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Friday, December 07, 2018

Govt needs to raise Rs 1 lakh cr in 3 years for PMAY-U: Crisil
To meet its ambitious target of constructing one crore houses in urban areas by 2022, the government will have to raise around Rs 1 lakh crore over the next three years, according to rating agency Crisil. The government had launched its flagship Pradhan Mantri Awas Yojana - Urban (PMAY-U) scheme on June 25, 2015, with an aim to provide affordable housing for all by 2022. The rating agency noted that as of November 26, although 63 lakh houses had been sanctioned, only 12 lakh have been constructed, while 23 lakh are under construction. Among states, Andhra Pradesh, Uttar Pradesh, Maharashtra, Madhya Pradesh and Tamil Nadu together accounted for 55% share of the sanctions, it said.

Oil stocks fall up to 3 pc, OPEC meet underway
Oil stocks yesterday fell up to 3% amid expectation of production cuts by Russia and OPEC. Shares of Indian Oil Corporation (IOC) tumbled 2.94%, ONGC declined 2.47% and Reliance Industries fell 2.72%. Among others, Bharat Petroleum Corporation dipped 1.22% and Hindustan Petroleum Corporation dropped 0.71%. OPEC members began a two-day meeting yesterday to decide about the production policy. According to market analysts, shares of oil companies declined on expectation of production cuts by Russia and OPEC besides weakening of the rupee. "Investors are closely watching the meeting between the Organisation of the Petroleum Exporting Countries (OPEC) and other top oil-producing countries," said BNP Paribas Mutual Fund's Senior Fund Manager-Equities, Abhijeet Dey.   
SISL Board approves amalgamation scheme with Total Securities
The board of Share India Securities Ltd (SISL), a leading knowledge and technology driven financial services group, has approved the scheme of amalgamation of Mumbai based Total Securities with SISL. The Company will issue 16 (sixteen) Equity Share of Rs. I0 each, credited as fully paid up, for every 10 (ten Equity Shares of Rs. I0 each) equity share held in the Total Securities Ltd. Post the merger the Promoter and Public share holding in the Company stands at 55.65% and 44.35%, respectively. The proposed Scheme of Amalgamation is subject to further approval of the stock exchange, SEBI, NCLT and other competent authorities. Sachin Gupta, Whole Time Director and CEO, SISL, said “The Net worth of SISL crosses Rs 110 crore post this merger and the company would enjoy a larger net worth and client base, new markets, improved operating efficiency, better profit margins and higher growth potential for the Company.”

India inks pact with Iran to pay crude bill in rupee
India has signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees, sources in know of the development said. The memorandum of understanding (MoU) was signed following the US letting India and seven other nations to keep buying Iranian oil despite sanctions were reimposed on the Islamic state on November 5. Sources said Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC). Half of these funds would be earmarked for settling payments for exports of Indian goods to Iran, they said.

CAIT urges FM to extend last date for GST filing to March 2019
The Confederation of All India Traders (CAIT) yesterday said it has urged finance minister Arun Jaitley to extend the last date for filing annual goods and services tax (GST) return from December 31, 2018 to March 31,2019. In its communication to the finance minister, CAIT said that the format of filing of annual GST return is not available anywhere including the GST website. In fact, the option itself is not available. "Under such circumstances it will not be possible for the traders to file their annual GST return by the stipulated period and as an immediate measure, the CAIT has urged to extend the last date of filing annual GST return up to March 31 2019 for the period 2017-18," it said.

Maruti Suzuki dives over 4% on price hike announcement
Shares of Maruti Suzuki India yesterday tumbled over 4% after the company announced price hike across various models. The scrip fell 4.63% to close at Rs 7,209.7 on the BSE. Intra-day, it hit a low of Rs 7,178.3, a decline of 5.04%. On the NSE, the stock plummeted 4.67% to settle at Rs 7,201 apiece. The shares hit a low of Rs 7,180 and a high of Rs 7,486.30 in the intra-day trade. Among the Sensex constituents, Maruti Suzuki was the worst hit. The auto major's stock had slumped over 2% on the bourses Wednesday.

PE/VC investments in Jan-Nov totals $27 bn
The private equity (PE)/ venture capital (VC) investments between January to November 2018 aggregates to USD 27 bn, surpassing the high of USD 26.1 billion recorded in entire 2017. November recorded USD 1.6 bn in PE/VC investments, 33% lower compared to November 2017 and 49% lower compared to the previous month. "The decline was mainly on account of fewer large deals (greater than USD 100 mn) with November 2018 recording only five large deals aggregating USD 950 mn compared to nine large deals worth USD 1.8 billion in November 2017 and six large deals worth USD 2.5 billion in October 2018," according to an EY report. The largest deal during the month saw Temasek buyout SP Infocity IT Park from CPPIB and Shapoorji Pallonji for USD 353 million.

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