1. RBI Hikes PMC Bank Withdrawal Limit to Rs 40,000
The Reserve Bank of India (RBI) on Monday, 14 October, increased the withdrawal limit for customers of Punjab and Maharashtra Cooperative (PMC) Bank to ₹40,000 and said that this is inclusive of the ₹25,000 allowed earlier.
“The Reserve Bank of India, after reviewing the bank’s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to ₹40,000, inclusive of ₹25,000 allowed earlier.
With the above relaxation, about 77 percent of the depositors of the bank will be able to withdraw their entire account balance," said RBI.
(Source: Mint)
2. Retail Inflation at 14-Month High, WPI Falls to 39-Month Low of 0.33%
The inflation rates in terms of the consumer price index (CPI) and the wholesale price index (WPI) continued to chart divergent paths for the second consecutive month in September. The CPI inflation rate rose to a 14-month high of 3.99 per cent in September, closer to an average of the Reserve Bank of India (RBI)-mandated target of 2-6 per cent, from 3.28 per cent in August.
The WPI inflation rate, on the other hand, fell to a 39-month low of 0.33 per cent from 1.08 per cent over the same period. This has largely to do with more weight that the food items have in the CPI than in the WPI. The food items have around 15 per cent weight in the WPI and more than 45 per cent in the CPI.
(Source: Business Standard)
3. In Economics of Helping the Poor, Abhijit Banerjee Gives Clear Answers
The 2019 Nobel Memorial Prize in Economic Sciences has been awarded to three economists: Abhijit Banerjee, Esther Duflo, and Michael Kremer. The first two teach at the Massachusetts Institute of Technology and the last named at Harvard University; both campuses are in Cambridge, Massachusetts, and their development economic programmes often share resources and students. They received the award for their contribution to reviving development economics, particularly through the popularisation of “randomised control trials” (RCTs) that break larger questions about policy interventions into smaller, easier to test studies.
The Nobel Committee highlighted how their “experiment-based approach has transformed development economics” over the past decades. They mentioned specifically how, as a result of one such study, “more than 5 million Indian children have benefited from programmes of remedial tutoring in schools”.
(Source: Business Standard)
4. IRCTC Makes Stellar Stock Market Debut
Shares of Indian Railway Catering and Tourism Corp. Ltd (IRCTC) surged nearly 128 percent on BSE from their issue price on Monday, the biggest stock market debut for any company in nearly two years.
The initial public offering (IPO) of state-run IRCTC, the sole provider of catering services and online bookings for Indian Railways, was subscribed 112 times at a price band of Rs 315-320. The Rs 645-crore issue was open for subscription between 30 September and 4 October.
The stock opened 101.25 percent higher above the issue price of Rs 320 at Rs 644. It jumped 132 percent to touch a high of Rs 743.80 and a low of Rs 625 during the day, before closing at Rs 728.60, an increase of 127.68 percent.
(Source: Mint)
5. Adani Gas Gets Total on Board in Rs 5,700-Crore Deal for a 37.4% Stake
Total SA has agreed to acquire a 37.4 percent stake in city gas distributor Adani Gas Ltd for around Rs 5,700 crore, in the French energy major’s biggest bet on India’s clean energy push.
The proposed acquisition also marks the largest foreign direct investment in India’s city gas distribution industry, with the deal giving Total joint control of Adani Gas, along with the Adani group.
Total, the world’s second-largest liquefied natural gas company, will buy the stake in Adani Gas through a combination of tender offer to public shareholders and from the Adani family, Total said in a press statement on Monday. The French company plans to acquire as much as 25.2 percent from the public and the rest from the Adani family.
(Source: Mint)
6. HCL’s Nadar Tops FY19 Hurun Philanthropy List with Rs 826-Cr Contribution
HCL Technologies Chairman Shiv Nadar topped the list of India's most generous philanthropists. He contributed Rs 826 crore during the financial year 2018-19 (FY19).
Wipro founder Azim Premji was second with Rs 453 crore. Reliance Industries Chairman Mukesh Ambani was third with Rs 402 crore, according to the EdelGive Hurun India Philanthropy List 2019 released on Monday.
"Three key trends emerge from this year's edition. First, as the rich Indians get richer, their contribution to the philanthropic causes too witness a jump. Two, there remains a lot of potential for corporate India to grow well by doing good.
(Source: Business Standard)
7. BSE to Stop Trading in Manpasand Beverages
BSE will suspend trading in shares of as many as 16 firms, including Manpasand Beverages Ltd. and Binani Industries Ltd., from Nov. 4 for not complying with listing norms pertaining to submission of quarterly financial results, among others.
However, if any company complies with the provisions of listing norms on or before Oct. 31, trading in its securities will not be suspended, BSE said in a circular.
8K Miles Software Services, Atlas Cycles (Haryana) Ltd., Dion Global Solutions, Dolphin Offshore Enterprises (India) Ltd., High Ground Enterprise, JJ Exporters, Marg Ltd., Mayur Leather Products, Rathi Graphic Technologies, Sang Froid Labs (India) Ltd., Supreme Infrastructure India, Cosboard Industries, NR International and Real Growth Commercial Enterprises are the companies facing suspension.
(Source: BloombergQuint)
8. Uber Dismisses 350 Employees in a ‘Last Wave’ of Job Cuts
In his latest bid to reduce losses at Uber Technologies Inc., Dara Khosrowshahi fired about 350 employees, in what he said is the “last wave" of workforce reductions.
The cuts hit a handful of divisions, including self-driving car development and food delivery. Uber dismissed more than 800 employees over two rounds of cuts in July and September.
Since a disappointing initial public offering in May, Uber’s stock price is down about 30 percent. Investors have expressed concerns about increased losses and slowing growth. The ride-hailing company lost more than $5 billion in the second quarter. News of the additional job cuts helped push Uber’s stock up 4 percent on Monday, 14 October.
(Source: Mint)
9. Tata Sons Plans to Reduce Debt, Step up Investments with TCS Dividend
With a Rs 12,166-crore dividend bonanza from its subsidiary, Tata Consultancy Services, Tata group holding company Tata Sons’ top priority would be to reduce debt and make more investments in the infrastructure and aviation businesses.
The company has to make debt repayments of Rs 3,333 crore in the year ending March 2020 (FY20) and, of this, Tata Sons has already repaid Rs 520 crore till 31 July, a source close to the development said.
(Source: Business Standard)
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