ADVERTISEMENTREMOVE AD

QBiz: Yes Bank Woos Microsoft; RBI May Again Slash Rates in Dec

Catch all the top business headlines of the day here.

Published
Business
5 min read
story-hero-img
i
Aa
Aa
Small
Aa
Medium
Aa
Large
Hindi Female

1. Yes Bank Woos Microsoft, Two Other Tech Firms for a Strategic Investment

Private lender Yes Bank is in talks with three top technology companies, including Microsoft Corp., to induct one of them as a strategic shareholder as part of the bank’s strategy to get fresh capital infusion and augment its digital ambitions, two people directly aware of the discussions said.

If the talks, which began three weeks ago, are productive, Yes Bank could sell as much as 15 per cent through a fresh equity issuance, the people said on condition of anonymity.

“The top management of Yes Bank has held discussions with Microsoft as part of the bank’s ongoing strategy to sell a minority stake to a global tech company. The stake sale may fetch the bank around Rs 2,000 crore but, more importantly, such a deal may help the bank work on its digital banking and payment system plans," said one of the two people.

(Source: Mint)

ADVERTISEMENTREMOVE AD

2. PMC Case: Coop Banks’ Body Urges RBI to Recover the Bank’s Bad Loans

The National Federation of Urban Co-operative Banks and Credit Societies (NAFCUB) has urged the Reserve Bank of India that all efforts should be directed towards making recoveries from major non-performing assets (NPAs) of the crisis-ridden Punjab and Maharashtra Co-operative (PMC) Bank. Further, it wants the guilty to be punished for the financial mess that the bank is now in.

The aforementioned steps alone will restore the confidence of the depositors in the co-operative sector and in the regulation of the RBI, according to Jyotindra Mehta, President, NAFCUB.

(Source: The Hindu BusinessLine)

0

3. Foreign Investors Pull out Rs 3,000 Cr From Equities in Just Three Trading Sessions of October

Foreign portfolio investors have offloaded equities worth around Rs 3,000 crore in just three trading sessions of October amid fears of global recession and trade war.

This follows a net investment of around Rs 7,850 crore by foreign portfolio investors (FPI) into equities in September.

Market experts, however, believe that FPI inflows are expected to pick up after the rate cut by the Reserve Bank of India (RBI) and several decisions taken by the capital markets regulator Securities and Exchange Board of India (SEBI).

The central bank on Friday, 4 October, cut benchmark repo rate by 25 basis points to 5.15 per cent. The interest rates cut is for a record fifth straight time to almost a decade low.

(Source: The Hindu BusinessLine)

ADVERTISEMENTREMOVE AD

4. Seven of Top 10 Companies Lose Over Rs 1 Lakh Crore in Market Capitalisation

Seven of the ten most valued domestic companies suffered a combined erosion of Rs 1 lakh crore in their market valuation last week with HDFC Bank taking the biggest hit by losing over Rs 30,000 crore.

Besides HDFC Bank, the other losers included Reliance Industries (RIL), Hindustan Unilever (HUL), HDFC, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance.

On the other hand, Tata Consultancy Services (TCS), Infosys and ITC are among the top 10 firms that saw a rise in their market valuation for the week ended Friday, 4 October.

(Source: The Hindu BusinessLine)

ADVERTISEMENTREMOVE AD

5. Banks Stump Unions, to Pay Part Wage Arrears at 12% Hike

It's a Diwali bonanza for public sector bank (PSB) employees. Their accounts are being credited with part wage arrears even before the final agreement on the wage revision between the unions and the management.

It's happening for the first time in the India's banking history.

"The employees can opt out or take the part arrear payments. If they take the part arrear, the amount credited will not be less than Rs 50,000 and may even exceed Rs 1,00,000," a PSB employee told IANS.

(Source: The Economic Times)

ADVERTISEMENTREMOVE AD

6. Markets May Witness Range-Bound Trade; All Eyes on TCS, Infosys Earnings

The domestic equity market may witness range-bound trade during the holiday-truncated week ahead, and will largely be guided by quarterly earnings from TCS and Infosys along with global trends, according to market analysts.

“Since we are heading towards the earnings season, a lot of cues will now be taken from important results of TCS, Wipro and Infosys. Volatility may be inching up in specific sectors and some rotation may be seen,” Mustafa Nadeem, CEO of Epic Research, said.

TCS is scheduled to kick start the earnings season on Thursday followed by Infosys on Friday. We will also see global developments with the US-China trade talks taking the lead, he added.

(Source: Financial Express)

ADVERTISEMENTREMOVE AD

7. FMCG Firms Taking Small, Micro Steps to Beat Rural Sales Slump

It’s been months since Phool Bai, the wife of a daily wager from Nateran village in Madhya Pradesh’s Vidisha district, last purchased toothpaste. The shop from which she purchases her monthly household supplies has stopped selling goods to her family on credit over past dues, forcing her to cut down to the bare essentials.

In India’s rural hinterland, Phool Bai’s story isn’t unique. Thousands of vulnerable low-income households are falling back into extreme poverty. They are at the heart of a rural demand slump witnessed by packaged consumer goods makers. India’s villages account for more than 35 per cent of overall FMCG sales.

A combination of stagnating rural incomes over the past two years, dearth of jobs in villages and erratic rainfall has hurt rural households that are mostly dependent on farm income for survival.

(Source: Mint)

ADVERTISEMENTREMOVE AD

8. RBI May Again Slash Rates in December, Says Goldman

The RBI is likely to cap its record interest rate cutting sphere with another 0.25 percentage points reduction in December before hitting a pause button, says Goldman Sachs.

The RBI Monetary Policy Committee (MPC) reduced repo rate by 25 basis points on Friday, 4 October, to 5.15 per cent and decided to maintain the accommodative stance "as long as it is necessary to revive growth, while ensuring that inflation remains within the target".

"We see a high probability for the RBI MPC to deliver a final 25 basis points cut to bring the repo rate to 4.9 per cent in December. It would be consistent with our forecasts of an additional rate cut by the (US) Fed in October," Goldman Sachs said in a report post Friday's decision.

(Source: The Economic Times)

ADVERTISEMENTREMOVE AD

9. Telecom Vendors Ask Ravi Shankar Prasad to Make BSNL Pay Rs 3,000 Crore Dues

Telecom vendors' association TEMA has sought Communications Minister Ravi Shankar Prasad's intervention in getting Rs 3,000 crore dues from BSNL, even despite the state-run firm has been reminded by suppliers and manufacturers several times.

In a letter to the Minister, the Telecom Equipment Manufacturers Association (TEMA) said: "There is issue of release of funds from USOF to BSNL for the works already done by BSNL vendors. DoT has not infused any equity in BSNL since last many years, where as other operators have invested in tens of thousands of crores in network roll-out.”

(Source: Mint)

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

Read Latest News and Breaking News at The Quint, browse for more from news and business

Topics:  QBiz 

Speaking truth to power requires allies like you.
Become a Member
3 months
12 months
12 months
Check Member Benefits
Read More
×
×