NEWS THAT ARE USEFUL

  •  India’s exports rose 30.55 per cent to $26.19 billion in November. This spurt in overseas shipment is attributed mainly to improved global demand. It is interesting to see that while China, South Korea, Taiwan and Singapore, among others, witnessed positive export growth in the month, India has emerged as a top performer. This indicates that recent government steps including sops and simplification of GST refund process have played a positive role in improving the performance of the sector.

 

  •  Earlier this month, the Centre had announced Rs 8450 crore incentives for exporters in sectors like leather and agriculture. Later in another positive move, it simplified the process for exporters to claim refunds under the Goods and Services Tax (GST). Input Tax Credit (ITC) and Integrated-GST refunds for exporters are being expedited for quick unlocking of their capital. These twin measures definitely played a positive role and thus deserve praise.

 

  •  It is encouraging to see that some major sectors including engineering, petroleum, gem & jewellery, organic & inorganic chemicals, marine and pharmaceuticals performed well in November. Also, overall 24 out of 30 major product groups were in positive territory including petroleum, cotton yarns, fabrics and made-ups and plastic and linoleum.

 

  •  The Parliament gave its nod to amendments to the insolvency and bankruptcy code that aims to keep defaulting promoters out of resolution process of insolvent companies. The Insolvency and Bankruptcy Code (Amendment) Bill 2017 was passed by Rajya Sabha amid concerns that the changes could bar genuine domestic investors from the resolution process.  Separately, the Insolvency & Bankruptcy Board of India removed the requirement for disclosing the liquidation value of an asset undergoing resolution.

 

  •  European plane maker Airbus delivered over 700 aircraft in 2017, reaching a company record and meeting its core output target for the year.

 

  •  India’s gold imports surged 67 % in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed. The rebound in purchases by India, the world’s second-biggest consumer of gold after China, could support global prices which are already near their highest levels in three months. Spot gold values gained more than 13 % last year, their best annual performance since 2010.

 

  •  Punjab  National Bank has sold its entire stake in the joint venture with Principal Financial Group to give the latter full ownership of Principal PNB Asset Management Co. and Principal Trustee Co. Pvt. Ltd.  In India.

 

  •  Public sector Punjab and Sind Bank said it has received board approval to raise up to Rs 1000 crore by the end of next fiscal by various means including follow on public offer, rights issue or QIP.

 

  •  2017 was a blockbuster year for merger and acquisition activity in India with deal values increasing by 53.3 % to $77.6 billion, compared with $50.6 billion in 2016. Deal volumes rose by 2.5 % to 614 deals in 2017 compared with 599 deals the previous year.

 

  •  Mortgage lender Indiabulls Housing Finance said it has raised Rs 1000 crore from private sector lender Yes Bank in the country’s maiden social affordable housing bond sale.  Money raised through the sale of the five-year bonds will be used exclusively for financing the affordable housing sector.

 

  •  The Securities and Exchange Board of India began to process of refunding investors of PACL Limited, a company that was banned in 2015 by the regulator for illegally collecting at least Rs 49100 crore from 58 million investors over 15 years.

 

  •  Reliance Industries Limited commissioned its refinery off-gas cracker complex of 1.5 million tonnes per annum capacity along with downstream plants and utilities. This marks the end of the $16 billion refining and petrochemicals expansion plan that RIL embarked on in 2014.

 

  •  The United States has foolishly given Pakistan more than $33 billion in aid over the last 15 years and they have given us nothing but lies & deceit, thinking of our leaders as fools. They give safe heaven to the terrorists we hunt in Afghanistan, with little help. No more ! – Donald Trump, US President on Twitter.

 

  •  The promoter of MedPlus Health Services Pvt. Ltd. Has raised around Rs 700-750 crore in debt financing from Goldman Sachs to buy out existing PE investors, as gathered from the two people who are aware of the development. MedPlus was founded by Madhukar Gangadi.

 

  •  Telangana-based Sirpur Paper Mills Limited which is the middle of the insolvency proceedings at the Hyderabad bench of NCLT, has received initial expressions of interest from several potential suitors including ITC Group, JK Group, JK Paper Limited, West Coast Paper Mills Limited and the Kolkata based Kohinoor group.