1. Rupee Soars to 3-Month High, Up 30 Paise on BJP's Poll Prospects
Maintaining its upbeat momentum, the rupee on Friday surged by 30 paise to hit a fresh 3-month high of 64.04 against the US dollar, with all exit polls on assembly elections suggesting the BJP retaining Gujarat and returning to power in Himachal Pradesh.
This is the highest closing for the home currency since 13 September, when it had closed at 64.00. It was also the biggest single-day gain for the rupee in over three weeks.
Overall currency market sentiment turned extremely bullish after the exit poll outcomes predicted BJP's win in Gujarat for the sixth time and a clean sweep in Himachal Pradesh elections. A smart rally in local equities also supported the rupee momentum.
It was further supported by unwinding of long-dollar positions by speculators and some foreign banks with the US dollar down on shaky outlook for the tax reform progress.
Source: PTI
2. Govt Raises Customs Duty On Mobile Phones, Other Electronic Items
The government on Friday hiked the customs duty on a range of electronic items, including certain mobile handsets and microwave ovens, in a move to push its ‘Make in India’ initiative.
Basic customs duty, which is levied on imports to India, has been raised to 15 percent from 10 percent on mobile phones and electric meters, according a notification by the Department of Revenue under the Finance Ministry. Customs duty on microwave ovens, lamps and light fittings has been hiked to 20 percent from 10 percent at present.
These changes come into effect from Dec. 14, 2017. With the implementation of Goods and Services Tax, integrated GST is levied on the price of imported goods plus applicable basic customs duty.
Source: BloombergQuint
3. Housing Rate Up in 36 of 50 Top Cities
Housing prices increased in 36 cities during April-June 2017 out of 50 major cities with Vizag recording the maximum annual appreciation of nearly 16 percent while Delhi saw 8.1 percent rise, according to NHB.
The National Housing Bank (NHB) Housing Price Index (HPIs) tracks the movement in prices of residential properties on a quarterly basis, taking FY 2012-13 as the base year.
"HPI recorded an overall increase in 36 cities, decrease in 13 cities and no change in 1 city on Y-o-Y basis," NHB said in a statement. All the eight Tier-1 cities witnessed a rise in indices on Y-o-Y basis with Delhi witnessing a 8.1 percent rise followed by Chennai (7.4 percent) and Pune (6 percent).
Of the 36 cities showing increasing trend, NHB said that the significant rise was witnessed in Vizag (15.7 percent), Kochi (12.8 percent), Faridabad (11.7 percent), Surat (11.2 percent), Howrah (10.2 percent), Raipur (9.6 percent) and Nagpur (9.4 percent).
Marginal rise in index was witnessed in Noida (0.9 percent), Ludhiana (1.4 percent) and Vasai-Virar (1.6 percent), while index remained stable in Greater Noida.
Source: PTI
4. Capital Infusion in Banks to Help in Credit Growth: Jaitley
Finance Minister Arun Jaitley on Friday said the government has decided to recapitalise public sector banks (PSBs) to enhance credit growth and job creation.
The government has decided to infuse Rs 2.11 lakh crore capital in PSBs in the next two years through budgetary provisions of Rs 18,139 crore, Rs 1,35,000 crore through re-capitalisation bonds, and the balance through raising of capital by banks from the market, Jaitley said.
This will help strengthen the banks, which are the key pillars of the economy, he said in his opening remarks during the 7th pre-Budget consultation meeting here with representatives of banks and financial institutions.
He said capital adequacy of the banks will help in credit growth and job creation, among others.
Source: PTI
5.India’s Trade Gap Narrows As Exports Rebound In Nov
India’s trade gap in November narrowed marginally from a near three-year high last month as export growth bounced back and import of certain commodities saw seasonal slowdown.
The trade deficit, the gap between exports and imports, increased 3.1 percent over last year to $13.83 billion, according to data from the commerce ministry. While the deficit was higher than the same month last year, it has narrowed from $14 billion in October.
Exports bounced back after declining for the first time in 15 months in October. The value of outbound shipments grew 31 percent over last November to $26.2 billion, particularly from a sharp rise in export of engineering and petroleum products.
Source: BloombergQuint
6. Jaypee to Sell All 5 Hotel Assets
Jaiprakash Associates is set to sell all its five hospitality assets under the brand Jaypee Hotels and Resorts at an estimated asking rate of Rs 2,500 crore,as reported by the Economic Times.
The company has put together an information memorandum titled 'Project Pluto' for a limited number of parties who have expressed interest in acquiring these assets.
Jaiprakash Associates' hotels portfolio includes Jaypee Vasant Continental Delhi, Jaypee Siddharth Rajendra Place Delhi, Jaypee Palace Hotel and Convention Centre Agra, Jaypee Residency Manor Mussoorie, and Jaypee Greens, Golf and Spa Resort, Greater Noida, all five star properties. They have a total of 867 operational keys.
Source: Economic Times
7. ICICI Securities Files IPO Papers; ICICI Bank to Dilute Stake
ICICI Securities, a subsidiary of private sector lender ICICI Bank, on Friday filed draft papers with markets regulator Sebi to raise an estimated Rs 3,000- 4,000 crore through an initial public offering.
The public issue comprises sale of 64,428,280 equity shares, amounting to 20 per cent stake, by ICICI Bank, according to the draft red herring prospectus (DRHP). The offer includes a reservation of up to 32.21 lakh shares for individual and Hindu Undivided Family (HUF) shareholders of ICICI Bank.
According to merchant banking sources, the initial public offer (IPO) is expected to garner Rs 3,000-4,000 crore.
Source: PTI
8. Eveready Secures Rs 24 Crore Government Orders
Eveready Industries India Ltd (EIIL) on Friday said it has secured government orders worth Rs 24 crore.
The company received orders for supply of ceiling fans and smart LED street lighting luminaires of the value totalling Rs 23.85 crore, a company statement said.
For design, manufacture and supply of ceiling fans on a pan India basis, the company bagged orders valued at Rs 22.14 crore from Energy Efficiency Services Ltd, it said.
It has also bagged orders from the Kolkata Municipal Corporation for supply of 120W/150W/200W outdoor LED street lighting luminaires valued at Rs 1.71 crore.
Source: PTI
9.Ford to Work With HDMA to Explore Digital Mobility Solutions
Automaker Ford on Friday inked a pact with Hyderabad Metropolitan Development Authority (HMDA) to assess the feasibility of a common digital mobility solution for commuters in the city.
As per the agreement, Ford will collaborate and work with the city authorities to analyse Hyderabad's existing transportation system.
It will then work with HDMA to design tech-based mobility solutions to improve the commuter experience, and that will optimise efficiency for transport operators, as well as reduce congestion.
"Partnering with local development authorities like HMDA and offering technology solutions fine-tuned to the needs of the cities means we can help find new ways to make commuters' journeys seamless," R Mahadevan, director, Ford Smart Mobility, India said in a statement.
Source: PTI
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