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    need2know: 10 macro triggers that should matter for market today

    Synopsis

    Union housing minister Hardeep Puri on Tuesday said property transactions would be linked to Aadhaar soon.

    ETMarkets.com
    Hello! Here’s a lowdown on top macro triggers that may move market on Wednesday. This report was compiled from agency feeds.


    Rural India Pips Cities in FMCG, Auto Sales
    Purchases of consumer products and automobiles in rural India picked up pace during July-September, outstripping the rate in cities, as a good monsoon lifted farm income. Rural sales of FMCG products by both value and volume increased 13% during the quarter from a year earlier, according to Kantar Worldpanel, the consumer insights arm of WPP, the world’s biggest advertising company. It was the fastest pace of growth in over three years. In contrast, the urban market expanded 4% by value and 1% by volume during this period

    Property Deals Set to Be Linked to Aadhaar?
    Union housing minister Hardeep Puri on Tuesday said property transactions would be linked to Aadhaar soon. Puri said such a move would go a long way in sucking out black money from real estate and also help in crackdown on benami properties. “Seeding Aadhaar to property transaction is a great idea but I’m not going to make an announcement on that. We are already linking Aadhaar to bank accounts, etc, and we can take some additional steps for property market also,” he said talking to ET Now.

    18 ‘Shell Companies’ Referred to SFIO for Probe
    The government has referred 18 "shell companies" to the Serious Frauds Investigation Office (SFIO) for depositing and withdrawing large sums during demonetisation in what appeared to be entities that existed largely on paper. At the same time, the ministry of corporate affairs has ordered the regional directors to scan the records of other companies, many of which operated thousands of bank accounts, which had smaller deposits. All entities that had dealings of over Rs 100 crore have been referred to the SFIO.

    Can’t Tax Gains on Idea Share Sale by Tatas’ Mauritius arm: ITAT
    The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has in its recent order dismissed the action of the lower I-T authorities to tax capital gains of around Rs 1 lakh crore in the hands of Tata Industries. This capital gain had arisen on sale of Idea Cellular shares by a Mauritius subsidiary of the Tatas to a Birla group company during the financial year 2006-07. The ITAT pointed out that provisions of Section 93 will not apply in this case. For this section to apply, there must be a transfer of assets by a tax resident of India (for example, an Indian company) to a non-resident.

    Trai for Relaxing Spectrum Holding Caps
    India's telecom regulator (Trai) has proposed to relax spectrum holding limit rules, a move that will benefit the merged entity of Vodafone India and Idea Cellular to retain all their airwaves, while also allowing Jio to mop up more airwaves in the 800 MHz band, if it wants to. The regulator has suggested removing the 50% cap on intra-band spectrum holdings of carriers, but advocated a cap of 50% on the combined spectrum holding in the 700 MHz, 800 MHz and 900 MHz bands. Trai has also suggested increasing the overall holding limit to 35% from 25%.

    Mahindra Opens Detroit's 1st Car Making Plant in 25 Yrs
    India's automobile giant Mahindra has opened its new manufacturing plant with an investment of $230 million in the world's car capital Detroit which got its first automotive production facility in 25 years. The new plant will create 250 new jobs in the US. "It is pretty rare and extraordinary," said Michigan Lieutenant Governor Brian Calley at the Mahindra automotive plant launch event in Detroit metropolitan area. The new facility will produce an off-highway vehicle which will extend Mahindra's position in this growing segment. By 2020, additional planned projects will result in 400 more jobs and another $600 million in local investment.

    Talent Magnet
    India has improved its ranking by three notches to 51 globally in terms of ability to attract, develop and retain talent while Switzerland topped the list compiled by leading global business school IMD. Globally, Europe continues to dominate the rankings, with Switzerland, Denmark, and Belgium being the most competitive countries. Austria, Finland, the Netherlands, Norway, Germany, Sweden and Luxembourg made up the top 10.


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    FUNDAMENTALS
    Rupee Up: The Indian rupee ended at 64.89 a dollar on Tuesday, up 0.32% from its Monday’s close of 65.10.

    Bonds down: Government bonds (G-Secs) declined on selling pressure from banks and corporates. The 6.79% G-Secs maturing in 2027 slipped to Rs 99.27 from Rs 99.32 on Monday, while its yield edged up to 6.90% from 6.89%. The 6.68% G-Secs maturing in 2031 fell to Rs 97.20 from Rs 97.35, while its yield went up to 7.00% from 6.98%. The 6.79% G-Secs maturing in 2029 went down to Rs 98.07 from Rs 98.22, while its yield moved up to 7.03% from 7.01%. The 7.35% G-Secs maturing in 2024, the 7.16% G-Secs maturing in 2023 and the 7.72% G-Secs maturing in 2025 were also quoted lower at Rs 101.85, Rs 101.21 and Rs 103.73, respectively.

    Call Rates Down: The overnight call money rates finished lower at 5.85% from Monday’s level 6.15%. It resumed lower to 6.00% and moved in a range of 6.10% and 5.70%.

    Liquidity: The Reserve Bank of India (RBI), under the Liquidity Adjustment Facility (LAF), purchased securities worth Rs 17,812 crore in 25-bids at the overnight repo operation at a fixed rate of 6.00% as on Tuesday, while it sold securities worth Rs 5,936 crore from 25-bids at the overnight reverse repo auction at a fixed rate of 5.75% as on November 20.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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