Tag Archives: Tata

UBHL attached by SEBI, Rupee strengthens against dollar, Airtel-Tata Tele takeover approved- Weekly Digest #52

Hi everyone. Sorry was away from the blog due to exams. But hoping to pick it back up. So here is the summary of this week’s news. Also, suggestions about what else content can be posted on this blog are most welcome.

Monday- 13th November 2017

  • Owing to the fiscal deficit for the year due to additional costs from rising crude and a possible dip in revenues due to revamp of GST, Nifty fell 96.80 points to close below 10,225 points while the Sensex closed at 33,033.56 points.
  • Coca-Cola, Dabur, Honda Motorcycle and Scooter India and Perfetti Van Melle suspended manufacturing operations in NCR after the National Green Tribunal (NGT) banned the industrial activity in and around New Delhi to curb intense smog conditions.
  • Insolvency and Bankruptcy Code proposed to be tweaked to ensure that the promoters don’t purchase back the bankrupt company’s assets at discounted prices.
  • Vodafone India and Idea Cellular have agreed to sell about 20,000 towers they directly own to a local arm of ATC for $1.2 billion. The proceeds are expected to be utilised for paring the debt of the merging entities.
  • General Insurance Corporation reported an increase 463% in net profits to ₹1,419 crore for Q2, owing to the underwriting profit of ₹757.3 crore earned during the quarter.

 

Tuesday-  14th November 2017

  • Vodafone has valued its 42% stake in Indus Towers, the largest telecom tower company in India, at $5 billion. The group CEO, Vittorio Colao said that competitive market and gradual tariff increase by Jio has shown positive signs.
  • US private equity giant KKR is in early talks with investors to sell its oldest India investment, Flextronics Software, now known as Aricent, for about $1.5 billion.
  • Amazon’s third capital infusion this year, ₹2,900 crore into Amazon Seller Services, making its single-biggest infusion this year. The rival Flipkart mopped up nearly $4 ₹26,180 crore in funding earlier.
  • Malvinder Mohan Singh stepped down from the post of non-executive chairman at Religare Enterprises. He has been replaced by S Lakshminarayanan, a retired IAS officer and chairman of Shriram Transport Finance.
  • Wholesale inflation hit a six-month high in October to 3.59%, driven by an increase in food and fuel prices. Retail inflation also hit a seven-month high of 3.58%.

 

Wednesday-  15th November 2017

  • The SEBI has attached all bank accounts, securities and mutual fund units held by Vijay Mallya-owned United Breweries Holdings corresponding to a default on payment of a penalty of ₹15 lakh imposed in 2015.
  • Fortis Healthcare to buy back the real estate assets that house its 14 existing hospitals from Religare Healthcare Trust for ₹4,650 crore, including ₹1,152 crore of debt. It also involves acquiring balance 49% stake in Fortis Hospotel from Singapore Exchange-listed business trust.
  • Daiichi Sankyo has approached the Delhi HC, seeking initiation of contempt of court proceedings against former Ranbaxy promoters Malvinder and Shivinder Singh for violating a previous order to maintain the status of their unpledged assets.
  • Paytm’s parent company One97 Communications has received $800 million from SoftBank in a private placement to SVF India Holdings (Cayman).
  • The market was in red for third consecutive day owing to worries about the effect of higher oil prices with Sensex declining 181 to 32,760, while the Nifty fell 68 points to 10,118.

 

Thursday-  16th November 2017

  • The RBI to come up with with a fresh list of around 50 loan accounts that are either under stress or close to being classified as NPAs. It will set a deadline for resolution for bankruptcy proceedings.
  • RIL to raise  $1.8 billion through a combination of offshore bonds and syndicated loans with an aim to reduce its high-cost debt.
  • In a litigation case between United Spirits and United Breweries, USL has claimed a recovery of around ₹1,800 crore, including interest from Vijay Mallya’s holding company after it defaulted between 2010 and 2013.
  • CCI has given its approval for Airtel- Tata Tele merger which came as Bharti Airtel’s move to take over the wireless business of Tata Teleservices to boost its market share and 4G airwaves capacity.
  • The market bounced after a 3 day of decline with Nifty gaining 1% to close at 10,215 points and Sensex gained 346 points to 33,106 point swing to strong performances by RIL and Infosys.

 

Friday- 17th November 2017

  • HDFC Standard Life Insurance Company made a strong debut with shares being listed at ₹310, 6.9% up from the issue price of ₹290. It closed at ₹344.25, marking a rise of 18.7% against the issue.
  • The Rupee rose 1% to touch the mark of ₹64.62 per dollar amidst hopes of foreign inflows. However, it closed at  ₹65.01 per dollar.
  • Aircel and RCom have accused larger rivals Bharti Airtel, Idea Cellular and Vodafone India of trying to poach subscribers through misleading campaigns.
  • Tata Sons, the investment holding company of the salt-to-software conglomerate, said it appointed Bhaskar Bhat and Saurabh Agrawal as its directors, raising the board strength to 11.

 

Source: The Economic Times
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Bankruptcy proceedings, TATA Group to acquire Air India, IHH withdraws from Fortis- Weekly Digest #45

Monday- 19th June 2017

  • Sensex closed at a record high of 31,311 points and Nifty at 9,657 points as RBI asked lenders to start bankruptcy proceedings against big defaulters. It has raised the hopes of a speedy resolution to the bad loans issue.
  • The Income tax department has demanded all dividends due to Cairn Energy Plc from Cairn India (Vedanta Ltd) against part of the ₹10,247-crore tax levied on the company due to the retrospective amendment.
  • Mercedez-Benz has named Piyush Arora, present head of manufacturing at its Pune plant as the person-in-charge for its South-East operations.
  • Volkswagen has named Steffen Knapp as the director as the director of Volkswagen Passenger Cars India. He succeeds Michael Mayer, who is now head of sales and marketing for VW China.
  • IDBI bank took bankruptcy proceedings against Lanco Infratech as it took the resolution to the insolvency courts. The stock tanked by 20% after this news.

 

Tuesday- 20th June 2017

  • ABB, the Swedish-Swiss multinational, is in discussions with Larsen & Toubro to acquire its electrical and automation division. The deal is to be expected to be valued at ₹14,000-18,000 crores.
  • Reliance Communications, under the pressure from its lenders, has put its property monetization exercise on fast-track and is targeting an overall 80% (₹45,000 crores) by December 2017.
  • Adani Ports and Special Economic Zone plans to raise at least $500 million through overseas bond sales. The amount to be utilised for refinancing some current loans and fund expansion.

 

Wednesday- 21st June 2017

  • The SEBI eased rules on the restructuring of distressed companies, making it easier for banks to sell them off. Sebi also tightened the rules for participatory to clamp down on possible misuse of the instrument.
  • The government has given banks, post offices and district central cooperative banks a month’s time to deposit any demonetised currency still in their possession.
  • The Tata Group plans to buy the stake of debt-ridden Air India. It plans to acquire 51% stake in the carrier company. Interestingly, Air India was founded 85 years ago by Tata Group.
  • The government sold its 2.5% stake in L&T to state-run entities, including SBI and LIC, for about ₹4,200 crore.
  • With bids cumulating at ₹62,500 crores, CDSL’s IPO oversubscribed by 170 times. It has set the subscription record in the history of D-street. QIP subscribed 149 times while the HNI was subscribed at 563 times.

 

Thursday- 22nd May 2017

  • SBI has been authorised to refer Essar Steel, Bhushan Steel and Electrosteel to the bankruptcy court. This has raised the possibility that some of these companies could be merged in an effort to return them to health.
  • Integrated Healthcare Holdings of Malaysia has abandoned its pursuit of Fortis Healthcare and SRL Diagnostics, thus dampening the efforts of its promoters to reduce their debt by selling off their healthcare assets.
  • Reliance Industries and partner BP have withdrawn the gas price-related arbitration against the government. This will enable the companies to claim the premium price for output from deep-sea fields.
  • Rural Electrification Corp plans to raise $300 million by selling bonds to overseas investors. The proceedings to be utilised to finance environment-friendly projects.

 

Friday- 23rd May 2017

  • PNB has been given green signal to begin bankruptcy proceedings against Bhushan Power and Steel. It is one of the largest defaulters among the 12 companies identified by the RBI.
  • Wall Street Journal reported that the British drinks giant Diageo were aware that the United Spirits Ltd management, led by Vijay Mallya, had diverted money to the nearly-bankrupt Kingfisher Airlines before it took over the Bengaluru-based spirits firm.
  • Fortis stock plunged by 13% to ₹172.30 following IHH Healthcare’s decision to back out of a deal to buy a controlling stake.

 

Source: The Economic Times
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Sensex hits 30K, Delhi HC turns down RBI, RCom-Aircel Merger – Weekly Digest #42

Monday- 24th April 2017

  • Reliance Industries reported a 12.3% increase in quarterly net profit to ₹8,046 crores owing to robust petrochemical and refining margin. Jio reported a net loss for the six months as ₹22.50 crores.
  • Owing to strong cues from French presidential elections, the Sensex rose 290.5 points to close at 29,656 points while Nifty gained 98points to reclaim 9,200 level.
  • The shareholders Reliance Communications and Aircel approved the merger of the mobile businesses of their companies to form the India’s fourth largest telecommunication company.

 

Tuesday- 18th April 2017

  • Owing to French Presidential elections and Trump’s indicating tax rate cuts, Sensex rose to 29,943.24 points and Nifty crossed the 9,300 mark, touchingits all time high.
  • Welspun India’s fourth quarter profit fell 21.5% to ₹153.8 crores as it is still recovering from Target’s exit due to its fake Egyptian cotton sheets.
  • Following feud between Cyrus Mystry and TATA sons, a director with seats in Tata and Wadia Group companies decided to step down from the latter. Cyrus Mistry’s brother, Shapoor Mistry stepped down from the board of Tata-owned Indian Hotels.
  • The Lodha Group, a Mumbai-based property developer, may acquire as much as 15% of projects company, Vascon Engineers, seeking to tap into the expanding demand for affordable housing in India.
  • NTPC and HPCL-Mittal Energy have raised money through ₹2,400 crores Masala Bond sales to overseas investors.

 

Wednesday- 19th April 2017

  • Rupee surged to its strongest in 20 months s dollars flooded into local equities and bonds, prompting RBI to intervene to limit gains, which erode the profitability of exporters. The rupee touched 63.93 before being pulled back to 64.11 at close.
  • The Sensex closed above 30,000 mark for the first time, mirroring optimism in the US markets where Nasdaq Composite crossed 6,000 for the first time. Nifty closed at a fresh all time high of 9,352 points.
  • Sebi has approved introduction of options contracts in the commodities market. Details to be worked out in due course.

 

Thursday- 20th April 2017

  • One 97 Communications, owner of online payments provider Paytm, is set to raise over ₹12,000 crore SoftBank. This will value the company at around $9 billion and provide a 20% stake to SoftBank.
  • Maruti Suzuki India Limited reported a 16%increase in its Q4 net profits to ₹1,709 crores owing to higher sales of premium models such as Baleno and Brezza.
  • HDFC bank hit record high Market Cap of ₹4 lakh crore as it reached the intraday high of ₹1,572 before closing at 1,567.

 

Friday-21st April 2017

  • The Delhi High Court allowed Tata Sons to pay NTT Docomo a $1.18 billion arbitration award despite RBI protesting against the same. RBI was protetsing on the ground that it amounted to transfer of shares resulting in violation of law.
  • Amazon’s founder Jeff Bezos said that he is grateful for Indian Customers to make Amazon India the country’s most popular Web marketplace with a promise that he’ll keep investing in Indian business of Amazon.
  • Paytm Ecommerce has appointed SAIF Partner’s Ravi Adusumalli and four employees from investor Alibaba on the board of directors, according to filings made with the MCA.
  • Kotak Mahindra Bank to buy entire 26% stake held by Old Mutual plc, in Kotak Mahindra Old Mutual Life Insurance for ₹1,292 crores, valuing the company at ₹4,672 crores.

 

Source: The Economic Times

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RBI controls rupee price, Vedanta invests in Rival, RBI upholds objections against Tata Sons- Weekly Digest #39

Monday- 13th March 2017

  • No Major news as the market was closed on the occasion of Holi.

 

Tuesday- 14th March 2017

  • Nifty hit an all-time high of 9,112.75 points in response to BJP’s decisive win the state of UP. It ended lower at 9,087 points.
  • RBI intervened in the currency market to hamper profit booking from BJP’s electoral showing and limiting a spike in the rupee. The Rupee surged to a 16-month high of 65.82 against the dollar.
  • USFDA has lifted the ban on Sun Pharma’s Mohali Facility. The ban had been imposed for violation of good manufacturing practices.
  • RBI has told the Delhi HC that it will look into the request by Tata Sons’ “request for approval“ to pay NTT Docomo a $1.17 billion arbitral award. RBI had objected against the same as it amounted to transfer of shares.

 

Wednesday- 15th March 2017

  • US-based eBay and China’s Tencent are frontrunners for raising the fund of up to $1.5billion for Flipkart. The transaction may lead to Indian arm of eBay a part of the Flipkart.
  •  RBI has intensified efforts to control the surge in rupee as it asked banks about open positions to send a clear signal that it’s reaching the end of its tolerance limit for speculative activity.
  • The National Consumer Disputes Redressal Commission has directed the realty firm Supertech Limited to pay over INR 55 lakh to a homebuyer for not giving possession of a flat in the stipulated time.
  • RBI stayed with its decision to block the payment of $1.17 billion by Tata Sons to NTT Docomo. The decision on whether RBI’s objections are maintainable is yet to be decided upon by the Delhi HC.
  • SEBI has approved the merger of Reliance Communication with Aircel. This saw a positive reaction from the market as Reliance Communication’s shares rose by 5%.

 

Thursday- 16th March 2017

  • Anil Agarwal, founder of Vedanta Resources Plc made a bid for 13% of British mining giant Anglo American Plc for $2.4 billion. The investment to be made from his personal investment firm, Volcan Investments.
  • Digital wallet maker Paytm has launched its payments services in Canada, marking its entry into an overseas market for the first time. It has tied up with local banks to accept all payment instruments.
  • Airtel scrapped its plans to sell a controlling stake in Bharti Infratel and has instead sold 21.63% share of the company. Bharti Airtel’s shares slipped more than 1% in reaction.

 

Friday-17th March 2017

  • Volcan Investments launched a $2.4 billion convertible bond issue on to fund its planned acquisition of about 13% in commodities giant Anglo American Plc, rival to his Vedanta Resources.
  • Vertex Ventures, a member of Temasek Holdings, is set to close fundraising for its next fund focused on Southeast Asia, including India, with a target size of $150-180 million.
  • Shares of ITC, India’s largest cigarette company, gained 4.9% after the GST Council capped the proposed cess on non-merit goods such as tobacco products. The share reached the intraday high of INR 289.

 

Source: The Economic Times

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FIIs invest in HDFC, Tata Motors shocking Quarter, SBI merger approved- Weekly Digest #35

Monday- 13th February 2017

  • Infosys CEO, Vishal Sikka, denied the involvement of any wrongdoing in the $200 million acquisition of Panaya, saying that the company has been a victim of malicious rumours.
  • GIC of Singapore is in talks with promoters of DLF Limited, KP Singh and his family to acquire their 40% stake in DLF Cyber City Developers Limited for a value of ₹12,000 crores.
  • DSP Blackrock Microcap, a small capital mutual fund, has decided to stop fresh inflows after February 17. Earlier, lump sum investments had been restricted to ₹1,00,000 per person.
  • Motherson Sumi Systems reported a Q3 profit of ₹416 crores, a 34% increase on a year-to-year basis.

 

Tuesday- 14th February 2017

  • Infosys chairman R Seshasayee informed the investors about his talks with the founders of the company which was aimed at ensuring that the dispute did not spill over media.
  • Vodafone India has awarded a 4G contract to Swedish gear maker, Ericsson for UP West, Rajasthan, Odisha, North East and Assam telecom zones for a value of $300 million.
  • Tata Motors posted a Q3 profit of ₹112 crores, down by 96% from last year’s profit. This has been attributed to demonetization, lower wholesale volumes at Jaguar Land Rover and higher expenses.
  • Telecom Regulatory Authority of India (Trai) has directed Videocon Telecom to continue its mobile services operations in Punjab and maintain the quality of service until the time its licence is operational or valid, rejecting the telco’s decision to shut services from February 15.

 

Wednesday- 15th February 2017

  • The Cabinet approved a proposal to merge the five subsidiaries of State Bank of India with the parent. This will enhance dominance of India’s largest bank as combined entity will have over 23,000 branches all over the country.
  • Private equity firm Warburg Pincus is in advanced negotiations to acquire a significant minority stake of up to 40% in Tata Technologies for around ₹2,300 crores
  • Shares of Intellect Design Arena fell up to 12% on Wednesday to touch a 52-week low after investor Rakesh Jhunjhunwala and his wife Rekha sold more than 42 lakh shares in the company through bulk deals.

 

Thursday- 16th February 2017

  • TCS announced that it is considering a buyback of its shares next week. This move comes after rival Cognizant adopted similar policies. TCShad $5.69 billion in cash and cash equivalents and investments on its books as of December 31 last year.
  • Havells India is in talks with Llyod Electronics to acquire the latter’s consumer durables business for a value of ₹1200-1500 crores.
  • Housing mortgage company Indiabulls Housing Finance and oil marketing major Indian Oil Corporation will replace BHEL and Idea Cellular in NSE’s benchmark index Nifty. The changes will come into effect on March 31, 2017.

 

Friday-17th February 2017

  • Foreign Investors invested an amount of ₹8043 crores in HDFC Bank as RBI lifted FII investment restrictions on HDFC Bank. The stock rose to ₹1,450 but slipped later on as RBI clamped down FII buying as it cannot exceed 74% as per the rules framed on this behalf.
  • UK’s Vodafone Groups is seeking help from Marten Pieters, the former CEO of its Indian arm to stir up the process of Vodafone and Idea merger.
  • Hindalco is planning to raise funds through qualified institutional placement (QIP) to raise ₹3,500 crore. Hindalco postponed its capital raising plans at the last minute in July-August 2014 due to poor market sentiment.
  • Sensex and Nifty closed at 28,469 and 8,822 respectively, hitting their 5 months high due to strong FII in HDFC Bank.

 

Source: The Economic Times
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Tata Sons’ new Chairman, Flipkart ropes in Top-Exec, NYLIC re-enters Max- Weekly Digest #30

Monday- 9th January 2017

  • Kalyan Krishnamurthy has been named the new chief executive of Flipkart while co-founder BinnyBansal has moved to the position of group CEO.  Krishnamurthy was a former executive in the New-York based investment firm,
  • New York Life Insurance Company has picked up a 22.51% stake for ₹121 crores in Max-Ventures and Industries Limited. The company will invest the proceeds in education and real estate, the focus areas for its future businesses.
  • Mondelez International has agreed to pay $13 million in civil penalties without admitting or denying charges. It was accused of bribing the government officials for obtaining licences and approvals.
  • Rockman Industries, the auto component arm of Hero Group, has acquired a majority stake in Moldex Composites at a valuation of ₹100 crore.
  • To compete with private banks for market share in the digital banking, SBI has waived off the merchant discount rate (MDR) to businesses with a turnover of less than ₹20 lakhs till the end of the calendar year.

 

Tuesday-10th January 2017

  • News Corp-backed real estate website PropTiger has merged with Housing.com in an all-stock deal. This will create country’s largest digital platforms for property listing through a digital platform.
  • A day after Kalyan Krishnamurthy was appointed as CEO of Flipkart, three top-level executives are leaving the company. Saikiran Krishnamurthy, who headed the e-tailer supply chain unit Ekart; senior vice president Surojit Chatterjee, who headed product and chief marketing officer Samardeep Subandh are leaving the company.
  • IndusInd Bank reported a 29%increase in the net profit for the third quarter at ₹751 crores, shrugging off the demonetization worries.
  • ICICI Prudential Life Insurance and general insurer ICICI Lombard have bought a 12% stake in fledgeling payments bank Fino Paytech for ₹150 crores.
  • Marissa Mayer along with5 other directors to leave Yahoo! after the closing of the deal with Verizon Communications. Yahoo Inc to be renamed as Altaba Inc.

 

Wednesday- 11th January 2017

  • Snapdeal has appointed online real estate firm Housing.com’s CEO Jason Kothari as its chief strategy and investment officer.
  • IDFC Alternatives, the private equity arm of IDFC group, has raised $100 million from domestic institutional investors and large family offices towards the first close of its fourth fund.
  • Japanese drugmaker Daiichi Sankyo has shut down its India research division as its now plans to focus the research on cancer treatment.
  • Oil marketing company BPCL on raised an amount of $600 million by selling 10-year dollar bonds to investors in Asia and Europe. NTPC is planning a similar sale in few weeks.

 

Thursday- 12th January 2017

  • Natarajan Chandrasekaran, CEO of Tata Consultancy Services, was handed over the position of chairman of Tata Sons. He will take over the position from the interim chairman, Ratan Tata.
  • Tata Consultancy Services (TCS) reported a 2.9% increase in the profits for Q3. It reported revenue of $4.38 billion and a net profit of $1 billion.
  • The rupee, owing to spectacular recovery surged by 24 paise to end at a week high of 68.08.  This has been due to rally in domestic equity as well as along with the weakening of dollar after US President-elect Donald Trump’s press conference.
  • Adani Ports has raised an amount of $500 million by selling bonds to overseas investors. The amount is to be used to refinance its existing debt.

 

Friday- 13th January 2017

  • Tata Consultancy Services dropped almost 4% due to a shuffle in its management after its CEO, Natrajan Chandrasekaran was appointed as the chairman of Tata Sons. It nullified all the optimism investors gathered after Q3 results.
  • HDFC Ergo General Insurance Company raised an amount ₹350crores by the issue of non-convertible debentures through investors like Ergo, General Insurance Corporation and Life Insurance Corporation.
  • Reliance to invest ₹3,000 crores in Reliance Jio, to expand its coverage and capacity. This will take the total investment in the telecom venture to ₹2 lakh crores.
  • Environment ministry under Anil Dave gave a red flag to the  ₹50,000crore proposal from ArcelorMittal for a mining project in the dense Saranda forest area of Jharkhand.

 

Source: The Economic Times

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Market begins recovery, DTA with Singapore revised, Holding SBNs Criminalised- Weekly Digest #28

Monday- 26th December 2016

  • eBay India reported a three times rise in the sales in 2015-16 to Posted Image392 crores. However, its loss widened from  Posted Image172 crores to  Posted Image262 crores this year despite various cost-cutting measures.
  • Godrej Nature’s Basket has initiated its process of shutting all the eight stores it operated in NCR. It has already closed two stores and will be closing remaining in the coming weeks.
  • Sensex slipped below Brexit Day low, to attain its 7-month low by closing at 25,807 points. Nifty closed at 7,908 points.

Tuesday-27th December 2016

  • Tata Sons accused Cyrus Mistry of passing on confidential information to Cyrus Investments and Sterling Investment Corporation as such information has been included in their petition against Tata Sons before NCLT.
  • After Finance Minister Arun Jaitley’s remarks about possible low tax regime in future, Sensex gained 406 points to reach 26,213 points and Nifty reclaimed the 8,000 mark by reaching 8,032 points.
  • Central Depository Services Limited (CDSL) has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of up to 3.52 crore shares.
  • Panasonic Corp will invest $256 million in Elon Musk’s Tesla Motors to make photovoltaic (PV) cells and modules, deepening a partnership of the two companies.

 

Wednesday- 28th December 2016

  • The Cabinet approved the ordinance of extinguishing RBI’s liability towards old 500 and 1,000 notes. Also, a penalty for holding such notes will be imposed on those holding such currency in excess of ten units combined after 31st March 2017.
  • ICICI Bank and Twitter announced a partnership which will enable digital customer care support features for the bank, benefiting millions of its customers with direct online response to their queries and feedback in real-time.
  • The National Stock Exchange (NSE) has filed an application for an initial public offering. The size of the IPO is expected to be around Posted Image10,000 crores and will be the third largest IPO in the last six years.
  • Real Estate firm Vatika has raised an amount of Posted Image495 crores as term debt for supporting the growth plans of its hospitality arm, Vatika Hotels.

 

Thursday- 29th December 2016

  • Digital payments and financial services company instantPay has raised an amount of $3-5 million from Singapore-based investors RB Investments and Kaleden Holdings.
  • Tata Sons sent a legal notice to former chairman Cyrus Mistry to return all confidential information he has in his possession and declare in writing that none of it had been shared with Shapoorji Pallonji Group companies, family members and affiliates.
  • Marico chairman, Harsh Mariwala, an independent board director of L&T Finance bought 46,000 shares from open market. L&T Finance has gained over 26% in this sluggish year.

 

Friday- 30th December 2016

  • IDBI bank slashed interest rates by announcing a 40bps cut to 9.30% for three-year loans. State Bank of Travancore slashed benchmark lending rate by up to 0.3% and other banks are expected to follow a similar path.
  • RBI relaxed the daily ATM withdrawal limit to Posted Image4,500 from earlier Posted Image2,500. However, bank withdrawal limit per week stands at Posted Image24,000.
  • India has amended its 2-decade old tax treaty with Singapore that will allow it to tax capital gains on investments from Singapore. Recently, STAs were amended with Cyprus and Mauritius too, plugging round-tripping of funds
  • Prime Minister Narendra Modi launched a mobile app for the Unified Payment Interface (UPI) across different banks and financial institutions, called BHIM (Bharat Interface for Mobile).

 

Source: The Economic Times
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