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Cabinet rejig: Piyush Goyal to run finance; Irani removed from I&B ministry Rajyavardhan Singh Rathore was promoted as Minister of State (independent charge) for the I&B ministry Railways Minister Piyush Goyal has emerged the chief troubleshooter for the Bharatiya Janata Party in the past couple of years. On Monday, Prime Minister Narendra Modi turned to Goyal to take over the reins of the finance ministry while Arun Jaitley recovers from an operation. The communique from the President’s House said Goyal had been “temporarily assigned” the portfolios of finance and corporate affairs during “the period of indisposition” of Jaitley. He would continue to hold the railways and coal ministry portfolios. The PM took the opportunity to effect a minor reshuffle of his council of ministers, including ending Smriti Irani’s nearly nine-month controversy-ridden stint as information and broadcasting (I&B) minister. Irani will continue to be textiles minister. Irani was given t...

Regulator Proposes Listed Cos Disclose Payment Delays Sebi on Monday proposed that listed companies have to disclose any delay or expected delay in payment related to their debt securities within 24 hours from occurrence of such an event.The proposal comes against the backdrop of various instances regarding non-compliance with listing norms by issuers of non-convertible debt securities (NCDs) or non-convertible redeemable preference shares (NCRPS). Besides, Sebi has received representations from various stakeholders flagging difficulties in complying with various provisions of Listing Obligations and Disclosure Requirement. The new proposals regarding NCDs and NCRPs are aimed at ensuring ease of compliance on the part of the issuers who have listed their debt securities, according to Sebi. In a consultation paper, Sebi has suggested that any delay or expected delay in payment of interest or dividend or principal amount as per the due date for these instruments should be disclos...

RBI may Go for 3 Rate Hikes from Dec Quarter: Report The RBI is expected to begin its rate hike cycle from December quarter, and may go for three rate hikes by 2019 taking the key policy rate to 6.75%, says a Morgan Stanley report. It said a significant overshoot of inflation relative to RBI’s target is not likely. Moreover, the economic recovery will be on a surer footing by the fourth quarter of 2018 and this might prompt RBI to go for a rate hike. “With end demand holding up well, private capex appears poised for a recovery later this year,” Morgan Stanley said. The Economic Times, New Delhi, 15th May 2018

India to clock GDP growth of 7.7 pc in Jan-Mar New Delhi, May 14 () Despite moderation in factory output growth in March, India's GDP is expected to grow by 7.7 per cent in January-March, up from 7.2 per cent in the preceding quarter, says a Nomura report.According to the Japanese financial services major, despite the moderation in March, industrial production growth averaged 6.2 per cent in the January-March period, up from 5.9 per cent in Q4 (October-December).The uptick in average industrial production growth, implies that the overall industrial activity strengthened in Q1 (January-March), "supporting our view of a pick-up in GDP growth to 7.7 per cent year-on-year in Q1 from 7.2 per cent in Q4", the report said.The report further noted that India is expected to witness cyclical recovery led by both investment and consumption. The Times of India, New Delhi, 15th May 2018