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QBiz: PM to Review Economy; Google Launches Tez For Digi Payments

Catch the latest from the world of business on QBiz. 

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1. PM to Meet FM, Officials to Review Economic Situation Today

Concerned about slowdown in the economy, Prime Minister Narendra Modi will interact with Finance Minister Arun Jaitley and other top officials on Tuesday to take stock of the situation and discuss remedial measures to bolster growth.

Modi will threadbare analyse the economic situation with Jaitley and secretaries of the finance ministry and explore options to stimulate the economy, officials said.

The meeting comes days after government data showed GDP growth in the first quarter of the current fiscal slumping to a three-year low of 5.7 percent, from 7.9 percent in April-June of 2016 and 6.1 percent of January-March.

(Source: PTI)

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2. Google’s Tez is Live: The UPI-Based Digital Payment App for India

Google’s digital payments mission in India goes live with Tez, its UPI-based payment platform. The app will be available on both Android and iOS, but India’s majority preference for the former could mean Google pushes faster updates for Android users.

Google relies on its existing user base via Gmail and Chrome to develop its Tez payment ecosystem.

Tez has been rolled out for both consumers as well as businesses.

Read the full story on The Quint.

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3. NHAI IPO? Nitin Gadkari Says Confident of Going Public This Year

In an attempt to raise Rs 10 trillion for large infrastructure projects, the National Democratic Alliance (NDA) government is looking at measures including a public listing for state-run National Highways Authority of India (NHAI).

Transport minister Nitin Gadkari said at an event in Mumbai that the government wants to take NHAI public and is working on the proposal, PTI reported.

Gadkari said the government was confident of getting investor subscriptions of up to Rs 10 trillion. The remarks were in the backdrop of the impressive investor response to the Rs 1,560 crore initial public offering (IPO) of Cochin Shipyard Ltd, which was oversubscribed 76 times.

(Source: Livemint)

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4. Mahindra & Mahindra Partners Ford in Drive For E-Cars

Homegrown utility vehicle major Mahindra & Mahindra (M&M) and Ford have decided to collaborate again, after a 1995 tie-up to facilitate the American carmaker’s entry into India ended in 2005. This time, the firms would explore joint development of products, especially electric and connected vehicles.

The partnership will look to expand Ford’s reach in the fast-growing Indian market and improve M&M’s access to global markets. At present, both have a single-digit share in a market dominated by Maruti Suzuki and Hyundai Motor.

Teams from both the firms would work together for up to three years and any further strategic cooperation would be decided at the end of the period.

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5. Tata Sons Seeks Nod to Strengthen Governance

Tata Sons Ltd has sought to retain the characteristics of a public firm even though it has proposed converting itself into a private limited company, its notice to shareholders shows.

Among other things, the firm has sought to amend its articles of association so that they align with the Companies Act, 2013. For instance, Tata Sons is seeking permission to introduce the definition of an independent director and norms pertaining to related-party transactions, two things typically required of only public companies.

Unlike a public limited company, a private limited firm doesn’t mandatorily have to appoint independent directors or female directors and constitute a remuneration and audit committee.

(Source: Livemint)

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6. Mutual Funds May Keep Nifty Engine Running, But All Eyes Are on Fed Meet

The Nifty hit a new peak on Monday as uninterrupted flows from mutual funds pushed the stock market higher, helping offset concerns over foreign institutional selling.

With no fresh provocation by North Korea, market sentiment has perked up recently though investors will wait nervously for the outcome of the US Fed’s meet on Wednesday when the central bank is expected to move towards tightening of monetary policy.

The Nifty surpassed its previous peak of 10,137.85 to set a fresh record high of 10,171.70 during Monday’s session. The index closed at 10,153.10, up 67.70 points or 0.7 percent from Friday’s close.

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7. SEBI Allows REITs and InvITs to Raise Funds By Issuing Bonds

Market regulator Securities and Exchange Board of India has allowed real estate and infrastructure investment trusts to access the debt market by issuing bonds, in an attempt to make these instruments more attractive to investors.

SEBI amended its regulations to allow REITs and InvITs to raise debt capital by issuing debt securities, it said in a media statement after a board meeting on Monday.

The watchdog had notified the regulations for REITs and InvITs back in 2014. It allowed setting up and listing of such trusts, which are mutual fund-like listed instruments that pool income generating projects to raise funds. Such investment vehicles are popular in some advanced markets. Despite further relaxation of norms and the Reserve Bank of India permission to banks for investing in such instruments, only two InvITs – IRB InvIT Fund and Sterlite Power’s IndiGrid Trust – have been listed on the stock exchanges so far.

(Source: BloombergQuint)

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8. FDI Likely to Rise Further After GST: Moody’s

India is likely see increased foreign direct investment (FDI) inflows on the back of reforms such as introduction of the goods and services tax and the bankruptcy code, international ratings agency Moody’s said in a report on Monday.

Combined with reforms such as the introduction of a goods and services tax, which lowers the cost and complexity of doing business, and a simplified and clarified bankruptcy code, FDI is likely to rise further,” the agency said in its report on how structural reforms by Asia Pacific sovereigns could become more effective from stronger global demand.

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9. SC Allows Homebuyers to Intervene in Jaypee Insolvency Matter

The Supreme Court today asked around 400 homebuyers of embattled Jaypee group to intervene in the main matter in which several buyers have moved the court seeking relief in the issue relating to the insolvency proceedings.

Flat buyers, under the Insolvency and Bankruptcy Code of 2016, do not fall under the category of secured creditors like banks and they may get back their money only if something is left after repaying secured and operational creditors.

The home buyers in their plea had sought a direction to the government and others that this code “shall not curtail the legal statutory and vested rights of the flat owners/ buyers as consumers” defined under Consumer Protection Act.

(Source: PTI)

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Topics:  Nifty   Arun Jaitley   Nitin Gadkari 

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