1. Google, Microsoft, Amazon Most Authentic Brands in India, Says Report
Search engine giant Google has emerged as the most authentic brand in the country, followed by Microsoft, Amazon, Maruti Suzuki and Apple, according to New York-based global communications firm Cohn & Wolfe.
Sony, YouTube, BMW, Mercedes Benz and British Airways are the other brands to feature in the top 10.
The communications firm, part of WPP group, noted that Indian consumers are becoming more positive in their perceptions of brand authenticity.
About 67 percent of Indian consumers are more likely to buy from brands perceived as authentic, it said in its 2017 Authentic Brands Study for India, a part of a global consumer survey on the role of authenticity in business.
(Source: Hindustan Times)
2. RTI Query: RBI Declines to Give Info on Fake Notes, Printing Defects
The Reserve Bank of India (RBI) said it has scrapped 9,711.62 million demonetised notes of Rs 500 denomination and 4,709.72 million Rs 1,000 notes till August this year, but claims to have no information about counterfeit notes yet. This was in response to an RTI application filed by TOI.
The RBI's response to the RTI query, seeking information on the fake currency detected post demonetisation, said: "Processing of notes is in progress."
The RTI reply also revealed that Rs 15.28 trillion value of old notes of Rs 500 and Rs 1,000 have been deposited in banks and the RBI, as on 30 June 2017.
(Source: Times of India)
3. Dalal Street Expects Nifty to Touch 11,000 by March 2018
Indian markets are set to race ahead in the next six months with the Nifty likely to touch 11,000 by March, an ET poll of top 20 brokerages shows.
Nearly 50 percent of the respondents believe the Nifty will achieve this mark by the end of this financial year, while 46 percent expect it to rise by 3 percent, or by about 300 points, by this December. The poll captured a mood of buoyancy, tinged with some caution, among the 20 brokerages after the sharp run-up of 25 percent in the Nifty in the year since last October.
Many brokerages expressed concern about the extent of earnings, with about 33 percent of the poll participants expecting an EPS growth of 13-15 percent for FY19, and an equal number saying the Nifty EPS could grow over 30 percent in that year.
The possibility of the Federal Reserve stepping up its pace of hikes has also worried foreign investors.
(Source: Economic Times)
4. ‘Anemic’ iPhone 8 Demand Drags Apple Shares Lower
Apple Inc's shares fell nearly 3 percent on Thursday on signs of weak demand for the iPhone 8 that caused analysts and investors to question the company's staggered release strategy for its latest phones.
Wireless carriers in the United States and Canada have reported slow third-quarter customer upgrades. While some expect a pickup after the iPhone X goes on sale in November, others cautioned that phone's high price tag could weigh on demand.
The chief executive of Rogers Communication, Canada's largest mobile network, on Thursday said appetite for the iPhone 8 and 8 Plus, which went on sale in September, had been "anemic," the latest sign of weak sales for those phones ahead of the 3 November launch of the pricier iPhone X.
But some analysts said overall phone production looked in line with their earlier expectations, and that it is unclear whether weak iPhone 8 sales would hurt iPhone revenue and margins because users may still be buying more profitable older models with more memory.
5. Nestle, Unilever India Business Weathers GST Storm in Q3
Consumer goods majors Nestle SA and Unilever Plc said on Thursday that they had successfully managed the transition to the goods and services tax (GST) in India, among their biggest markets in the Asian region, for the July-September period.
The two firms, while reporting their results for the September quarter, said that Indian operations were showing signs of improvement after destocking challenges seen in the June quarter.
Unilever's emerging markets region, which includes countries such as India and China, reported a sales growth rate of 6.3 percent for the September quarter, while its developed markets belt declined 2.3 percent in terms of sales growth for the quarter.
Nestle too saw its Asia, Oceania and sub-Saharan African region, which includes markets such as India and China, report 5.3 percent organic sales growth for the September quarter, the highest of its three key zones.
(Source: Business Standard)
6. Exporters Yet to Receive GST Refunds Despite Govt's Reassurances
Before the introduction of the Goods and Services Tax, exporters enjoyed upfront tax exemption, since exports were “zero-rated” or exempt from tax. In the new regime, however, they need to pay taxes on the goods they manufacture or purchase. These taxes can be claimed as refunds only after the goods have been exported out of India.
Since July, the government has collected around Rs 67,000 crores from exporters in the form of Integrated Goods and Services Tax, which is levied on the inter-state movement of goods. But exporters say the government has not processed the refunds. In the absence of refunds, exporters say they are facing working capital shortages, which means they have less money to invest in their businesses.
On 6 October, the Goods and Services Tax Council – the top decision-making body for the new tax regime – announced that refunds owed to exporters for July will be cleared by 10 October , and for August after 18 October. But exporters say they are still waiting for the refunds.
(Source: Business Standard)
7. Bad Loan Divergence Likely at Most Banks After RBI Review
Fresh additions to bad loans are likely to increase across the banking sector this year as the Reserve Bank of India (RBI) finishes its supervisory assessment of lender accounts, analysts say.
Axis Bank Ltd is an example. On Tuesday, the lender reported that its bad loan divergence – the difference between RBI’s assessment and that reported by the lender – was around Rs 5,630 crore at the end of March. Similarly, the divergence in provisions made to cover the bad loans was Rs 1,318 crore.
Most banks are expected to feel the impact of the central bank’s so-called annual risk-based supervision; the timing of the loan reclassification will depend on the completion of the exercise.
Indian banks are sitting on a pile of stressed loans of over Rs 10 trillion, of which Rs 7.79 trillion were gross bad loans as of the end of June.