May 29, 2020

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IMC EVENTS

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CUSTOMS

27
May

Notification No.46/2020 - Customs (N.T.) (Delhi)
Exchange Rates Notification No.46/2020-Custom (NT) dated 21.05.2020.

27
May

Notification No.47/2020 - Customs (N.T.) (Delhi)
Appointment of CAA in case of in case of M/s Satnam Steels, Rajkot.

RBI

25
May

RBI/2019-20/243 (Delhi)
Large Exposures Framework – Increase in Exposure to a Group of Connected Counterparties

25
May

RBI/2019-20/244 (Delhi)
COVID-19 – Regulatory Package

25
May

RBI/2019-20/245 (Delhi)
COVID19 Regulatory Package – Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets

25
May

RBI/2019-20/246 (Delhi)
Pre-shipment and Post-shipment Export Credit – Extension of Period of Advance

INCOME TAX

25
May

Notification No. 25/2020 (Delhi)
Amendment of the Income-tax Rules, 1962 to provide for Safe Harbour Rules

25
May

Notification No. 26/2020 (Delhi)
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Kerala Coopera

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LIVE MARKET

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INDIAN ECONOMY

Reserve Bank of India should keep its powder dry, use ammunition with caution: Former RBI governor D Subbarao

Former Reserve Bank of India (RBI) governor D Subbarao said on Wednesday that given the continuing uncertainty surrounding the Covid-19 crisis, the central bank should keep its powder dry and use its ammunition with caution. Subbarao was speaking at a webinar conducted by SPJIMR. ‘If I was to advice the RBI,...

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Piyush Goyal asks industry to start working for post-COVID period; says worst for economy is over

Commerce and Industry Minister Piyush Goyal on Wednesday asked the industry to start working for the post-COVID period with good ideas and firm implementation plans as worst for the economy is over and revival is in the air. He said this while meeting industry and trade association through video conference. ...

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After Modi’s economic package, Nitin Gadkari asks states to chip in Rs 20 lakh cr more to fight coronavirus

Union Minister Nitin Gadkari today said that states must contribute Rs 20 lakh crore, weeks after Prime Minister Narendra Modi announced a mega economic reforms package of Rs 21 lakh crore to fight the disruptions led by the coronavirus pandemic. Nitin Gadkari said that there is more liquidity needed to boos...

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World’s biggest lockdown to push 12 million into extreme poverty

Abdul Kareem was forced out of school and into a life of odd jobs like repairing bicycles before he finally managed to pull his family out of abject poverty transporting goods across the Delhi in a mini truck. The job, and the slim financial security that came with it, was the first stepping stone to a be...

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Revenue loss and labour top worries

A week after markets regulator Sebi asked companies to disclose in detail their estimated and expected losses due to the Covid-19 pandemic, disclosures by some of the leading corporates show that loss of revenue, along with the availability of labour and logistics challenges, top the list of hurdles. Of t...

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India's GDP growth may rebound to 5 pc in FY22, says Duvvuri Subbarao

The country's economy, which is likely to contract by 5 per cent in the current fiscal, may expand by around 5 per cent in the next financial year, former RBI governor Duvvuri Subbarao said. Rating agency Crisil on Tuesday had said the Indian economy may shrink by 5 per cent in fiscal 2021, adding this recess...

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Data in hand, Bihar moves to create jobs

The Bihar government has tasked at least twelve departments to explore jobs for migrant workers. With data of 3,24,658 migrants as of last week, the government aims to create jobs in construction projects and is planning to set up at least two product-based industrial clusters in every district. The skill...

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Government tracks package rollout to gauge impact on ground

The government is closely monitoring economic activity as a gradual relaxation in lockdown leads to reopening of businesses to see how the Rs 20 lakh crore package announced by it is rolling out on the ground. Officials said the focus is on implementation of the measures announced in the package before an...

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Covid-19 crisis: Govt wants PSUs to ramp up dividends, share buybacks

The central government is assessing the cash position of state-owned companies and may ask them to ramp up dividend payouts and share buybacks as much as possible, people in the know told Business Standard. This comes at a time when the Covid-19 crisis is expected to derail the government’s revenue maths for...

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India can tide over worst recession, but govt must be careful: Experts

The Indian economy may shrink five per cent in the current fiscal, and may barely recover the loss next year by growing five per cent, said Montek Singh Ahluwalia, former deputy chairman of the Planning Commission. However, the crisis doesn’t give the government the freedom to pursue policies with no fiscal t...

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MARKET & FINANCE

ETF route: Bharat Bond to help CPSEs raise Rs 34,000 crore in FY21

Bharat Bond exchange trade fund (ETF), a key instrument for central public sector enterprises (CPSEs) to raise debt capital from a larger pool of sources including retail investors, is looking to mobilise over Rs 34,000 crore in FY21, up 174% over such funds raised by it during the last fiscal year. As the Ce...

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Government to withdraw 7.75% Savings (Taxable) Bonds scheme

The government has decided to withdraw 7.75 per cent Savings (Taxable) Bonds scheme from the close of banking business on Thursday due to declining interest rates. The scheme, commonly known as RBI Bonds or GOI bonds, is popular among retail investors who looking for safety of principal and a regular income. ...

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GLOBAL CORPORATE

TikTok’s parent Bytedance posted $3 billion in profit in 2019

TikTok’s parent ByteDance Ltd. generated more than $3 billion of net profit on over $17 billion in revenue last year, figures that show the world’s most valuable startup is still growing at a brisk rate, according to people familiar with the matter. The revenue for last year was more than double the company’s...

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Singtel's annual profit plunges to decades low on Bharti Airtel charges

Singapore Telecommunications Ltd's annual net profit plummeted about 65% to the lowest in more than two decades and it did not provide forecasts for the current year, citing uncertainty due to the COVID-19 pandemic. Shares of Southeast Asia's largest telco fell as much as 4% after it reported a net profit of ...

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Renault, Nissan, Mitsubishi's game plan for survival

In the wake of the deadly coronavirus pandemic, car-makers globally are reeling under huge losses. While some companies are looking at possible mergers, a report by Reuters states that Renault, Nissan Motor Co and Mitsubishi Motors Corp have ruled out a merger. Instead they would cooperate more closely on veh...

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Banking

Covid-19 crisis: ‘Indian banks need $20 billion in fresh capital’

Hit by the pandemic, Indian banks will need $20-billion additional capital to tide over asset-quality issues, Credit Suisse said in a report on Wednesday. The investment bank also raised its credit cost estimates by 20-60% in view of the lockdown and the extension of another three months’ moratorium grante...

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GLOBAL ECONOMY

Trade Report
Country Month Link
Switerzland July 2019 Click
New wave of job cuts likely across US as Covid-19 crisis crushes economy

Job cuts by US state and local governments whose budgets have been crushed fighting the Covid-19 pandemic and more second-wave layoffs in the private sector likely contributed last week to a 10th straight week of more than 2 milli...

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Covid-19: US Fed survey on economic revival, outlook and consumer behaviour

US businesses continued to be slammed by the effects of the novel coronavirus epidemic into the middle of May, a Federal Reserve report showed on Wednesday, and few expected a swift recovery despite some signs of hope. The shar...

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Euro zone economy to shrink between 8% and 12% this year: Christine Lagarde

The euro zone economy is likely to shrink between 8 per cent and 12 per cent this year as it struggles to overcome the impact of the coronavirus pandemic, European Central Bank President Christine Lagarde said on Wednesday. The...

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Coronavirus: Von der Leyen calls €750bn recovery fund 'Europe's moment'

A recovery fund worth €750bn (£670bn; $825bn) has been proposed by the EU's executive Commission to help the EU tackle an "unprecedented crisis". The package will be made up of grants and loans for every EU member state. Eco...

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What it means for investors if Hong Kong loses its special status with the U.S.

Hong Kong’s special status with the U.S. now appears to be under threat, as U.S.-China tensions ramped up after Beijing proposed a new security law for the Chinese special administrative region. On Wednesday, U.S. Secretary of ...

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Bank of Korea cuts rates to record low as coronavirus pandemic hits economy

South Korea’s central bank cut its policy interest rate to a fresh low on Thursday, working in tandem with the government to extend liquidity to businesses hit by the coronavirus pandemic. The Bank of Korea’s policy board voted to...

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INDIAN CORPORATE

NTPC to foray into distribution, keen to buy majority stake in BRPL, BYPL

State-owned power giant NTPC has decided to foray in electricity distribution business by evincing interest to buy 51 per stake in Anil Dhirubhai Ambani Group's (ADAG) two utilities in Delhi. The ADAG has two discoms namely BSES R...

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Amid paycuts and layoffs, some companies chose to shield staff during the Covid storm

In the midst of a storm of job losses, pay cuts and deferred increments, a bunch of companies have held firm. Hindustan Unilever, Asian Paints, Johnson & Johnson, HCCB, Flipkart, Myntra, CSS Corp, BharatPe, BSH Home Appliances and...

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Fearing taxman, many companies are getting tax planning done before raising funds abroad

With the government allowing Indian entities to list overseas, several companies that plan to raise funds have started studying the tax implications of the various options available and the impact on their business operations. ...

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Amid rising anti-China mood, local app Mitron eats into TikTok's India market in eye-popping manner

With over half a million downloads every day, a TikTok clone called 'Mitron' has climbed up the chart of top Indian alternatives for the Chinese short videos app within a month since its launch. Led by 31-year-old IIT-Roorkee alum...

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NTPC joins fray to buy RInfra's Delhi electricity distribution business

In an ambitious move, the country's largest power producer NTPC is joining the fray for buying out the Delhi electricity distribution business of Anil Ambani-promoted Reliance Infrastructure (RInfra). In a letter to the Delhi Ele...

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SEBI

Sebi unlikely to give result disclosure waiver to India Inc for Q1FY21

The Securities and Exchange Board of India (Sebi) is unlikely to agree to India Inc’s demand of waiving financial results disclosures for the first quarter of this financial year. Industry bodies Confederation of Indian Industry ...

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