Nasheman News : Sensex on Friday opened higher in a sharp contrast to the global markets which suffered heavy losses as slowdown concerns magnified after a weak US factory data outcome.
Earlier Chinese factory data along with that of India’s suggested a global growth slowdown.
The latest addition to the worries was tech major Apple’s announcement of cutting its financial forecast, partly blaming US trade tensions with China along with a slowdown in the Chinese economy.
Apple is one of the world’s largest companies by market value and it was the first time in years that it sharply cut it’s growth forecast.
Despite the underlining negativity, all the sectors on the BSE inched up, led by auto telecom stocks. However, the banking stocks traded on a flat note, up just 0.06 per cent.
The S&P BSE Sensex opened at 35,590.79 from its previous close of 35,513.71 on Thursday.
At 9.23 a.m., the Sensex traded 184.01 points or 0.52 per cent higher at 35,697.72.
The NSE Nifty50 opened at 10,699.70 after closing at 10,672.25 on Thursday.
The Nifty50 traded at 10,725.15 during the morning trade session, up 52.90 points and 0.50 per cent.
RBI said scales down printing of Rs 2,000 note minimum.
The printing of Rs 2000 banknote, introduced post-demonetisation in November 2016, has been reduced to the “minimum” by the Reserve Bank, a top finance ministry official said Thursday.
Soon after the sudden decision to ban old Rs 500/1000 currency notes by the government, the Reserve Bank had come out with the Rs 2000 currency note along with a new look Rs 500 note as part of its massive remonetisation exercise.
The senior official said the RBI and the government from time to time decides on the quantum of currency to be printed on the basis of money in circulation.
When the Rs 2000 note was launched, it was decided that the printing would be “scaled down” going forward, since the new high currency value note was meant for meeting the remonetisation need.
“The printing of 2000 rupee notes has been substantially reduced. It has been decided to limit the printing of 2000 currency notes to minimum. This is nothing new,” the official said.
According to the RBI data, there were 3,285 million pieces of Rs 2000 notes in circulation at end-March 2017. A year after (on March 31, 2018), there was only a marginal increase in the number at 3,363 million pieces.
Of the total currency in circulation amounting to Rs 18,037 billion at end-March 2018, Rs 2000 notes accounted for 37.3 per cent, down from 50.2 per cent at end-March 2017.
The old 500/1000 bank notes that were scrapped in November 2016 accounted for around 86 per cent of the total currency in circulation at that time.
Day after allowing loan restructure, RBI sets up committee on MSMEs
Nasheman News :The Reserve Bank of India (RBI) on Wednesday set up an expert committee to propose long-term solutions for the economic and financial sustainability of the micro, small and medium enterprises (MSME) sector currently plagued by liquidity and other issues.
An RBI statement said that the committee headed by former Securities and Exchange Board (Sebi) Chairman U.K. Sinha will examine the factors affecting the timely and adequate availability of finance to the sector, as well as study the global best practices regarding MSMEs and recommend its adoption in India.
The move comes a day after the RBI permitted a one-time restructuring of existing MSME loans that are in default but “standard” as on January 1, 2019, without an asset classification downgrade.
To be eligible for the scheme, the aggregate exposure, including non-fund based facilities of banks and non-banking finance companies (NBFCs), to an MSME borrower should not exceed Rs 25 crore as on January 1, 2019.
“It has been considered necessary that a comprehensive review is undertaken to identify causes and propose long term solutions, for the economic and financial sustainability of the MSME sector,” the statement said.
“Towards this end, it was announced in the Fifth Bi-Monthly Monetary Policy Statement for 2018-19, dated December 5, 2018, that the RBI will constitute an Expert Committee on Micro, Small and Medium Enterprises.”
The panel will also review the current institutional framework in place to support the MSME sector, study the impact of the recent economic reforms on the sector and identify the structural problems affecting its growth, the statement added.
Besides Sinha as the Chair, the committee will have the Additional Secretary, Development Commissioner MSME Ram Mohan Mishra, Financial Services Joint Secretary Pankaj Jain, State Bank of India MD P.K. Gupta, ICICI Bank Executive Director Anup Bagchi, IIM-Ahmedabad Professor Abhiman Das, iSPIRT Foundation Co-founder Sharad Sharma and Dvara Trust Chairperson Bindu Ananth.
Support for MSMEs was one among the contentious issues between RBI and the government leading to the abrupt resignation of previous RBI Governor Urjit Patel last month and the immediate appontment of his successor Shaktikanta Das, who had earlier retired as the Union Economic Affairs Secretary.
Earlier on Wednesday, Das announced he will hold talks with representatives from the MSME and NBFC segments next week.
Cabinet approved for merging Dena Bank, Vijaya Bank with Bank of Baroda
The Union cabinet on Wednesday approved the merger of public sector lenders Dena Bank, Vijaya Bank with Bank of Baroda
The Union cabinet on Wednesday approved the merger of public sector lenders Dena Bank, Vijaya Bank with Bank of Baroda (BoB).
Briefing reporters following the cabinet meeting, Law Minister Ravi Shankar Prasad said the merger will make the “transferee” Bank of Baroda the third largest bank in the country and a “globally competitive entity”.
“There will be no retrenchment of employees as the employees of Dena and Vijaya banks will be transferred to BoB. There will be no problem in service conditions,” he said.
Announced by the government in September last, this reform measure aimed at further consolidation in the banking sector will make BoB the country’s third largest bank with a combined business of Rs 14.82 lakh crore.
Finance Minister Arun Jaitley announced the merger proposal, saying the respective boards of the three banks have been directed to consider the proposal at the earliest.
Jaitley said the merger would create a sustainable mega-bank.
The merger decision was taken by the “alternative mechanism” comprising Jaitley, Railway Minister Piyush Goyal and Defence Minister Nirmala Sitharaman.
This is the second such exercise in the last 21 months. In the previous such mega merger, five associate banks and the Bharatiya Mahila Bank became part of the state-run State Bank of India on April 1, 2017, making the country’s largest lender among the world’s top 50 banks.
Noting that Dena Bank has been under the Reserve Bank of India’s Prompt Corrective Action (PCA) framework on account of its massive accumulated non-performing assets (NPAs or bad loans), Jaitley had said the consolidated entity’s capacity to absorb a weaker bank had guided the government’s decision to propose this merger.
Petrol, diesel prices to decline further: Minister
Nasheman News : Transport fuel prices in the country, which have been on a slide for some time, will decline further, Petroleum Minister Dharmendra Pradhan said on Wednesday.
Under the daily dynamic pricing regime for fuels, petrol prices have fallen to their lowest levels in over a year across the four major metros.
Speaking to reporters on the sidelines of an event here to hand over the 6 croreth free cooking gas (LPG) connection to poor households under the Ujjwala Yojana, Pradhan said the government is expanding the refinery capacity in the country which will bring down the prices of diesel and petrol further.
In tandem with the sharp decline in global crude prices over the last two months, petrol in Delhi sold at Rs 68.65 per on Wednesday, as per Indian Oil Corp data.
The prices remained unchanged from those on Tuesday. In Kolkata, Mumbai and Chennai, petrol per litre on Wednesday cost Rs 70.78, Rs 74.30 and Rs 71.22, respectively.
The prices for diesel per litre in Delhi, Kolkata, Chennai and Mumbai on Wednesday stood at Rs 62.66, Rs 64.42, Rs 66.14 and Rs 65.56, respectively.
Old Cheques And Debit Cards Will Not Work From Jan 1st 2019
If you have an account in bank then today is a very important day for you. Banks have brought in a number of changes from first day of the New Year. You may not know about the changes, but they can trouble you in the coming days. Some of the measures may also give you relief.
Here’s what is changing from January 1. Here we are giving a list of the 5 important changes that will have the greatest effect on your life.1. Debit, Credit Card:If you have a make a magnetic strip debit/ credit card, then it will not work. Get it changed immediately. From Jan 1 only EMV Chip-based credit/debit cards will work.2. Cheque Book changesYour old chequebook will not be valid in New Year. Change it immediately, otherwise your cheques may bounce. Now cheques with CTS (cheque truncation system) will be used.
Now there will be no need to run from one bank to other to get new CTS cheques cleared. An electronic image, including all necessary information, will be sent to the concerned party. These cheques are more secure as they have Void pantograph, which cannot be copied.3. NPS Tax exemption: Here is some relief for you. You will no longer be required to pay tax under NPS, National Pension Scheme. From January 1, 2019, NPS has been brought under EEE category. This means when you withdraw money on maturity, you will not have to pay tax.4. Car price increase:This is bad news for you. From January 1 prices of most cars have been increased by companies.5. Personal Accidental Insurance of Car, Bike and ScooterComparison Personal Accident (CPA) cover for car / commercial vehicle driver or two-wheeler rider from New Year will be increased to Rs 1.5 lakh from Rs 1 lakh. This as per new IRDA rules.
Elections, earnings, energy to chart equities course in 2019
Nasheman News : The coming general elections, along with the ongoing US-China trade war and crude oil prices will determine the trajectory of Indian equities in 2019.
Additionally, the Reserve Bank of India’s (RBI) rate stance, direction of foreign fund flows, the rupee’s strength against the US dollar, quarterly earning results as well as premium valuations are expected to impact investors’ sentiments in the current year.
“The ongoing volatility may continue in the near-term due to premium valuation, slowdown in the domestic economy, muted earnings growth in the next two quarters, cascading effect of liquidity crunch in the urban and rural market,” Geojit Financial Services Head of Research Vinod Nair told media.
“Short-term effect of national elections, with the risk of populist measures, and the global effect of current uncertainties, will impact the performance during the initial part of 2019.”
HDFC Securities’ Retail Research Head Deepak Jasani told media : “The Nifty has the potential to touch 12,400 points during CY2019. This is based on various factors, namely the expectations of an earnings pick-up in Indian corporates post Q4FY19, and the resumption of FII (foreign institutional investor) inflows to the Indian markets around and post the general elections.”
“Till February, corporate earnings trends, US Fed outlook on interest rates and trade war issue developments need to be closely watched.”
In 2018, despite heavy volatility, foreign fund outflows and a weak rupee, the Indian equity market emerged as one of the best performers globally, mainly on account of a rise in the pace of economic expansion, lower inflation and a normal monsoon.
The two key indices — the S&P Bombay Stock Exchange (BSE) Sensex and the National Stock Exchange’s (NSE) Nifty50 — closed higher by just six per cent and three per cent respectively, placing the Indian indices among the best-performing benchmark indices among the BRICS (Brazil, Russia, India, China, South Africa) group of countries.
However, gains were capped as crude oil prices rose and fears over a tariff war-induced global slowdown grew.
“Markets appear to be much better in the year 2019 compared to the behaviour we saw in 2018. Two important variables among others that went negative for Indian markets were rise in crude prices and consistent selling by FIIs,” SMC Investments & Advisors CMD D.K. Aggarwal told IANS.
“As of now, undoubtedly, surging crude oil prices have reversed, rupee is now stable, but the political risk and trade war concerns and other global risk factors remains as a key headwind for the markets.”
On the currency front, the Indian rupee’s strength against the US dollar will play a decisive role in charting the course of the key indices.
The Indian rupee was heavily dented in 2018. The currency fell by 9.23 per cent against the US dollar at 69.77 from its previous close of 63.87 at the end of 2017, making it the worst-performing Asian currency of the year.
Another important factor for 2019, will be the direction of foreign fund flows. Last calendar year, NSDL data showed that foreign portfolio investors (FPIs) sold Rs 33,014 crore worth of equities in 2018.
Similarly, provisional data from the stock exchanges showed that FIIs sold over Rs 73,000 crore worth of equities.
“For the short term, FIIs may come in a big way around general election time, if the markets are at an attractive entry level. Their subsequent behaviour will depend on the political situation in India and interest rate trends abroad,” Jasani added.
Property Value Hiked; Rates Effect From Today
The State Government has hiked the guidance value of properties by 5% to 25% and the revised rates have come into effect from today (Jan.1, 2019) at all Sub-Registrar Offices. Henceforth, property rates are set to go up along with registration charges in city and its outer limits.
Guidance value is the price of a property fixed by the Government, and property registrations cannot go below that fixed price. This is also a major revenue source for the Government. The rates have remained unchanged in State since 2016 owing to a sharp decline in the Real Estate sector. The guidance value has been increased to give a fillip to the Real Estate sector which has seen a slump in recent times. Statewide, Mysuru and Mangaluru have seen the steepest hike of 5 percent to 25 percent. The guidance value has been published by the Department of Stamps and Registrations after inviting objections. The Department had published a notification in this regard in September last year.
Properties coming under all the four Sub-Registrar Offices in Mysuru (all Taluks, Corporation, Gram Panchayats, Town Panchayat) including land, houses, agricultural land, sites, flats, villas, villaments, apartments, corner sites, sites on approach roads, industrial and commercial properties, multi-storeyed buildings and all immovable properties will see an increase in prices.
As per the Stamps and Registration Act, the guidance value has to be revised every year. However, the revision was postponed last year due to the Assembly elections held earlier this year. The hike will mean an increase in stamp duty rates, which the buyer has to pay while buying or leasing properties and also premiums charged on Floor Space Index and other property-related payments.
As per the revised guidance value, property prices along the sides of the roads that criss-cross the city will see a steep hike and there are different prices for different areas.
Following reform measures like demonetisation and the introduction of Real Estate Regulation Act, the Real Estate sector had seen a downward trend. Only now, since 2016, the market is showing signs of revival and the Government move is set to boost the sector.
Liquor sales collection worth Rs 70 crore in one day
Karnataka uncorked the New Year in high spirits, which reflects in liquor sales. The grand welcome by revellers has helped the Excise Department rake in a whopping Rs 70 crore in a single day, on December 31, 2018. Indian Made Liquor and beer together accounted for this huge collection.
The revenue this year, according to Excise Department officials, is around 10 per cent more than the previous year’s liquor sale on New Year’s Eve.
Revellers who bought alcohol to ring in the New Year have helped the excise department rake in a whopping Rs 70 crore in a single day, on December 31, 2018. This, according to department officials, is around 10 per cent more than the previous year’s liquor sale on New Year’s Eve.
There are 10,400 liquor retailers across Karnataka. According to the data by the excise department, on December 31 (Monday), 3.83 lakh carton boxes of Indian Made Liquor (IML) and 1.48 lakh carton boxes of beer were sold. This is against an average of 1.75 lakh carton boxes of IML and 60,000 CB of beer on other days. According to a senior official from the department, together, they generated more than Rs 70 crore on Monday.
“We expected these sales,’’ the official said. This financial year, the price of liquor was increased and that also resulted in more revenue. “The target for this financial year (2018-19) is Rs 19,750 crore, and by December-end, we have crossed Rs 15,000 crore. In the next three months, we hope to meet and cross the target,’’ the official said.
V Yashavanth, the excise commissioner, told media that the state government had increased prices by 8 per cent on certain liquor slabs, from April 2018. After the new government took charge, from August 2018, the price of liquor was increased across all 18 slabs by an additional 4 per cent. This could be one of the reasons for the higher revenue.
Agencis
Non-subsidised LPG rate cut by Rs 120.50/cylinder, subsidised by Rs 5.91
Nasheman News : Passing on a new year gift of reduction in global gas prices to consumers, state-run Indian Oil Corp (IOC) on Monday announced a major cut of Rs 120.50 in the rates of non-subsidised LPG cylinders.
In a statement here, IOC also said the subsidised quota of 12 cooking gas cylinders per annum will also cost less by Rs 5.91 per cylinder, effective from January 1.
Thus, a 14.2-kg subsidised LPG cylinder will cost Rs 494.99 in Delhi from midnight, as against Rs 500.90.
The non-subsidised LPG will now cost Rs 689 per cylinder, in place of the current Rs 809.50.
“The price of Non-Subsidised LPG at Delhi will decrease by Rs 120.50 per cylinder w.e.f. 1st January 2019 due to fall in price of LPG in international market and strengthening of US dollar-rupee exchange rate,” IOC said.
Actual prices following the rate cut will vary across centres owing to local taxes.
- « Previous Page
- 1
- …
- 21
- 22
- 23
- 24
- 25
- …
- 85
- Next Page »