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Mumbai / Ahmedabad,  January , 2019: Ahmedabad Municipal Corporation (AMC), the civic governing body of the city of Ahmedabad today  embarked on a new journey getting its Municipal Bonds listed on the Debt Securities platform of the National Stock Exchange of India Ltd (NSE), leading stock exchange of India  today . NSE lists Ahmedabad Municipal Corporation Bonds The Municipal Bonds of the Ahmedabad Municipal Corporation have earned the distinction of receiving the largest amount of bid for any municipal corporation on any Exchange platform. The issue of INR 200 cr recorded a subscription of INR 1,085 cr from 19 institutions. The issue proceeds will be utilized towards the Central government scheme – AMRUT MISSION for Urban Development. Ahmedabad Municipal Corporation received an overwhelming response with an oversubscription of 5.42 times. On the development of the Debt Capital Market, NSE has demonstrated its commitment and now has become the preferred choice amongst blue chipped

The pharmaceutical industry welcomed the government order to constitute a standing committee headed by NITI Aayog to recommend the National Pharmaceutical Pricing Authority (NPPA) in regulating prices of medicines. “This would neither favour the industry nor encourage the growth of the industry nothing of that sort, but it brings balance to decision making (on price control), and not leave the industry to one individual (NPPA Chairman),” said DG Shah, Secretary General of Indian Pharmaceutical Alliance (IPA), that represent 20 of the country’s biggest homegrown drug makers. Indian pharmaceutical industry was rattled by the decision of former NPPA chairman Bhupendra Singh, who used special powers conferred under Paragraph 19 of the Drug Price Control Order (DPCO) 2013, to slash prices of hundreds of drug formulations, which were not part of National List of Essential Medicines (NLEM). Shah said that Paragraph 19 was supposed to be used only under extra ordinary circumstances. Several d

NEW DELHI:  The Union government on Monday formed a committee housed in its think tank NITI A ayog to recommend medicines for price control, diluting the central role of the National Pharmaceuticals Pricing Authority (NPPA) in setting drug prices. Currently, NPPA functions as an autonomous body regulating prices of medicines and health products such as stents under the National List of Essential Medicines (NLEM), besides monitoring prices of those that are not on the list. The new order also ends the existing mechanism in which drugs declared essential would automatically come under price control. From now, the NITI Aayog committee will decide which drugs should be under price control. Drug price regulator’s wings clipped A 21 January order from the ministry of chemicals and fertilizers announced the formation of a standing committee on affordable medicines and health products (SCAMHP) led by member (health), NITI Aayog, and including the chief economic adviser in the ministry of fin

Indian shares rose today but ended off day’s high, supported by strong gains in heavyweight Reliance Industries. Benchmark index Sensex ended 192 points higher at 36,578 though at its day’s high it had risen to36,701. On the NSE, the Nifty50 index settled 0.50% higher at 10,961. Oil-to-retail conglomerate Reliance Industries 4.4% in its second session of gains after reporting record quarterly numbers. Other top gainers in the Sensex 30 pack included Kotak Mahindra Bank, Sun Pharma, and Bajaj Finance. IT stocks TCS and Infosys were also among the gainers. Sun Pharma, which had tumbled over 14% last week on reports of a fresh whistleblower complaint, rose 2%. Sensex rises nearly 200 points, led by RIL “The market momentum has continued into this week,” said Siddhartha Khemka, head of retail research at Motilal Oswal Securities. “Stocks, especially heavyweights, have gained on the back of last week’s good quarterly numbers, and that has buoyed the sentiment.” SBI, Bajaj Auto, Power Grid,

Mumbai, January 18, 2019: IIFL Holdings Limited said, its subsidiary, India Infoline Finance Limited (IIFL Finance), a leading Non-Banking Financial Company, will open a public issue of bonds on January 22, 2019, to raise up to Rs. 2,000 crore , for the purpose of business growth and expansion. The UK-based CDC Group backed IIFL Finance will issue secured and unsecured redeemable non-convertible debentures (NCDs), aggregating to Rs 250 crore, with a green-shoe option to retain over-subscription up to Rs 1,750 crore (aggregating to a total of Rs 2,000 crore). The IIFL Bonds offer highest yield of 10.50% p.a. for Individual and Other categories, and 10.35% for Institutional category, for tenor of 120 months with frequency of monthly and annual payment. The other tenors offered are for 39 and 60 months. IIFL Financeto raise up to Rs. 2,000 crore via Bonds CRISIL has rated the instrument as AA/Stable, which indicates that the instruments are considered to have a high degree of safety f

Extending gains for the second session, the BSE benchmark Sensex today rose over 100 points after the government said that the country’s trade deficit had narrowed to a 10-month low. The 30-share index jumped 122.14 points, or 0.34 per cent, to 36,440.47 in early trade. Similarly, the NSE Nifty reclaimed the 10,900 mark by rising 33.75 points, or 0.31 per cent, to 10,920.55. Sensex edges higher; RIL, ICICI Bank lead gains On Tuesday, the Sensex had settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80. In morning session on Wednesday, the biggest gainers in the Sensex pack included IndusInd Bank, NTPC, SBI, Reliance Industries, ICICI Bank, Vedanta, Axis Bank, Tata Steel, PowerGrid, ONGC and Infosys, rising up to 1.35 per cent. ITC, TCS, Hero MotoCorp, HCL Tech, HUL and Sun Pharma were among the top losers, shedding up to 0.66 per cent. According to traders, despite weakness in global market

Crude oil’s rally is starting to sweep away the pessimists. After starting 2019 on a cautious tone, hedge funds last week slashed bets on falling Brent crude prices to the lowest level since mid-November, as they looked to get out the way of a recovery that pushed oil back into a bull market. Wagers on increasing prices climbed the most in a month. The global benchmark surged last week, as the U.S. and China made progress in trade talks and Saudi Arabia reaffirmed its commitment to head off a supply glut. Money managers have turned alternately bullish and bearish on the rally in recent weeks, but the evidence for a sustained move higher is getting harder to ignore, said Mark Waggoner, president of Oregon brokerage Excel Futures Inc. Oil bears get out of the way as crude’s rebound takes hold “Just having another positive week is going to be huge for a lot of people’s psyches, after we got so beat up last year,” Waggoner said by telephone. “I think you’re going to see more of them comin

New Delhi:  The BSE benchmark Sensex Monday dropped over 200 points tracking weakness in other Asian markets amid heavy selling by foreign investors. Market sentiment also turned cautious ahead of the release of key macroeconomic data. The 30-share index fell 219 points 35,790.81 in early trade. Similarly, the NSE Nifty shed 67 points to 10,727. According to analysts, this week, stock market movement will be driven by announcement of macroeconomic data points and quarterly earnings by various companies, including bluechips RIL and Wipro. The government is scheduled to release consumer price index (CPI) data later in the day. Market would also continue taking cues from the movement of rupee, crude oil and investment trend by foreign investors, traders said. Sensex falls over 200 points; TCS, ITC drag On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 687.20 crore on Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 123.17 crore

Mumbai:  The benchmark BSE Sensex rose over 65 points in early trade Friday following value-based buying in auto, oil & gas, and metal sectors amid positive trend at other Asian markets and rising rupee. The 30-share index was trading 68.58 points, or 0.19%, higher at 36,175.08. The gauge opened on a positive note and touched a high of 36,214.26 in morning trade. The NSE Nifty too witnessed similar movement, and was trading 17.65 points, or 0.16%, up at 10,839.25. Sensex, Nifty struggle; TCS, Bharti Airtel among top losers On Thursday, the Sensex settled 106.41 points, or 0.29 per cent, down at 36,106.50, while the broader NSE Nifty fell 33.55 points, or 0.31%, to finish at 10,821.60. Top gainers at the BSE include HDFC, ONGC, ITC, Sun Pharma, HDFC Bank, Reliance, Asian Paints, HUL and Tata Steel. Top losers included TCS, Bharti Airtel, HCL Tech, M&M, L&T, Indusind Bank and Powergrid. TCS fell 2.21% to Rs 1,846.50 after it reported 24.1 per cent growth in net profit at Rs

I started 2018 with a certain portfolio size. After investing an additional amount, the portfolio is still at its original size. Why don’t you reshuffle my portfolio, so it performs better? What do you think will happen to the market after the elections? Will it fall further? Why are we not taking proactive steps to move my portfolio to safer assets? Opinion | Why you should not worry about elections The above are some of the common refrains I have heard from my clients over the last few months. My client base comprises mostly of salaried individuals, working in knowledge sector organisations. They are used to managing large projects and taking pre-emptive actions when things don’t go according to plan. These intelligent people find it difficult to understand why I ask them to sit tight and advocate patience as their biggest ally during volatile markets. At $2.5 trillion, India is one of the top five global economies of the world. As a fast and secularly growing economy, the linkages

The Sensex and Nifty opened higher in trade today supported by a rally in Asian markets amid reports that trade talks between US and China could be extended to a third day.  While the Sensex opened 200 points higher at 36,181, the Nifty gained 63 points to 10,865 in early trade. Of 30 Sensex stocks, 26 were trading in the green. Sensex rises 200 points, Nifty crosses 10,850; Infosys, Axis Bank, Tata Motors top gainers Infosys (2.84%), Axis Bank (1.52%), Tata Motors (1.25%) and Maruti (1.22%) were the top Sensex gainers. Top Sensex losers were Tata Steel (0.40%), IndusInd Bank (0.39%), and YES Bank (0.52%). On Tuesday, the BSE Sensex closed up 130.77 points at 35,980.93, while the NSE Nifty settled 30.35 points higher at 10,802.15. Meanwhile, the mid cap and small cap indices were trading 58.70 points and 50.49 points higher in early trade. Market breadth was negative with 914 stocks trading higher compared to 1381 falling on the BSE. IT and auto stocks led the gains with their respect

Mumbai:  Real estate developers in 2018 shook off the previous year’s lethargy with 76% higher home launches, even as sales grew at a more sedate 6%, as a cash crunch in the latter part of the year crimped a sustained recovery. NBFC crisis batters realty, home sales grow just 6% in 2018 The surge in home launches—1,82,207 units across eight cites including Mumbai, Bengaluru and the National Capital Region (NCR)—came after a slump in 2017 when the sector struggled under the impact of demonetisation and a tough real estate law, according to the half-yearly  India Real Estate  report by property consultancy firm Knight Frank India. Around 60% of homes launched in 2018 were priced below ₹50 lakh, Knight Frank said. In new launches, Mumbai saw the sharpest growth of 220%, followed by Pune (157%), which Knight Frank attributed to successful implementation of the real estate law in both these cities and the Supreme Court allowing resumption of construction in Mumbai, overturning a Bombay hig

Most of us don’t have a crystal ball to peep into the future, so it’s imperative that we set aside four-six months’ expenses to tide over circumstances which may happen outside our plan or expectations and, it has to be done when things look normal. We have seen ants collect extra food for the rainy days when they may not be able to step out to fetch food. How to create an emergency fund using mutual funds Emergency funds are alternatively referred to as ‘contingency funds’ or ‘rainy day money’. It is that money which prevents our goal-based planning from getting derailed or defaulted on EMIs or not being able to honour my investment instalments, or not being able to meet my routine expenses. It works towards ensuring that you don’t need to borrow money from friends or parents or take a personal loan. It could be a sudden loss of job or getting bed-ridden owing to some illness or accident or personal issues in the family and not being able to bring-in new clients, thereby restricting

ICICI Bank and Small Business FinCredit will jointly provide loans worth up to Rs 1 crore to the small and medium enterprises. ICICI Bank on Friday said it has singed a memorandum of understanding with Small Business FinCredit India Pvt Ltd (SBFC) to jointly provide credit to micro, small and medium enterprises (MSMEs). ICICI Bank, Small Business FinCredit join hands to provide loans to MSMEs The partnership has been forged under the aegis of RBI’s circular dated September 21, 2018, that permits banks to engage with a non-banking financial company (NBFC) to co-originate loans for the creation of priority sector assets, the bank said. It is the first-of-its-kind programme by a bank and an NBFC, it said, adding the loans of up to Rs 1 crore is for a tenure of 15 years per customer. Under this arrangement, ICICI Bank will co-originate loan against property with SBFC at a mutually agreed ratio. The flow of funds from ICICI Bank will help customers aid their businesses in a seamless manner

The Sensex and Nifty shrugged off losses in the Asian and US markets to open higher in trade today. While the Sensex rose 117 points to 35630, Nifty gained 50 points to 10,721.  Of 30 Sensex stocks, 27 were trading in the green. Tata Motors (2.44%), Axis Bank (1.11%), Vedanta Ltd (1.06%) were the top Sensex gainers. Top Sensex losers were ICICI Bank (3.41%), HCL Technologies (0.39%)  and TCS (0.07%). Sensex rises over 150 points, Nifty hits 10,729; Tata Motors, Axis Bank, Vedanta top gainers On Thursday, the Sensex closed at 35513.71, down by 377.81 points, or by 1.05 per cent, and the NSE Nifty ended at 10672.25, down by 120.25 points, or by 1.11 per cent. IT services giant Tata Consultancy Services Ltd will kick off the corporate earnings season with results for the December-quarter scheduled for January 10. Meanwhile, the mid cap and small cap indices were trading 58 points and 27 points higher in early trade. Market breadth was negative with 914 stocks trading higher compared to

New Delhi:  The government on Thursday exempted innovative medicines developed by foreign companies from price control for five years, giving Indian patients access to drugs that are currently only available abroad. These include orphan drugs that are used for treating rare medical conditions. Govt removes price cap on innovative drugs for first 5 years In amendments to the Drugs Price Control Order (DPCO), the ministry of chemicals and fertilizers exempted producers of new drugs patented under the Indian Patent Act, 1970 (39 of 1970) from price regulation for a period of five years from the date of commencement of its commercial marketing by the manufacturer in the country. Non-profits criticized the decision. “It’s a shocking move in an election year. That will deliver dividends to foreign companies for the foreseeable future and shrinks the policy space for government to make highly expensive medicines for life-threatening conditions more affordable to the public,” said Malini Aiso

Mumbai:  Five asset management companies (AMCs) will make their pitch before government officials on Thursday to manage India’s first exchange traded fund (ETF) that will hold debt securities of public sector undertakings (PSUs). 5 mutual funds in race to manage government debt ETF The Department of Investment and Public Asset Management (Dipam) has invited SBI Funds Management Pvt. Ltd, Reliance Nippon Life Asset Management Ltd, Edelweiss Asset Management Ltd, Aditya Birla Sun Life AMC Ltd and UTI Asset Management Co. Ltd to make presentations for the planned debt ETF, the department says on its website. The fund houses must elaborate on their expense structure and expertise in managing debt funds and stressed assets. “The government is looking for a fund house, which will offer the lowest expense structure and has a long track record of managing large assets of debt and stressed assets,” a person aware of the matter said on condition of anonymity. “Most of the fund houses are offeri

Mumbai:  Jet Airways shares fell nearly 6% on Wednesday after the cash-strapped airline said it has delayed its interest payment to a consortium of lenders led by the State Bank of India due to cash flow issues. The default also prompted ratings agency ICRA to downgrade the company’s long- and short-term ratings. Jet Airways shares slumped as much as 5.7% intraday to Rs 265 per share on the BSE. At 2.54pm, the stock was down 4.98% to Rs 267.05 per share, while the benchmark Sensex Index fell 0.9% to 35,915.81 points. Jet Airways shares fall 6% on interest payments delay, rating downgrade “This is to inform you that the payment of interest and principal instalment due to the consortium of Indian Banks (led by State Bank of India) on 31st December 2018 has been delayed due to temporary cashflow mismatch and the Company has engaged with them in relation to the same,” the airline said in a regulatory filing. ICRA said timely implementation of liquidity initiatives, including equity infusi

Mumbai:  Indian stock markets are likely be volatile in the first half of 2019 with a host of domestic and international factors, including 2019 general elections, concerns of global economic slowdown and uncertainty in US-China trade relations. The volatility in the first few months of the year will give a chance to build the portfolio over the next two quarters to generate higher double digit returns over the next few years, said Vikas Jain, senior research analyst, Reliance Securities Ltd. In 2018, the NSE Nifty gained 3.13%, while the Sensex rose nearly 6% to post their fourth yearly gain in five. Reliance Securities’ top stock picks for 2019 “We believe as the macro concerns have eased with lower crude oil prices, inflation particularly CPI at multi month lows and stable rupee with softer bond yields, it warrants for an interest rate reversal in CY19 from current levels,” said Jain. He noted manufacturing sectors like capital goods, auto and metals are very positive from current