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Monday, November 11, 2013

Forex Reserves Drop By $1.65 Bn
After rising for four consecutive weeks, India’s foreign exchange reserves declined by $1.657 billion to $281.294 billion in the week to November 1 on account of drop in a key component, Reserve Bank said. In the previous reporting week, reserves had increased by $1.828 billion to $282.95 billion.

Kochhar Most Powerful Indian Businesswoman
ICICI Bank MD and CEO Chanda Kochhar has been named as the most powerful businesswoman in India for the third consecutive year by Fortune Magazine. Shikha Sharma of Axis Bank and Aruna Jayanthi of Capgemini India have taken the second and third place in the Fortune list of 50 most powerful businesswomen ranking for 2013.

RBI Allows Third-Party Payments For Export, Import
Easing procedures, the Reserve Bank has allowed third-party payment for export and import transactions. With a view to further liberalise the procedure relating to payments for exports/imports, banks are allowed payments for export of goods/software to be received from a third-party, the RBI said. Banks are also permitted to make payments to a third-party for import of goods, it added. Third-party refers to an entity other than the buyer or the seller. The RBI said the procedure has been liberalised taking into account evolving international trade practices.

Shriram City Seeks Sebi Nod To Raise Up To Rs 200 Cr
Shriram City Union Finance has sought market regulator Sebi’s approval to raise up to Rs 200 crore through non-convertible debentures (NCDs). “Public issue by Shriram City of secured redeemable NCDs of face value of Rs 1,000 each aggregating up to Rs 10,000 lakh with an option to retain over subscription up to Rs 10,000 lakh for issuance of additional NCDs aggregating to a total of up to Rs 20,000 lakh,” the company said in a draft prospectus filed with Sebi.

Apparel Retailers Expect 15.20% Growth
Apparel retailers expect a double digit growth of 15.20% over the next six months of the financial year 2013-14, according to a survey by Ginesys. As per a pan-India consumer sentiment survey across over 250 apparel retail outlets, fashion is slowdown proof if India’s apparel retailers are to be believed. The survey results show that the first half of the fiscal saw average sales growth of 12.84% with tier II cities leading by 13.59% growth as compared to a growth of 12.26% in tier I cities.

IOC Net Dips 82% In Q2
State-owned Indian Oil Corp (IOC) reported 82.5% drop in net profit for the July- September quarter due to foreign exchange losses and the government not fully compensating it for losses on fuel sales. Net profit fell to Rs 1,683.92 crore during the second quarter of the 2013-14 fiscal, from Rs 9,611 crore in the same period a year ago.

Diageo May Miss Deadline To Fully Acquire Stake in USL
World’s largest spirits maker Diageo Plc may not be able to fully acquire the proposed 27.40% stake in United Spirits Ltd (USL) ahead of the November 11 deadline with IDBI Bank refusing to release pledged shares. In a filing to BSE, Relay B V, a wholly-owned subsidiary of Diageo Plc, said acquisition of 2.38% from USL Benefit Trust is yet to be completed.

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