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Political Plays
Mayawati withdraws case against Mulayam Singh Yadav
This was upon BSP and SP entering into an electoral alliance for the Lok Sabha polls, it is now revealed. Mayawati, however, did not make her move to withdraw the case public so far and told her leaders two days ago that she had withdrawn the case from the Supreme Court honouring Akhilesh Yadav’s request to her.
Corporate Buzz
Raymond gives itself a complete makeover
Raymond Thursday announced the demerger of its core lifestyle business which will create two separate companies—the new one housing the core branded textile, branded apparel and garmenting businesses and the existing one to have its new real estate project, land bank, engineering businesses of auto components and FMCG businesses among others.
Three Years after DeMo
Cash is king in 66% of real estate transactions
A majority of Indians continue to make a substantial percentage of their total annual purchases in cash, the survey said. About 40% people said anywhere between 5% to 25% of their total purchases were in cash, 29% said anywhere between 25% to 50% of their purchases were in cash and 27% said at they paid cash while purchasing almost every item in last year.
Telcos in Trouble
22,000 employees opt for BSNL VRS plan in 2 days
In all, nearly one lakh BSNL employees are eligible for the VRS out of its total staff strength of 1.50 lakh. The scheme that was rolled out on November 5 will be open till December 3. The number of employees opting for the VRS plan has already crossed 22,000, out of BSNL’s internal target of 77,000 employees, said the BSNL official who did not wish to be named.
Mutual funds
Mutual funds SIP collection fall marginally in October, total AUM rises by 17%
Mutual funds garnered Rs 8,245.62 crore through SIPs in October, around Rs 17 crore lower than what they collected in September.
Defence Diary
Pakistan may remain on FATF Grey List beyond Feb 2020
The FATF retained Pakistan on the Grey List and warned the country of action for its failure in combating money laundering and terror financing. The decision was taken after a five-day plenary of the FATF held in Paris in October. The Asia Pacific Group of the FATF had found serious deficiencies in Pakistan’s anti-money laundering measures.
Panache
When PM Modi lauded American billionaire Ray Dalio for ‘Ninja’ skills
The PM had a witty repartee to the trolling that Dalio had faced after he praised the former’s leadership skills on Twitter.
Reviving Realty
Funding for single housing project capped at Rs 400 crore
The government clarified the “positive net worth” condition for projects to be eligible for support from the alternate investment debt fund in a list of frequently asked questions (FAQs) that it issued on Thursday. The fund won’t provide assistance to projects that are in the Supreme Court and high courts but will take up those being heard by the NCLT.
Small Biz
Silicon Valley is a born-again believer in profits
It was only a few years ago that investors started to become anxious about the vast sums of money flying into unprofitable startups. The bubble didn’t burst, but air deflated a bit from the balloon.
Slowdown Signs
Suzuki Motor is no longer gung-ho about India, and it is not alone
Global players like Ford, Volkswagen and Fiat are already re-evaluating their strategy as they struggle to make inroads in a market dominated by small cars. Now the Japanese automaker has issued a warning after it reported a slump in quarterly profit this week on tumbling sales at its Indian unit, Maruti Suzuki, which accounts for half the number of cars sold in India.
Wealth Wisdom
SBI cuts MCLR by 5 bps across tenors; reduces FD rates too
The new MCLR rates will be effective from November 10. After the cut, the one-year MCLR stands at 8 percent.
ETMarkets
Moody’s downgrades India’s outlook to negative from stable
Moody’s projects a budget deficit of 3.7 per cent of GDP in the year through March 2020.
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