'The slide in growth has arisen primarily because we have an NBFC crisis on top of a banking crisis,' points out T T Ram Mohan.
This comes even after the Indian ambassador there had said this would affect the interests of other Indian companies.
Finance Minister Arun Jaitley on Monday presented the Union Budget for 2016-17.
The global brokerage firm believes that CRR cut is likely to help cut lending rates and revive growth sentiments.
Nifty snaps 10-day winning streak
On the sectoral map, consumer durables stayed in the lead by surging 2.39 per cent, followed by realty index, oil and gas and infra.
Independent directors of Future Retail Ltd are collating information and will expose the details of contradiction and misrepresentation made by Amazon before the Competition Commission of India (CCI), said FRL independent director Ravindra Dhariwal. Speaking to PTI, Dhariwal said the independent directors are "collating" all the pieces of information together, going "deeper into each and every representation" which Amazon had made before the CCI and showing how its "intent was totally contradictory." "We are going out to point exactly to CCI, this is what they have told you and this is what the internal documents are saying. "We are going to expose the details of contradiction and details of misrepresentation, which they have made," Dhariwal said adding "We are going to show the true face of Amazon to the whole world". In November 2019, Amazon had acquired a 49 per cent stake in Future Coupons Pvt Ltd (FCPL), a company that holds a stake in FRL.
Bajaj Auto was the top gainer in the Sensex pack, surging 3.95 per cent followed by Maruti Suzuki at 2.69 per cent.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Rate sensitive sectors rallied the most led by banks while metals surged on rebound in commodity prices
Automobile dealers' body FADA said the Budget lacked immediate demand boosters for the automobile industry.
TMFs invest in a public index, so investors know beforehand which instruments the fund will invest in.
Liquidity issues post the crisis at DHFL, progress of monsoon, rupee trajectory at the domestic level and oil prices are some factors that will keep markets choppy, analysts say.
'...Rs 137 lakh crores of people's money?' 'It is not the government's money, it is people's money.'
The Budget, to be presented on February 1, is likely to be less worried about fiscal deficit and will be focused more on nursing the fragile growth, according to a Wall Street brokerage report. Bank of America Securities India expects the budget to peg "fiscal deficit at a high 5 per cent of GDP for FY22 and 7.2 per cent for FY21, as it is likely to step up capex, recap public sector banks, push asset sales to break government monopolies, offer sops for real estate, tax cuts for lower income groups and creation of a bad bank". Its house economists expect these spends to be funded by debt and partly by imposing a cess on high income groups and also by some non-fiscal measures like tapping the central bank's revaluation reserves and bank recapitalisation and infra bonds.
Among Sensex constituents, HCL Tech suffered the most by diving 2.26 per cent, followed by HDFC shedding 2.10 per cent.
The S&P BSE Midcap and the S&P BSE Smallcap indices under-performed to lose 0.8% and 1.6%
The BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.6% and 1.1%, respectively
'Money that came into mutual funds near the previous peaks -- the second half of 2017 and 2018 -- has in most cases experienced unflattering returns.' 'A large proportion of redemptions could be such inflows exiting when the market recovered sharply from July 2020 onwards.'
Earlier, the Reserve Bank of India was the approving authority.
It was an extremely volatile session, borne out by the Sensex swinging over 1,200 points through the day and the Nifty 369 points.
Bharti Airtel , RCom and Tata Communications ended down between 0.1-1%.
Also says PSU banks divestment to be considered after improvement in governance
"A very easy solution to suggest is tax-payers must pay because the private sector has defaulted," Jaitley said, adding that bank recapitalisation, where the government puts in more capital in public sector banks to shore up their books, effectively amounted to that. "Therefore, I think let's try and make the private sector pay for their debts or allow somebody else to step in."
A fall presents an opportunity to buy rate-sensitive stocks.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
P Chidambaram says all options are on the table.
The Sensex closed higher by 170 points at 26,128 and the Nifty rose 59 points to end at 7,943.
Indeed, this is one policy area where the Modi-led government is different from the one that was headed by Atal Bihari Vajpayee.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Top gainers among the S&P BSE Sensex include GAIL, Dr Reddy's Laboratories and Bharti Airtel, all edging up by 1% in late morning deals
'Had there been no war, maybe, we would come out with a 7.5 per cent stake sale.' 'At this point in time, a 3.5 per cent stake sale looked good.'
But the 30-share Sensex rose by 141.52 points, or 0.41 per cent, to close at 34,297.47. The broader NSE Nifty gained 44.60- points, or 0.42 per cent, to end at 10,545.50 after touching a high of 10,618.10.
Oil tanked to a 7-year low as OPEC decided to maintain production.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
PM started 'Make in India' but every product in market is Make in China: Rahul
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
The stocks could tank more than what it did after the United Progressive Alliance-1 came to power in 2004, as the market has not yet priced in a Bharatiya Janata Party defeat, says Raj Bhatt.
The government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega IPO of India's largest insurance company LIC, an official said. Four law firms - Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co - had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24. Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC), the official told PTI.
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