183

Tata Motors Loses Big Time As BSE Index Plummets

New Delhi: BSE benchmark Sensex plummeted over 424 points Friday led by a sharp selloff in metal and auto stocks amid negative cues from the global markets on renewed concerns over the US-China trade tiff. The 30-share index cracked 424.61 points, or 1.15 per cent, to finish at 36,546.48, while the broader NSE Nifty slumped 125.80 points, or 1.14 per cent to 10,943.60. Sudden selling in metal and auto counters led to a sharp drop at the fag end of the session, traders said.

Tata Motors was the biggest loser on Sensex, cracking 17.93 per cent, after the auto major reported its biggest ever quarterly net loss of Rs 26,960.8 crore for the December quarter, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover. Other losers included Vedanta, Tata Steel, NTPC, ONGC, L&T, M&M, Coal India, Maruti, PowerGrid, Axis Bank, ITC and HDFC, dropping up to 5.75 per cent. On the other hand, Kotak Bank, Bharti Airtel, HCL Tech, Bajaj Finance and Hero MotoCorp rose up to 0.95 per cent.

The BSE Metal index plunged 3.42 per cent, while the auto gauge shed 3.37 per cent. Sectorally, FMCG, banking and pharma indices also ended in the red. Realty was the only gainer.

153

Reliance Industries To Invest Rs 100 Billion In West Bengal; Some On New E-Commerce Venture

New Delhi: Reliance Industries chairman Mukesh Ambani said that it will invest Rs 100 billion ($1.4 billion) in West Bengal, a part of which would fund the company’s new e-commerce venture.

The energy and telecoms conglomerate, which already runs retail stores, has announced plans to diversify into e-commerce at a time when India’s new foreign investment curbs have dealt a blow to Amazon.com Inc and Walmart’s Flipkart.

The investment announcements also come as a boost for the state’s chief minister, Mamata Banerjee, who has in recent weeks rallied regional parties and the main opposition Congress to forge an alliance to beat Prime Minister Narendra Modi in upcoming elections, which must be held by May.

113

Meeting of RBI’s central board slated to take a call on interim dividend deferred to February 18

New Delhi:  The meeting of the Reserve Bank of India’s (RBI) central board, which was slated to take a call on interim dividend, has been deferred to February 18. The board meeting, which will be the first after the Interim Budget 2019-20, will also be addressed by the finance minister.

The customary post-Budget board meeting was earlier scheduled for February 9 but has now been deferred, the sources said.

The RBI board is going to take up request of the government for payment of interim dividend for the current financial year, they said.

The board will take a view based on the central bank’s first six months of audited earnings and finalise interim dividend transfer.

93

Power Retailers To Start Paying In Advance For Their Electricity Purchase To Ease Financial Stress At Generators

New Delhi: Concerned over delayed payments to generators, India’s power retailers may need to start paying in advance for their electricity purchase in a bid to ease financial stress at generators.

Union power ministry has formed a panel to examine if distribution companies should pay generators in advance for electricity purchases, according to a power ministry document reviewed by Bloomberg. A power ministry spokesman confirmed the development.

India’s power producers, among the biggest holders of soured loans in the country, have cited mounting dues from retailers as a key reason for their financial stress. That impedes debt repayments and forces generators to borrow working capital, worsening their debt profile.

73

Fiscal Deficit Touched 112.4 Per Cent Of Full-Year Budget Target Of Rs 6.24 Lakh Crore By December End

New Delhi: The government data showed that fiscal deficit touched 112.4 per cent of the full-year budget target of Rs 6.24 lakh crore at the end of December on account of lower revenue collections.

The fiscal deficit, or gap between government’s expenditure and revenue, stood at Rs 7.01 lakh crore during April-December of the current financial year which ends in March. At the end of December 2017, the deficit was 113.6 per cent of the Budget Estimate (BE).

The government has budgeted to cut the fiscal deficit to 3.3 per cent of GDP or Rs 6.24 lakh crore in 2018-19, from 3.53 per cent in the previous financial year.