IMF slashes India's GDP growth projection to 6.1% in 2019. The IMF on Tuesday slashed India's GDP growth projection for the year 2019 to 6.1 per cent, which is 1.2 per cent down from its April projections.
The International Monetary Fund (IMF) in April said India will grow at 7.3 per cent in 2019. However, three months later it projected a slower growth rate for India in 2019, a downward revision of 0.3 per cent. As against India's real growth rate of 6.8 per cent in 2018, the IMF in its latest World Economic Outlook projected India's growth rate at 6.1 per cent in 2019 and noted that the Indian economy is expected to pick up the next year at 7.0 per cent in 2020. On Sunday, the World Bank in its latest edition of the South Asia Economic Focus said India's growth rate is projected to fall to 6 per cent in 2019 from 6.9 per cent of 2018. The downward revision relative to the April 2019 WEO of 1.2 percentage points for 2019 and 0.5 percentage point for 2020 reflects a weaker-than-expected outlook for domestic demand, the IMF said. Q2 preview: Refining boost seen for Reliance Industries earnings.
With an improvement in refining margins, Reliance Industries (RIL) is expected to report a strong quarter for the July-September period.
Analysts expect refining to offset weakness in petrochemicals (petchem) and a lower tax rate benefit for the retail and telecom businesses. RIL will report its financial performance for the September 2019 quarter on Friday. In a Bloomberg poll, 10 analysts estimated RIL’s consolidated net profit at Rs 11,256 crore and nine analysts estimated revenue at Rs 1.5 trillion.
Brokerages like Centrum see the highest-ever consolidated earnings prospect for the company. Total SA to buy 37.4% stake in Adani Gas for nearly Rs 5,700 crore. In a sign of rising global interest in India’s oil and gas sector, French oil major Total has signed a definitive agreement to acquire 37.4 per cent stake in Gautam Adani-led Adani Gas for about Rs 5,700 crore.
Total will purchase the shares in Adani Gas through a tender offer to public shareholders to acquire up to 25.2 per cent shares and purchase the residual shares from the Adani promoter family. This comes on a day when another major ExxonMobil signed a memorandum of understanding (MoU) with Indian Oil Corporation to expand Liquefied Natural Gas (LNG) business in India. RBI raises withdrawal limit to Rs 40,000 for account holders at PMC Bank. In further relief to customers of troubled Punjab & Maharashtra Cooperative (PMC) Bank, the Reserve Bank on Monday enhanced withdrawal limit to Rs 40,000 per account from Rs 25,000 per account earlier for six months.
This is the third time the regulator has increased the withdrawal limit since it clamped down on PMC Bank on September 23, capping withdrawals at Rs 1,000 per customer, which led to a lot of distress and criticism. Earlier in the day, Finance Minister Nirmala Sitharaman said she is closely monitoring the developments at PMC Bank, and the RBI governor has assured that customers' interest will be protected. The Reserve Bank of India, after reviewing the bank's liquidity position and its ability to pay its depositors, has decided to further enhance the limit for withdrawal to Rs 40,000, inclusive of Rs 25,000 allowed earlier, the central bank said in a statement. The RBI said its administrator has appointed forensic auditors to look into the fraudulent transactions.
Indian economy on a shaky ground, says Nobel Laureate Abhijit Banerjee. Indian-American Abhijit Banerjee, who on Monday won the 2019 Nobel for Economics, said Indian economy is on a shaky ground.
The data currently available do not hold any assurance for the country's economic revival anytime soon, he stated. "The condition of Indian economy is on a shaky ground. After witnessing the present (growth) data, just can't be sure about it (revival of economy in near future). "In the last five-six years, at least we could witness some growth, but now that assurance is also gone," Banerjee told a news channel from the US. The 58-year-old economist, who bagged the coveted prize jointly with his Esther Duflo and another economist Michael Kremer for his "experimental approach to alleviating global poverty", said he never thought he would get a Nobel so early in his career.
"I have been doing this research for the last twenty years. The Abhijit Banerjee I knew, and the geometry problem he gave me. The problem of writing about Abhijit Vinayak Banerjee for me is finding a suitable starting point.
I know him as long as I can remember, and surely much before that also, because of the very strong closeness of our families. His is a family of academics. Indian-American Abhijit Banerjee, two others win 2019 Nobel economics prize. Abhijit Banerjee and Esther Duflo of the Massachusetts Institute of Technology and Michael Kremer of Harvard University were awarded the 2019 Nobel Prize in Economics “for their experimental approach to alleviating global poverty.”
“The research conducted by this year’s Laureates has considerably improved our ability to fight global poverty. In economics of helping the poor, Abhijit Banerjee gives clear answers. The 2019 Nobel Memorial Prize in Economic Sciences has been awarded to three economists: Abhijit Banerjee, Esther Duflo, and Michael Kremer.
The first two teach at the Massachusetts Institute of Technology and the last named at Harvard University; both campuses are in Cambridge, Massachusetts, and their development economic programmes often share resources and students. They received the award for their contribution to reviving development economics, particularly through the popularisation of “randomised control trials” (RCTs) that break larger questions about policy interventions into smaller, easier to test studies. The Nobel Committee highlighted how their “experiment-based approach has transformed development economics” over the past decades. They mentioned specifically how, as a result of one such study, “more than 5 million Indian children have benefited from programmes of remedial tutoring in schools”. Suzuki Motorcycle overtakes Hero MotoCorp to be third largest scooter maker.
Suzuki Motorcycle India Pvt Ltd (SMIPL) has overtaken Hero MotoCorp to be the third largest scooter maker by sales in the first half (H1) of the current fiscal, according to a latest data by auto industry body SIAM.
Honda Motorcycle & Scooter India (HMSI) continues to be the undisputed leader in the segment followed distantly by Chennai-based TVS Motor Company. In April-September this fiscal, SMIPL sold a total of 3,41,928 units of scooters as compared to Hero MotoCorp's 2,49,365 units, as per Society of Indian Automobile Manufacturers (SIAM) data. During the comparable period a year ago, SMIPL had sold 2,91,847 units as compared to Hero MotoCorp's 3,91,019 units. In terms of growth, SMIPL saw its scooter sales grow by 17.16 per cent in April-September this financial year- the only scooter maker among top the top five manufacturers to post positive numbers.
Hero MotoCorp, on the other hand, witnessed a decline of 36.23 per cent in the same period. FPIs pull out over Rs 6,200 cr in Oct so far as global recession fears loom. Foreign portfolio investors withdrew over Rs 6,200 crore from Indian capital markets in the first two weeks of October, as global recession fears and trade war concerns weighed on sentiments.
Foreign investors pulled out a net amount of Rs 4,955.2 crore from the equities and Rs 1,261.9 from the debt segment, taking the total net withdrawal to Rs 6,217.1 crore during October 1-11, as per latest depositories data. Overseas investors were net buyers in the preceding month and had infused a net sum of Rs 6,557.8 crore in the domestic capital markets (both equities and debt), according to the data. The foreign portfolio investors (FPI) in October went back in "hibernation mode" after remaining net sellers in September when the inflows were driven by slew of economic reforms announced by the government, said Himanshu Srivastava, senior analyst manager research at Morningstar Investment.
"This has occurred despite the government's major announcements to revive animal spirits. Big bet on SIPs: MFs garner over Rs 49,000-cr in first six months of FY20. Retail investors are preferring the SIP option for investing in mutual funds, as the industry garnered more than Rs 49,000 crore through this route in the first six months of the current fiscal, up 11 per cent from the year-ago period. A total of Rs 44,487 crore was collected through such investment plans in April-September 2018, as per the Association of Mutual Funds in India (AMFI). Systematic investment plans or SIPs have been the preferred route for retail investors to invest in mutual funds as it helps them reduce market timing risk, the industry body noted.
Essar leads India Inc deleveraging; pays off Rs 1.4 trillion: Prashant Ruia. Leading the India Inc in deleveraging through aggressive monetisation of assets, Essar Group paid off Rs 1.4 trillion debt and residual 10-15 per cent will be cleared in the next two quarters, said Essar Capital Director Prashant Ruia. "In the last three years, I think we were the first to get off the block and actually take some decisive steps towards reducing leverage.
It started with our exit from Essar Oil, which was sold to Rosneft and Trafigura (for a valuation of $12.9 billion). "This was followed by the exit from Aegis, our BPO business. Keeping us out of 5G will be a loss to industry, users: Huawei India CEO. Chinese telecom equipment maker Huawei has asserted that keeping the company out of the 5G play in India will be a "loss" to telecom operators, end consumers and vertical industries that could be potential beneficiaries of the futuristic technology. Huawei India CEO Jay Chen told PTI that that the company does not wish to get caught in geopolitical crossfire, and that it remains fully committed to complying with the laws of the land, riding on the strength of its technology. The comments assume significance as the US has blacklisted Huawei and is now persuading its allies to block the world's largest provider of networking gear and No.2 smartphone maker from their new mobile networks.
Chen said it is now an "accepted fact that Huawei's technology is much ahead of the industry", and that the company is a "frontrunner in 5G". FM to meet PSB CEOs tomorrow, may review fund flow to stressed NBFCs, MSMEs. Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) on Monday to discuss various issues, including progress on credit offtake, as part of efforts to prop up the economy. The meeting is expected to review fund flow to stressed NBFC and MSME (micro, small and medium enterprises) sectors, sources said. Banks are expected to present report card on partial credit guarantee scheme and fund raising from market to enhance their capital base.
The Centre in August issued guidelines on operationalising Rs 1 lakh crore partial guarantee scheme under which PSBs can purchase high-rated pooled assets of financially sound non-banking finance companies (NBFCs). Motorola One Macro with dedicated close-up camera lens launched at Rs 9,999. Lenovo-owned smartphone brand Motorola on Wednesday launched the Motorola One Macro, with a dedicated macro camera lens for close-up shots. Priced at Rs 9,999, the phone is the third camera-centric smartphone to launch this year as part of the Motorola One-series. The two previous ones were the Motorola One Vision (review) and Motorola One Action (review). A Flipkart-exclusive smartphone, Motorola One Macro will be available on the platform of the home-grown e-commerce company starting October 12. Lenovo One Macro specifications The Lenovo One Macro has a 6.2-inch LCD screen of an HD+ (1520 x 720) resolution. Amazon workers in India, Romania could be watching Cloud Cam home footage.
Raghuram Rajan bats for Atal Bihari Vajpayee model of governance. Former Reserve Bank of India (RBI) governor Raghuram Rajan has partly blamed a lack of “persuasive” vision and too much centralisation of power under the current government for the economic mess that the country is in today. Delivering the O P Jindal lecture at Watson Institute, Brown University, Rajan also said the system does not accept people from the outside, but sectors like banking need outside expertise. Donald Trump releases $50 million in stabilisation assistance for Syria. US President Donald Trump on Saturday released $50 million in stabilisation assistance for Syria to protect persecuted ethnic and religious minorities and advance human rights, the White House said. This funding will provide emergency financial assistance to Syrian human rights defenders, civil society organisations and reconciliation efforts directly supporting ethnic and religious minority victims of the conflict, White House Press Secretary Stephanie Grisham said.
Why Pak could be blacklisted by FATF on money laundering, terror financing. It's a testing time for Pakistan to prove the measures taken against outfits and persons involved in offences of money-laundering and terror financing as Financial Action Task Force (FATF) Plenary and Working Group meetings begin in Paris from Monday. Ravi Shankar Prasad cites success of 3 films to deny economic slowdown.
Indications of slowdown notwithstanding, Union minister Ravi Shankar Prasad on Saturday said three Bollywood movies generating business of Rs 120 crore on the October 2 holiday suggested the "sound economy" even as he dubbed "wrong" the NSSO report which had reportedly pegged unemployment rate at 45-year high in 2017. US outlines 'Phase 1' trade deal with China, suspends October tariff hike. US President Donald Trump on Friday outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, but officials on both sides said much more work needed to be done before an accord could be agreed.
India's biggest telecom show may not feature Ambani vs Mittal this year. If last year’s India Mobile Congress, considered the biggest telecom summit in South Asia, was about business leaders Sunil Bharti Mittal and Mukesh Ambani sharing the same dais despite intense rivalry, this edition will possibly be dominated by the upcoming 5G play and spectrum auction. The official agenda is silent on Mittal and Ambani’s participation this time, and the list of speakers is overflowing with the next-gen from big business groups. India, China to set up mechanism to trim trade deficit, improve investment. Prime Minister Narendra Modi and Chinese President Xi Jinping concluded their second informal summit on Saturday, rekindling the “Wuhan spirit” of their previous such meeting with “Chennai connect”. Xi promised to address India’s concerns on its trade deficit with China as well as its misgivings on the Regional Comprehensive Economic Partnership (RCEP) free-trade pact. The two sides agreed to set up a new “high-level economic and trade dialogue mechanism” to enhance trade and commercial ties.
Chinese Vice Premier Hu Chunhua and Finance Minister Nirmala Sitharaman will head the mechanism, which will also identify sectors for mutual investments for joint manufacturing partnerships. India’s trade deficit with China stood at $53 billion at the end of 2018-19. Eight of top 10 most-valued companies add Rs 80,943 cr in m-cap, RIL leads. India's growth rate to fall to 6%, will recover to 7.2% in 2022: World Bank.
Infosys Q2 net dips 2% YoY to Rs 4,019 cr; ups FY20 guidance to 9-10% Bandhan Bank soars 20% on reports of inclusion in MSCI Index. FM Nirmala Sitharaman seeks tax experts' inputs to correct GST flaws. Spoken to RBI guv, concerns of PMC Bank's customers will be addressed: FM. India looks for wider Chinese market access to arrest falling farm exports. ED attaches Bhushan Steel assets worth Rs 4,000 cr in bank fraud probe. Club Factory raises $100 mn in Series D, emerges third largest e-tailer. GoAir invites bids from Airbus and Boeing for planes, plans expansion. Festive offer: Star to Zee TV, broadcasters cut a-la-carte channel prices.
Focus on self-regulation at meet to discuss digital content players. New registration norms by Saudi add to Morbi tile cluster's woes. Informal summits led to fresh stability in India-China relations, says Modi. Will discuss PMC Bank issue with PM Modi: Fadnavis tells depositors. More relief for J&K: Postpaid mobile services likely to resume from Monday.
Downward spiral: Industrial output shrinks by 1.1%; at nearly 7-year low. New era of Sino-India cooperation to begin with 'Chennai connect': PM Modi. IndusInd Bank hits 33-month low on lower-than-expected Q2 loan growth. IRB Infra extends losses to fourth day, slips 13% to hit over 6-year low. Cipla rebounds 13% from 52-week low on heavy volumes. Indiabulls Real Estate announces share buyback worth Rs 500 crore. MARKET WRAP: Sensex up 247 pts, Nifty holds 11,300; IT, metal stocks shine. IFFCO reduces retail prices of non-urea fertilisers by up to Rs 50/bag. First time in FY20, credit growth enters single-digit lane as slump spreads. Reserve Bank board discusses commercial, co-operative banks, NBFCs. 'Crorepatis' rise by 16,345 in AY19: Here's a look at direct tax data. Trump's rule to keep out low-income immigrants gets blocked by courts.
PM Modi-Xi Jinping to discuss bilateral trade, economic issues today. Ranbaxy ex-promoters Malvinder, Shivinder sent to four-day police custody. ED probes corporates, politicians in the land deals involving Dawood's aide. Forbes India rich list 2019: Mukesh Ambani retains top spot, Adani second. RCEP should not lead to job losses, hurt Make in India: Automakers lobby. Religare fraud: What led to Singh brothers' arrest in the Rs 2,400-cr case. Forex reserves surges by $4.24 bn to touch a record high of $437.83 bn. Modi, Xi hold 'open, cordial' talks on first day of informal summit. 2019 Nobel Peace Prize awarded to Ethiopian Prime Minister Abiy Ahmed Ali. Industrial production drops by 1.1% in Aug, dragged down by manufacturing.
Infosys Q2 net profit falls 2.2% to Rs 4,019 crore, raises revenue guidance. Indian miners reject govt plan to link coal index to foreign prices: Report. Piramal Enterprises files complaint with Sebi against 'misleading rumours' Analysts upgrade EBITDA, revenue estimates for RJIO post IUC charge. Moody's slashes India's GDP growth forecast for fiscal 2020 to 5.8% TCS Q2 net up 1.8% at Rs 8,042 cr; announces special dividend of Rs 40/sh.
Shivinder Singh arrested for fraud, hunt on for brother Malvinder. Shares of HDIL hit lower circuit; have lost over 50% in 17 trading sessions. Bad news for Jio users as calls to rival networks won't be free anymore. SBI revises interest rates on loans, FDs, savings deposits: check new rates. Pak-China friendship is 'rock solid', Xi asserts ahead of summit with Modi. 2019 Nobel Chemistry Prize awarded for research on lithium-ion batteries. Don't terrorise us on tax: Rafale engine manufacturer tells Rajnath Singh. RBI rejects merger of lndiabulls Housing Finance with Lakshmi Vilas Bank. Sitharaman to meet PSB CEOs on Oct 14, discuss credit offtake, other issues. India gets information on Swiss bank accounts, will help trace black money. Hong Kong leader Carrie Lam may reach out to China as economic crisis looms. Samsung has fixed Galaxy Fold, but it's not yet ready for most: Here's why.
Nissan Motor picks Makoto Uchida as CEO, Ashwani Gupta as COO: Report. Govt to hire private guards to protect vacant properties from encroachment. Pak activates terror camps, launch pads along LoC, planning attacks in J-K. 25,000 Greater Noida plot owners get demand for additional tax, interest. Shareholders of big oil to 'drown' in cash as firms shift to renewables. Maruti Suzuki cuts production for eighth straight month in September.
2019 Nobel Physics awarded to three scientists for work on cosmology. UN running deficit of $230 mn, may run out of money by month-end: Guterres. Put off by bank woes, investors ditch value buying for growth stocks. Human rights violations: US blacklists China's Hikvision, 27 other firms. SoftBank CEO Masayoshi Son says 'embarrassed and flustered' by track record. Will 'obliterate' Turkish economy if it acts 'off limits' in Syria: Trump. Taliban free 3 Indians after 11 supporters are released from Afghan prisons. Oyo raises $1.5 billion at $10 billion valuation; to focus on US market. Biologists who decoded how cells sense oxygen win medicine Nobel. Journey of faceless e-assessment starts; I-T dept identifies 58,322 cases. Pharma Monday blues: USFDA warnings drag down Glenmark, Aurobindo stocks.
Edelweiss financial arm raises Rs 3,000 crore in first half of FY20. Woodland carves separate identity for formal lifestyle brand 'Woods' Renault aims to double revenues from auto component exports by next year. FinMin to kick-start the exercise to prepare Budget for 2020-21 from Oct 14.