Trying to woo foreign investors to help India's much-needed growth revival and draw those seeking to diversify Asia manufacturing out of China, the government is said to be planning a special mechanism, which includes an assurance of no retrospective policy action and a platform to ensure timely and expeditious clearances at one go. The government says it wants to handhold investors till the stage of groundbreaking. Better late than never!
STREET PULSE: Where we stand Asian share markets pushed higher on Monday as signs of progress in the Sino-US trade standoff whetted risk appetites.
Read More  | SGX Nifty traded nearly 20 points down at 7 am (IST), signalling weakness ahead on Dalal Street. MSCI index for Asia-Pacific shares outside Japan edged up 0.5%. Australia's main index gained 0.9% and South Korea KOSPI firmed 1.3%. |
| US stocks soared after Trump and China agreed on a trade deal. Dow rose 242 points to 26,816, while the S&P500 advanced 0.6%, and the Nasdaq 0.9% |
Oil prices were little changed, holding onto 2% gains from Friday amid renewed geopolitical tensions in the West Asia while a detente in the US-China trade war buoyed market sentiment. Brent futures rose 9 cents to $60.60 a barrel, while WTI crude futures rose 9 cents to $54.79.
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Rebound Bid… DHFL has signed a non-binding term sheet with Oaktree Capital to sell its entire Rs 35,000 crore wholesale book. The agreement is valid until February. Banks have signed the intercreditor agreement and are working on the resolution proposal submitted by DHFL management, including converting part debt into 51% equity. This will see the stake of the Wadhawan family, the promoters, halve to 20%.
Read More | IRCTC to list shares on bourses today >>> |
| RBI, FinMin work on coop bank framework >>> |
No Retro Tax… After cutting corporate tax rates, India is now examining if it can provide some assurance to foreign investors that there will be no retrospective policy action. It is also proposing to create a special mechanism under which investors looking to set up a base in the country would be handheld till the stage of groundbreaking.
Read More Signs of Hope… Altico Capital is likely to present to its lenders a resolution plan this week that could involve selling some of its biggest loan assets, such as Skylark in Bengaluru, Casa Grande in Chennai and Marvel in Pune. Besides the proposal to sell these upscale mixed-use projects, the stressed financier may also offer to bring in equity from an alternative set of investors.
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Jolt to Ambani… In a big jolt to RIL's Rs 5,050 crore IBC win, two retail investors in Alok Industries have approached the National Company Law Appellate Tribunal, opposing new the owner's move to delist the textile firm that they claimed would erode the value of their stake. The two shareholders claimed they were representing an informal group of more than a thousand retail investors in Alok Industries, which RIL had bought out of bankruptcy in March.
Read More Bleak Outlook… The World Bank on Sunday slashed its growth forecast for India's current fiscal year to 6%, down from 7.5%, warning that the "severe" slowdown could further weaken the country's stuttering financial sector. In its last forecast in April, the bank had said that India's economic outlook was strong and expected growth of 7.5% during the current fiscal year that began in April.
Read More Meanwhile... Vedanta Resources chairman Anil Agarwal feels the State should revisit its 'style' for a speedier and smarter transfer of its assets to private players. Going by the way the government has put a fresh batch of assets on the block, it may take 20 years for an effective disinvestment to take place. "If you carry out the process company by company, it may take a long time," he said. Agarwal was one of the successful conglomerates to participate in the Vajpayee government's disinvestment in Hindustan Zinc and Balco.
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