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FINANCIAL NEWS IN A NUST SHELL 23/12

Yatheendradas C.k. at 09:44 AM - Dec 23, 2016 ( ) Views: 269

 

Crude:@$52.64(+0.29%)
Brent:@$54.63(+0.18%)
Gold:@$1133.25(-0.31%)
Silver:@$16.032(+0.35%)
JPY @117.52/$ 
(above figs at 6.50)

Euro@ 1.0441/$
10 year US @ 2.529%
INR @ 67.91/$ 
10 year G Sec 2026 @ 6.463%.

Economic Times:

1. The cost of operating in the Indian market is likely to go up for India-focussed foreign portfolio investors (FPIs), suggests a clarification issued by the government on taxing of indirect transfer of shares.

2. UTI AMC Asks ICICI Sec to Chart Path to Bourses.CO EYEING VALUATION OF $1 BILLION IN FIRST IPO BY AN AMC.All shareholders may dilute stakes in next year's IPO; board meets in Feb.

3. Flood of Plaints Forces RBI to Water Down Deposit Diktat.Easing rule on deposits over Rs 5000, central bank says only customers who haven’t furnished KYC documents will now have to give explanation on funds.

4. RCom to Sell 51% in Tower Arm to Brookfield. Deal to fetch Anil Ambani co Rs 11,000 cr; telco willing to shed holding in JV it’s forming with Aircel.

5. Amid rising decibels of the demonetisation debate banks are silently preparing for an upcoming event: Ind AS 109 or Indian Accounting Standard, a global accounting practice that lenders are mandated to adopt that may lead to initial credit losses.

6. For a Digital Change, India may Need 20 lakh More PoS Machines. Value per transaction has declined after the currency ban, says a report.

7. Advent Buys 41% in ASK Group. CASHING OUT Stake sale offers exit to some of the existing individual investors of fin services co Deal values co at about $350m; ASK to use funds for overseas expansion and setting up of NBFC.

8. A group subsidiary of realty developer K Raheja Corp is planning to raise `500 crore through non-convertible debentures (NCDs) with a total tenure of nine years and a call option, with the issuer at the end of the fourth year.

Financial Express:

1. Power minister Piyush Goyal on Wednesday said his ministry was looking at making regulatory changes to enable public sector entity Power Grid to hive off some of its operational assets and use the liquidity for future projects.

2. Even as demonetisation continues to haunt industries in Gujarat, there appears to be an unofficial diktat within the corridors of power to sweep it under the rug, ahead of the eighth edition of the Vibrant Gujarat Summit, scheduled to be held between January 10 and 13.

3. As uncertainties linger over the actual date of the rollout of the goods and services tax (GST) regime, the textile industry has asked the government to bring parity in the excise duty structure of man-made and cotton fibres in the coming Budget itself.

4. A consortium of lenders led by State Bank of India (SBI) plans to sell a plant of ANG Industries for at least Rs 17.49 crore and has mandated SBI Capital Markets (SBI CAPS) to look for a buyer, a bid document showed.

5. Non-food credit growth hit an at least six-year low of sub-6% — 5.99% year-on-year to be precise —in the fortnight ended December 9, data released by the Reserve Bank of India (RBI) showed.

Business line

1. Tata Steel investors back move to oust Wadia. Overwhelming support for Ratan Tata at EGM.

2. Centre launches portal to help PSUs swap coal with private cos. he guidelines for Power-Power swap will be enabled in 30 days”.

3. Centre takes the ordinance route to push cashless wage payments. No written consent by employee needed for salary payment by cheque or e-transfer.

4. Considering the persistent market uncertainties, experts have underlined the need for adopting a comprehensive policy package for plantation crops like rubber, tea, coffee and cardamom.

5. Surge in non-cash transactions may give RBI room to reduce currency in circulation. Banks witness rise in use of digital options such as mobile, Internet banking.

Business Standard:

1. Viability gap funding likely for wind power. The upcoming Budget could provide some relief to the wind power sector, which could lose key incentive.

2. Train passenger fares may be linked to inflation rate. Sources close to the development have said the new model may be based on the wholesale price index.

3. Govt clears formation of Indian Enterprise Development Service. The decision was taken at a meeting of the Union Cabinet chaired by PM Narendra Modi.

4. Blackstone puts off plans to buy Coimbatore Brookefields mall.If the deal went through, it would have been the fourth mall bought by Blackstone

5. Bank officers hold demonstration at RBI offices across India. Besides Delhi, demonstrations were held at various offices of RBI.

Mint:

1. Some of the biggest names in business, from Goldman Sachs to Bank of America,have quietly patented some of the most promising blockchain tfechnologies.

2. RBI slaps fine on five foreign banks for violating FEMA rules.

3. Jindal Steel and Power said to be keen to divest a large stake in Jindal Shadeed, Oman.Open to selling the unit there is a good offer.

4. M&A activity at a record high of $69.75 billion.The increased M&A activity in 2016 said to be driven by structural reforms that the government has announced in the past couple of years.

5. RBI policy committee puts focus on inflation as global risks mount.The monetary policy committee sees the effects of demonetisation as being transient, according to minutes of its December policy review meeting.


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