Goldstars News
Rupee gains 15 paise to 68 against dollar
The rupee on Tuesday recovered by 15 paise to close at 68.51 against the greenback on fag-end selling of the US currency by banks and importers in line with late recovery in domestic equities. Strengthening crude oil prices and a stronger greenback in global markets, however, kept the rupee rise in check.   Investors were also looking for direction before the crucial testimony of US Federal Reserve head Jerome Powell, which could provide clues on its interest rate cut decision. The....
Indias gold reserves increase marginally in February WGC
‘Globally, gold reserves with central banks rise 51 tonnes, highest since Oct. 2018’ India has marginally increased its gold holding in February while maintaining the tenth position among countries in terms of yellow metal reserves, as per latest data from the World Gold Council (WGC). India added 1.7 tonnes in February while most other countries, barring Russia and China, saw their reserves unchanged in the recent past. As per WGC, India had total gold reserves of 608.7 ton....
Direct tax-GDP ratio in FY18 best in 10 years Finance Ministry
‘Demonetisation led to formalisation of the economy and was a blow to the black money’ The direct tax-to-GDP ratio of 5.98 per cent achieved during 2017-18 fiscal is the best in the last 10 years, the Finance Ministry said Wednesday. It was 5.57 per cent in 2016-17 and 5.47 per cent in 2015-16. ‘Tax complaint society post-DeMO’ The Ministry said the larger purpose of demonetisation was to move India from a tax non-compliant society to a compliant society and the i....
GST collections down for second month in a row
At ?94,726 cr. in December, it is lower than the ?97,637 cr. collected in November The government’s collections from the Goods and Services Tax (GST) declined for the second month in a row to ?94,726 crore in December, official data released on Tuesday showed. Collections declined from the ?97,637 crore in November, which was itself lower than the ?1,00,710 crore collected in October. “The total gross GST revenue collected in the month of December 2018 is ?94,726 crore of wh....
Indian equities end 2018 on a sluggish note
The benchmark Brent crude was trading higher by 1.84 per cent at $54.19 per barrel. Snapping their three-session rising streak, market benchmark indices Sensex and Nifty ended the last trading session of 2018 with marginal losses amid mixed cues from global markets. The 30-share BSE index fell 8.39 points, or 0.02 per cent, to finish at 36,068.33; while the broader NSE Nifty edged lower by 2.65 points, or 0.02 per cent, to 10,862.55. At the Interbank Foreign Exchange, the Indian rupee, ....
In volatile markets, long-term planning is must to raise equity
Pipeline of IPOs looks very strong for 2019, says HDFC Bank official Investors are currently holding back investments though one could look at the large-caps especially in the consumption sector, said Rakesh Singh, group head  investment banking, private banking, capital markets and financial institutions, HDFC Bank. Excerpts: How do you see the 2019 election outcome impacting markets? Voters will look for jobs, growth, consistency of policy leading to investments and public w....
Health of banks set to improve RBI
Reducing capital requirement norms not in best interests of the economy, says the central bank Indian banks, especially those in the public sector, that have been reeling under stressed assets for the last few years, may have something to cheer about in the new year. This is because the Reserve Bank of India (RBI), in its annual ‘Trends and Progress of Banking in 2017-18’ report, pointed out to the revival in credit growth in the first half of current financial year, and said, ....
Sensex vaults 269 points to reclaim 36,000 mark
NSE Nifty spurted 80.10 points. Benchmark Sensex rose for the third straight session on Friday to reclaim the 36,000-mark on across-the-board buying by foreign funds amid a rebound in the rupee. After surging 400 points intra-day, the 30-share index pared some gains to end at 36,076.72, up 269.44 points or 0.75%. The broader NSE Nifty spurted 80.10 points, or 0.74%, to 10,859.90. During the week, the Sensex gained 334.65 points, while the Nifty advanced 105.9 points. The biggest g....
Business models investment channels will have to change
Centre’s policy clarification may affect group firms of online marketplace entities Shareholding structures as well as business models of entities that sell goods online  and in which major online e-tailers such as Amazon have a business interest  may soon have to change, according to industry participants and consultants. This follows the government’s clarification on Wednesday barring online retailers from selling products vended by companies in which they own a sta....
Banks under PCA sitting on cash pile
Though banking system faces liquidity crunch, banks under lending restrictions see deposits grow Commercial banks, under the prompt corrective action (PCA) framework of the Reserve Bank of India (RBI), are sitting on a pile of cash as they don’t have too many options to lend, even as the banking system is scrambling for liquidity. The 11 public sector banks under the PCA, enjoying 25% market share among commercial banks, are facing restrictions on lending while their deposit mobilisa....
Foreign fund outflows highest since 2008
FPIs sold shares worth almost $4 billion in October alone For the Indian equity markets, year 2018 will end as the worst in terms of foreign money outflows since 2008 when markets across the globe were reeling under the sub-prime crisis and Lehman Brothers filed for the largest bankruptcy in history. In the Indian context, 2018 would also be only the third such year in the last decade when foreign portfolio investors (FPIs) would end a calendar year as net sellers of Indian shares. Fore....
RBI mulls cooling-off period for its retired top officials
‘Those aspiring for posts of CEO, chairman of firms may have to wait for 3 years’ The Reserve Bank of India (RBI) has come up with a new norm for its top officials who want to take up the job of a chairman or chief executive of any other entity, post retirement. According to central banking sources, the RBI has mandated a three-year cooling-off period for retired officials before they can take over as chairman or chief executive of any other entity. While making this new rule, ....
GST Council cuts rates on 23 items, rationalises 28% slab
The annual revenue implication of the rate cuts would be ? 5,500 crore, Union Finance Minister Arun Jaitley said. In a relief to the common man, the GST Council on Saturday cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks. The annual revenue implication of the rate cuts would be ? 5,500 crore, Finance Minister Arun Jaitley said. The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest t....
Airtel, Ericsson claim 500 Mbps download speed on smartphones under new tech
Telecom operator Bharti Airtel and Swedish telecom gear maker Ericsson on Friday claimed to have achieved broadband download speed of 500 Megabits per second (Mbps) on smartphones during live trial of a new technology. “During the trial, data download speeds of over 500 Mbps were recorded on smartphones in an indoor environment. In outdoor environment, peak download speed of more than 400 Mbps was achieved with coverage of about 180 meters from the base station. The trial was conducted ....
Infosys appoints Nilanjan Roy as CFO
Mr. Roy joins Infosys from Bharti Airtel where he holds the position of global chief financial officer. Infosys on Thursday announced that its Board of Directors has appointed Nilanjan Roy as the chief financial officer (CFO) of the company, effective March 1, 2019. Mr. Roy has a Bachelor of Commerce (Hons.) from the University of Delhi and is a Chartered Accountant. He joins Infosys from Bharti Airtel where he holds the position of global chief financial officer. Mr. Roy has spent the las....
Price IPOs reasonably SEBI
‘Merchant bankers must ensure price is acceptable to issuers and investors’ The capital markets regulator has asked investment bankers to do more due diligence and price public issues more reasonably so that it would be acceptable to both investors and issuers. “IPOs not clicking is something, which is a cause of worry... Merchant bankers have a role to see that it is reasonably priced and which is acceptable to both issuers and investors,” said Ajay Tyagi, chairman....
Sensex reclaims 36,000, surges 307 points
Sensex ended at 36,270.07; Nifty closes above 10,850 Extending its winning run for a fifth session, the BSE Sensex soared over 307 points to close at 36,270, driven mainly by auto, metal and banking stocks and positive global cues. The broader NSE Nifty too jumped almost 93 points. Opening on a positive note, the Sensex went on to reclaim the 36,000-mark and hit a high of 36,312.31 during the intra-day trade before ending at 36,270.07, up 307.14 points, or 0.85%. The gauge had climbe....
RBI Board discusses governance
Agrees to examine the issue further; reviews liquidity, credit delivery, economic situation The board of the Reserve Bank of India (RBI), which met here on Friday, agreed to examine the issue of governance further. “The board deliberated on the governance framework of the Reserve Bank and it was decided that the matter required further examination,” the RBI said in a statement. This was the first board meeting under the chairmanship of the new RBI Governor Shaktikanta Das, w....
Governance issues need further examination says RBI board
The Reserve Bank of India Board, which met on Friday deliberated on the Governance Framework of the central bank and it was decided that the matter required further examination. This is the first Board meet chaired by the newly-appointed Shaktikanta Das, who took over as the 25th Governor on Wednesday. A statement released by the central bank said, the Board also reviewed the current economic situation, global and domestic challenges, matters relating to liquidity and credit delivery to th....
Inflation outlook seems benign says Das
New RBI Governor says he will interact with stakeholders to assess whether liquidity remains a constraint Reserve Bank of India Governor Shaktikanta Das said though inflation outlook seems benign, one should be watchful of the developments. After raising interest rates twice in the last six months and changing the monetary policy stance from ‘neutral’ to ‘calibrated tightening’ — the new governor Shaktikanta Das’s ‘benign inflation outlook’ c....
RBIs institutional capabilities are very strong, will do whatever required for economy Rajiv Kumar
The functioning of the central bank not dependent on any particular individual, he says A day after Urjit Patel resigned as Reserve Bank of India (RBI) Governor, Niti Aayog vice-chairman Rajiv Kumar on Tuesday said the central bank’s institutional capabilities are ‘very strong’ and it will do whatever is required for the markets and economy. Mr. Kumar further said that although Mr. Patel had done an amazing work in the last two years as the RBI Governor, the functioning o....
Kotak Bank moves HC against RBI fiat on promoter holding
Central bank had rejected lender’s bid to issue preference shares to reduce stake Kotak Mahindra Bank has moved the Bombay High Court, contesting the Reserve Bank of India’s decision to reject its bid to issue preference shares for reducing promoter stake. The bank has to bring down promoter stake to 20% from 30% by December and to 15% by March 2020. The bank’s MD & CEO, who is also the promoter of the bank, has 30% stake. In August, the bank issued perpetual non-c....
Cabinet clears policy to double agri exports
In line with PM’s vision to double farmers’ income: Minister The Union Cabinet on Thursday approved the Agriculture Export Policy, aimed at increasing India’s exports to $60 billion by 2022 from the current $37 billion, Commerce Minister Suresh Prabhu announced. “We have managed to increase agriculture exports to $37 billion from $30 billion in just one year,” Mr. Prabhu said at a press conference. “With this policy, we aim to increas....
India inks pact with Iran to pay crude bill in rupee
Sources said Indian refiners will make rupee payments. India has signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees, sources in know of the development said. The memorandum of understanding (MoU) was signed following the U.S. letting India and seven other nations to keep buying Iranian oil despite sanctions were reimposed on the Islamic state on November 5. Sources said Indian refiners will make rupee payments in a UCO Bank acc....
The Reserve Bank of India on Wednesday, has kept the repo rate unchanged at 6.5% after its bi-monthly policy review. The reverse repo rate also remains unchanged at 6.25 per cent. The central bank has retained the GDP growth projection for 2018-19 at 7.4 per cent. While the Statutory Liquidity Ratio currently remains unchanged at 19.5%, the RBI has said it will be gradually reduced to 18% over the next six quarters. "The decision of the monetary policy committee (MPC) is consistent with the s
The Reserve Bank of India on Wednesday, has kept the repo rate unchanged at 6.5% after its bi-monthly policy review. The reverse repo rate also remains unchanged at 6.25 per cent. The central bank has retained the GDP growth projection for 2018-19 at 7.4 per cent. While the Statutory Liquidity Ratio currently remains unchanged at 19.5%, the RBI has said it will be gradually reduced to 18% over the next six quarters. "The decision of the monetary policy committee (MPC) is consistent....