Good news for India Inc: Most firms early out of blocks, meet Q3 expectations
Earnings season has got off to a moderately good start with most companies reporting results in line with the Street’s expectations for Q3FY18, with a few disappointments. The numbers, however, need to be seen in the context of the very weak base quarter in Q3FY17 when the acute shortage of cash, following the withdrawal of high denomination notes, disrupted the economy. What has been heartening is the management commentary from Hindustan Unilever which suggests consumer sentiment is improving gradually. But realisations from other businesses suggest there isn’t too much pricing power.
To fund entire government stake in HPCL, ONGC’s debt limit raised to Rs 35,000 cr.
State-run ONGC has got its borrowing limit raised to Rs 35,000 crore to fund its acquisition of the government’s entire 51.1% stake in Hindustan Petroleum (HPCL) in an off-market deal. Earlier, the debt-free firm was given approval for mobilising Rs 25,000 crore from the market. ONGC’s CMD Shashi Shanker, however, said the company has kept all financing options open.
To reduce rural distress, Narendra Modi government to raise agri credit target by 20 pct
Finance minister Arun Jaitley may announce agricultural credit target of Rs 12 lakh crore for 2018-19, up 20% from the level for the current year, as he lends focus to addressing rural distress in the coming Budget. While the farm credit targets have been overachieved in recent years, the disbursal by October end this fiscal was 67% of the annual plan. The government is confident of exceeding the farm credit target by end of March.
5 amazing stock market buying tips on margin trading that will hold you in good stead
As stock market indices are touching new highs on daily basis, often investors are tempted to get into margin trading. Though margin trading is a good form of leverage while investing in the equity, but it is not everyone’s of cup of tea. Let us understand the nuances of margin trading.
SBI to hire nearly 9,500 in customer operations, sales
State Bank of India (SBI) will be hiring nearly 9,500 junior assistants for customer support and sales functions. This is one of the largest recruitment drives by the lender since 2013. It comes at a time when the bank’s employee headcount has gone down by over 10,000 during the current fiscal owing to attrition and a voluntary retirement scheme following the merger of associate banks with itself.
2 lakh under lens for Rs 20 lakh deposits after note ban
The government has served tax notices on nearly 2 lakh people who had deposited over Rs 20 lakh in scrapped Rs 500 and Rs 1,000 notes during the demonetisation drive but have neither responded to the tax department’s request for information, or have failed to file returns. “We have given them a lot of time and we waited for them to come clean in the annual returns but they have ignored our repeated pleas leaving us with no option but to serve notice on them to file returns,” a senior income tax officer told TOI.
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