INSUBCONTINENT EXCLUSIVE:
Good morning! Here’s a lowdown on top macro triggers that may move market on February 4, 2019
This report was compiled from agency feeds.
10 crore farmers to get Rs 2,000 by March-end The government will pay 100 million farmers Rs
2,000 each by the end of March and will be able to swiftly transfer subsequent instalments under the Pradhan Mantri Kisan Samman Nidhi
(PMKISAN) scheme for small landholders, minister of state for agriculture Gajendra Shekhawat told ET
Experts and former bureaucrats said the rollout could face challenges, particularly in big states such as Bihar and Uttar Pradesh where land
records may not have been fully digitised
India's sovereign rating to depend on post-election Budget: Fitch Pre-election spending has led to fiscal slippage by a modest margin but
the sovereign rating profile of India would be evaluated based on the medium term outlook in the post-election Budget, Fitch Ratings has
Finance Minister Piyush Goyal on Friday presented the Interim Budget for 2019-20 in which he announced out a scheme under which farmers
holding up to 2 hectares of land would get a Rs 6,000 annual payout -- a move intended to benefit about 12 crore farmers, among other
measures for middle-class taxpayers.
Ericsson to move SC to seek seizure of Anil Ambani assets Ericsson is set to file an application in the
Supreme Court, pleading that all personal assets of Reliance Communications (RCom) chairman Anil Ambani be seized for breaching the top
court’s order to repay the Swedish telecom equipment maker
RCom on Sunday said its asset monetisation plan is still on, indicating its deal with Reliance Jio Infocomm stands
It said it was forced to head to NCLT because it failed to get 100% no objection certificate from its lenders
Oil PSU capex drops to 4-yr low for 2019-20 State-owned oil firms' capital expenditure has hit a four-year low with PSUs such as ONGC and
IOC planning to invest Rs 93,693 crore in oil and gas exploration, refining and petrochemicals in the 2019-20 fiscal year
The capital expenditure outlay of Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC), GAIL (India) Ltd, Bharat Petroleum Corp Ltd
(BPCL), Hindustan Petroleum (HPCL), Mangalore Refineries and Petrochemicals Ltd and their subsidiaries is the the lowest since 2014-15,
according to Union Budget for 2019-20 documents
Oil prices slip, but tightening supply outlook supportsCrude oil prices slipped on Monday after gains of about 3 percent in the previous
session, but they were buoyed by expectations of tightening supply and signs that China-US trade tensions could ease
US West Texas Intermediate (WTI) futures were at $55.06 per barrel at 0122 GMT, down 20 cents, or 0.36%, from their last settlement
WTI settled 2.73-percent higher in the last session at its strongest closing level since Nov
International Brent crude oil futures on Monday were down 24 cents, at $62.51 a barrel, after closing up 3.14% in the previous session at
21.
Mamata resorts to sit-in after CBI-police face-offAn all-out war broke out between the Centre and the Mamata Banerjee government on
Sunday, with the feisty West Bengal leader beginning a sit-in protest at a city landmark over the CBI's attempt to question the Kolkata
Police chief in connection with chit fund scams, insisting it stifled the spirit of "Constitution and federalism"
Banerjee, one of the prime movers behind the effort to cobble together an anti-BJP alliance ahead of the Lok Sabha polls, claimed the CBI
knocked on the doors of Kolkata Police Commissioner Rajeev Kumar without a search warrant
Queen Elizabeth to be evacuated in case of Brexit unrest - mediaBritish officials have revived Cold War emergency plans to relocate the
royal family should there be riots in London if Britain suffers a disruptive departure from the European Union next month, two Sunday
Britain’s government is struggling to get parliamentary support for a Brexit transition agreement with the EU before the departure date of
March 29, and the government and businesses are preparing contingency plans for a ‘no-deal’ Brexit.
NPA additions on a downward
spiralAlmost a year after Reserve Bank of India (RBI) asked banks to move to a stricter non-performing asset (NPA) recognition regime, there
are clear signs of a moderation in fresh NPA additions, with many large banks reporting a fall in this number every quarter so far this
New additions to NPAs for State Bank of India (SBI), ICICI Bank, Axis Bank and Bank of Baroda (BoB) were at their lowest in many quarters in
the third quarter ended December
According to analysts, the trend is clear and banks can now seriously think of putting their NPA baggage in the past and work on improving
their profitability.
Difficult to maintain 3.4% fiscal deficit in FY'20: Moody's The government will find it difficult to meet the fiscal
deficit target of 3.4 per cent in 2019-20 on account on higher spending and low revenue growth, Moody's Investors Service said
Observing that Indian government's debt is "stubbornly high" as a percentage of GDP, Moody's Investors Service Managing Director, Sovereign
Risk Group, Gene Fang said it could be brought down only if the Centre sticks to the fiscal consolidation path
Dollar finds support on US jobs dataThe dollar held near a one-week high against the yen on Monday, supported by a stronger-than-expected
US jobs and factory data, although gains are likely to be capped on caution about Federal Reserve policy and amid thinned holiday trade in
Data released on Friday showed that the U.S
economy created 304,000 jobs in January, the highest in 11 months, which beat street estimates.
Swiss Tax Letters Leave Indians in a
Catch-22 SituationSince last week, the Swiss Federal Tax Administration (FTA) has started shooting letters to these customers, seeking their
consent — an old ritual under the Swiss law — before revealing their account information to Indian authorities
At least four persons — including a diamond merchant, a wholesale trader, and people controlling mid-sized manufacturing companies —
have till now received the Swiss FTA communiqué
They will have to respond in ten days
The development has put these people in a Catch-22 situation
If they give their consent, it would be an admission of their guilt of holding undisclosed funds in Swiss accounts
But, if they don’t, they would find it difficult to prepare their defence strategy as they won’t know the nature of information which is
shared with India.
POLICIES MOREJobs growth in the Indian IT industry has revived from an alarming low last fiscal, according to data
collected from the top four IT services companies in the country.Tata Consultancy Services (TCS), Infosys, Wipro and HCL Technologies
together hired over 70,000 people in the nine months to December 2018, which was five times growth over the total hiring made in 2017-18
Online marketplaces Amazon and Flipkart have seen as much as a third of sales volume disappear on their platforms since the new foreign
investment rules in ecommerce came into effect three days ago, people privy to the matter told ET.Subhash Chandra-led Essel Group on Sunday
said it had secured a formal consent from lenders to service its debt, including time till September 2019 to repay its loans.TOP
VIDEOInterim Budget 2019: What do the macros sayTOP QUOTE'Budget realities will unravel more as we do the maths carefully'FUNDAMENTALS
Rupee
down: The domestic currency on Friday dropped 17 paise to 71.26 against US dollar after Finance Minister Piyush Goyal announced a slew of
populist measures to woo farmers and the middle class, the potential voters ahead of May general elections
10-yr bond yields up: India 10-year bonds' yields rose 0.13% to 7.61% on Friday from 7.48% in the previous trading session, according to
RBI data.
Call rate: The overnight call money rate weighted average was 6.38% on Friday, according to RBI data
It moved in a range of 5.00-6.50%.
