North East – Page 313 – The Purbottar

06 Feb

Weak Growth To Pull Down Rupee, Coronavirus Fears To Impinge

editor0 CommentsNorth East

The battered rupee will weaken further against the dollar over the coming year as a significant pickup in economic growth is unlikely, according to a Reuters poll of strategists who said the coronavirus outbreak was a downside risk.While Reserve Bank of India Governor Shaktikanta Das has said reviving growth was a 'national objective' in coordination with the government, the latest budget provided only minimal support to the slowing economy.That comes as a deadly coronavirus epidemic that is spreading globally has spooked investors and sent them rushing for cover into safe-haven assets and shunning emerging markets.

05 Feb

XLRI Achieves 100% Placement in two days at Final Recruitment Process 2020

editor0 CommentsNorth East

XLRI- Xavier School of Management has successfully achieved 100% placements for the outgoing batch of 2018-20 of its flagship programs: Two-year Postgraduate Diploma in Management – Human Resource Management and Two-year Postgraduate Diploma in Management - Business Management with all 359 candidates securing offers through the final recruitment process within two days. The Final Recruitment process saw participation from 108 recruiters with 362 domestic and international offers, inclusive of 24 new finals recruiters. Fr. J Christie, Director, XLRI - Xavier School of Management commented, “We are happy to announce that this year’s placement season has once again witnessed remarkable success in spite of the longish economic slowdown. Interest in XLRI’s students has been…

04 Feb

Coming Up, LIC And Other Multi-Billion Dollar IPOs In India

editor0 CommentsNorth East

India is gearing up for what could potentially be a slew of mega initial public offerings.Prime Minister Narendra Modi's government surprised investors on Saturday by saying it will sell part of its stake in state-run behemoth Life Insurance Corporation of India to meet its record asset-sale target. The jumbo sale could fetch the government between Rs 850 billion ($11.9 billion) and Rs 900 billion if it gets done this year, Credit Suisse Group AG analysts led by Neelkanth Mishra wrote in a note.Meanwhile, Sameer Kalra, a strategist at Target Investing, estimates the IPO to be valued between Rs 910 billion…

04 Feb

Titan Q3 Net Profit Rises 13% To Rs 470 Crore Due To Festival Cheer

editor0 CommentsNorth East

Titan Company reported a 12.9 per cent rise in standalone net profit at Rs 469.95 crore for the quarter ended December 2019 compared to net profit of Rs 416.23 crore in the same quarter a year ago, due to the festival season in October and November, the company said in a regulatory filing. Sales for the quarter under consideration rose 8.4 per cent to Rs 6,105.96 crore from Rs 5,632.45 crore in the same quarter last year. The jewellery business recorded income growth of 10.6 per cent at Rs 5,409 crores in the third quarter this year compared to Rs…

04 Feb

Government May Issue $5 Billion Of Bonds With No Foreign Investment Cap

editor0 CommentsNorth East

The government is likely to issue at least $5 billion worth of bonds with no limits on foreign investment next year, in a bid to list the bonds on global indices and attract more foreign funds, according to two finance ministry sources.Government is likely to issue the bonds in several tranches of at least $400 million each, one source said."We have spoken to major index operators and we will start pushing these bonds in tranches very early in the first half of the next fiscal year itself," the first official said.

01 Feb

Deduction Of Rs 1.5 Lakh On Home Loan Interest Extended Till March 2021

editor0 CommentsNorth East

Aiming to boost the affordable housing demand, Finance Minister Nirmala Sitharaman on Saturday proposed to extend the date of availing an additional Rs 1.5 lakh tax deduction on home loan interest by one more year till March 2021.The additional deduction of Rs 1.5 lakh over and above Rs 2 lakh was introduced in the last year's budget. This was allowed for those buying homes for the first time and of up to Rs 45 lakh and made applicable for home loans sanctioned till March this year.The finance minister also announced that builders will get tax holiday on affordable housing projects…

01 Feb

Budget 2020: Insurance Cover For Bank Depositors To Be Raised To Rs 5 Lakh

editor0 CommentsNorth East

Finance Minister Nirmala Sitharaman proposed to increase the insurance cover for bank depositors to Rs 5 lakh from the existing Rs 1 lakh. The existing Reserve Bank of India rules stipulate that in case of a bank failure, each depositor is insured up to a maximum of Rs 1 lakh for both principal and interest amount. The cover of Rs 1 lakh is irrespective of the deposit held by the customer in the savings or fixed deposit account and has been in force since 1993, when the cover was raised from Rs 30,000 to Rs 1 lakh.

01 Feb

Non-Resident Indians Allowed To Invest In Government Securities

editor0 CommentsNorth East

To increase participation of non-resident Indians, some categories of government securities will be opened fully for non-resident investors, apart from being available to domestic investors as well.Finance Minister Nirmala Sitharaman announced in the Union Budget on Saturday that NRIs will be allowed to invest in certain categories of GSecs.One of the Budget proposals is that the limit for foreign portfolio investment (FPI) in corporate bonds, currently at 9 per cent of outstanding stock, will be increased to 15 per cent of the outstanding stock of corporate bonds. This will in turn open avenues for foreign investments in the debt market.

31 Jan

Economic Survey Predicts Pick-Up In Growth To 6-6.5% In 2020-21: 10 Things To Know

editor0 CommentsNorth East

The government's Economic Survey 2020 pegged the gross domestic product (GDP) growth at 5 per cent in the current financial year, which it said would pick up to 6-6.5 per cent in financial year ending March 2021. That marked a sharp downward revision from the estimate of 7 per cent growth for the current financial year in last year's Economic Survey. Prepared by Chief Economic Advisor Krishnamurthy Subramanian and his team, the Economic Survey 2019-20 comes a day ahead of the presentation of the first full-year Union Budget of the Modi 2.0 administration. The government may need to relax its…

31 Jan

Government Revises GDP Growth For 2018-19 To 6.1% From 6.8%

editor0 CommentsNorth East

The government on Friday revised the country's economic growth for financial year 2018-19 to 6.1 per cent from 6.8 per cent estimated earlier mainly due to deceleration in mining, manufacturing and farm sectors."Real GDP or GDP at constant (2011-12) prices for the years 2018-19 and 2017-18 stand at Rs 139.81 lakh crore and Rs 131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent during 2017-18," the National Statistical Office said in revised national account data released on Friday.Under the first revision released in January 2019, real GDP or GDP at constant (2011-12) prices…