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Budget 2018: Pressure on Finance Minister to fulfil promise of cutting corporate tax rate, say experts
Finance Minister Arun Jaitley will be under pressure to moderate tax rate for the industry which was promised a lower levy of 25 percent by the government three years ago, experts said.
With the US substantially cutting corporate tax, the minister will also need to keep India's tax rate globally competitive, they added. (PTI)
Israeli Prime Minister Benjamin Netanyahu will be visiting India from January 14 to January 19. Netanyahu will be visiting Delhi, Agra, Ahmedabad and Mumbai, according to the Ministry of External Affairs.
TCS Q3 Earnings | TCS reports Q3 Rupee revenue at Rs 30,904 crore. Dollar revenue at USD 4,787 million and EBIT margin at 25.2 percent.
PE funds eye Canara Bank’s 30% stake in Can Fin Homes, says report
Bulge bracket private equity funds including TPG Capital Management, Bain Capital and Baring Private Equity Asia are in initial talks to buy state-run Canara Bank's 30% stake in its listed housing finance subsidiary, Can Fin Homes, sources told The Economic Times.
As per Wednesday’s closing price, the 30% stake of Canara Bank is valued at Rs 1,922 crore. "The stake sale will happen with one buyer or multiple buyers and may happen in tranches," sources said. "We have hired bankers and they have in turn approached some big-ticket funds, which expressed interest."
German economy grew at 2.2 percent in 2017, budget surplus hit 1.2% of GDP: official data
Europe's biggest economy, Germany, accelerated by 2.2% in 2017, according to the official data. The growth figure were released by the Federal Statistical Office suggest that growth has been strongest since 2011, when the economy grew by 3.7%. Gross Domestic Product (GDP) expanded by 1.9% in 2016 and 1.7% in 2015. The data also suggested that German budget surplus hit 1.2% of the GDP in 2017.
Infosys Q3 net profit seen up 3.14% QoQ
Infosys, the country's second largest software services provider, will announce its third quarter earnings on Friday. The key things to watch out for would be its full year guidance and management commentary. Overall it is expected to be soft quarter due to seasonality.
The IT bellwether is expected to report a profit of Rs 3,609 crore, down 3.14% compared to Rs 3,726 crore in the previous quarter, according to average of estimates of analysts polled by CNBC-TV18. Revenue is seen growing 1.5% sequentially to Rs 17,823 crore from Rs 17,567 crore.
There's an orchestrated campaign to malign Aadhaar, says Nandan Nilekani
Former Unique Identification Authority of India (UIDAI) Chairman Nandan Nilekani said there was an "orchestrated campaign" to malign Aadhaar, reports PTI. He was reacting to filing of an FIR on The Tribune newspaper report relating to Aadhaar data breach. "There is 100% an orchestrated campaign to see how Aadhaar gets maligned, yes absolutely," Nilekani said.
GMR Infrastructure may raise up to Rs 5K cr via airport biz IPO
GMR Infrastructure is looking to raise between Rs 4,000 crore and Rs 5,000 crore through the listing of its airport holding entity, sources told The Economic Times. The move will help it pare debt and mobilise expansion funds. GMR is working with at least five banks — Bank of America-Merrill Lynch, JM Financial, Kotak Mahindra Capital, Axis Capital and ICICI Securities — on the mega issue that is expected to hit the markets in the April-June quarter, sources said.
Bank of Baroda may sell Nainital Bank stake to shore up capital
Bank of Baroda, India’s third-largest state-run lender, is seeking to sell unit Nainital Bank as it sheds non-core assets to bolster its balance sheet, sources told Bloomberg. A decision on the size of the stake to be sold will depend on approvals from the Reserve Bank of India, sources said.
BoB holds 98.6% stake in the 96-year-old Nainital Bank, which had assets of about Rs 77 billion as of March end. Deliberations regarding the sale are at an early stage and private equity firms have expressed initial interest, sources said. There’s no guarantee the talks will lead to a sale, they added.
Nainital Bank has about 135 branches spread across five states. It reported a net income of Rs 484 million in FY17, little changed from the previous year, and its bad-loan ratio stood at 5% of the total. That compares with a soured-debt level of 9.6% for the banking system as a whole, data compiled by RBI shows.
India's 2017 oil demand growth posts lowest gain since 2013
Indian oil consumption in 2017 grew at its slowest in four years, according to government statistics, hit by the government’s demonetisation move and a tax increase that knocked the gain in fuel use back to a modest 2.3%, reports Reuters. The low growth also coincided with another year of weak, albeit improving, new vehicle sales.
Reports on China slowing US bond purchases may be fake
A report that China is considering slowing or halting purchases of US Treasury bonds may be based on erroneous information and could be “fake”, the country’s foreign exchange regulator said. Bloomberg News reported on Wednesday that Chinese officials reviewing the country’s vast foreign exchange holdings had recommended slowing or halting purchases of US Treasury bonds amid a less attractive market for them and rising US-China trade tensions. The report sent US Treasury yields to 10-month highs and sent the dollar lower. “The news could quote the wrong source of information, or may be fake news,” the State Administration of Foreign Exchange (SAFE) said in a statement published on its website.
Home sales drop to 7yr low, launches fall by 41% YoY in 2017
Regulatory changes, high levels of unsold inventories and weak consumer sentiment have led to a sharp 7% YoY fall in home sales and launches last year. This even as developers scrambled to complete projects, a report by property consultant Knight Frank India shows. Home sales volume hit a seven-year low, witnessing a 38% decline from the peak of 2011. Around 228,072 homes were sold last year as against 368,568 in 2011.
Knight Frank conducted the survey across eight major cities - Mumbai, National Capital Region (NCR), Pune, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Home launches fell by 41% YoY in 2017 to 103,570 housing units. While Hyderabad saw the biggest fall in launches at 84% YoY, Pune, Bengaluru and Chennai fell by 58%, 37% and 33% respectively.
UPA II made me scapegoat in 2G case to salvage its image, says A Raja in book
Vindicated in the 2G spectrum allocation case, A Raja has launched a scathing attack on former CAG Vinod Rai, former Prime Minister Manmohan Singh and the UPA II dispensation in his tell-all book 2G Saga Unfolds. The book, which was accessed by News18, is expected to be released this month. The former telecom minister, who was at the centre of the 2G case, didn’t spare the former Comptroller and Auditor General Vinod Rai. The “sanctity of the CAG was severely compromised by its then head, Vinod Rai”, Raja said in the book.
Raja wrote that Rai’s report and the now debunked Rs 1.76 lakh crore loss on which 2G spectrum case was built, was “a mixture of inappropriate legal interpretations, incongruous comparisons and flippant allegations.” The sharpest salvo, however, comes when Raja says, “It is my conviction consequent to the whole experience of the trial that there was political motivation to kill UPA-II and Rai’s was the shoulder on which the gun was placed.”
Raja also slammed former Manmohan Singh and the UPA II machinery, almost likening himself to a scapegoat saying, Singh’s silence on the issue was like “silencing of our nation’s collective conscience”. A decision to put him "behind bars had been taken to salvage the government’s image", Raja wrote in the book. He claimed in the book that Singh was repeatedly misinformed by his advisors. Raja alleged that Singh chose to remain a passive observer even when he was arrested and jailed for about 15 months.
Budget 2018: Amfi seeks tax-saving debt funds from Finance Ministry
Mutual fund body Amfi has proposed inclusion of debt-linked savings scheme under Sec 80 C of the Income Tax Act in Budget 2018, reports Moneycontrol News’ Himadri Buch. It has also proposed a Mutual Fund Long Term Retirement Plan (MFLRP) similar to the 401(k) plan in the US. The industry association wants the Finance Ministry to consider fund of funds category as equity funds if more than 65% is invested in equities. Lastly, Amfi has also pushed the case for extending Sec 54 EC benefit for mutual fund schemes with lock-in period of three-to-five years.
Satyam case: Sebi bans Price Waterhouse entities from issuing audit certificates for 2 years
Finding Price Waterhouse guilty in the multi-crore Satyam scam, Sebi on Wednesday barred its network entities from issuing audit certificates to any listed company in India for two years and ordered disgorgement of over Rs 13 crore wrongful gains from the audit major and its two erstwhile partners who worked on the IT major's accounts.
The market regulator's order comes nearly nine years after the scam at Satyam Computer Services came to light and after two failed attempts by auditor major Price Waterhouse to settle the case through consent mechanism. This is also one of the most stringent orders passed by any regulator against a Big Four audit major.
In a 108-page order, Sebi has imposed a two-year ban on entities/firms practicing as chartered accountants in India under the brand and banner of PW from directly or indirectly issuing any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with the regulator.
Warren Buffett takes a step closer to naming a successor
Warren Buffett on Wednesday appointed Gregory Abel and Ajit Jain to the Berkshire Hathaway board as vice chairs, hinting that one of them is the most likely heir to the Oracle of Omaha at the helm of his sprawling, market-beating conglomerate. Buffett told CNBC this is "part of a movement to succession over time."
Abel, 55, will be vice chair of non-insurance businesses and will likely be seen by Wall Street as the most likely to ascend into Buffett's role eventually. Abel currently is the chairman and CEO of Berkshire Hathaway Energy Company, which he joined in 1992. Jain, 66, was named vice chair of the insurance operations. Jain is the executive vice president of National Indemnity Company and joined the Berkshire Hathaway Insurance Group in 1986.
China moves to shutter bitcoin mines, says report
China is moving to eradicate the country's bitcoin mining industry over concerns about excessive electricity consumption and financial risk, reflecting authorities' judgment that cryptocurrencies are not a strategic industry. A multi-agency task force has instructed provincial governments to "actively guide" companies in their respective regions to exit the cryptocurrency mining industry, according to a document seen by the Financial Times. The move to pressure miners follows China's shutdown of local bitcoin exchanges and its ban on initial coin offerings.
Miners create new bitcoins by solving complex maths problems whose solutions are used to validate new bitcoin transactions. Though ostensibly a computational task, the reliance on raw computing power makes the process more akin to industrial manufacturing than traditional high-technology businesses. Many bitcoin miners have established operations in remote areas without even registering a company. Some have also skirted Chinese regulations that forbid end users from purchasing electricity directly from power producers rather than grid operators.
China mines about three-quarters of the world's bitcoins, according to Liao Xiang, chief executive of Lightningasic, a Shenzhen-based mining operation. Chinese miners have taken advantage of cheap electricity in regions rich in coal or hydroelectric power, including Xinjiang, Inner Mongolia, Sichuan and Yunnan.
China may be thinking of halting US Treasury purchases and that's worrying markets
China, the biggest buyer of US sovereign bonds, could be slowing down or even halting its purchases. Bloomberg News reported on Wednesday that officials in Beijing have recommended the Chinese government lower — or even stop — its buying of US sovereign debt. The report also notes that Chinese officials think US debt is becoming less attractive compared with other assets, adding that trade tensions between the two countries could provide a reason to slow down or halt the purchases.
"If China stops buying Treasuries, the market could suffer," strategists at Jefferies said. "Treasury financing needs are going to rise significantly in 2018 and beyond relative to recent history, so Treasury is going to be looking for as many sources of demand as they can find." The news worried markets. Treasury prices fell, boosting yields. The dollar also dropped against most currencies and gold rose. US equities declined.
India tops domestic air traffic demand at 16.4% in November: IATA
India's domestic air passenger traffic grew by 16.4 percent in November last year, topping the growth chart worldwide, global aviation body, the International Air Transport Association (IATA) said on Thursday.
The IATA, comprising major air carriers, said India continued to witness double-digit growth for the 39th consecutive month.
Globally, the total revenue passenger kilometres (RPK) increased 8 percent compared to November 2016 — the fastest growth rate in five months.
The available seat kilometeres (ASKs) or capacity grew by 6.3 percent.
FDI reforms against BJP line, says Yashwant Sinha
Veteran BJP leader Yashwant Sinha on Thursday termed the latest round of Foreign Direct Investment (FDI) reforms as a deviation from the party's stand, and said 100 percent FDI in single-brand retail will hit small traders.
Sinha, who has been critical of the Narendra Modi government for its handling of economy among other issues, was here to take part in a farmers' protest against an upcoming power project in Gadarwara town of Narsinghpur district.
Talking to the reporters here, Sinha said, "As an opposition party, the BJP opposed 100 percent FDI in retail. But after coming to power, the union government headed by the BJP decided to implement it. This is not good for the country. 100 percent FDI in single-brand retail would create problems for small traders.
SBI to raise Rs 20,000 crore via bonds for affordable housing
Country's largest lender State Bank of India (SBI) plans to raise Rs 20,000 crore through long term bonds to fund affordable housing.
SBI had earlier proposed to raise Rs 5,000 crore for the purpose.
"A proposal will be submitted to Executive Committee of Central Board (ECCB)... for approval for issuance of long term bonds of Rs 20,000 crore for financing of infrastructure and affordable housing in domestic and overseas market instead of Rs 5,000 crore intimated earlier," SBI said in a filing to the stock exchanges.
Indian Oil Corp buys third shipload of US crude oil
Indian Oil Corp (IOC) today bought its third shipload or cargo of US crude oil as it looks at cheaper alternatives that have emerged due to the global supply glut.
IOC bought 2 million barrels of light Louisiana sweet crude oil in a tender today, official sources said.
The oil is for delivery at its Paradip refinery in Odisha during April 11-20.
IOC’s Paradip refinery had in October last year received India’s first ever shipment of US crude oil when it imported a 1.6 million barrels parcel.
Trade setup for Friday: Top 15 things you should know before Opening Bell
Investors are advised to stay light and don't be in a hurry to create fresh long positions on the index and wait for a breakout.
JNU makes minimum 75% attendance compulsory for students
Jawaharlal Nehru University administration has made minimum 75 percent attendance compulsory for all students.
However, if a student is absent on valid medical grounds then 60 percent attendance will suffice.
The circular issued by Assistant Registrar(Evaluation) Sajjan Singh, based on recommendations of the compulsory attendance committee, said, for students of BA, MA, MSc, MTech, PG diploma, MPhil, Phd and all part-time programmes a minimum of 75 percent attendance in a course in mandatory for appearing in the end-semester examination.
FSSAI working on safer ‘prasad’ at temples
Food regulator FSSAI has expanded its programme for training officials of renowned temples like Iskcon and Somnath temple to ensure the ‘prasad’ served to devotees is safe and hygienic.
The Food Safety and Standards Authority of India (FSSAI), which launched a programme called BHOG in 2016, organised a workshop in the national capital today which was attended by representatives of all major temples including Chintapurni Shakti Peeth, Meenakshi temple and Somnath temple.
It also released a guidance manual to facilitate voluntary implementation of food safety at places of worship.
Panel examining cryptocurrency-related issues submits report
A committee appointed by the government last year to examine issues related to cryptocurrency has submitted its report, a senior law ministry official said on Thursday.
The panel is also examining pros and cons including launching an own cryptocurrency.
Addressing the '2nd Global Summit P2P Digital Asset System,' organised by ASSOCHAM, Additional Secretary in the Department of Legal Affairs Anadee Nath Mishra said the government is also looking into the allegations that people who had black money had diverted the same to cryptocurrencies in India during demonetisation.
Govt plans mechanism to address iron ore price volatility
The steel ministry is contemplating a mechanism to moderate the volatile prices of iron ore, the main raw material of steel.
“We have formed a task-force to come out with a report in this regard,” Union Steel Minister Chaudhary Birender Singh said here today.
The minister said though it is a free market for iron ore, the government wanted some price predictability, at least for three to four months.
ED issues fresh summons to Karti Chidambaram in INX Media case
The Enforcement Directorate today issued fresh summons to Karti Chidambaram, the son of senior Congress leader P Chidambaram, after he skipped his appearance before it in connection with the INX Media money laundering case probe.
Official sources said he has now been called by the agency on January 16.
The investigating officer (IO) of the case had earlier this month summoned him for appearance today, which he skipped.
Health Assure to invest $15 mn to strengthen biz
Health Assure, a health-tech platform, today said it will invest USD 15 million (over Rs 95 crore) over the next three years to strengthen its primary care network in the country.
Started in 2011, Health Assure provides access to 3,100 primary care centres across 1,000 cities and connects insurers and corporates through its platform.
“We plan to invest USD 15 million over the next three years. This will go towards network enrichment, creation of more products, strengthening IT infrastructure and distribution,” Health Assure founder and CEO Varun Gera told PTI.
Roads accident deaths have come down in 2017 in Tamil Nadu: Official
Various steps taken by the Tamil Nadu government has brought down the number of deaths and road accidents in 2017 as compared to 2016, a top official today said.
There were 1,061 lesser deaths and 5,869 lesser accidents in the the state in 2017 when compared to 2016 due to various measures, Transport and Road Safety Commissioner Dayanand Kattaria said without elaborating at a review meeting on road safety with senior officials of departments including Transport and police here.
However, steps should be taken to bring down the accident rate to nil in due course as there were increased incidents of drunk driving, driving while speaking over cell phone, rash driving and riding without helmets, which lead to mishaps and deaths, he said.
Fingerprint, iris data in Aadhaar are safe, secure: Ravi Shankar Prasad
Law and IT Minister Ravi Shankar Prasad said today that finger print and iris data stored in the Aadhaar system are safe and secure and cannot be breached even by “billions of efforts”.
Speaking at an event of Delhi School of Economics, he showed his Aadhaar card to audiences and said, “The (Aadhaar) system contains my finger print and iris kept in safe and secure encrypted form which cannot be broken even by billions of efforts. That is an Indian technology.”
The comments from Prasad come at a time when there have been reports of alleged data breach of Aadhaar subscribers.
Kerala to use robots to clean sewers, end manual-scavenging
Robots will soon replace men in cleaning up sewer holes in Kerala, ending the age-old practice of manual scavenging in the southern state. ‘Bandicoot’, the robot developed by the startup firm Genrobotics, will be used for cleaning sewer holes.
The Kerala Water Authority (KWA) and Kerala Startup Mission (KSUM) today signed an MoU for transfer of technology and products, including use of the robots for the purpose. The MoU was signed between Kerala Water Innovation Zone under KWA and KSUM at the Chief Minister’s office here, a statement said here.
‘Bandicoot’ will start its work, so far mostly done manually, by cleaning sewer holes in the city during the coming famed Attukal Pongala festival in Thiruvananthapuram in March, it said.
Crimes in Delhi increased by 12 percent in 2017: Police
Crimes in the national capital increased by 12 per cent in 2017, with the police saying that factors like economic disparity, consumerism and slack family control have a bearing on the rising figures, according to Delhi Police data.
However, records show that crimes in the city under major heads like rapes, murders have declined. The increase in motor vehicle thefts continues to be an area of concern for the police. (PTI)
Budget 2018: Pressure on Finance Minister to fulfil promise of cutting corporate tax rate, say experts
Finance Minister Arun Jaitley will be under pressure to moderate tax rate for the industry which was promised a lower levy of 25 percent by the government three years ago, experts said.
With the US substantially cutting corporate tax, the minister will also need to keep India's tax rate globally competitive, they added. (PTI)
UAE confident world oil market will balance out in 2018
UAE Energy Minister and OPEC president Suheil al-Mazrouei insisted today that oil producers can balance out supply and demand this year as they stick to a production cut deal. (PTI)
Global solar sector attracts USD 12.8 billion corporate funding in 2017
Total global corporate funding into the solar sector amounted to USD 12.8 billion in 2017, registering a 41 percent jump over last year, a report says.
This is a 41 percent increase compared to USD 9.1 billion raised in 2016, according to global clean energy communications and consulting firm Mercom Capital Group.
Total global corporate funding into the solar sector - including venture capital/ private equity, debt financing and public market financing -- stood at USD 12.8 billion last year. (PTI)
Dept of Telecom to take view on TRAI's pending proposals by March 31
The Department of Telecommunications (DoT) will seek to move quickly and take a view on most of sector regulator TRAI's recommendations pending with it, including on net neutrality and internet telephony, by March 31, a senior government official said today. (PTI)
Israeli Prime Minister Benjamin Netanyahu will be visiting India from January 14 to January 19. Netanyahu will be visiting Delhi, Agra, Ahmedabad and Mumbai, according to the Ministry of External Affairs.
TCS Q3 dollar revenue grows 1%, EBIT margin misses estimates
Tata Consultancy Services kicked off IT sector earnings on Thursday. The IT major has revenue at Rs 30,904 crore and dollar revenue at USD 4,787 million for the quarter.
TCS Q3 Earnings | TCS reports Q3 Rupee revenue at Rs 30,904 crore. Dollar revenue at USD 4,787 million and EBIT margin at 25.2 percent.
RBI sets rupee reference rate at 63.7364 against US dollar
The Reserve Bank of India today fixed the reference rate of the rupee at 63.7364 against the US dollar and 76.1395 for the euro.
The corresponding rates were 63.8264 and 76.1385, yesterday. (PTI)
Passenger vehicle sales zoom past record 30 lakh mark in 2017
Passenger vehicle sales in India crossed 30 lakh mark for the first time in 2017, growing at a five-year high of 8.85 percent on the back of robust demand for utility vehicles.
According to the data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in 2017 stood at 32,29,109 units as against 29,66,603 units in 2016, a growth of 8.85 percent. (PTI)
Honda launches special editions of City, Amaze, WR-V
Honda Cars India Ltd (HCIL) today launched special editions of its three models City, Amaze and WR-V.
Honda City 20th Anniversary Edition petrol automatic is priced at Rs 13,74,532 while the diesel trim with manual transmission is tagged at Rs 13,82,382, HCIL said in a statement. (PTI)
Oil minister Dharmendra Pradhan rules out upstream oil and gas regulator
Oil minister Dharmendra Pradhan today virtually ruled out giving statutory powers to upstream oil and gas regulator DGH, saying the sector has not fully developed and needs government support.
There are two regulatory bodies in the oil and gas sector - the Petroleum and Natural Gas Regulatory Board, which is a regulator for the downstream activities like laying of pipelines and fuel marketing but without powers to review pricing. (PTI)
'No deal' Brexit could cost Britain about 5,00,000 jobs, says London mayor
Britain could lose almost 500,000 jobs and 50 billion pounds ($67.41 billion) investment over the next 12 years if it fails to agree a trade deal with the European Union, according a report commissioned by London Mayor Sadiq Khan.
Cambridge Econometrics, an economics consultancy, looked at five different Brexit scenarios, from the hardest to the softest form of Brexit, and broke down the economic impact on nine industries, from construction to finance. (Reuters)
Here are the top headlines at 4 pm from Moneycontrol News' Sakshi Batra