1. Ex-Ranbaxy CEO Malvinder Singh Arrested in Ludhiana, Will Be Brought to Delhi
In late night drama on Thursday, 10 October, the economic offences wing (EOW) of the Delhi police arrested former co-promoter of Religare Enterprises, Malvinder Mohan Singh, in Ludhiana (Punjab) for allegedly causing wrongful loss worth Rs 2,397 crore to Religare Finvest Ltd, a senior Delhi police official said.
“He was nabbed in Punjab, and we are getting him to Delhi," a senior Delhi police official said about Malvinder Singh
An official statement from the Delhi Police will be available on Friday morning.
Malvinder Singh’s arrest comes hours after his younger brother Shivinder Singh, former Religare Enterprises chairman and managing director Sunil Godhwani, as well as two other officials from the companies were also arrested in the same case.
(Source: Mint)
2. PMC Bank Issue: Finance Minister to Take up Depositors’ Plea With RBI
Finance Minister Nirmala Sitharaman on Thursday, 10 October, said she would speak to Reserve Bank of India Governor Shaktikanta Das to consider expediting the withdrawal of funds by depositors of Punjab and Maharashtra Cooperative Bank.
At present, PMC Bank, is under directions of RBI and depositors can withdraw only Rs 25,000.
She said she could not say when the money will be withdrawn as it will depend on RBI and the administrator.
"I have spoken to RBI Governor several times on PMC Bank and will do it today again. This is process-driven and will have to be discussed between RBI and administrator, " she said.
(Source: The Hindu BusinessLine)
3. IL&FS Group Invites EOIs for Sale of Real Estate Assets
The IL&FS Group has invited expressions of interest (EoI) for the sale of six residential and seven commercial properties, including 18 units of Kohinoor Square in Dadar (Mumbai). Interested parties have till 15 November to submit EoIs for the residential properties and till 16 November for the commercial ones.
The board of IL&FS, which is led by Uday Kotak, has engaged CBRE South Asia to assist the sale process. The premises for sale, most of which are in Mumbai, cover an area of around 4.85 lakh square feet. The 18 units of Kohinoor Square cover 2.78 lakh square feet.
Kohinoor CTNL, which developed the Kohinoor Square, has recently come under the scanner of investigative agencies regarding irregularities in the loans given to the developer by the IL&FS group. Other commercial properties up for sale include Maker Chamber VI, at Nariman Point, Mafatlal Chambers in Parel.
(Source: Financial Express)
4. 120 MoUs Signed for Exports to China
Private companies from India and China signed more than 120 MoUs for export of various products from India, including sugar, chemicals, fish, plastics, pharmaceuticals and fertilisers ahead of the meeting of Prime Minister Narendra Modi and Chinese President Xi Jinping in Mamallapuram on Friday, 11 October.
“China is working to bring down its trade surplus with India. In the first eight months of this year, India’s trade deficit went down by 1.6 per cent to $37.9 billion,” Zhu Xiaohong, Counsellor, Embassy of China, pointed out at the India-China Business Meeting & Signing Ceremony organised by FICCI.
Modi and Xi will hold the second India-China Informal Summit on 11-12 October; the two are expected to announce additional confidence-building measures to strengthen diplomatic, trade and security relations.
(Source: The Hindu BusinessLine)
5. Moody’s Cuts India’s FY20 Growth Forecast to 5.8%
Moody’s Investors Service on Thursday, 10 October, cut India’s gross domestic product (GDP) growth forecast for 2019-20 to 5.8 per cent from the earlier estimate of 6.2 percent. It attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation.
“The drivers of the deceleration are multiple, mainly domestic and in part long-lasting,” the ratings agency said in its report.
It expects growth to pick up to 6.6 percent in FY21 and around 7 percent over the medium term.
(Source: The Economic Times)
6. TCS Misses Q2 Estimates as Revenue Grows by Just 8.4%
Tata Consultancy Services Ltd (TCS), India’s largest IT services firm by revenue, on Thursday, 10 October, reported single-digit revenue growth in the quarter ended 30 September, after four successive quarters of double digit growth, mainly on account of volatility in the financial services sector.
Revenue growth in constant currency terms was recorded at 8.4 percent year-on-year. The company posted a revenue of Rs 38,977 crore and a profit of Rs 8,042 crore, up 1.8 percent year on year (y-o-y).
Both the revenue and profit figures were below analyst estimates. According to Bloomberg estimates, analysts expected TCS to achieve a revenue of Rs 39,435.20 crore and a profit of Rs 8,299.2 crore.
(Source: Mint)
7. Infusing Liquidity Top Priority, Fiscal Deficit Worries Can Wait: Sitharaman
The government’s immediate priority is to infuse liquidity into the system and a decision on the year’s fiscal deficit target will be taken close to when the Union budget will be presented, finance minister Nirmala Sitharaman said.
“We are in a challenging position, but my current focus is to ensure that money reaches the hands of the people, to make sure that government’s own dues are not kept pending and are paid in time," Sitharaman said at a roundtable meeting with editors in Mumbai.
The government is caught between the conflicting objectives of fostering economic growth and keeping the fiscal deficit in check. In the boldest move yet, Sitharaman slashed corporate tax to lift growth from a six-year low, a step that would cost the government as much as Rs 1.45 trillion in revenue. This has raised concerns about the government’s ability to meet its fiscal deficit target.
(Source: Mint)
8. Bharti Airtel Shares Rally After Company Raises $750 Million
Shares of Bharti Airtel advanced over four percent in early trade on Thursday, 10 October, as the telecom operator raised USD 750 million (about Rs 5,330 crore) from investors based in Asia, Europe and the US through a hybrid financial instrument.
On the BSE, the scrip was trading at Rs 375.40, up 4.5 percent from its previous close.
The stock was up 4.55 percent at Rs 375.75 on the NSE.
The company on Wednesday said it has raised USD 750 million (about Rs 5,330 crore) from investors based in Asia, Europe and the US through a hybrid financial instrument.
Bharti Airtel said in a statement that “its wholly-owned subsidiary Network i2i Limited, has priced … offering of USD 750 million 5.650 per cent subordinated perpetual securities.”
(Source: Financial Express)
9. Revival Plan Under Government's Active Consideration: BSNL
Crisis-ridden Bharat Sanchar Nigam Ltd (BSNL) on Thursday, 10 October, asserted that a plan for revival of the state-owned company is under active consideration of the government. The plan entails giving suitable package comprising components like voluntary retirement scheme (VRS) and 4G spectrum and allowing monetisation of assets available with BSNL, the company said.
"...it is clarified that there is a plan under active consideration for revival of BSNL by Government of India by giving suitable package in terms of VRS/4G spectrum and allowing monetisation of assets available with BSNL," it said in a statement.
BSNL said it has served the nation especially during difficult times of natural calamities, and provides affordable services throughout India even at remote corners.
(Source: The Economic Times)
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