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QBiz: Govt-RBI Showdown; LPG Prices Hiked by Rs 2 & More

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1. Centre Says Not Asking RBI for Money, Only Wants It To Be Less Risk-Averse

In what seemed to be a softening of its stance by the government in its tussle with the Reserve Bank of India (RBI), Economic Affairs Secretary Subhash Garg on Friday said there was no proposal by the Centre to ask the central bank to transfer any specific amount. The issue being discussed was for an appropriate economic capital framework.

Garg’s statement, on Twitter, comes after extensive reports in the media of the latest face-off between the finance ministry and the RBI over the former referring to Section 7 of the RBI Act in its communication with the central bank last month.

“A lot of misinformed speculation is going around in media. (The) Government’s fiscal math is completely on track. There is no proposal to ask the RBI to transfer Rs 3.6 or 1 lakh crore (trillion), as speculated. Only proposal under discussion is to fix appropriate economic capital framework of RBI,” Garg tweeted.

(Source: Business Standard)

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2. India’s Forex Reserves Rise After Weeks Of Decline

After multiple weeks of decline, India’s foreign exchange kitty swelled to $393.132 billion in the week to 2 November, driven by a jump in foreign currency assets and gold holdings.

Forex reserves rose by $1.054 billion during the reporting week that ended 2 November, data by the Reserve Bank of India showed. Foreign currency assets rose $487.7 million to $368.138 billion. Gold reserves rose by $366.5 million to $20.888 billion.

Total reserves had dropped by $1.444 billion to $392.078 billion for the previous reporting week.

(Source: PTI)

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3. No Festive Cheer For Carmakers In October

Domestic passenger vehicle sales rose 1.55 percent in October, snapping three consecutive months of declines.

Passenger vehicle sales in October stood at 2.84 lakh units as against 2.79 lakh units in the year-ago month, according to the Society of Indian Automobile Manufacturers. In July, August and September passenger sales declined 2.71 percent, 2.46 percent and 5.61 percent, respectively.

The growth in the passenger vehicle segment in October is reflective of the overall trend in the automobile industry, said Vishnu Mathur, the director general of SIAM. However, muted consumer sentiment affected festive season demand.

(Source: PTI)

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4. Reliance Communication Settles Case with SEBI by Paying Rs 62.4 Lakh as Penalty

Reliance Communications has settled a case with Sebi for alleged non-cooperation with the credit rating agencies and debenture trustee in violation of listing norms.

The company has also reached a settlement regarding non-compliance with listing norms including failure to inform interest payment default on debentures, the Securities and Exchange Board of India (Sebi) said in an order on Friday.

The company, part of Anil Ambani-led Reliance, settled the case after paying Rs 6.24 million towards settlement charges, it said.

(Source: PTI)

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5. Vikram Mehta, Independent Director at Jet Airways, Quits

Jet Airways (India) Ltd’s independent director Vikram Mehta has resigned, the airline said on Friday. “This is to inform you that Mr. Vikram Mehta has submitted his resignation as an independent director of the company with effect from 9 November 2018, owning to time constraints on account of his other obligations,” Jet Airways said in a BSE announcement. Mehta, a former bureaucrat, is also the executive chairman of Brookings India.

The Naresh Goyal-controlled carrier, which had a 14.2% of share of the domestic market in September, is in a race to raise funds as high jet fuel prices and a weak rupee have harmed its financial health. The airline posted a standalone loss of ₹1,323 crore in the June quarter. The company is yet to report its September quarter results.

(Source: LiveMint)

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6. LPG Prices Hiked by Over Rs 2 After Govt Raised Dealers' Commission

Domestic cooking gas LPG prices have been hiked by over Rs 2 per cylinder after the government increased the commission paid to LPG dealers.

A 14.2-kg subsidised LPG cylinder in Delhi will now cost Rs 507.42 as against Rs 505.34 previously, according to a price notification of state-owned fuel retailers.

This followed an order of the Oil Ministry that raised the dealer's commission. In that order, the ministry said the domestic LPG distributors' commission for 14.2-kg cylinder and 5-kg cylinder was last fixed at Rs 48.89 and Rs 24.20 respectively in September 2017.

(Source: PTI)

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7. Indian Bank Q2 Net Profit Falls 67% at ₹150 Crore

Indian Bank posted a 66.8% fall in net profit in the second quarter on account of trading losses and higher provisions, it said on Friday.

The bank’s net profit stood at ₹150.14 crore in the second quarter compared with ₹451.55 crore in the same quarter last year. Other income growth fell by 40% to ₹428.3 crore in the September quarter compared with ₹714.6 crore year-on-year due to mark-to-market losses.

Asset quality deteriorated with gross non-performing assets (NPAs) rising to 7.16% of the gross advances as of September-end 2018, as against 6.67% a year ago. Net NPAs too increased to 4.23% of net advances at the end of the second quarter, from 3.41% in the year-ago period.

(Source: LiveMint)

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8. Bharti Airtel Dips 5% As Moody's Places Co's Rating On Review for Downgrade

Shares of telecom major Bharti Airtel on Friday dropped as much as 5.21 percent to Rs 290 apiece on BSE after Moody's Investors Service placed the company's rating on review for downgrade, following low levels of profitability and expectation of weak cash flow.

Moody's has placed on review for downgrade the 'Baa3' issuer and senior unsecured rating of Bharti Airtel and the ratings on the backed senior unsecured notes issued by Bharti's wholly-owned subsidiary, Bharti Airtel International (Netherlands) B V, PTI reported quoting the US-based agency as saying.

(Source: Business Standard)

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9. Crude Oil Dips Below $70 Per Barrel Mark For First Time Since April

Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes. Benchmark Brent crude fell below $70 a barrel for the first time since early April, down more than 18 percent since reaching four-year highs at the beginning of October. Brent fell 95 cents to a low of $69.70 before recovering slightly to trade around $69.85 in intraday trade, down 4 percent for the week and more than 15 percent this quarter.

US light crude fell to an eight-month low below $60 a barrel, hitting a trough of $59.78, down 89 cents and off more than 20 percent since early October. That puts the US contract officially in "bear market" territory, borrowing a definition commonly used in stock markets.

(Source: Economic Times)

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