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24-May-2018
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 Indian Economy
 
Finance ministry ties up with e-commerce firms to give loans
The finance ministry has joined hands with over two dozen e-commerce firms, including major players like Amazon, Flipkart, Ola and Uber, to provide easy finance to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY), a top government official said. The three way partnership between lend...

India aiming for security & economic goals in N Korea; still not a big player there
China's Global Times came up with yet another report analysing the role that India is aiming to play in the Korean Peninsula affairs by sending its Minister of State for External Affairs VK Singh to North Korea in the third week of May. In a piece titled 'India seeks major power status by pivot to N...

EEPC India suggests ways to make India's export more competitive
India can make its export promotion schemes WTO- compliant and make the country's exports competitive by allowing the exchange rate to reflect the real value of the rupee , that has only recently shown some parity, helping the exporting community, engineering exporters' body, EEPC India said on Thur...

India seeks to revive WTO talks to check biopiracy
India has set in motion plans to revive talks on linking the Trade Related Intellectual Property Rights (TRIPS) pact of the World Trade Organisation to the Convention on Biodiversity (CBD) to check instances of biopiracy and misappropriation of traditional knowledge by global corporates. Next month,...

 
 Global Economy
 
Euro zone business slowdown suggests best days may be over
Euro zone economic growth slowed much more sharply than expected this month, a business survey showed, which along with weaker inflation has intensified concerns there will be no return to the bloc’s recent boom times. The European Central Bank will end its asset purchase programme this year and hik...

Bank of Korea holds rates as inflation trails target, trade fears remain
The Bank of Korea held interest rates steady for a sixth straight month on Thursday, with inflation seen remaining below target and trade frictions between the United States and China raising fears of collateral damage to other export-reliant Asian economies. The Bank of Korea’s monetary policy comm...

Singapore upgrades first-quarter GDP, 2018 outlook on resilient demand
Singapore’s economy grew at a slightly faster pace in the first quarter than initially estimated, as factory activity remained robust, while an improvement in global demand prompted the government to upgrade its 2018 growth forecast. The economy grew 1.7 percent in the January-March quarter from the...

Argentines brace for crisis as nation again seeks IMF help
Maria Florencia Humano opened a clothing store in 2016, convinced that Argentina’s long history of economic crises had ended under pro-business President Mauricio Macri. She will shutter it later this month, unable to make rent or loan payments. Soaring interest rates and a plunging currency have up...

 
 Market & Finance
 
Rupee nears its all-time low on global cues; Sensex drops 306 points
The rupee and stocks tumbled along with other global markets on Wednesday after the US dollar strengthened, as events across Italy, Turkey and North Korea triggered risk-off bets. Investors pulled out money out of risky assets on fears of Italy exiting the eurozone. The sentiment was hurt as prospec...

Non-food credit growth remains flat at 12.74%
Growth in non-food bank credit remained flat at 12.74% year-on-year (y-o-y) during the fortnight ended May 11 from 12.75% in the previous fortnight. According to provisional data released by the Reserve Bank of India, outstanding loans to companies and individuals stood at Rs 84.93 lakh crore on Ma...

Rupee Falls To 18-Month Low Against US Dollar: 5 Points
The rupee weakened by 38 paise to end at 68.42 against the US dollar today. That marked the lowest closing level against the greenback since November 2016. Dollar strengthened against a basket of currencies on uncertainty over the outcome of US-China trade talks. US President Donald Trump said he wa...

FOREIGN EXCHANGE EARNINGS IN TOURISM GROW BY OVER 10% IN APR 18
Earnings from foreign exchange in tourism have grown by more than 10 per cent in April 2018 over April 2017, a Tourism Ministry statement said today. The Ministry of Tourism estimates monthly Foreign Exchange Earnings (FEEs) through tourism in India, both in rupee and dollar terms based on the credi...

FPIs dump Indian bonds
Apprehensive that the rupee could weaken further as crude oil prices soar, foreign portfolio investors (FPIs) have dumped Indian bonds worth more than $4.5 billion over the past month or so. The sales in the equity market, at close to $1.63 billion over the same time, have been far smaller. However,...

 
 
 Direct Tax
 
India's net direct tax collection rises 18% to Rs 10.03 trillion
India's net direct tax collection in 2017/18 stood at Rs 10.03 trillion, up 18 percent on year, the finance ministry said on Wednesday. The growth was the fastest in seven fiscal years. Last month, a finance ministry official had said the country's direct tax mop-up had exceeded the budget target. ...

 
 
 
 
 
 
 Trade Notice
Trade Facilitation Notice No. 01/2017
 
IMC  Chamber of  Commerce and  Industry Events
 
 Other Events
 
Business Conclave 2018
19 Jun 2018

 
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 Indian Corporate
 
Bonds, call rates drop
Government bonds (G-Secs) dropped on sustained selling pressure from banks and corporates and the overnight call money rates also finished lower due to lack of demand from borrowing banks amid comfortable liquidity in the banking sytem. The 7.17 per cent 10-year benchmark bond maturing in 2028 weake...

Andhra Bank posts Rs 2,535 cr net loss in Q4
State-owned Andhra Bank today reported a standalone net loss of Rs 2,535.82 crore for the fourth quarter ended March 31, mainly due to higher non-performing assets. The bank had posted net profit of Rs 35.12 crore in the corresponding quarter of 2016-17. In a regulatory filing, Andhra Bank said its ...

Indian Retail sector attracts Rs 9.5 bn PE investment in 2018, up 35% y-o-y
Indian retail sector has attracted Rs 9.5 billion YTD (year till today) as compared to Rs 7 billion, a year ago. Cumulative investments into the sector between 2015 and 2018 stood at Rs 55 billion. Close to Rs 10 billion has been invested in the first quarter of 2018, making it one of the best three...

Grasim Ind draws up Rs 13,327 cr capex plan for expansion
Aditya Birla Group company Grasim Industries has drawn up a capital expenditure plan of Rs 13,327 crore for its fast-growing viscose staple fibre (VSF), chemicals and cement businesses. "We are investing Rs 4,257 crore in brownfield expansion including de-bottlenecking of VSF segment and around Rs ...

Godrej Industries posts Q4 net profit at Rs 277 cr
Diversified firm Godrej Industries reported a consolidated net profit of Rs 277.09 crore for the quarter ended March 2018. The company had posted a net profit of Rs 95.23 crore in the January-March period a year-ago, Godrej Industries said in a BSE filing. Its total income during the quarter under r...

Natco Pharma PAT for Q ending March 31 up by nearly 70 pc
Natco Pharma Limited today said its consolidated Profit After Tax (PAT) for the quarter ending March 31, 2018 was up by nearly 70 per cent to Rs 300 crore as against Rs 176.4 crore during the same quarter in FY'17. A press release from the city-based drug-maker said the company recorded a net reven...

Vedanta Resources operating profit up 27% to $4.1 billion in FY’18
Diversified global natural resources giant Vedanta Resources on Wednesday reported a 27% surge in operating profit to $4.1 billion for 2017-18 on higher output and increase in prices. The LSE listed company, which produces aluminium, copper, zinc, lead, silver, iron ore, oil and gas and commercial e...

Tata Motors net down 50% to Rs 2,175 crore
Tata Motors consolidated net profit halved to Rs 2,175 crore on a year-on-year basis for the three months ended March 31, 2018, missing street estimates. A one time provision for impairment and sharp rise in expenses on account of rise in cost of materials consumed impacted profits for the quarter. ...

Jet Airways Q4 loss at Rs 1,036 cr on oil price rise, weak Re
Naresh Goyal-promoted Jet Airways today reported a standalone net loss of Rs 1,036 crore in the March quarter due to rise in oil prices and weaker rupee. The company had reported a net profit of Rs 602.42 crore in the year-ago period, according to the BSE filing. The total income also declined by 3....

 
 Global Corporate
 
Renault-Nissan merger unlikely before 2020, CEO Ghosn says
Renault and Nissan are reviewing the ownership structure of their carmaking alliance but are unlikely to merge into a single listed entity this year or next, Chief Executive Carlos Ghosn said on Wednesday. Speaking at a Bloomberg conference, Ghosn reiterated that the carmakers were examining ways t...

China's ZTE estimates at least $3.1 billion loss from U.S. sanctions
China’s ZTE Corp is estimating losses of at least 20 billion yuan ($3.1 billion) due to Washington’s ban on U.S. firms supplying the telecommunications firm, Bloomberg reported on Wednesday, citing unnamed sources. The report also said ZTE is hopeful that the United States and China will be able to ...

 

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