Market and Business News

New Delhi, 24 August 2020 Monday The merger of Punjab National Bank (PNB), United Bank of India (UBI) and Oriental Bank of Commerce (OBC) has come into effect from 1 April 2020. UBI and OBC employees were worried about layoffs after the merger with Punjab National Bank. In such a scenario, PNB Managing Director (MD) and Chief Executive Officer CEO Mallikarjun Rao has assured that none of the three bank employees will lose their jobs due to the merger. "Even after the merger of the two banks in PNB, we have no plans to lay off," Rao said. With the merger of the three banks, Punjab National Bank has become the second largest bank in the country. After SBI, now PNB's business and number of bank branches has also reached second place in the country after SBI. After the merger, PNB has become a more competitive and next generation bank. The bank has now become PNB 2.0 in its new form. After the merger, PNB clarified that the customers of all the three banks would now be tr

New delhi date. 23 August 2020, Sunday Due to the infiltration of Chinese troops in Ladakh as well as violent clashes with Indian troops, India is slowly preparing to give China an economic tweak. Due to which the trade of both the countries is also being affected extensively. From automobiles, pharmaceuticals to cosmetics, every sector of the business is facing the threat of a major economic blow in the years to come if relations between the two countries do not improve. Import-export experts from India and China say that the greater the economic impact of Kovid-19, the greater the economic crisis will be in the foreseeable future. To fulfill the dreams of a self-reliant India and Make in India, Union Commerce Minister Piyush Goyal's main focus is to promote domestic production and reduce Chinese imports. It is being discussed by some organizations and institutions in the business sector. Adverse effect in the automobile sector A major initiative is being taken in the field

(Gujarat News Correspondent) Mumbai, Ta. Saturday 22 August 2020 With the monsoon being very successful across the country this year, this factor has turned out to be a big positive for the Indian economy in the challenging times of the Corona epidemic. The monsoon is likely to prove to be a major positive factor in the coming days as it emerges from the post-epidemic lock-down period leading to a downturn in the economy. In Prime Minister Narendra Modi's mission to make the country self-reliant, the incentives given by the government during the challenging period, the positive effects of various measures to bring money into the liquidity system are now beginning to show in Unlocked India. The rural economy is likely to show good growth in the coming days as the rains recede with good rains. As economic growth picks up in the coming months, the steady flow of investment in Indian stock markets is likely to continue. So the market sentiment is currently positive. Don't get bo

New delhi date. Saturday 22 August 2020 During the month of July, the Indian stock market witnessed a rise of Rs. More than Rs 2,000 crore has been invested. Thus, investments through P-Notes have increased for the fourth consecutive month. According to data released by market regulator Sebi, over the past month, foreign investors have invested a total of Rs. 4.5 crore has been invested. During the month of June this year, Rs. An investment of Rs 2.15 crore was made. While in May, Rs. 2007 crore and Rs. 4100 crore was invested through Peanuts. However, during the month of March, corona care in India was increasing and lockdown was enforced. During that time, the market also plummeted to the bottom in late March. Occurs through P-Notes during the month of March. Investment also declined to Rs. 6,006 crore. Earlier, during October 2008, investments in Indian equities through P-Notes amounted to Rs. 3 crore. Thus, investment during March is at a 13-year low. In the month of July, Rs

Mumbai, Ta. Saturday 22 August 2020 The auto sector has not only corona related problems, but other problems as well. Due to various problems, demand in the auto sector in India is expected to fall by more than 50 per cent this year, according to global ratings agency Fitch. According to a report released by Fitch Ratings, demand, which had stalled during the previous lockdown, was seen in July, which led to a slight improvement in sales. But there are many other problems facing the auto sector, not just demand. The auto sector faces many challenges against domestic demand. At present, demand is expected to fall by more than 50 per cent this year. Moreover, if Corona becomes uncontrollable, there is a strong possibility that even more demand will fall. Corona's earlier implementation of BS9 standards on pollution in the auto sector from April 30 had dampened the sentiments of auto companies as well as consumers. In addition, the lockdown imposed by Coro's strike in March ad

New delhi date. Saturday 22 August 2020 The special insolvency system for micro, small and medium enterprises (MSMEs) is likely to allow the borrower (debtor) to retain the company's rights until the resolution process is completed. However, the final decision on all these important matters will be taken by the committee of creditors, said the Bankruptcy Board of India. Sahu, chairman of the bankruptcy board, said that in the current system, a company has to go from a promoter to an interim solution professional and then to a solution professional and then become a solution applicant. This exercise poses many hurdles to the small company in business. There will be no need to change the law with this new exercise. This will have effect under the provisions of Section 240A of the IBC. In this section, MSMAE is exempt from a number of bye-laws under Section 29A that protect the promoter of pin-performing assets participating in the resolution scheme. It may be noted here that the

New Delhi, Saturday 22 August 2020 The auto sector is gearing up to curb imports and boost domestic production. The government has sought detailed information from automobile manufacturers about investment, imports and localization of the entire value chain. China is the largest supplier of auto parts in India. Transport and Industry Minister Piyush Goyal held a meeting with senior representatives of the auto industry on August 13 on the issue of promoting local partnerships in the automobile sector. And got its review meeting. The meeting discussed in detail the issue of reducing imports of steel, tires, electronic components and parts of the electric week, sources said. The industry says that according to the automotive mission plan, it aims to sell 65 million vehicles annually by 2026. The industry will inform the government about the needs of domestic production to achieve this goal. Most imports from China In FY20, the country imported .4 15.4 billion worth of auto components

New Delhi, Saturday 22 August 2020 One question that has been constantly asked for the past few months is that the stock market is skyrocketing at a time when the economy is weakening due to the corona. Looking at the movement of the stock market, it does not appear that the economy is in serious danger. Reserve Bank of India (RBI) Governor Shaktikant Das warned shareholders that the stock market situation does not really look like the economy, so it could decline. What Shaktikanta Das has said on this issue is serious and needs to be remembered. Need to be careful about the stock market Pointing to the need to be cautious in the stock market, Shaktikant Das said that the market does not seem to be in sync with the real economy. In such a scenario, the direction of the stock and the market will definitely change in the near future. He said it was difficult to predict when the market would improve. The RBI governor said the stock market rally was being boosted by the availability of

(Gujarat News Correspondent) Mumbai, Ta. 21 August 2020, Friday Funds rallied over the weekend again. After index-based weakness softened yesterday, funds led by banking-finance stocks rebounded today and curry in consumer durables, healthcare-pharma stocks brought the market into the positive zone. Funds rallied today amid expectations that the performance of companies will improve in the coming months as the monsoon continues to be good and the country emerges from the lockdown of the Corona epidemic. The US dollar had lost 19 paise to Rs 2.7 against the rupee. On the international front, tensions between the US and China and a bleak picture of the US Federal Reserve's economic picture have led to a mixed trend in global markets, including the US, as unemployment claims rose yesterday. Banking-Finance, Consumer Durables and Pharma stocks gained 214.5 points to close at 3.8 and the Nifty spot rose by 2.50 points to close at 1191.50. The Sensex has rallied from the beginning to

(By commercial representative) Mumbai, Ta. 21 August 2020, Friday Prices of various imported edible oils rose sharply in the afternoon trade in the Mumbai Oilseeds market this afternoon, market sources said. In the afternoon, there was talk in the market that the government of India would increase the import duty on edible oils imported into the country. In the afternoon, prices of edible oils rose in the Mumbai market and in the futures market. However, world market news showed a softening. Meanwhile, in the Mumbai spot market today, the price of 10 kg of imported palm oil was Rs 3 to Rs 4 in the afternoon and Rs 30 to Rs 5 in the late evening, while some refineries were talking about raising the price of palm oil in direct delivery to Rs 3 for September. . However, new demand was slow. Meanwhile, crude palm oil (CPO) Kandla was up by Rs 5, while in the futures market, CPO was up by Rs 21.50 to Rs 5 in the evening. Soyoil futures were also trading higher at Rs 5 to Rs 31 in the ev

(By commercial representative) Mumbai, Ta. 21 August 2020, Friday In the US, jobless figures pushed higher-than-expected price of precious metals, which led to chaos in gold and silver at home. Globally, gold is booming. Every boom is seen as a profitable sale. Mixed currents were observed in major currencies. While crude prices have been down. At home, the GST-free price of 10.50 per ten grams of gold in the Mumbai market, which was Rs 3,110 yesterday, has gone up to Rs 4,150 today and finally closed at Rs 415. The price of ten grams of gold at Rs 2.50 was Rs 315 and closed at Rs 215. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram which was Rs. 215 yesterday has gone up to Rs. 20 and finally closed at Rs. Prices with GST were quoted three per cent higher. In the Ahmedabad market, gold was down by Rs 200. The price of ten grams at Rs 2.50 was quoted at Rs 500 and Rs 3.50 at Rs 4.50. Silver remained steady at Rs 2,000 per kg. In the world market,

Mumbai, Ta. 21 August 2020, Friday Due to the steady decline in sales, the country's commercial vehicle manufacturers may face a loss of Rs 2,000 crore in the current financial year. Even with a low level of sales volume, a 20 per cent drop in sales would double the net loss in the current financial year, according to a Crisil report. In addition, companies are facing a shortage of working capital due to support from dealers and suppliers. Cash floss is also looking negative. The economic downturn created by the spread of coronavirus has exacerbated the situation, with new standards for overloading adversely affecting commercial vehicle sales. The debt burden of companies has also increased. Sales of commercial vehicles have declined by 3% in the last financial year. In the first quarter of the current financial year, sales volume has declined by 3%. Sales of medium and heavy commercial vehicles declined due to sluggish economic activity. About 3% of the total revenue of this

Mumbai, Ta. 21 August 2020, Friday Amid the Corona effect, e-commerce order volume grew by 12 per cent year-on-year in June. Lockdowns, limited availability issues and the risk of infection have led to a change in consumer purchasing patterns, which is benefiting the e-commerce sector. Amidst the impact of the corona, consumer buying patterns have changed and sales in health and pharma, fast moving consumer goods (FMCG) and agriculture have risen sharply. The number of first-time shoppers online has also increased. The e-commerce industry in India has been gaining momentum since the beginning of the current year when the world is in the throes of Corona, a report said. However, the report claims that e-commerce returns have seen a decline in operations since the lockdown. The decline in returns has been due to new safety standards and increased demand for essential products. Return on essential products is usually low. The report also notes that e-commerce companies are focusing m

Mumbai, Ta. 21 August 2020, Friday The current rally in Indian stock markets does not keep pace with the real state of the country's economy and will lead to a correction, RBI Governor Shaktikant Das warned. The country's and global financial system is currently full of liquidity and therefore stock markets are rising and not in line with the true picture of the economy. "Correction will definitely come but we can't say when it will come," Das said in an interview. Since the beginning of the current financial year, the Nifty has risen by 20 per cent and the Sensex by 3 per cent and 3 per cent, respectively. The Reserve Bank has maintained interest rates at its review meeting this month but the RBI still has a lot of scope and will use it if needed. Since February this year, the Reserve Bank has cut the repo rate by 114 basis points. In the last financial year, it was reduced by 12 basis points. The minutes of today's RBI review meeting indicate that ther

Mumbai, Ta. 21 August 2020, Friday Public sector banks in India, which are already facing a capital crunch, will need an external capital of Rs 1.50 trillion to Rs 2.10 trillion over the next two years to establish their loss-making capacity, according to a Moody's report. The government seems to be the most feasible way to meet the capital crunch. The government had recently provided capital to public sector banks. The uncertainty surrounding India's economy and the ongoing exercise in clearing the balance sheets of banks is making it difficult for banks to raise capital from the market, the rating agency said in a statement. Can pose a risk to the financial system. Considering the sharp decline in India's economic growth rate, it will hurt the asset quality of public sector banks which will lead to an increase in its credit costs. Non-performing assets (NPAs) will be higher due to micro, small and medium enterprises (MSMEs). Even before the spread of the coronavirus,

(Gujarat News Correspondent) Mumbai, Ta. 20 August 2020, Thursday US-US Index-based three-day gains were also broken in the Indian stock market today with caution in global markets as the economic picture was shown to be bleak by the Federal Reserve. Oil-gas stocks led by Reliance Industries saw a pick-up in metal-mining, power and pharma stocks along with a rally in funds. Along with this, small, mid-cap stocks also maintained a consistent pick. Funds eased its overbought position today as a precautionary measure, despite reports that talks between the US and China were canceled yesterday amid a weak economic outlook and a successful monsoon in the country. In banking-finance stocks with heavy profit booking, FMCG, IT-software services stocks as well as modest selling in automobile stocks fell by 3.50 points to 30.3 and Nifty spot closed at 31.01 points. The US dollar had gained 21 paise to Rs 2.08 against the rupee today. In the evening, Brent crude was close to નજીક 4.50 and Nymex

Mumbai, Ta. 20 August 2020, Thursday India's pharma industry is expected to grow by 12 to 15 per cent in the next three years. The country's pharma exports are also projected to grow by 5 to 12 per cent, according to a report. The country's ૪ 21 billion pharma industry ranks third in the world in terms of volume. In terms of value, India's pharma industry ranks 12th in the world. India is an important component in the global life science industry. Indian companies play a leading role in the production of generic drugs in the world and India supplies 50% of the global demand for various types of vaccines. About 60 per cent of US generic demand comes from India. India's supply of generic drugs to the US is increasing. In the UK, too, India supplies 4% of the drug supply. However, there is a growing demand for strengthening the domestic pharma industry. Especially in view of the current situation, the opinion has been prevailing that the local supply chain should

(By Commercial Representative) Mumbai, Ta. 20 August 2020, Thursday Minutes after the US Federal Reserve meeting, the world market saw a significant drop in gold and silver prices. The local currency market saw mixed flows. The rupee weakened against the dollar while other currencies strengthened. The decline in crude oil signaled a further softening of the US economy. Unemployment claims in the United States have risen by another 1.1 million. In the domestic Mumbai market, the gold price of 7.50 per ten grams, excluding GST, opened lower than yesterday's close and remained above Rs 6 today, finally closing at Rs 213. Yesterday, the rupee was seen off. At 7.50, yesterday's price was Rs 4,160, Rs 219 opened and closed at Rs 5,110. Prices with GST were quoted three per cent higher. Silver. 2 with a price of Rs 205 per kg today was up to Rs 5 and closed at Rs 215. Prices with GST remained three per cent higher. In the Ahmedabad market, silver fell by Rs 1,000 to Rs 2,000 per k

Mumbai, Ta. 20 August 2020, Thursday The Goods and Services Tax (GST) Council is meeting on August 9 amid the economic downturn caused by the Kovid-12 epidemic, with an in-depth discussion on providing compensation to the states. The meeting was supposed to meet in July but was forced to postpone it as states were busy combating Corona's illness. The only discussion at the next meeting is to provide compensation to the states. A decision will be taken to raise money from the market to address the issue of compensation and most states and the Center are in the mood to agree on this, a government official said. The Center had last March sought the opinion of the Attorney General on whether the council could raise money from the market to compensate the states in view of the impact of the Corona on the revenue of the states and the Center through GST. Following their vote, the states are now considering the option of raising money from the market, the official said. The council

(Commercial Representative) Mumbai, Ta. 20 August 2020, Thursday The Securities and Exchange Board of India (SEBI), the regulator of the capital market, has issued a discussion paper outlining three options for companies under insolvency to increase public float in a faster manner. Under SEBI norms, listed companies are required to maintain a minimum public shareholding (MPS) of 5 per cent. But companies that are under the Insolvency and Bankruptcy Code (IBC) are relieved by the rule. If the MPS falls below 10 per cent due to new fund-raising by such companies, they are allowed to raise the threshold to 18 per cent and increase it to 5 per cent in three years. Companies whose MPS is less than 5 per cent, but more than 10 per cent, are required to bring it down to 3 per cent in three years from the date of decline. Shares of incoming investors remain locked-in for one year. SEBI has suggested three options based on the recommendations of the Primary Markets Advisory Committee (PMAC