Parliament Has Competence to Make Laws Regarding Recovery of Loans for Cooperative Banks: SC
The SC said cooperative banks cannot carry on any activity without compliance of the provisions of the Banking Regulation Act, 1949 and any other legislation applicable to such banks relatable to 'Banking'.
More Fiscal Stimulus Measures Necessary in India to Fight Covid-19: S&P
In March, the government announced a Rs 1.7 lakh crore relief package focusing on providing food security to the poor and providing money in their hands to fight COVID-19.
US Trade Deficit Widens to $44.4 Billion in March on Falling Exports
Imports also fell, but only by 6.2 percent, as transportation and shipping began to close down worldwide.
GSTN Develops Functionality for Transfer of Amount Available in Electronic Cash Ledger
Form GST PMT-09 provides flexibility to taxpayers to make multiple transfers from more than one head (major or minor) to another head (major or minor) and helps with the intra-head or inter-head transfer of amount available in electronic cash ledger.
State-owned Bank NPAs May Rise in FY21, Govt's Fiscal Deficit to Widen: Bank Of America
Analysts agree that Covid-19 pandemic will lead to an increase in bank's gross non-performing assets with some reports pegging the stock to double as well.
Cash Transfers, Food For All: How Govt May Balance Fiscal Concerns with Growing Hunger & Poverty
India has provided a stimulus which doesn’t even equal a percent of the country’s GDP when other countries have already pumped funds far in excess into their respective economies.
Sensex Gives up Early Gains to End 262 Points Lower; Financial Stocks Tank
Slumping over 810 points from the day's high, the 30-share BSE index settled 261.84 points or 0.83 per cent lower at 31,453.51.
PSB NPAs Likely to Rise 2-4% Points; May Push Govt to Recapitalise via RBI Reserves & Bonds: Report
The report said the increase in non-performing assets by 2-4 percentage points will need a government recapitalisation requirement by $7-15 billion.
Commerce Ministry Recommends Continuation of Anti-dumping Duty on Chinese Chemical
Imposition of anti-dumping duty is permissible under the World Trade Organization (WTO) regime. India and China are members of this Geneva-based organisation, which deals with global trade norms.
NBFCs Ask RBI for One-time Restructuring of All Loans Till Mar 2021
Non-banking financial companies (NBFCs) have asked the Reserve Bank of India to allow them one-time restructuring of all loans till March 2021, as their borrowers are facing funding issues amid the coronavirus pandemic and the subsequent lockdown.
US Financial Body Gives $15 Mn Loan to Indian Start-up to Expand Access to Quality Education
An American financial organisation has agreed to sanction USD 15 million loan to an Indian education start-up to expand the access to quality education by providing critical financing to schools that serve low-income students in India.
Gold Dips as Coronavirus-led Curbs Ease, Tariff Worries Persist
Investors, however, remained worried about brewing Sino-US tensions after President Donald Trump threatened new tariffs on China for its handling of the outbreak.
Tata Steel Leaves Indian Steel Association; TV Narendran Steps Down as President
An ISA official also confirmed Narendran's resignation but said the reason for his sudden resignation is not known yet.
Rupee Rises 15 Paise to 75.58 Against US Dollar in Early Trade Amid Covid-19 Concerns
Forex traders said a positive start of domestic stocks supported the local unit, while sustained foreign fund outflows and concerns over coronavirus outbreak weighed on the local unit.
Sensex Jumps Over 500 Points in Opening Trade; Nifty Tops 9,400
ONGC was the top gainer in the Sensex pack, rallying over 5 per cent, followed by M&M, Bharti Airtel, IndusInd Bank, ICICI Bank, PowerGrid and Tech Mahindra.
Petrol Price in Delhi Hiked by Rs 1.67 Per Litre, Diesel by Rs 7.10 as Govt Raises VAT
Petrol in Delhi now costs Rs 71.26 a litre as against Rs 69.59 previously, oil industry sources said.
Average Daily Aadhaar-enabled Transactions Double; Over Rs 16K Cr Disbursed During Lockdown: FinMin
As many as 43 crore transactions leading to disbursement of Rs 16,101 crore took place during the lockdown period, the Finance Ministry said in a tweet on Monday.
RBI May Extend Moratorium on Loans by Another 3 Months
Suggestions from various quarters, including from Indian Banks' Association, have come for the further extension of moratorium and the RBI is actively considering them, according to sources.
Homeward Bound: Villages Are The New Go-to Destinations, But Jobs Will Return to Cities Faster
It could well be economically rewarding if the workers managed to get back to work in the cities and towns where they were engaged in before the lockdown, only if appropriate welfare measures reach them.
India Firms up Plan to Lure Companies Who May Leave China Post-Covid: Report
The PM’s Office, Niti Aayog and the Department for Promotion of Industry and Internal Trade are firming up a plan to offer incentives in order to attract companies looking to shift manufacturing units out of China.
RBI Governor Meets NBFCs and MFs Sector, Reviews Liquidity Situation
Sectoral meetings, held separately in two sessions through video conference, were also attended by Deputy Governors and other senior officers of RBI.
IRDAI Sets up Panel to Draft Standard Professional Indemnity Policy for Insurance Intermediaries
Professional indemnity policy offers protection to professionals against potential claims for injury or loss resulting from their advice action for failure to fulfil their duties.
Bharat Petroleum Seeks LNG Cargo for May 25 Delivery, Says Report
Bharat Petroleum was seeking to buy a May 25 delivery cargo two weeks ago, but the tender was not awarded then, market sources said previously.
Global Markets Drop, Spooked by China-US Tensions Over Virus
Benchmarks fell in most countries except for Australia, which was lifted by signs its own virus outbreak is being brought under control.
ITC Faces Union Backlash Over Coronavirus Work Warnings to Employees
While ITC had so far not taken any action against workers, the company notices said "absence without leave" would lead to salary cuts and "disciplinary action", without elaborating.
US Retailer J. Crew Files for Bankruptcy: Statement
The brand, whose clothes have been worn by former first lady Michelle Obama, said online sales operations, which account for more than half its revenues, will continue as normal.
Sensex Crashes Over 2,000 Points as Global Selloff Intensifies amid Rising US-China Tensions
After a highly volatile session, the 30-share BSE index settled at 31,715.35, plunging 2,002.27 points, or 5.94 per cent.
Remdesivir Expected to be Available for Covid-19 Patients from Next Week: Top Company Official
Remdesivir is authorised for the treatment of hospitalised patients with severe Covid-19 disease though the optimal duration of treatment is still being studied in ongoing clinical trials.
Abbott's Covid-19 Lab-based Antibody Tests to be Available in India by End of May
Antibody testing is an important step to tell if someone has been previously infected. It will provide more understanding of the virus.
Indian State Retailers' April Petrol Sales Down 61%, Diesel by 57%: Sources
The state retailers' petrol and diesel sales in first half of April declined by 61% and 64%, respectively, as a nation-wide lockdown to curb the spread of the coronavirus brought economic activity to a standstill.
Goldman Sachs Says it Remains Bullish on Oil Prices in 2021
Lower crude production due to reduced activity and OPEC+ cuts, coupled with a partial recovery in oil demand, should drive prices higher next year, Goldman Sachs Equity Research said in a note.
Investor Wealth Plummets Rs 5.15 Lakh Cr in Early Trade as Equities Tank
ICICI Bank was the top laggard in the Sensex pack, tumbling nearly 9 per cent, followed by IndusInd Bank, Bajaj Finance, Tata Steel and HDFC.
Nifty Falls over 4 Percent; 'Marriage Call' Option Can Cushion Damage
As prices face the 50-day moving average, trading it on the higher side in one move is difficult and some retracement is very likely.
Rupee Plunges 71 Paise to 75.80 against US Dollar in Early Trade
The rupee opened weak at 75.70 at the interbank forex market and then fell further to 75.80, down 71 paise over its last close.
India's Factory Activity Fell to Record Low in April as Lockdown Hit Demand, Disrupted Supply Chains
With new orders and output shrinking at the steepest pace since at least early 2005 factories cut jobs at the fastest rate in the survey's history, signaling a high chance of recession.
Gold Steady as Dollar Gains; US-China Tensions over Coronavirus Resurface
US Secretary of State Mike Pompeo said on Sunday there was "a significant amount of evidence" that the virus emerged from a Chinese laboratory.
Saudi Arabia Says Investment Plans in India 'On Track' Even as Aramco's Net Profit Falls 21%
On being asked about the effect of the decline in Aramco’s profits on its plans to invest in India, Saudi Arabia's Ambassador to India reiterated that investment plans were on track.
India Doubles Down on Solar, Gas at Coal's Expense as Electricity Use Falls
India's solar and gas-fired electricity generation rose in April even as overall power demand fell at the steepest monthly rate in at least thirteen years, a Reuters analysis of provisional government data showed.
Nifty, Sensex Slump as Govt Extends Coronavirus Lockdown; HDFC Bank Slides
The NSE Nifty 50 index was down 4.25% at 9,448.15, while the S&P BSE Sensex was 4.34% lower at 32,260.30.
Reliance Jio-Silver Lake Deal: Here's All You Need to Know
This is the first sizable investment by SLP in India and reaffirms Jio’s technological capabilities and the potential of the business model, even in this Covid-19 world and beyond.
Days After Facebook Deal, Jio Platforms Gets Rs 5,655.75 Crore Investment from Silver Lake
The deal comes less than two weeks after Facebook spent $5.7 billion to buy a 9.99 percent stake in Jio. The Facebook-Jio deal was the social media network’s biggest since its $22 billion buyout of WhatsApp in 2014.
Dollar Firm but Stocks, Oil Under Pressure as US-China Tensions Rise Over Coronavirus
In commodity markets, US crude futures sank in early trade on worries about oil oversupply, even as some US states start to ease coronavirus pandemic restrictions.
Bad Debt of Indian Banks Could Double From Rs 9.35 Lakh Crore Due to Coronavirus Crisis: Report
Indian banks are already grappling with 9.35 lakh crore rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.
Crane Owners Seek Liquidity Support Under MSME Package Amid Covid-19 Lockdown
Since the first lockdown extension, Crane Owners Association of India, which has over 150 members, have written twice to MSME Minister Nitin Gadkari and once to Finance Minister Nirmala Sitharaman, seeking their help.
There Will be Flight of Capital From China Post Coronavirus Phase, Says BJP's Ram Madhav
Madhav said Asian democracies like Singapore and South Korea along with India have set a "new example that you don't need to be authoritarian to handle such a big crisis".
Foreign Investors Keen To De-risk China Businesses, India Should Seize Opportunity: BJP Leader
Asked about the reluctance of lenders to extend advances to small and medium enterprises, Panda said banks are "afraid" of increasing their lending to businesses despite several policy rate cuts by the Reserve Bank of India.
CII For Greater Industrial Activities in Districts With High Economic Performance
The government has permitted industrial estates, SEZ and industrial townships with restricted entry within urban areas of 'red zones' to commence operations.
10 Most-valued Domestic Firms Together Add Rs 3.10 Lakh Crore to M-cap; TCS Biggest Gainer
Tata Consultancy Services' market valuation zoomed Rs 73,753.12 crore to Rs 7,56,049.23 crore, becoming the biggest gainer in the top-10 chart.
As Moneycontrol Pro Turns 1, a Note to Readers from the Research Team
A recap, some gratitude and our continuing promise of quality.
Sebi Imposes Total Rs 1.05 Cr Fine on 21 Entities in Jolly Plastic Industries Case
Sebi has imposed a total penalty of Rs 1.05 crore on 21 entities for executing fraudulent trading in the scrip of Jolly Plastic Industries Ltd.