Joint statement on RCEP deal likely after 7 tiring years of negotiations
Leaders of India and 15 Asia-Pacific countries are expected to announce later on Monday successful conclusion of seven-year negotiations to create the world's largest free trade region though its formal signing will be pushed to February next year, diplomatic sources said. The possible delay in firming up the Regional Comprehensive Economic Partnership (RCEP) during the 3-day ASEAN summit in Bangkok has been attributed to India's "new demands" on market access, and tariff related issues.
HDFC consolidated profit up 80% YoY in Q2, Gruh stake sale adds Rs 8k cr
Housing finance corporation HDFC, on Monday, reported a standalone net profit of Rs 3,961 crore, up 60.5 per cent YoY, for the quarter ended September 2019 (Q2FY20) on the back of stake sale from Gruh Finance. The HFC had reported a profit of Rs 3,203 crore in Q1FY20 and Rs 2,467 crore in Q2FY19. On a consolidated basis, the HFC reported a profit of Rs 10,388 crore, up 80.38 per cent YoY from Rs 5,759.19 crore. Pre-tax adjusted gains from the stake sale in Gruh Finance stood at Rs 8,000.29 crore in the consolidated financial results.
Infosys says no prima facie evidence to back whistleblower complaints
Indian IT services major Infosys Ltd said on Monday it received no evidence to support the allegations in a whistleblower letter from last month, sending shares up as much as 6.5% in morning trade. A letter, claimed to have been written by employees of the company in October, said Chief Executive Salil Parekh instigated them and others to bypass approvals for large deals, fearing a negative impact on shares from reduced profit.
Other important stories of the day:
Billionaire Ajay Piramal says he will step down from Shriram Capital
Ajay Piramal said he plans to resign as chairman of Shriram Capital Ltd., the Indian non-bank finance company backed by South Africa’s Sanlam Group, as he works to sell his stake in Shriram’s parent group. “I will step down in due course as I do not have much role in Shriram Capital,” Piramal said in a recent interview in Mumbai. He declined to share details.
Ashok Leyland displays BS-VI vehicles, says trucks are first to meet norms
Ashok Leyland today showcased a wide range of Bharat Stage (BS) VI trucks and buses. After receiving the certificates confirming compliance to BS-VI emission standard from Automotive Research Association of India (ARAI), Ashok Leyland claims it becomes the first Indian OEM to meet the BS-VI emission norms across the full range of heavy duty trucks (GVW of 16.2T and above).
IndiGo says systems down across the network, operations likely to be hitIndiGo said its systems were down across the network since Monday morning, and that it expects operations at airports to be impacted as a result. "All efforts are being made to resolve the issue at the earliest," IndiGo said in a statement. IndiGo, owned by Interglobe Aviation Ltd, is the country's largest carrier with a nearly 50% share of the domestic market.
Only 1.5 million entities declared short-term capital gains in FY18
The number of those who declared short-term capital gains is less than a fifth of the total number of active investors. They are an even smaller fraction of the total number of demat accounts (investor accounts) in existence. An analysis of recently-released data from the income tax department on short-term capital gains showed that those declaring it number 1.51 million.
October gold imports dip 33% as near-record high prices lower sales: Report
India's gold imports fell for a fourth straight month in October from a year ago as near record-high prices dampened buying during key festivals in the world's second-biggest consumer of the metal, a government source said on Monday. In value terms, the October imports were at $1.84 billion, slightly higher than last year's $1.76 billion.