Need2know: Bullish voices on India growth and other triggers for today’s market
ETMarkets.com|
Updated: Nov 28, 2017, 07.56 AM IST
Hello! Here’s a lowdown on top macro triggers that may move the financial markets on Tuesday. This report was compiled from newspaper and agency feeds.
15th Finance Commission formed
The government on Monday constituted the 15th Finance Commission and tasked it with reviewing the existing devolution formula, which requires the Centre to transfer 42% of its gross tax receipts to states, compared with 32% earlier, in addition to factoring in the impact of GST. It will be headed by Rajya Sabha member NK Singh.
Many bullish voices on India growth
The Asian Development Bank (ADB) says it is sticking to its growth forecast for India; Wall Street investment bank Morgan Stanley says India is all set for a full-fledged financial recovery in 2018 and Goldman Sachs says India’s economic growth will bounce back to 8 per cent in the next fiscal year.
New industrial policy coming
Commerce and Industry Minister Suresh Prabhu says the new industrial policy that will seek to promote emerging sectors will be released early next year.
Trai to issue net neutrality norms
Telecom regulator plans to issue the recommendations on net neutrality on Tuesday, which is likely to impact the future of apps that provide calling and messaging services.
Rupee up 20 paise, at two-month high
Showing resistance against early volatility, the rupee on Monday surged by a hefty 20 paise to end at a fresh two-month high of 64.50, marking its best closing since September 20.
NCLT appoints liquidator
The company law tribunal for the first time directed appointment of a liquidator in place of an existing resolution professional in the case of Keshav Sponge and Energy, which has no feasible resolution plan in sight.
Oct GST collections drop
GST collection fell to Rs 83,346 crore in October, from more than Rs 90,000 crore in each of the first three months after the new tax regime was rolled out on July 1.
Tax refund delay hurts exports
Exporters have written to the finance ministry saying that GST refunds are getting delayed due to airline and shipping companies not submitting proof of export to customs and mismatches of invoice numbers in shipping bills and GST return forms. India’s exports dipped for the first time in 15 months in October to 1.1 per cent
Call money rates rise
Overnight call money rates ended higher at 6.00% from last Friday's 5.80% level. It resumed higher at 6.00% and moved in a range of 6.10% and 5.70%.
G-Secs weakens
Government bonds weakened on selling pressure from banks and corporates. The 6.79% government security maturing in 2027 slipped to Rs 98.18 from Rs 98.55, while yield edged up to 7.06% from 7.00%.
15th Finance Commission formed
The government on Monday constituted the 15th Finance Commission and tasked it with reviewing the existing devolution formula, which requires the Centre to transfer 42% of its gross tax receipts to states, compared with 32% earlier, in addition to factoring in the impact of GST. It will be headed by Rajya Sabha member NK Singh.
Many bullish voices on India growth
The Asian Development Bank (ADB) says it is sticking to its growth forecast for India; Wall Street investment bank Morgan Stanley says India is all set for a full-fledged financial recovery in 2018 and Goldman Sachs says India’s economic growth will bounce back to 8 per cent in the next fiscal year.
New industrial policy coming
Commerce and Industry Minister Suresh Prabhu says the new industrial policy that will seek to promote emerging sectors will be released early next year.
Trai to issue net neutrality norms
Telecom regulator plans to issue the recommendations on net neutrality on Tuesday, which is likely to impact the future of apps that provide calling and messaging services.
Rupee up 20 paise, at two-month high
Showing resistance against early volatility, the rupee on Monday surged by a hefty 20 paise to end at a fresh two-month high of 64.50, marking its best closing since September 20.
NCLT appoints liquidator
The company law tribunal for the first time directed appointment of a liquidator in place of an existing resolution professional in the case of Keshav Sponge and Energy, which has no feasible resolution plan in sight.
Oct GST collections drop
GST collection fell to Rs 83,346 crore in October, from more than Rs 90,000 crore in each of the first three months after the new tax regime was rolled out on July 1.
Tax refund delay hurts exports
Exporters have written to the finance ministry saying that GST refunds are getting delayed due to airline and shipping companies not submitting proof of export to customs and mismatches of invoice numbers in shipping bills and GST return forms. India’s exports dipped for the first time in 15 months in October to 1.1 per cent
Call money rates rise
Overnight call money rates ended higher at 6.00% from last Friday's 5.80% level. It resumed higher at 6.00% and moved in a range of 6.10% and 5.70%.
G-Secs weakens
Government bonds weakened on selling pressure from banks and corporates. The 6.79% government security maturing in 2027 slipped to Rs 98.18 from Rs 98.55, while yield edged up to 7.06% from 7.00%.
