BANKING AND FINANCIAL AWARENESS – 04.10.16
SEBI to audit its governance standards
- Meanwhile, the SEBI chairman said that the regulator is working on allowing new participants and products in the commodity derivatives segment.
- The Securities and Exchange Board of India (SEBI) has decided to conduct a performance audit of the regulatory body. The capital market regulator is also in favour of inducting a woman board member just like the norm for listed companies.
- “In the recent board meeting, it was decided that independent board members will evaluate SEBI’s performance.
- The whole-time members will only cooperate and offer assistance while doing it,” SEBI chairman U.K. Sinha said while addressing the annual capital market summit by Federation of Indian Chambers of Commerce and Industry (FICCI).
Economic impact of India-Pak tensions will be marginal: Jaitley
- Jaitley said any impact that had been felt on the markets and the rupee had been “temporary”, and that FDI into India “continues to increase”.
- Finance Minister Arun Jaitley has expressed confidence that any economic impact arising from recent tensions with Pakistan and incidents like the surgical strikes undertaken by Indian special forces will be “extremely marginal”.
- Addressing a gathering at the University of Toronto’s Rotman School of Management, Jaitley said that any impact that had been felt on the markets and the rupee had been “temporary”, and that foreign direct investment into India “continues to increase”.
India’s GDP growth to remain strong: World Bank
- Describing South Asia as a global growth hotspot, the World Bank has said India’s GDP growth will remain strong at 7.6 per cent in 2016 and 7.7 per cent in 2017.
- “In India, GDP growth will remain strong at 7.6 per cent in 2016 and 7.7 per cent in 2017, supported by expectations of a rebound in agriculture, civil service pay reforms supporting consumption, increasingly positive contributions from exports and a recovery of private investment in the medium term,” the World Bank said in its latest report on South Asia Economic Focus released 3 oct 16.
- “However, India faces the challenge of further accelerating the responsiveness of poverty reduction to growth, promoting inclusion, and extending gains to a broader range of human development outcomes related to health, nutrition, education and gender.”
India fair to boost intra-BRICS trade
- To boost trade among the BRICS nations, India, for the first time, will organise a trade fair for the bloc that also includes Brazil, Russia, China and South Africa.
- Intra-BRICS trade in 2014 was just $297 billion less than five per cent of the $6.5 trillion worth trade that the five countries had with the world that year.
- Goods imports from the world into the BRICS countries were $3.03 trillion in 2014, while global goods exports of BRICS countries were $3.47 trillion that year.
Bharat Electronics’ Rs 2,171 crore buyback offer to open on 6 Oct 16
- Defence PSU Bharat Electronics has said its Rs 2,171 crore equity shares buyback offer will open on 6 October 16.
- In a letter of offer for buyback, Bharat Electronics’ manager to the buyback offer, IDBI Capital Markets & Securities Ltd said: “This Buyback offer will open on Thursday, October 6, 2016 and close on Friday, October 21, 2016.”The record date for determining the buyback entitlement and names of eligible shareholders is September 27.
- The comapny’s board has approved a proposal to buy back 1.66 crore shares at a price of Rs 1,305 apiece, for over Rs 2,171.15 crore, which is not exceeding 25 per cent of the aggregate of the fully paid-up share capital and free reserves, BEL said in a filing to the BSE.
RBI cuts repo rate by 25 basis points
- The Reserve bank of India has reduced the key policy rate or the repo rate by 25 bps to 6.25 per cent in the fourth bimonthly policy review announced on 4 SEP 16.
- This is the first rate decision made by the Monetary Policy Committee (MPC) of the bank, which is headed by RBI Governor Urjit Patel and comprises six members.
- “Six members voted in favour of the monetary policy decision,” the RBI said in a statement.The committee had noted that the sharp drop in retail inflation reflected a downward shift in the momentum of food inflation.
Reliance Group gets an edge in defence play
- The Anil Ambani led-Reliance Group signed an agreement with Dassault Aviation of France, the makers of Rafale fighter jets, for a joint venture in India to be named Dassault Reliance Aerospace, to execute offsets for the recently-concluded Rafale deal. The Rafale Jet deal that India signed has a 50 per cent offset clause to be executed by Dassault and its partners in India amounting to about Rs. 30,000 crore.
- “With Pipavav, they are one of the two players in the country to build war ships for the navy and with today’s JV announcement, they will be the leading private sector player in aerospace as well,” said a close confidante of Mr. Anil Ambani.
- At the AGM of Reliance Infrastructure last week, Mr. Ambani had highlighted that defence would be one of the major pillars of growth for the Reliance Group as India is one of the largest importers of defence equipment.
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