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The government has asked the central bank to bolster efforts to support the rupee, Asia’s worst-performing currency of the past month, people familiar with the matter said.
Government officials communicated last week with the Reserve Bank of India on the need to intervene more aggressively in the market to support the rupee, the people said, asking not to be identified as the information is not public. They also discussed the need for other measures including deposit schemes for non-resident Indians, the people said.
Source: Bloomberg
Shares of the Delhi-based automation equipment maker were suspended from trading.
The company informed exchanges that it is currently under Corporate Insolvency Resolution Process (CIRP) as per Insolvency and Bankruptcy Code.
Keeping in view the same, Ricoh India Limited is not in a position to honour its obligation to pay 7 percent half yearly interest on Rs 200 Crores Non-Convertible Debentures issued by the company to Ricoh Asia Pacific Pte Limited, the company added in the exchange notification.
Buyers and sellers were not immediately known
Source: Bloomberg
The Rupee is the worst performing EM currency today, weakening over a percent against the dollar and printing a session low of 72.50, Abhishek Goenka of India Forex Advisor told BloombergQuint.
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Source: Bloomberg
Despite rupee's near 10 percent depreciation since the beginning of FY19, we do not think that the pain is necessarily over, says Edelweiss.
Government official says power PSUs and banks will hold stake in asset reconstruction company under Pariwartan scheme.
Source: Government Official
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Shares of the Gurugram-based auto parts maker rose as much as 5 percent, the most in over a month, to Rs 117.60 after its board approved proposal for establishing a new manufacturing unit in Uttar Pradesh for manufacturing products and equipment supplied to railways.
Shares of the Mumbai-based diagnostic lab operator rose as much as 6.7 percent, the most in over a month, to Rs 684 after its board approved share buyback proposal.
The board approved buyback of 8.63 lakh shares at Rs 730 per share aggregating to Rs 66 crore. The buyback size is 14.97 percent of the aggregate paid-up share capital and free reserves.
Shares of the Delhi-based life insurer rose as much as 9.7 percent, the most in over four months, to Rs 519.35.
Axis Bank has been a channel partner of Max Financial Services’ insurance products and brokerages pointed that with Amitabh Chaudhary at helm of Axis Bank, could strengthen Max’s relationship with Axis Bank.
How the partnership of Axis Bank evolves with Max Life will be interesting to watch in the wake of Amitabh Chaudhary becoming MD and CEO of Axis Bank, Edelweiss wrote in a report.
HDFC Life had earlier evaluated merger with Max Life and Chaudhry will be best positioned to evaluate strategic benefit of the tie-up, the report added.
Shares of the Gurugram-based engineering services company rose as much as 5.4 percent, the most in nearly a month, to Rs 275 after it received an order worth Rs 294.67 crore from railways for doubling Dharmavaram Penukunda rail lines for South Western Railways.
Buyers and sellers were not immediately known
Source: Bloomberg
BQ Exclusive: RBI Initiates Special Audit Of IL&FS After Delay In Repaying Inter-Corporate Deposits
India’s rupee is set to come under pressure with the rest of its emerging market peers as the trade war shows no sign of abating after U.S. President Trump threatened to impose even more tariffs on Chinese goods.
Data late on Friday which showed India’s current-account deficit widened in the April-June quarter from a year ago due to a larger trade gap is unlikely to offer the battered rupee much comfort.
A Bloomberg survey had forecast a gap of $17.3 billion while the CAD widened to $15.8 billion. The implied opening from forward suggests the spot rupee may start trading at 72.17 per dollar, having ended at 71.7375 on Friday.
Meanwhile, the dour sentiment towards the currency was weighing on bonds. Yields on the 10-year bonds rose 8 basis points last week, although it did fall 3 basis points on Friday. Traders will eye the inflation report later this week and which is expected to show a drop in the headline number to below 4 percent.
Macquarie on Minda Industries
Elara Capital on Cholamandalam Investment
Elara Capital on Magma Fincorp
Elara Capital on M&M Financial
Elara Capital on Shriram Transport Finance
Morgan Stanley on Havells India
Citi on GAIL (India)
Citi on Wipro
Goldman Sachs on Bajaj Auto
Goldman Sachs on Two-wheelers
Nomura on India Industrials
Edelweiss
Motilal Oswal
(As reported on Sept. 7)
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