India Market Weekly
Economy
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Brexit drags rupee lower, RBI tries to
arrest steep fall. The rupee took a sharp plunge of 96 paise against the US
dollar to crash below the 68-level today as Britain's vote for leaving the EU
played havoc in global markets. http://goo.gl/KRiOVl
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India
ranks 10th in FDI inflows: UNCTAD report: India’s FDI
inflows have increased to $44 billion in 2015 as compared to $35 billion in
2014, and the growth has been across the board, the report said. http://goo.gl/9S9ZbJ
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LIC Chairman S K Roy, appointed by
previous UPA government, has resigned nearly two years ahead of completion of
his five-year term. http://goo.gl/FcifyX
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NITI Aayog member Bibek Debroy said on
June 22 reiterating the suggestion made by a panel headed by him last year
for scrapping separate railway budget http://goo.gl/rvoBDq
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Govt said it is revising its drugs law to
make it easier for companies to do business while ensuring the safety and
efficacy of medicines. Ministers decided the current law cannot effectively
regulate areas such as biological drugs, stem cells and regenerative
medicines, medical devices, and clinical trials http://goo.gl/tMBo3W
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Cabinet has given approval for a special
package for employment generation and promotion of exports in Textile and
Apparel sector. It will have 3years sunset clause. http://goo.gl/oevtUi
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The pharma sector is expected to grow by
20% on account of relaxed FDI norms and a separate ministry to focus on the
sunrise sector is on the anvil, Chemical and Fertiliser Minister said.
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The Union Cabinet has
approved the establishment of "Fund of Funds for Startups" (FFS) at
SIDBI for contribution to various Alternative Investment Funds (AIF),
registered with SEBI which would extend funding support to Startups. (PIB)
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Cabinet gave a go-ahead to
auctions across seven bands. The sale will see the government put around
2,300 MHz of spectrum on sale — the highest-ever in a single auction — which
is likely to fetch the exchequer at least Rs 5.5 lakh crore if all the mobile
airwaves are sold at the reserve price. http://goo.gl/mwHqkC
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Execution of works in 20
smart cities will kick-start from June 25 with PM launching 14 projects in
Pune, while 69 others will commence in other parts of the country (PIB)
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The railways was also asked to increase
its share in freight transport from the current 33% to 37% in the next three
years in a NITI Aayog report to the PM. Among other targets are doubling the
average speed of freight trains from 24 kmph to 48 kmph in three years, and
raising that of mail and express trains to 80 kmph in three years, and 110
kmph in 15 years. The targets take into consideration the fact that the
railway’s dedicated freight tracks in the western and eastern corridors are
expected to be completed by 2019 and 2021, which will divert many freight
trains to these corridors. (PTI)
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Corporates
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As Britain voted to exit the EU, Tata
Motors-owned Jaguar Land Rover today said it is "business as usual"
and will manage the long-term impact and implications of the decision,
insisting "nothing will change" overnight for it and the automotive
industry.
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CARE, CRISIL may face SEBI action in
Amtek Auto case: The
crisis drew attention to the conduct of the rating agencies in assigning a
credit rating to the Amtek Auto bonds and the JP Morgan schemes. CARE Ratings
chose to suspend its rating on Amtek Auto on 7 August 2015. The agency had
given Amtek Auto an AA- rating. Crisil Ltd had assigned a rating of AAAmfs
(signifying the highest portfolio credit quality) to the JP Morgan India
Treasury Scheme in May 2015. http://goo.gl/05k2IQ
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Indiabulls Alternative Investments Ltd
(AIF) to raise Rs1,000 cr from NRIs for realty fund having a tenure of four
years, extendable by a year. Indiabulls Asset Management Co. Ltd, a unit of
Indiabulls Housing Finance Ltd, is currently raising its second fund—
Indiabulls High Yield Fund— that aims to raise up to Rs1,000 cr from domestic
investors to invest in residential projects in key property markets. http://goo.gl/Y2L3tn
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The Motherson Sumi Group is mulling
a mega restructuring plan that will allow to it raise more funds
and expand its business http://goo.gl/Bqy70F
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Global
events
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Prime Minister David Cameron on Friday
announced his resignation in the wake of defeat in the crucial referendum
after Britain voted to leave EU in a deadly blow to the 28-nation bloc that
triggered a panic reaction in world markets and raised questions over
immigration and other issues in the UK after the divorce.
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The pound has fallen to levels not seen
since about 1985
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Making the first moves to calm the
markets following Britain's vote to leave the European Union (EU), Bank of
England Governor Mark Carney on Friday announced that it was ready to provide
additional liquidity worth £250 billion and take any other steps needed to
ensure market functioning.
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Bank stocks were pummeled at the open of
European trade Friday in the aftermath of a landmark vote by the U.K. to
leave the European Union, which has roiled global markets.
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Gold prices zoomed to 26-month high of Rs
30,885 per ten gram today in the biggest single-day gain of Rs 1,215 since
August 2013 as Britain voted to exit the European Union leading to bloodbath
in global equity and currency markets.
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Politics
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As Britain voted to leave the European
Union in a landmark referendum, India on Friday said it values its ties with
both the UK and EU and will strive hard to strengthen these relationships in
the years ahead.
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Meghalaya seeks exemption from coal
mining law
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US reiterates support for India's NSG bid
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Govt may review provisions of Geospatial
Bill that proposes jail term of seven years and a fine up to Rs 100 crore if
anyone wrongly depicts India's map http://goo.gl/PlkfYR
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