY LATEST UPDATE FOREX WEEKLY

More information

2012 6 http://www.bochk.com 2 3 4 ECONOMIC REVIEW(A Monthly Issue) June, 2012 Economics & Strategic Planning Department http://www.bochk.com An Analysis on the Plunge in Hong Kong s GDP Growth and Prospects

More information

April 16, BSE Limited Listing Department Phiroze Jeejeebhoy Towers Dalal Street Mumbai Dear Sirs,

April 16, BSE Limited Listing Department Phiroze Jeejeebhoy Towers Dalal Street Mumbai Dear Sirs, an April 16, 2018 BSE Limited Listing Department Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Dear Sirs, National Stock Exchange of India Limited Listing Department Exchange Plaza, 5th floor Plot

More information

1 of 6 10/16/2018, 1:14 PM

1 of 6 10/16/2018, 1:14 PM 1 of 6 10/16/2018, 1:14 PM 2 of 6 10/16/2018, 1:14 PM Mumbai: Selling of Indian shares by foreign institutional investors (FIIs) intensified in October as the markets plunged, weighed down by several macro

More information

Biggest weekly gains in seven weeks; no major triggers ahead apart from Q4FY17 earnings..

Biggest weekly gains in seven weeks; no major triggers ahead apart from Q4FY17 earnings.. Mr. Ashok Ajmera, CMD & CEO Mr. Ajmera s column as on 18th March,, 2017 Biggest weekly gains in seven weeks; no major triggers ahead apart from Q4FY17 earnings.. The stock markets posted their biggest

More information

The Problem of Widening Current Account Deficit of India

The Problem of Widening Current Account Deficit of India The Problem of Widening Current Account Deficit of India Article by Subho Mukherjee (2013) Source: http://www.economicsdiscussion.net/india/the-problem-of-widening-current-accountdeficit-of-india/10909

More information

Week Ahead Asia-Pacific Economic Preview

Week Ahead Asia-Pacific Economic Preview Week Ahead Asia-Pacific Economic Preview Worldwide release of IHS Markit PMI surveys to provide growth, trade and inflation trends Inflation data released across Asia Australia and India set monetary policy

More information

cr

cr http://www.ptinews.com/news/669516_bajaj-electricals-q4-net-dips-21-pc-to-rs-37- cr Bajaj Electricals Q4 net dips 21 pc to Rs 37 cr STAFF WRITER 16:33 HRS IST * Bajaj Electricals Ltd today said its net

More information

Good MornING Asia - 1 March 2018

Good MornING Asia - 1 March 2018 Economic and Financial Analysis Bundle Good MornING Asia - Global Economics Ignore China's weak PMI data; supply-side reforms support prospects of steady manufacturing and GDP growth in 2018. India's GDP

More information

The Vice-Grip of Finance

The Vice-Grip of Finance The Vice-Grip of Finance C.P. Chandrasekhar and Jayati Ghosh On December 19 th a bunch of foreign investors dumped their holdings in the Thai stock market, triggering a collapse of the stock exchange of

More information

Content Development Team, Chennai 1 Vol -1, Issue-9 (FOR PRIVATE CIRCULATION ONLY)

Content Development Team, Chennai 1 Vol -1, Issue-9 (FOR PRIVATE CIRCULATION ONLY) ++ May 26 to June 1, 2008 CREDIT SUISSE BETS BIG ON INDIA, TO ACQUIRE NBFC Credit Suisse is on an aggressive growth path in the country. The bank is in the process of acquiring a non-banking finance company

More information

ECONOMIC ANALYSIS. I. Introduction and Historical Background

ECONOMIC ANALYSIS. I. Introduction and Historical Background ECONOMIC ANALYSIS I. Introduction and Historical Background Accelerating Infrastructure Investment Facility in India (RRP IND 47083) 1. According to the Planning Commission of India s approach paper to

More information

ATDC in News Apparel Training & Design Centre

ATDC in News Apparel Training & Design Centre Publication Edition Date Page Dainik Jagran Gurgaon 28th February 2016 02 Publication Edition Date Page Dainik Jagran Gurgaon 28th February 2016 02 Publication Edition Date Page Gurgaon Today Gurgaon 28th

More information

News U Can Use. September 2, 2016

News U Can Use. September 2, 2016 News U Can Use September 2, 2016 The Week that was 29 th August to 2 nd September Slide 2 Indian Economy Government data showed that the growth of the Indian economy slowed to 7.1% in the first quarter

More information

Wednesday, April 05, 2017 MAJOR COMMODITIES. News & Development. For Private Circulation Only

Wednesday, April 05, 2017 MAJOR COMMODITIES. News & Development. For Private Circulation Only Wednesday, April 05, 2017 For Private Circulation Only MAJOR COMMODITIES Commodity Expiry High Low Close Change Commodity Expiry High Low Close ($) Change Gold 05-Apr 28963 28816 28862 160 Gold (Oz) Jun

More information

Steel In The News. A compilation of leading news items on Indian steel industry as reported in major national dailies. Highlight of the Week 2

Steel In The News. A compilation of leading news items on Indian steel industry as reported in major national dailies. Highlight of the Week 2 Steel In The News A compilation of leading news items on Indian steel industry as reported in major national dailies CONTENTS Page Highlight of the Week 2 Company News 2 Projects 3 Policy 4 Steel Performance

More information

Axis Bank Limited. October 10, Current Rated Amount (Rs. crore) [ICRA]AAA(hyb)(stable); - 4, Bonds/Debentures Programme

Axis Bank Limited. October 10, Current Rated Amount (Rs. crore) [ICRA]AAA(hyb)(stable); - 4, Bonds/Debentures Programme Summary of rated instruments Instrument Previous Rated Amount (Rs. crore) Axis Bank Limited October 10, 2018 Current Rated Amount (Rs. crore) Rating Action Basel III Complaint Tier II ; - 4,000.00 Bonds/Debentures

More information

Securitisation Market Overview Securitisation market hits a trillion, propelled by PTCs

Securitisation Market Overview Securitisation market hits a trillion, propelled by PTCs Securitisation Market Overview 216-17 Securitisation market hits a trillion, propelled by PTCs However, PSLCs cast a long shadow Analytical contacts Krishnan Sitaraman Senior Director, CRISIL Ltd. krishnan.sitaraman@crisil.com

More information

: September 11, 2017 VINSON KURIAN. C.H. Venkatachalam, General Secretary, All-India Bank Employees' Association

: September 11, 2017 VINSON KURIAN. C.H. Venkatachalam, General Secretary, All-India Bank Employees' Association AIBEA s Banking News 12 SEPTEMBER 2017 NEWS BULLETIN FROM ALL INDIA BANK EMPLOYEES ASSOCIATION Bank staff to take out morcha to Parliament on Friday, meet PM : September 11, 2017 VINSON KURIAN C.H. Venkatachalam,

More information

Non-performing assets: an Indian perspective

Non-performing assets: an Indian perspective Non-performing assets: an Indian perspective Thought Paper www.infosys.com/finacle Universal Banking Solution Systems Integration Consulting Business Process Outsourcing Non-performing assets: an Indian

More information

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS EMBARGOED: FOR RELEASE AT 4:00 P.M., EDT, THURSDAY, MAY 2, TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS - During the first quarter of, the dollar appreciated 2.0 percent against the euro and

More information

Asia Business Council Annual Survey 2011

Asia Business Council Annual Survey 2011 Asia Business Council Annual Survey 2011 Executive Summary September 2011 Survey Overview Survey was conducted in July-August 2011 Response rate of 76% (49 of 64 members) Members were asked about their

More information

Daily Market Update Report as on Thursday, October 04, 2018

Daily Market Update Report as on Thursday, October 04, 2018 Daily Market Update Report as on Thursday, October 04, 2018 Gold gained on worries over Italian finances. EU officials expressed concerns about Italy s financial budget plan and fears of a widening budget

More information

Market Snap 02 nd June 2018

Market Snap 02 nd June 2018 Weekly ary Market Snap 02 nd June 2018 BROKING INVESTMENT BANKING l RESEARCH DISTRIBUTION l DEPOSITORY Index Previous Close Open High Low Close Change Change (%) Sensex 34924.87 35074.32 35438.22 34735.11

More information

Daily Market Update Report as on Friday, October 26, 2018

Daily Market Update Report as on Friday, October 26, 2018 Daily Market Update Report as on Friday, October 26, 2018 Gold prices inched lower with some investors taking advantage of a recent surge in prices to lock in profits. On Tuesday it hit a more than three-month

More information

Symbiosis in Samurais

Symbiosis in Samurais Symbiosis in Samurais - WSJ.com http://online.wsj.com/article_print/sb121260301505845697.html 第 1 頁, 共 3 頁 June 5, 2008 HEARD IN ASIA Symbiosis in Samurais Japanese Investors, Corporate Issuers See Bonds'

More information

Current service tax rate in india

Current service tax rate in india Current service tax rate in india 2013 14 Income Tax Slab (A.Y. 2015-16) & (A.Y. 2014-15): Check the latest income tax slab rates for Asst. Yr. 2014-14 or Financial year 2013-14. Download in PDF format

More information

Indian Banks: The final cleanup

Indian Banks: The final cleanup Economic and Financial Analysis 25 June 2018 Global Economics 25 June 2018 Article Indian Banks: The final cleanup Indian banks are going through the final phase of their balance-sheet cleanup. This completes

More information

Axis Bank Limited. December 27, 2018

Axis Bank Limited. December 27, 2018 Summary of rated instruments Instrument Axis Bank Limited Previous Rated Amount (Rs. crore) December 27, 2018 Current Rated Amount (Rs. crore) Rating Action Infrastructure Bonds/debentures -- 3,000.00

More information

The fiscal response to the currency crisis and the challenges ahead - Korea s experience

The fiscal response to the currency crisis and the challenges ahead - Korea s experience The fiscal response to the currency crisis and the challenges ahead - Korea s experience Chung Kyu Yung 1 1. Fiscal management and its impact after the currency crisis Fiscal position before the currency

More information

Currency Research Desk

Currency Research Desk Currency Research Desk Currency weekly October 29, 2012 Global economic review Economic performance All the Financial markets remained at tenterhook expect some of the Asian bourses. However, the two largest

More information

Rating Efficiency in the Indian Commercial Paper Market. Anand Srinivasan 1

Rating Efficiency in the Indian Commercial Paper Market. Anand Srinivasan 1 Rating Efficiency in the Indian Commercial Paper Market Anand Srinivasan 1 Abstract: This memo examines the efficiency of the rating system for commercial paper (CP) issues in India, for issues rated A1+

More information