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World Bank Forecasts 7.3% GDP Growth For This Year et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Apr 17, 2018 12:11 PM 2 min read

End of Day Wrap-up (Tuesday / April 17, 2018) #ATM #RBI #UrjitPatel #WorldBank #UltraCement #China #US #ZTE #Volkswagen #Ford #Tesla #Binani #NCLT #NPA #Transfin

Editor's comment: ATMs in several parts of the country run out of cash. FM says shortage because of 'sudden and unusual increase' in withdrawals in some areas. Shortage of cash also cited to low currency reserves in some states vs. the rest. 


Parliamentary Panel calls RBI Governor Urjit Patel on May 17th to answer queries in relation to various banking scams plaguing the financial system. Questions on RBI Governor's powers and requirements to be a part of agenda.  


World Bank forecasts 7.3% GDP growth for this year and 7.5% for 2019 and 2020. Says economy has recovered from disruptions of demonetization and GST. Adds India needs to create 8.1m jobs annually to maintain its employment rate which has been declining from 2005 to 2015, largely due to women leaving the job market. 


Ultratech Cement ready to pay INR7,960cr to acquire Binani Cement, revising its offer by INR700cr after losing out to Dalmia Bharat earlier. 


China to allow foreign automakers such as VW, Ford, and Tesla to own more than 50% of local ventures, ending a two decade restriction and giving them a boost. Tesla to benefit the quickest considering ownership limitations for EVs to be lifted this year. Cap for commercial vehicles to be removed by 2020 and for passenger vehicles by 2022.


US bans sale of components to the Chinese Telecom giant ZTE. Qualcomm affected by the cross-fire, considering the company is a major supplier of chips to ZTE.