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Walmart logs $290 million impairment for Jabong, sees strong growth from Flipkart, PhonePe Mint
Walmart took a non-cash impairment charge of$290 million for the value of the 'Jabong' trade name in the third quarter, even as the US retail giant continues to bet on the "significant opportunity for growth" presented by the Indian market.
Days after lowering outlook, Moody's cuts India's growth forecast Mint
Moody's Investors Service today cut India's economic growth forecast for current year to 5.6% from 5.8% estimated earlier, saying GDP slowdown is lasting longer than previously expected. "We have revised down our growth forecast for India. We now forecast slower real GDP growth of 5.6 per cent in 2019, from 7.4 per cent in 2018," it said.
Sensex rises 200 points; SBI, Bharti Airtel among top gainers Surajit Dasgupta, Mint
Indian markets opened higher today, tracking firm Asian markets. The Sensex was up over 200 points at 40,519 while Nifty was back above 11,900. SBI gained nearly 2% while Tata Motors, Yes Bank, Maruti and Yes Bank were among the other top gainers.
Vodafone Idea posts India’s biggest ever quarterly loss at Rs 50,921 crore on AGR hit Economic Times
Telecom firm Vodafone Idea on Thursday reported a record loss of Rs 50,921 crore for the September quarter, as it made a provision for the Supreme Court’s ruling on payment of average gross revenue (AGR) dues, even as ongoing brutal pricing war continued to hurt. The company had posted a loss of Rs 4,947 crore in the year ago period.
DoT tells telcos to clear AGR dues as per SC order Money Control
The Department of Telecom (DoT) has issued notice to telecom operators to pay their revenue share dues within three months as directed by the Supreme Court, according to an industry source. The DoT has given option to telecom operators to clear all the dues on self-assessment basis.
Sensex tepid, Nifty holds 11,800; Aurobindo Pharma shares slump Surajit Dasgupta, Mint
Indian markets opened flat today with Sensex up around 50 points at 40,174 in early trade. The broader Nifty was flat at 11,832. Infosys was up 1.5% while ICICI Bank rose 0.8% in early trade. Other gainers included Maruti Suzuki, Vedanta, ONGC and Yes Bank. Bharti Airtel, down 2.6%, was the top loser. HUL, SBI and IndusInd Bank fell between 1% and 2%.
Birlas may let Voda Idea go insolvent if government doesn't help Kala Vijayaraghavan, Devina Sengupta & Saikat Das, Economic Times
Aditya Birla Group will not infuse any fresh equity into Vodafone Idea Ltd, its telecom joint venture with Vodafone Group of UK, and let it opt for insolvency if the government does not provide substantial relief, including on the telco's adjusted gross revenue (AGR)-based dues, which could be over 39,000 crore, senior executives aware of the matter said.
Options before RBI as inflation firms up, economy teeters Gireesh Chandra Prasad, Mint
As India, Asia’s third largest economy heads for a winter of deep economic downturn, the prolonged monsoon season that played havoc with farm output and pushed up retail inflation has presented the Reserve Bank of India a dilemma ahead of its monetary policy review in December.
DoT tells telecom operators to start self-assessment of dues Navadha Pandey, Mint
The department of telecommunications has asked operators to conduct a self-assessment of dues after last month’s Supreme Court verdict upheld the government’s definition of adjusted gross revenue.
PM Modi at BRICS: India world's most open, investment friendly economy Mint
India is the world's most "open and investment friendly" economy, Prime Minister Narendra Modi said here on Thursday as he wooed the BRICS business leaders and urged them to invest in the country's infrastructure development.
Government eases norms for change of address on Aadhaar Mint
The government has allowed migrants to change address on Aadhaar by giving self declaration, a move aimed at helping them open bank account and promote financial inclusion. The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules, as per a gazette notification issued on Wednesday.
Over 80,000 employees of BSNL, MTNL apply for voluntary retirement Financial Express
Over 80,000 employees of BSNL and MTNL have already applied for the voluntary retirement scheme (VRS) notified by the companies last week. Going by the response, it seems that the firms are set to achieve their target of 94,000 employees.
Sensex struggles in early trade, Infosys top loser Surajit Dasgupta, Mint
Indian markets struggled in early trade today with Sensex up about 41 points while Nifty held above 11,900. Infosys was the top loser in the Sensex pack, down about 1%. Infosys has received another whistleblower complaint against chief executive Salil Parekh of misdemeanours, days after a similar letter prompted the company’s board to institute an independent probe.
Auto industry in reverse gear despite marginal rise in October passenger vehicle sales India Today
The ailing auto sector showed slight signs of improvement during festive sales but no enough to pull the sector out of a demand crisis. While experts believed that the festive season would help in mitigating losses caused to the auto industry due to the slowdown, there has been hardly any improvement with respect to October passenger vehicles' sales.
BSE, NSE shut today on account of Guru Nanak Jayanti Rakesh Patil, Money Control
The Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) will remain closed on November 12 on account of Guru Nanak Jayanti. Wholesale commodity markets, including metal and bullion, will also remain shut to mark the 550 birth anniversary of the founder of Sikhism.
India’s industrial output declines by 4.3%, records steepest fall in 8 years NewsMinute
Contraction in manufacturing and mining activity and subdued demand dragged India's September factory output deep into the red. The Index of Industrial Production (IIP) declined (-)4.3 per cent in September from (-)1.40 per cent in August 2019.
ITS officers seek to exit from BSNL, MTNL; demand fair representation in BSNL board selection Muntazir Abbas, Economic Times
The officers of the Indian Telecommunication Services (ITS) have demanded the Centre to repatriate them from the state-owned telecom companies— Bharat Sanchar Nigam Limited and Mahanagar Telephone Nigam Limited (MTNL), and sought to widen the selection procedure of BSNL board directors, following the three vacancies.
Sensex edges lower, RIL, TCS, Infosys weigh Surajit Dasgupta, Mint
Indian markets wobbled in early trade today, with Sensex down about 50 points at 40,276. The Niftyedging higher after a weak start. The Sensex was up 50 points while Nifty was holding above 11,900. ICICI Bank was down about 1% while Sun Pharma fell about 3%.
57,000 BSNL employees opted for VRS scheme in four days: Govt Mint
As many as 57,000 employees of public sector undertaking Bharat Sanchar Nigam Ltd (BSNL) have already availed themselves of the voluntary retirement scheme that was rolled out on 5 November, news agency PTI reported on Sunday. The figures when combined with those of state-owned MTNL exceed 60,000.
Centre considers raising insurance for deposits, more RBI scrutiny for banks Rajeev Jayaswal, Hindustan Times
The government is considering increasing the insurance on bank deposits to more than the Rs 1 lakh at present, with greater protection for senior citizens, and may bring all financial institutions under the Reserve Bank of India’s scrutiny as part of measures to improve safeguards for depositors.
Indian economy currently facing challenges, says FM Nirmala Sitharaman Business Standard
Finance Minister Nirmala Sitharaman on Sunday said the economy was currently facing challenges, even as she unveiled a book on global finance. Launching The Rise of Finance: Causes, Consequences and Cure, she said the book would help “understand the current economic situation facing both the world and Indian economy”.
SBI cuts lending rates, loans to get cheaper Surajit Dasgupta, Mint
ndia's biggest bank State Bank of India or SBI today lowered lending rates, making loans cheaper. SBI cut its MCLR or marginal cost of fund based lending rate by 5 basis points across all tenors, its 7th consecutive cut in borrowing rates in FY 2019-20. 
RBI issues new compensation norms for pvt, foreign bank honchos Money Control
The Reserve Bank on November 4 issued compensation guidelines for whole-time directors and chief executives of foreign, private, small finance, payments banks and local area banks mandating the cash component of variable pay at 67 percent.
Indian telecom has been a bad dream for foreign investors: Marten Pieters, Former CEO, Vodafone India Gulveen Aulakh, Economic Times
The Supreme Court’s decision on the contentious issue of adjusted gross revenue (AGR) has reinforced the belief that foreign investments in telecom haven’t paid off, former Vodafone India chief executive officer Marten Pieters told ET.
Sensex struggles in early trade, Yes Bank shares surge Surajit Dasgupta, Mint
Indian markets struggled in early trade after the recent record-setting run. The Sensex was up about 80 points while Nifty was near 11,950. Shares of Yes Bank surged nearly 9% today in early trade.
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