weekly pulse 4
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8/8/2019 Weekly Pulse 4
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WEEKLY PULSE
ISSUE – 4
ONGC eyes Exxon stake in Angolan field for $2billion. Also in talks for Australian Advent Energy
India’s largest explorer, Oil & Natural Gas Corporation (ONGC), is negotiatingwith global energy giant ExxonMobil’s Angolan arm to buy its 25% stake in an oilfield for about $2 billion. ONGC is also leading a consortium of India’s top state-run energy firms, which is in talks to acquire a 25% stake in Australia’s Advent Energy for around $1 billion. These moves can be seen as ONGC’s measure tocatch up with Chinese competitors that have left it far behind in the race for
black gold in Africa and other parts of the world. ONGC Videsh, or OVL, itssubsidiary tasked with acquiring oil and gas assets outside India, wouldreportedly put a bid for ExxonMobil, soon.
October accounts for one-fourth of total FII inflowsthis year
Foreign institutional investors (FIIs) infused a record $6.4 billion in October,
accounting for nearly one-fourth of the total inflows came in stock market so farthis year. With this heavy inflow in just one month, the total net investment byFIIs on the local stocks now stands at $24.79 billion (Rs 1.12 lakh crore), thehighest in a single year. Market experts said the inflows of overseas funds willnot stop here only as they have the opportunity of the better rate of returns inemerging economies like India. This heavy inflow is causing appreciation in thelocal currency.
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Kamath qualified to step into my shoes: Murthy
Infosys co-founder NR Narayana Murthy, who is set to retire from the company
in August next year, says ICICI Bank chairman KV Kamath is qualified enough totake on his role as Infosys’ non-executive chairman, but the decision of thenominations committee will be final. He says IT expertise is not required to be anon-executive chairman of the software company. Kamath’s preference is mainlydue to his role in transformation of ICICI bank from a development financinginstitution to a universal bank.
India's Central Bank Clamps Down on Bond Trading
India's central bank has barred three banks—Standard Chartered PLC, Calyonand Societe General SA—from trading government bonds in the secondarymarket for six months because of allegations of circular trading, a spokeswomanfor the Reserve Bank of India said. Under circular trading, entities trade amongthemselves to raise volumes and artificially ramp up prices. These banks can,however, participate in the government's debt auctions and sell the bonds theybought through the auctions, she added. The move comes as central bankstighten rules on banks after lax regulations led to the global financial crisis.
RBI hikes repo and reverse repo rates by 25bps, CRRunchanged
The Reserve Bank of India (RBI) on 2ND November raised interest rates for thesixth time this year to battle stubborninflation that remains well above its
comfort zone of 5-6 percent. The RBIhiked repo rate by 25bps (at which it lends to commercial banks) to 6.25percent and the reverse repo rate by25bps (which it pays to banks fordeposits) to 5.25 percent.
The RBI has, however, left the cash reserve ratio or bank rate, which is theamount of cash that banks have to park with the central bank to maintainprudential norms, unchanged at 6 per cent.
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Coal India lights up Street with 40% gains on debut
Coal India Ltd soared 40% to342.35 on debut, turning itself togold for its 15.2 lakh investors. theIPO created many records on itsdebut- the biggest initial publicoffering, biggest coal producer inthe world, and top trading on debut.It may surpass finance ministerPranab Mukherjee’s targeted
40,000-crore fund-raising this yearthrough share sale in state-runcompanies. It would also help himnarrow fiscal deficit for the year,which has already been funded through one-off revenues from sale of spectrumfor telecom services.
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