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Railways announces fare hike effective from Jan 1 NewsMinute
On the New Year's eve, the railways announced fare hike across its network, excluding suburban trains, effective from January 1, 2020, according to an order issued on Tuesday. While suburban fares remain unchanged, ordinary non-AC, non-suburban fares were increased by 1 paise per km of journey.
Core sector contraction slows in November, eight infra industries’ growth 0% in Apr-Nov Kirtika Suneja, Economic Times
India’s core sector contracted for the fourth consecutive month in November but the pace of contraction slowed to 1.5% from 5.8% in October led by growth in output of fertilizer, cement and refinery products, raising expectations of industrial production moving into the positive territory.
Sensex starts new year on strong note, RIL leads gains Surajit Dasgupta, Mint
Indian markets move higher in early part of the first trading session of the year. The Sensex was up 170 points at 41,425 while the broader Nifty was 0.42% higher at 12,219. Banking, IT and metal stocks led the gains today. Among the Sensex stocks, L&T, RIL, IndusInd Bank, Bharti Airtel, Axis Bank, Tata Steel and ICICI Bank were up between 0.5% and 1%.
Tatas to seek urgent relief ahead of January 9 TCS board meeting Kala Vijayraghavan, Maulik Vyas & Anandi Chandrashekhar, Economic Times
Tata Sons will move the Supreme Court to seek early interim relief from the tribunal order reinstating Cyrus Mistry ahead of the TCS board meeting scheduled for January 9 to consider Q3 results. The holding company is likely to file an appeal on January 2 although a hearing is possible only when the SC opens on January 6 after the winter break, said people with knowledge of the matter.
JioMart: Ambani unveils Flipkart, Amazon competitor Deccan Herald
Reliance Industries Ltd. started testing its online shopping portal, moving a step closer to billionaire Mukesh Ambani’s goal of setting up a digital platform to take on e-commerce giant Inc. in India.
FM unveils ₹102 tn infra push to reignite growth Shreya Nandi, Mint
Finance minister Nirmala Sitharaman on Tuesday unveiled a plan to invest ?102 trillion over five years to develop social and economic infrastructure to boost India’s sagging growth.
SBI home loan EMIs to fall, bank cuts external benchmark based rate Surajit Dasgupta, Mint
State Bank of India (SBI), the country’s largest lender, today announced a reduction in its external benchmark based rate (EBR) by 25 bps to 7.80% per annum, from 8.05% per annum. The revision will come into effect from January 1, 2020. With this reduction, interest rate for existing home loan customers as well as MSME borrowers who have availed loans linked to external benchmark based rate would come down by 25 basis points.
Prince Pipes recovers to gain 6% after a weak debut; firm clears the air on Montana case Money Control
Prince Pipes and Fittings, the polymer pipes and fittings manufacturer, started the first trade on December 30 with a 10 percent discount to issue price. The stock opened at Rs 160 on the National Stock Exchange and BSE against final issue price of Rs 178 per share.
Life Insurance Corp of India raises 2018-19 provisioning by 30% Shilpy Sinha, Economic Times
State-owned Life Insurance Corp of India (LIC) has raised provisions for doubtful assets by 30% to Rs 23,760 crore for the year ended March, it said in its just-released annual report. This came after reviewing asset quality and the performance of investments in real estate, loans and other assets, it said.
Pricing and buys may help Infosys pip TCS in growth Ayan Pramanik, Economic Times
Infosys is likely to grow faster than larger rival TCS this fiscal year, analysts said, on the back of its acquisitions and competitive pricing strategy. Over the past two years, the software services provider has been investing in an aggressive sales and marketing team and to attract digital- tech-focused deals.
Sensex edges higher, Nifty Bank index hits record high Surajit Dasgupta, Mint
Indian stock markets moved higher in early trade today, lifted by gains in banking stocks. The Sensex was up 83 points to 41,658. The broader Nifty rose to 12,280, less than 15 points away from its record high of 12,293. The Nifty Bank index rose 0.40% to hit a new high of 32,541. Kotak Mahindra Bank and HDFC Bank led gains in banking stocks, with stocks up 0.80% and 0.60% respectively.
Bharti Airtel hikes minimum recharge for prepaid users Navadha Pandey, Mint
Bharti Airtel Ltd has raised the minimum monthly recharge for prepaid users to ?45 with immediate effect from Sunday, more than a year after it set this tariff at ?35. This means every Airtel prepaid user will have to pay a minimum of ?10 more every month to stay on its network. “It will be mandatory to recharge with a voucher of ?45 or above every 28 days to avail services," Airtel said in a notice on Sunday.
How India's economy came back down to earth Daniel Moss, Economic Times
India's economy lost its sheen this year. As it stumbles through a deep slowdown and a credit crisis, the country has gone from being hailed as a colossus-in-waiting to placing among the also-rans.
Indian mobile carriers losing ₹2.4 cr revenue every hour owing to internet shutdowns Mint
Indian mobile operators are losing around ?2.45 crore ($350,000) in revenue every hour they are forced to suspend internet services on government orders to control protests against a new citizenship law, a top lobby group said on Friday.
Trai may not be able to fix floor for telecom tariffs before June Anandita Singh Mankotia, Economic Times
The telecom regulator could take at least six months to decide on a floor price for tariffs as it seeks to arrive at a level that will help the phone companies regain financial health but won’t be regarded as anti-consumer, said people with knowledge of the matter.
Allahabad Bank, IOB, UCO to get ₹8,655 crore for preferential allotment Devansh Sharma, Mint
The government has approved releasing ?8,655 crore to three public sector lenders -- Allahabad Bank, Indian Overseas Bank (IOB) and UCO Bank -- for preferential allotment of shares. The Ministry of Finance has approved infusing fresh capital amounting to ?2,153 crore in Allahabad Bank, ?2,142 crore in UCO Bank and ?4,630 crore in IOB via for preferential allotment of shares.
Reviving consumption, investment remains a critical challenge: RBI Ishita Guha, Mint
The revival of twin engines of India’s economic growth — private consumption and investment — while being vigilant about the events and developments taking place in global financial markets remains a critical challenge, the Reserve Bank of India (RBI) said in its December 2019 Financial Stability Report (FSR).
Slowdown may worsen bad loans problem Economic Times
India’s slowing economy could cause gross bad loans in the financial system to rise again after the first annual decrease in eight years, even as a seventh of non-bank lenders faced the risk of failing capital adequacy tests if gross nonperforming assets (NPA) were to increase 3%, the central bank said Friday.
SBI to introduce new way of ATM cash withdrawal from 1st January Sangeeta Ojha, Mint
Country's largest lender State Bank of India (SBI) will be introducing one time password (OTP) based cash withdrawal system to help protect its customers from unauthorised transactions at ATMs. The OTP-based cash withdrawal system shall be active across all SBI ATMs effective 1 January 2020 between 8 pm to 8 am.
Air India stops issuing tickets on credit to govt agencies that owe it over Rs 10L: Official Pioneer
Debt-laden Air India has stopped issuing tickets on credit to officials of various government agencies such as the CBI and the Enforcement Directorate, which owe it more than Rs 10 lakh each, a senior official of the national carrier said on Thursday. While disinvestment-bound Air India's net loss in 2018-19 was around Rs 8,556 crore, its current total debt is over Rs 60,000 crore.
Plane delivery delays added to cancellation woes: GoAir Rhik Kundu, Mint
GoAir on Thursday blamed delayed delivery of Airbus SE’s A320neo planes as one of the reasons behind the cancellations of dozens of flights this week. This, however, contrasts with Airbus data, which showed that deliveries of the A320neo to GoAir continued until as recently as November at a higher monthly pace since June 2016, when the airline inducted its first A320neo aircraft.
RIL's swap offer wipes out 50% value in Reliance Retail shares Pawan Nahar, Economic Times
Shares of Reliance Retail plunged around 50 per cent in the unlisted market on Thursday, a day after Reliance Industries (RIL) proposed a share swap scheme for shareholders of its retail venture. The country’s biggest firm by market valuation on December 25 proposed a swap ratio of 4:1, which implied investors can get one share of RIL for every four shares held in Reliance Retail. The swap ratio valued the retail business at Rs 2.5 lakh crore.
Nifty below 12,200, Sensex in the red; metal stocks shine Money Control
Dishman Carbogen Amcis share price rose 10 percent on December 26. The officials of Income-Tax Department conducted search at the company's offices and manufacturing sites.
RIL proposes share swap scheme for Reliance Retail shareholders Surajit Dasgupta, Mint
Reliance Industries has proposed allowing shareholders of the unlisted Reliance Retail to exchange their shares for RIL shares. Under the proposed arrangement, Reliance Retail shareholders will get one share of RIL in exchange for four shares of Reliance Retail, according to RIL website.
RBI warns banks over focus on retail loans Economic Times
The Reserve Bank of India (RBI) has red-flagged banks’ reliance of retail loans over slowing economic activity and negative consumer sentiment. The banking regulator called for a granular lending strategy to offset risk concentration in its annual publication on trends and progress of banking in India.
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