Oil marketing firms on government mandate have subsidised petrol and diesel by Re 1/litre, which could them approximately Rs 4,500 crores in 2018-19. The move has made investors nervous about the companies' vulnerability to bigger hits in the run up to the 2019 general elections, causing sell-off of about 24-32 percent stocks until now.Top brokerages have downgraded oil marketing companies (OMCs) post the government announcement and have reduced their target price by 30 to 50 percent. Estimates suggest that the Re 1 cut will force IOC to take a 19 percent knock on annual profit after tax, for BPCL and HPCL the impact on bottomline would be 26 percent and 27 percent, respectively. Major concern remain as global oil prices are expected to rise as US sanctions choke supply from Iran. Many analysts believe crude prices can soar to $100 per barrel causing further rise in petrol and diesel prices.The price cut by the government has put a … [Read more...] about 3-Point Analysis | OMCs crash to 52-week low, should you buy into this correction?
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All eyes will be on the World Bank's latest Doing Business Report on October 31 with the government hopeful of a big jump in rankings, driven by the rollout of goods and services tax (GST) and the Insolvency and the Bankruptcy Code.India leapfrogged into the 100th rank in the World Bank's Ease of Doing Business rankings last year, jumping 30 notches a year ago, in an endorsement of the string of reforms implemented by the Narendra Modi-led government.A higher rank for India this year is expected to boost investor confidence, and will also come ahead of the assembly elections in five states—Chhattisgarh, Madhya Pradesh, Mizoram, Rajasthan and Telangana— scheduled in November-December as well as ahead of the crucial Lok Sabha elections, 2019.Close This year, the government remains optimistic about India’s growing business-friendliness, driven by key reforms initiatives such as the implementation of the Goods and Services Tax (GST) in July, 2017. related news … [Read more...] about Ease of Doing Business report on Oct 31; govt hopeful of jump in rankings aided by GST, Insolvency Code
IT spending in India is forecast to cross USD 94 billion in 2020, up 6.6 percent from $88.5 billion in 2019, research firm Gartner said on November 11."2020 will be a rebound year for India's IT spending as consumers return to purchasing mobile phones after sitting on the sidelines in 2019," Gartner research vice president John-David Lovelock said.Business spending on IT grew 6 percent in 2019 and is expected to increase 9 percent in 2020, helping to drive growth across all segments, he added.Close Gartner said the strong growth in total software spending will be driven by enterprise application software, which is forecast to grow 17 percent in 2020. related news NIA files charge sheet against 8 ULFA (I) members in Guwahati grenade attack case Boeing says 737 MAX expected to resume flying in January Best low-cost airlines of 2018: Only 1 Indian carrier on world's top-10 list The expected increase in overall business spending will help drive 16 per cent growth in enterprise … [Read more...] about IT spending in India to grow 6.6% to $94 bn in 2020: Gartner
The 19th Financial Stability and Development Council's (FSDC) meeting on October 30 was clouded by questions related to liquidity crunch in the financial sector, sources told Moneycontrol.Attended by Finance Minister Arun Jaitley, Department of Financial Services secretary, Rajiv Kumar, Department of Economic Affairs Secretary, Subhash Chandra Garg, RBI Governor, Urijit Patel, RBI Deputy Governors, officials from Ministry of Corporate Affairs and Insolvency and Bankruptcy Board of India (IBBI) among others, the one-and-a-half hour meeting saw concerns being raised by the government over liquidity crunch in the NBFC sector."The meeting saw financial sector regulators taking stock of the liquidity situation in the market, especially the NBFC sector," sources said.Close They said that the government cautioned the RBI against "spillovers emanating from a crunch in the NBFC" having ripple effects on the entire market. related news MMTC floats tenders for import of 4,000 tonnes of … [Read more...] about FSDC meet: Government raises concerns over liquidity crunch, RBI ensures it will “step-in when required”