1. Chitra Ramkrishna Quits as CEO and MD of NSE
In a sudden and shocking development, Chitra Ramkrishna, the managing director and chief executive officer of the National Stock Exchange (NSE) – the country’s largest stock exchange – has stepped down almost 17 months before her term comes to an end.
The NSE media statement says Ramkrishna “tendered her resignation due to personal reasons and expressed her desire to step down with immediate effect”.
But a person close to the developments spoke to BloombergQuint and said her resignation is the fallout of two governance-related issues at NSE.
The first reason may be a loss of confidence in the NSE top management due to a co-location controversy that has dogged the exchange for several months now, the person quoted above said.
The country’s largest stock exchange has faced allegations of preferential treatment to some member/brokers, leading to an investigation by market regulator Securities and Exchange Board of India (SEBI).
(Source: BloomberQuint)
2. Ola Likely to Introduce One Million Electric Cars
SoftBank Group chairman Masayoshi Son said on Friday that Indian cab-hailing company Ola, in which SoftBank is an investor, may introduce a fleet of one million electric cars in partnership with an electric vehicle maker and the government – a move that could transform the electric mobility sector in the country.
Son said he was bullish on the electric vehicle segment in India and would look at investment opportunities in this space. The vehicles will be locally manufactured to support the government’s ‘Make in India’ campaign, he added.
“I think this will be the biggest initiative for electric vehicles in India,” Son, who attended the Hindustan Times Leadership Summit, said in an interview on Friday.
(Source: Livemint)
3. Tata Motors Domestic Sales Decline 6% in Nov
While demonetisation ruled the minds of the population, overall sales for Tata Motors remained flat during the month of November. The company sold 38,900 passenger and commercial vehicles (including exports), flat over 38,918 vehicles sold in November 2015.
However, the company's domestic sales of commercial and passenger vehicles for November 2016 stood at 33,274 during the month, a decline of 6 percent over November 2015, it said in a statement on Thursday. The company continued to witness year-on-year growth in key segments in November 2016, including passenger cars in the domestic market, with sales at 12,736 units – a growth of 22 percent – compared to 10,470 units in November 2015. The sales growth comes on the back of strong demand for the Tata Tiago, it said.
(Source: Times of India)
4. Rupee Notches More Gains Against Dollar,
up 14 Paise at Rs 68.20
The rupee added to its gains against the US dollar, firming up by 14 paise to end at 68.20, the highest level in more than a week, on growing expectations that the Reserve Bank will lower its key rates in next week's policy review.
The lower-than-expected second quarter GDP data alongside softening inflation numbers are "a perfect blend" for a rate cut even as the rupee has made a strong comeback, a forex dealer said.
Keeping its edge against a resurgent dollar, the home unit opened higher at 68.28 from Thursday's closing of 68.34.
But soon, it fell back to a hit a low of 68.39 mirroring sluggish equities. It bounced back smartly to hit an intra-day high of 68.19 in late afternoon deals before settling at 68.20, a rise of 14 paise, or 0.20 per cent.
(Source: Times of India)
5. India Projected to Grow 7.6% in 2017: UN Report
India's economy is projected to grow at 7.6 per cent in 2017 as investment regains momentum and manufacturing base strengthens on the back of structural reforms in the country, a UN study said, crediting India and China for steady growth of the Asia-Pacific region.
"India's economy is projected to sustain a 7.6 per cent growth rate in both fiscal years 2016-17 and 2017-18," according to the year-end update of the flagship report Economic and Social Survey for Asia and the Pacific 2016 of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
The report said India's economic growth is expected to remain at 7.6 per cent in 2017 as investment regains momentum and the manufacturing base strengthens on the back of structural reforms.
(Source: Times of India)
6. BSE To Suspend Trading In Ricoh India Shares From 13 December
Trading in shares of Ricoh India will be suspended from 13 December, the Bombay Stock Exchange announced on Friday. The company had recently released its earnings for quarter-ended December 2015 and March 2016 and as well as full-year earnings for financial year 2015-16. However, it is yet to release earnings for quarter-ended June 2016 and September 2016. The delay in releasing the first and second quarter earnings of financial year 2016-17 has triggered this suspension of stock.
Earlier, Ricoh India had failed to file its financial results for two quarters, ending December 2015 and March 2016. As a result, the normal trading in the stock was suspended in May and it was moved to the Z category of the Bombay Stock Exchange – a category where settlement takes place on a trade-for-trade basis.
(Source: BloomberQuint)
7. Cyrus Mistry Ouster: LIC, Other DIIs Likely to Abstain From Tata EGM Voting
Domestic institutional investors (DIIs), including Life Insurance Corporation of India (LIC), are leaning towards abstaining from voting on the proposal to oust Cyrus Mistry as director in upcoming shareholder meetings of Tata group companies, said two people with knowledge of the matter on condition of anonymity.
This could come as a setback for Mistry, since under company law rules, the removal of a director requires only a majority of shareholders present at the meeting and voting in support of the resolution.
So if LIC (and retail investors, most of whom typically don’t show up for such events) abstain from voting, that is as good as a vote against Mistry.
(Source: Livemint)
8. 35 Million Online Recharges Done Over Last Few Days, Says Paytm
Digital payment company Paytm on Friday said it has seen 35 million transactions for mobile and DTH recharges on its platform post the government's move to scrap Rs 500 and Rs 1,000 notes.
Paytm claimed that over 70 per cent of online mobile and DTH recharges done in the country are now being conducted on its platform.
“Paytm has registered a strong surge in online recharges on its platform post the government's move... As millions of new consumers tried online recharges for the first time, Paytm has registered over 35 million online recharges in the last few days,” Paytm said in a statement.
(Source: Business Standard)
9. RBI to Announce Monetary Policy Decision on Wednesday
The Reserve Bank will come out with monetary policy review, the first after demonetisation of old Rs 500, Rs 1,000 notes, on Wednesday amid expectations of interest rate cut.
“The Monetary Policy Committee (MPC) will meet on 6 and 7 December 2016 for the Fifth Bi-monthly Monetary Policy Statement for 2016-17.
“The resolution of the MPC will be placed on the website at 2.30 pm on 7 December 2016,” the central bank said. Interestingly, the monetary policy reviews were usually announced on Tuesdays.
(Source: Financial Express)
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