Mumbai

Samsung doubles down in India, opens its biggest store world-wide

Samsung Electronics Co Ltd opened its biggest mobile store in the world in India on Tuesday as it tries to take pole position in the world’s second-biggest smartphone market amid fierce competition from Chinese brands.

The South Korean tech giant’s roughly 33,000 square foot (3,000 square meter) store in the southern tech hub of Bengaluru will help it extend its lead in India over global rival Apple Inc, which has yet to open any flagship stores in the country.

Rs 4L cr investor wealth wiped off in two days

The Sensex’s near 1,000-point tumble in the two sessions this week has wiped out more than Rs 4 lakh crore of investor wealth in its wake. The market has seen surprisingly huge sell-off on Monday and Tuesday, as worries over an escalation in trade war and Indian macros hit investor sentiment.

The Sensex slumped 509 points on Tuesday to end at 37,413, while it lost 472 points the previous day, taking the two-day losses to 976 points.

European shares declined while most Asian shares ended lower as the spectre of a Sino-US trade war haunted investors.

Surge in NDF volume dragging down rupee

With the rupee touching new lows everyday, big corporate firms are using the advantage of arbitrage between offshore non-deliverable forward (NDF) and the domestic market to make some quick bucks.

The one-month onshore forward expiring at the end of September was priced at 72.83 while at the DGCX the September future rate was 72.94, a difference of 11 paise.

India's macro risks have widened

The Indian markets have gained over 370 per cent from the low it hit almost a decade back following the global equity meltdown triggered by the Lehman crisis. The BSE Sensex which plunged to a low of 8,056 in January 2009, made an eye-popping comeback to claim a record peak of 38,989 in August 2018.

Limited success in settling cases

It has been almost two years since the Insolvency and Bankruptcy Code (IBC) was introduced and its success has been limited. In most of the cases the threshold of 270 days has been breached because of procedural inefficiencies, lack of infrastructure and other frivolous matters. “Not only does this jeopardise the basic premise of resolution within 270 days but also results in notional loss of interest income for lenders with every day of delay,” said a CII and PWC report titled ‘Decoding the Code-Survey of 21 months of IBC in India’.

Sebi panel for easier foreign fund rules for Indian investors

In a major relief to foreign funds, a Sebi appointed panel has suggested relaxed FPI norms permitting NRIs, overseas citizens of India and resident Indians to hold non-controlling stakes in FPIs.

The committee headed by RBI deputy governor HR Khan has suggested major relaxations to the controversial April 10 circular issued by Sebi.

Experts said the panel has addressed all the major concerns raised by investors but the issue of identifying high risk jurisdictions is still hanging.

Only 33% Indians save regularly for retirement

Only a third in India are regularly saving for their retirement while just 33 per cent of working-age respondents globally are putting anything aside for their later life, according to a report.

The lack of saving is likely linked to low knowledge of how much money is needed in retirement, as well as many prioritising their immediate financial situation over planning for their older years, according to HSBC’s the ‘Future of retirement: Bridging the gap’ report.

Missing HDFC Bank executive killed; but no trace of body

A vice-president of HDFC Bank, who had gone missing on Wednesday under mysterious circumstances from Mumbai, was murdered, the police said on Sunday citing personal enmity as a motive behind killing.

The police have arrested one person in connection with the case and said more people are involved in the crime. His body is yet to be recovered. The police are in the process of recording statements of  HDFC Bank employees to ascertain if the missing VP was dealing with anything sensitive recently.

Speculators in offshore NDF may keep rupee under pressure

With the rupee he­ading south ag­ainst the doll­ar, speculative bets have increased. A widening di­f­­ference between the onshore and the offshore non-deliverable forward market (NDF) for the dollar-rupee is exerting pressure on the rupee and encouraging specul­ators to bet more on the currency market. Exp­e­r­ts suggest that there co­u­ld be more pain ahead for the rupee for some more time given the spread.

Low base drives up India Inc’s Q1 revenues 17%

India Inc reported a 17.1 per cent growth in revenues for the June quarter on a lower base in the year-ago period, a report said on Thu­r­sday. “Indian corporate sector's aggregate revenues ha­ve grown by 17.1 per cent in Q1FY19, on a year-on-year basis,” domestic rating age­n­cy Icra Ratings said.

The agency, which anal­ysed 660 companies as part of the research, said 26 of the 32 sectors it analysed ha­ve shown a revenue growth.

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