Though markets had a good start, they ended lower despite firm global markets. Caution ahead of interim budget next week and weak earnings hurt the investor sentiment. On Friday, markets ended lower, with BSE Sensex down 169.56 points or 0.47% and closed at Rs 36,025.54, and NSE Nifty down 69.30 points or 0.64% at Rs 10,780.50. Both BSE Midcap and Small Cap also ended in red. Midcap down by 178.21 points or 1.20% and closed at Rs 14,681.82. And, Small Cap down 225.19 points or 1.58% and ended at Rs 14,000.20.
This week, Sensex fell by 441.58 points or 1.21% and closed at Rs 36,025.54, while Nifty was down 138.85 points or 1.27%, and closed at Rs 10,780.50.
The Rupee depreciated 0.13% (Rs 0.09) against the dollar during the week.
Piyush Goyal is the interim Finance & Corporate Affairs Minister
Piyush Goyal, Minister of Railways, has been appointed the interim Finance Minister. This came as a surprise a week ahead of the budget session on Feb 1st 2019. Currently, Arun Jaitley is undergoing surgery in the US and has been advised to take rest for two weeks. The budget this year will concentrate on the agrarian economy and tax reduction of the salaried class ahead of the general elections.
Airtel-Tata Deal receives NCLT Delhi clearance
The Delhi bench of National Company Law Tribunal (NCLT) has approved Bharti Airtel’s acquisition of Tata Teleservices consumer mobility business. This deal will help Airtel to close the gap in market share with the current leader Vodafone Idea. Closure of this deal will provide Airtel with indefeasible right to use (IRU) the existing fibre network of the Tata’s. This deal has also received approvals from Competition Commission of India (CCI) and SEBI.
India to surpass China to become the 2nd largest oil demanding country in 2019
India’s oil demand has increased and contributed 14% to the global demand growth. Similar growth is expected in 2019 too. If this happens India will be the 2nd largest oil demanding country after the USA but before China. This growth is due to increased consumption of auto fuel and LPG consumption by the country.
Chanda Kochhar has been booked by CBI for criminal conspiracy
CBI booked former ICICI head Chanda Kochhar in the Videocon Group case. The charges against her are a criminal conspiracy, cheating, abuse of official position for dishonestly sanctioning the loans to Videocon Group. The former head has allegedly sanctioned a loan of Rs 300 crore in August 2009. ICICI bank sanctioned 6 high-value loans amounting to Rs 1,575 crore between June 2009 and October 2011. These loans have turned into NPA’s resulting in a wrongful loss to ICICI and wrongful gain to the borrowers. Chanda Kochhar is on one of the few committees that sanctioned these loans.
Ravneet Gill is the new face of Yes Bank
Deutsche Bank’s Ravneet Gill will replace Rana Kapoor as the new MD and CEO of Yes Bank. Rana Kapoor’s term ends on 31st January and Ravneet Gill will join the operations from 1st March 2019. The stock went up 14% after the announcement. Yes Bank got RBI’s approval for the same.