Briefing 09.02.2019

• On 8.2.19 Sensex ended 425 points lower mainly due to concerns of performance of other global stock markets, week economic growth projection especially in Europe and still no much movement in resolution of US-China trade dispute
• Net direct tax collection between April 2018 to January 2019 was Rs.7,88,930 crores.  Target for the fiscal year 2018-19 is Rs.12 lakh crores.  In 2017-18 net direct tax collection was Rs.10.02 lakh crores
• In response to 0.25% reduction in interest rates by RBI, SBI reduced home loan rates by 0.05%
• Indian forex reserves again crossed US$ 400 billion mark and is at US $ 400.2 billion in January 2019.  This is mainly due to softening of global oil prices
• Tata motors which reported a loss of Rs.26,961 crores in December quarter saw its stock prices drop 17% in one single day on 8.2.19.  Loss in market capitalization on a single day is Rs.9.124 crores
• Public Sector Banks NPA's is at Rs.8,64,433 crores in December 2018.  This is Rs.31,000 crores less compared to March 2018.   NPA's are eating away profitability of banks and is very high, need to be brought down significantly
• Lenders sell shares of Anil Ambani group on fears of company's performance leading to 55% erosion of market capitalisation in 4 days