Friday, November 27News That Matters

Market

Ministry of Railways Signs Joint Venture Agreement with the Govt. of Jharkhand

Ministry of Railways Signs Joint Venture Agreement with the Govt. of Jharkhand

India, Market
A Joint Venture Agreement was signed today i.e. 20th January, 2017 between Ministry of Railways and Government of Jharkhand for developing railway infrastructure in the State. This Joint Venture agreement for development of Railway Infrastructure will ○       Provide active representation to States in the Planning and Implementation of Railway Infrastructure Projects ○    Speed up the Development of Railway Projects on state’s priority ○    Generate more financial resources through participation of State & other stakeholders in the project specific subsidiaries Government of Jharkhand has initially identified 3 projects viz., Namkum - Kandra, Giridih - Parasnath-Madhuban, Tori - Chatra Rail Line covering a length of 222 km at a cost of Rs. 2150 Crore for taking up through the prop
Ministry of Steel Organises First Steel Consumers’ Council Meeting in Mumbai

Ministry of Steel Organises First Steel Consumers’ Council Meeting in Mumbai

Market
The First Meeting of the National Steel Consumers’ Council will be held tomorrow under the Chairmanship of the Union Steel Minister Shri Chaudhary Birender Singh in Mumbai. The function of the Steel Consumer Council is to advise Government on matters relating to supply, availability, quality and the market trends of iron and steel. This meeting would be attended by representatives of various ministries, several industry associations, producers and consumers of iron & steel Industry, house builders and related industries, industry experts and steel makers including SAIL, RINL and TATA Steel etc. This meeting would provide a vibrant platform to discuss the domestic steel industry scenario, the global steel trends, and benefits of using steel and on how to boost the domestic steel cons
FFO of CPSE ETF gets overwhelming response as issue gets oversubscribed by wide margin

FFO of CPSE ETF gets overwhelming response as issue gets oversubscribed by wide margin

Market
The Central Public Sector Enterprises (CPSE) Exchange Trade Fund (ETF) gets overwhelming response as issue gets over-subscribed by wide margin. CPSE ETF FFO gets bids of approx Rs. 12,000 crore (US$ 1.7 billion) -- Over two and half times the Base Issue size of Rs 4,500 crore (US$471 million). FFO was launched from January 17, 2017 till January 20, 2017. Investors across all categories offered 5% upfront discount. CPSE ETF FFO received applications from over 2 lakh investors across 300 cities across India. This was the largest Disinvestment Program undertaken by the Government of India using ETF and largest fund offering by any Mutual Fund in India till date. Anchor investors submitted bids of Rs 6,000 crore (US$ 895.5 Million). Morgan Stanley, Nomura, Kotak MF, EPFO, SBI Bank, LIC a...
ATM Cash Withdrawal Limit Raised From 4500 To 10000 Per Day, Says Reserve Bank

ATM Cash Withdrawal Limit Raised From 4500 To 10000 Per Day, Says Reserve Bank

India, Market
Reserve Bank of India relaxed the cap on ATM cash withdrawal from Rs. 4,500 to Rs. 10,000. On a review of limits placed on withdrawals from ATMs and current accounts, RBI has been decided to enhance the same, with immediate effect as under: (i) The limit on withdrawals from ATMs has been enhanced from the current limit of Rs.4,500/- to Rs.10,000/- per day per card (It will be operative within the existing overall weekly limit). (ii) The limit on withdrawal from current accounts has been enhanced from the current limit of Rs.50,000/- per week to Rs.1,00,000/- per week and it extends to overdraft and cash credit accounts also. There are no changes in the other conditions. The relaxations as provided in our circular dated November 28, 2016 will continue. In an official notifica...
India’s oil demand growth rate to eclipse China’s

India’s oil demand growth rate to eclipse China’s

India, Market
India's oil consumption is expected to 7-8 per cent this year, outpacing China's demand growth for the third consecutive year, as impact of demonetisation is likely to be short-lived, according to Platts. LPG and transport fuels demand will rise, while new petrochemical projects would a boon for naphtha demand. "The dramatic rise in India's oil demand shows no signs of faltering... the country will remain a driver of Asian growth in 2017. The cash crunch following move to demonetise 86 per cent of currency is expected to "temporarily dampen the country's appetite for oil products in the first quarter, or maybe a little longer," it said. "But gains in oil demand that the country is set to achieve from the 'Make in India' initiative -- which aims to raise the share of manufacturi...
Stocks To Watch: Welspun Enterprises, Suzlon Energy, Wipro And More

Stocks To Watch: Welspun Enterprises, Suzlon Energy, Wipro And More

Market
Here are the stocks to watch out  : Welspun Enterprises Company approves buyback of 4.35 crore equity shares. Shares represent 25 percent of the total paid up equity capital of the company. Price for the buyback fixed at Rs 62 per share. Total buyback amount stands at Rs 269.76 crore. Company has cash worth Rs 173.48 crore and liquid investment of Rs 655.33 crore as of September 30, 2016. Stock has a negative 4.1 percent return in 2016. Suzlon Energy Enters into a shareholders’ agreement with AMP Solar India and Rudra Solarfarms. Agreement to setup a solar power project under Rudra, which is a wholly-owned subsidiary of Suzlon and its subsequent sale. AMP would first acquire 49 percent stake in Rudra for R
Paytm’s founder is on a mission to change the banking business

Paytm’s founder is on a mission to change the banking business

Business & Corporate, India, Market
“The mobile wallet will become a part of our payments bank business,” Vijay Shekhar Sharma told this reporter in December. Sharma is perhaps the biggest beneficiary of prime minister Narendra Modi’s demonetisation business. Paytm from a payments startup spiraled up to become a household name as India faced its biggest ever cash crunch. To its user’s respite, the Paytm mobile wallet has become the biggest alternative for cash. Millions of small merchants and first time users downloaded the Paytm app, and used it to buy everything from tea, grocery, vegetables and fill fuel in cars. But, Sharma is far from being content. In fact, he sleeps less, works over 16 hours in a day, holds more meetings, and is already preparing for his next big “bang”. In the next five days, in its bigge
Android’s creator is jumping back into the smartphone business

Android’s creator is jumping back into the smartphone business

Business & Corporate, Market, Technology
Andy Rubin — the creator of the Android software that powers most of the world's smartphones — is working on a suite of hardware products including a smartphone to rival Apple's iPhone and Google's Pixel, according to Bloomberg's Mark Gurman and Mark Bergen. The new phone, which Rubin hopes to start selling mid-2017, will feature an edge-to-edge screen and cost around the same price of an iPhone 7, Bloomberg reported. Artificial intelligence will be baked into the new device, just one of a number of hardware products the team is working on.  In this new venture Rubin has assembled a team of roughly 40 engineers — largely made up of former Alphabet and Apple employees — to build the device, along with a number of other mobile and smart home devices, according to the report. Rub
Amazon infuses Rs 150 crore in payments business

Amazon infuses Rs 150 crore in payments business

Business & Corporate, Market
BENGALURU: In an indication of Amazon's desire to build a bigger payments business in India, the authorized share capital of Amazon's payments arm in the country, AmazonOnline Distribution Services (AODS), has been increased to Rs 400 crore from Rs 69 crore. The company has also received capital infusion of Rs 150 crore, documents filed last month with the regulatory authority pointed out. The infusion was done in September last year. Increasing the authorized share capital means a higher number of stocks can be issued to raise funds after shareholder approval.  Amazon acquired payment gateway firm Emvantage in February last year, its first acquisition in India. Amazon rival Flipkart launched its wallet called PhonePe early last year. Flipkart is projecting it as a major business verti
‘Humiliated’ by post-note ban events, RBI staff write to Patel

‘Humiliated’ by post-note ban events, RBI staff write to Patel

Market, Uncategorized
Feeling "humiliated" by events since demonetisation, RBI employees today wrote to Governor Urjit Patel protesting against operational "mismanagement" in the exercise and Government impinging its autonomy by appointing an official for currency coordination. In a letter, they said autonomy and image of RBI has been "dented beyond repair" due to mismanagement and termed appointment of a senior Finance Ministry official as a "blatant encroachment" of its exclusive turf of currency management. "An image of efficiency and independence that RBI assiduously built up over decades by the strenuous efforts of its staff and judicious policy making has gone into smithereens in no time. We feel extremely pained," the United Forum of Reserve Bank Officers and Employees said in the letter addressed to ...