Uncertainties on account of COVID-19 pandemic have increased the demand for currency notes not only in India but across the globe, official sources said, dismissing the criticism that demonetisation has failed to reduce cash in the economy. Government sources said that growth of the digital payments system post-demonetisation will ultimately curb the dependence on cash. Official data points out a jump in digital payments through different modes, including plastic cards, net banking and Unified Payments Interface (UPI).
The SME segment has been grappling with lack of liquidity and lacklustre institutional participation.
In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
As the country moves towards creating a spot gold exchange, markets regulator Sebi's whole time member G Mahalingam on Wednesday suggested routing all the imports of the precious metal through the exchange ecosystem in the future. Such a "funnelling" would ensure that gold monetisation takes place right at the source as the metal enters the country, he said while addressing a conference organised by industry lobby Ficci. However, he also noted that the issue has not been dealt with in the papers floated by Sebi.
The lockdown that crippled the entire logistics, delivery and supply chain network to near zero, was enough to deal a body blow to India's fastest growing unicorn whose very business model saw a severe disruption, like several other firms and sectors.
Industrialists affirm their belief that the adverse effects of demonetisation and the goods and services tax are finally over.
The Centre has projected reining in its fiscal deficit at 3.3 per cent of GDP in FY19.
This pertains to certain irregularities in loan disbursements towards the development of two Slum Rehabilitation Authority projects undertaken by the company in the past.
The gains came on expectations that the company will post strong growth given its presence in application to peer services and the fast-growing communication platform as a service segment.
Among individual fund houses, SBI MF was the biggest gainer in absolute terms; its AAUM rose Rs 66,090 crore, compared to its asset base in the corresponding period of FY18, reports Jash Kriplani.
Consumers can expect a 5G launch in the country soon. Telecom companies (telcos) say if auctions take place on time - the target is July - they would be able to offer some services in a few cities by the end of this year and a full roll-out from 2023. But the question is: will 5G turn the tables for telcos financially? Will average revenue per user (ARPU) improve? Will mobile consumers upgrade to 5G quickly and pay more? Will the expanded functions that 5G enables drum up sufficient revenues? In simple terms, will telcos make more money?
It came on the back of tepid dispatches in the March quarter as consumer sentiment took a knocking, owing to uncertainty ahead of the general election.
Market cap touches Rs 5 lakh crore; earnings growth to spurt in FY19
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
Analysts say that PMC Bank case is only going to make matters worse for HDIL and the Wadhawans.
The newly-formed entity which will list on the NYSE as Eros STX Entertainment Corp, will remain listed on the New York Stock Exchange, with headquarters in both Mumbai, India, and Burbank, California, and has also got $125 million in fresh funding. The merger will not change the structure of Eros's Indian arm which is also listed on Indian stock exchanges.
In its latest monetary policy report released recently, RBI had said credit growth is likely to remain modest, reflecting weak demand and risk aversion due to the disruptions caused by the coronavirus pandemic.
UV Asset Reconstruction Company Ltd has made the highest bid of Rs 16,000 crore to buy Anil Ambani group's Reliance Communications and Reliance Telecom, which are in the National Company Law Tribunal (NCLT). Last year it was the highest bidder for taking over Aircel's assets for an upfront payment of Rs 150 crore. Surajeet Das Gupta and Dev Chatterjee dig deeper to find out more about this little known company.
Bajaj Auto has amended its dividend distribution policy as it seeks to reward its shareholders and boost return ratios. The amended policy will also consider the surplus the company has when calculating the dividend payout as a percentage of profits after tax, the Pune-based firm said in a stock exchange filing on Thursday.
While companies continue to face regulatory pressure leading to higher costs, they see an uptick from the launch of differentiated and high-margin products
Calling out the high real interest rates -- the differential between the policy rate and headline inflation -- as an impediment to investment, the SBI report said the RBI can cut rates by 0.35-0.50 per cent at its next policy announcement.
The continued rise in interest is a pressure on fiscal, but it is not an easy way out unless the government cuts back on populist measures and sticks to fiscal prudence as laid out in the FRBM, which the government missed for the second consecutive year.
The extra borrowing implies Jaitley will have extra spending space in the Union Budget for FY19, the last full one before the 2019 general election
As share of cash volumes in trading mix sees decline, it will result in moderation of profitability from core broking operations.
Going forward, the February factory output may be impacted as several industries such as automobiles, technology, pharma and fashion have some exposure to imports of raw and intermediate materials from China.
The report, however, said it remains watchful of the upside risks to inflation emanating from pass-through of minimum support prices (MSPs), adverse movement in crude oil prices, volatility in global financial markets, lagged impact of the rupee weakness on input prices, adverse implications from fiscal slippage and staggered impact of HRA increases by states and its second-round impact.
Infosys is likely to report strong revenue growth in the fourth quarter of FY19 on the back of momentum in the big deal space.
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
Puneet Wadhwa and Debashish Pachal locate real estate stocks to watch out for.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
Airlines say that they are keeping their fingers crossed for December - another peak period - when, based on current bookings, the air fares for those who buy early are more or less in line with last year.
A Goldman Sachs report said, in the past also, major crisis have led to a sharp increase in outsourcing and even offshoring particularly to India , thanks to lower wages for technology developers as compared to developed economies, and an increasing annual base of engineering graduates.
Investors turn their attention to export-driven sectors.
In 2020-21, Indian firms offered to buy back shares worth Rs 39,295 crore, or 97% more than Rs 19,972 cr proposed in the previous financial year.
With liquidity crunch hitting operations, many finance companies have put the brakes on sanctions in the third quarter in the aftermath of the IL&FS crisis.
The inflows came higher in March than in February of 2019-20 despite the lockdown for a week, reports Indivjal Dhasmana.
Foreign portfolio investors (FPIs) have pumped in a whopping $33.8 billion into domestic equities and debt till February 15 this fiscal year -- the highest since FY15 when it was nearly $46 billion --taking their net outstanding investments to a record $592.5 billion, as per a report. Of the total FPI assets of $592.5 billion, $537.4 billion were in equities and $51.38 billion in debt, according to the data collated by Care Ratings. The maximum holding is in financial services sector at $191.3 billion, followed by software ($76.1 billion), oil & gas ($50 billion), automobiles & auto components ($26.9 billion, pharmaceuticals & biotechnology ($22.8 billion), sovereign ($21.7 billion--debt), household & personal products ($20.2 billion), capital goods ($19.8 billion), food, beverages & tobacco ($15.7 billion) and insurance ($13.4 billion).
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
