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FS Daily Bytes: 16th Oct

India

1.       Moody’s investor services reaffirmed ratings on SBI’s domestic as well as foreign currency bonds, expecting its financial profile to remain stable over the mid-term

2.       DHLF (Dewan Housing) has posted a 26% rise in net profit in this quarter reaching 293 cr

3.       Federal bank also posted 31% increase in net profit to 263.7 cr in 2nd quarter

4.       The double whammy of demonetization and GST seems to have knocked off the trader’s peace as consumers are hard to come by & sales are nowhere close to normal Diwali

5.       The annual rate of Wholesale Price Index (WPI)-based inflation eased to 2.60 per cent in September as prices of food articles, led by vegetables, softened

6.       While Govt thinks that GST has made transportation system efficient by eliminating octroi checkpoints, transporters aren’t that much happy. The savings in time seems to be negligible, courtesy state govt putting in flying RTO squads who are handling out challans w/o any valid reasons, alleged transporters

7.       “The United Forum of IDBI Officers and Employees is planning a strike on October 24 and 25 to protest the ‘inadequate response’ to the long-pending demand for a wage hike. The latest offer amounted to a hike of only between 7 per cent and 8 per cent against a demand of 15 per cent due from as far back as November 1, 2012, the Forum said”- Hindu Businessline

8.       Banks are focusing their energy on digital payments and hence this is reflected in slower growth of ATM. Banks added only 93 ATMs in April-August 2017 corresponding to 4,936 in corresponding quarter last year

9.       IndusInd bank took over Bharat Financial inclusion, the erstwhile SKS Microfinance

10.   The finance ministry seems to be working towards finalizing the capitalization of PSB by end Dec based on multiple factors including NPA, credit growth etc.

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