Moody`s upgrade boosts already growing confidence in Indian debt

By Krishna Merchant and Suvashree Choudhury

SINGAPORE/MUMBAI- India's sovereign rating upgrade by Moody's is a shot in the arm for Indian companies looking to raise funds in offshore bond markets.

Driven by more attractive rates and relatively strong economic fundamentals among emerging markets, offshore dollar borrowing by Indian companies has alrea

SEBI asks for trading data as it probes WhatsApp messages: source

By Abhirup Roy

MUMBAI  - India's market regulator Securities and Exchange Board of India (SEBI) has asked for trading data on companies mentioned in a Reuters story last week about prescient messages on company earnings in social media chatrooms, a person familiar with the matter told Reuters on Tuesday.

The Reuters investigation documented at least

India M&A deals slip 55% to $6.2 bn in September quarter

India Inc's merger and acquisition activity declined 55 per cent to USD 6.2 billion in value terms during September quarter, as a sense of caution prevailed on the deal street, says a report. According to EY's Transactions Quarterly Report, while the number of deals increased to 252 in the July-September quarter from 234 in the year-ago period, the cumulative disclosed deal value fell t

GST filing: GSTN chairman-led panel to consult experts

The committee tasked with simplification of GST returns filing will consult tax experts and trade bodies to make the process convenient for businesses that have minimal transactions, its chairman said as per the PTI report. GSTN Chairman Ajay Bhushan Pandey-headed panel comprises VAT commissioners of Karnataka, Gujarat, Telangana, and senior officials from the Department of Revenue and the CBEC

RBI sets rupee reference rate at 65.0386 against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.0386 against the US dollar and 76.3878 for the euro. The corresponding rates were 65.0565 and 76.3633, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.1892 and 57.82 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Government asks industry leaders to pass on benefit of GST reduction

Central Board of Excise and Customs (CBEC) Chariman Vanaja Sarna has asked all the major Fast-Moving Consumer Goods (FMCG) companies pointing out the need to immediately revise the MRP on all the products in which the reduction of GST has been announced by the Council. She has also requested all to give wide publicity to the revised MRP of products.

“The Government expects that

Aadhaar data is never breached or leaked: UIDAI

The Unique Identification Authority of India (UIDAI) responding to a news report, appeared in certain section of media on “210 Government sites made Aadhaar info public”, has said that such report is a skewed presentation of the facts and poses as if the Aadhaar data is breached or leaked which is not the true presentation.

UIDAI said in a statement that the Aadhaar data i

RBI sets rupee reference rate at 65.0565 against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.0565 against the US dollar and 76.3633 for the euro. The corresponding rates were 64.8462 and 76.5574, on Friday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.9331 and 58.08 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Card transaction rises to Rs 74,090 cr in September : Study

A study has said that the debit and credit card transactions have risen to Rs 74,090 crore in September this year, up a major 84 per cent as compared to the same month last year when it stood at Rs 40,130 crore, due to the government push for non-cash payments. According to the European payment solutions provider Worldline, the transaction volume at all points of sale (POSes) clipped higher by

Government collects was Rs 95,131 cr under GST in October: Reports

Bihar Deputy Chief Minister Sushil Modi has said that the revenue collected under the Goods and Services Tax (GST) in October was Rs 95,131 crore and average revenue shortfall of states has come down to 17.6 per cent. As per reports, the government had collected Rs 93,141 crore revenue under the GST in September. Modi, who heads the Group of Ministers (GoM) on GST Network, said the average reve

IRP nod essential for recovering money from defaulter: NCLAT

The NCLAT has said that financial creditors cannot recover any amount from a defaulter's bank account without the nod of the Interim Resolution Professional (IRP) during the corporate insolvency resolution process. The National Company Law Appellate Tribunal (NCLAT) further said that once moratorium is declared, financial institutions have to act "on the instructions of IRP" with

NSE arm launches SME Index to track firms on Emerge platform

India Index Services & Products (IISL), an NSE Group entity, has launched a new Nifty Index to measure the performance of small and medium enterprises listed on the dedicated NSE platform for small companies. The Nifty SME Emerge Index reflects the performance of a portfolio of eligible companies listed on the Emerge. The index represents about 62 per cent of the full market capitalisation

Centre should waive agricultural loans in all states: Yogendra Yadav

Swaraj India leader Yogendra Yadav on Monday demanded that the central government should waive loans of all farmers across states, addressing a farmers' rally in the national capital.

"We have two demands, one that the remunerative prices should be production cost plus 50 per cent, which was recommended by the Swaminathan Commission and promised by Mr. Modi," Yadav said.

Hiring prospects to remain subdued in short term: ASSOCHAM

With corporate India placing most energies on rationalising costs, including the wage costs , and trying to deleverage its balance sheet, the hiring outlook in the private sector , is expected to stay muted till beginning of fiscal 2018-19, an ASSOCHAM assessment , based on its feedback from members has indicated. "The focus, right now is how to deleverage, consolidate, exit from non-core

India`s rating upgrade reaffirmation of reform measures: FICCI

Pankaj R Patel, FICCI, president, has said that Moody’s upgrade of India’s rating is a reaffirmation of the various reform measures undertaken by the government over the last three to four years and we welcome this move. “The ratings upgrade along with the recently reported improvement in India’s ease of doing business ranking underline the fact that we are moving in the

Indian bond yields fall after RBI cancels open market sale of debt

By Suvashree Choudhury and Swati Bhat

MUMBAI  - Indian bond yields fell for the second straight day on Monday as traders took comfort from the central bank's unexpected decision to cancel a scheduled sale of bonds via open market operation (OMO) post market hours on Friday.

The bond market, which got a shot in the arm on Friday after Moody's upg

India moves up one notch to 126 in per capita GDP terms, says IMF data

India has moved up one position to 126th in terms of GDP per capita of countries, still ranked lower than all its BRICS peers, while Qatar remains the world's richest on this parameter, as per IMF data. The data, which forms part of the latest World Economic Outlook report of the International Monetary Fund, ranks over 200 countries in terms of per capita GDP based on purchasing power parit

Retail inflation expected to cross 4% mark in November: Experts

Retail inflation, which touched a seven-month high in October, is expected to rise further and cross the 4 per cent mark this month, driven by a rise in vegetable and oil prices, experts say. According to global financial services majors like Nomura, BofAML and Morgan Stanley, price pressures are likely to build further in the coming months following a cyclical recovery in the economy and rise

Corporate hiring to be slow till fiscal-end : Assocham

 Despite Moody's sovereign rating upgrade, hiring by the private sector is expected to stay muted till the end of the current fiscal as corporate India is busy trimming balance sheets and rationalising costs, according to industry chamber Assocham.

Based on a survey of association members, the Assocham report on Sunday comes in the context of tepid job growth in the economy w

Odisha seeks crop damage report due to rain

 The Odisha government on Saturday asked all the district collectors to submit by November 25 reports on crop damage suffered due to untimely rain.

The government is likely to announce a fresh package for affected farmers after getting information from the district collectors.

"You are aware that farmers have been affected by drought and pest attack durin

Don't foresee more changes to GST rates in next few months: Hasmukh Adhia

Finance Secretary Hasmukh Adhia on Saturday said the recent reduction in GST rates on mass consumer goods items has resolved nearly 90 per cent of problems and discontentment related to the indirect tax regime.

According to Adhia, he does not foresees any further changes in GST rate structure in the near future after the latest changes which were incorporated after the last GST C

GES to create congenial ecosystem for startups: Amitabh Kant

NITI Aayog CEO Amitabh Kant on Saturday said the Global Entrepreneurship Summit (GES), which is being co-hosted by the United States and India for the first time, is expected to develop a congenial ecosystem for the growth of startups in the country.

"The expectation from this Summit is to create an ecosystem for startups and support them. It is a step in that direction. It

Future growth will help cut Indian government debt: Moody`s

India's sovereign credit rating upgrade by Moody's has been based on the belief that the recent economic reform measures will bolster the country's growth potential leading to a decline in government debt, the US ratings agency said on Friday.

Earlier in the day, signalling a boost to investor sentiments, Moody's Investor Service upgraded India's sovereign rating t

Run agriculture like business to transform economy: Bill Gates

Microsoft Co-founder and Co-Chair of Bill and Melinda Gates Foundation, Bill Gates, on Friday called for running the agriculture sector like business, saying this will be a key element in the recipe for India's economic transformation.

He underlined the need for a shift in agriculture from the one based merely on subsistence to the one that runs like a business.

Gates wa

Building safer roads at outset effective way to tackle fatal crashes: World Bank

Building safer roads at the outset, instead of the traditional approach of removing road defects after fatal crashes have occurred, is a more cost-effective and comprehensive approach to reducing number of road accidents, a senior World Bank official said on Friday.

"The World bank is concerned about increasing road deaths world over despite most countries, including India, being