Events and Updates

Title: Market Movers: Economist warns of looming US recession; govt to sell 3% Axis Bank stake & more on An

Posted on: 12th February 2019

Good morning! Here’s a lowdown on top macro triggers that may move market on February 12, 2019. This report was compiled from agency feeds.

Certified startups may be exempted from angel tax
Finance Minister Piyush Goyal said on Monday said the government will not go after start-ups raising funds through legitimate means, responding to the criticism over the “angel tax”. He was replying to the debate on the interim Budget for 2019-20 in the Lok Sabha. "Genuine companies need not worry, only fake companies are concerned as we have tightened the noose on them,” Goyal said. The government is also considering giving complete exemption to startups from angel tax once they are certified by the Commerce and Industry Ministry, a move aimed at helping budding entrepreneurs.

SUUTI to sell up to 3% stake in Axis BankNSE -0.56 % via OFS
The government on Tuesday will launch an offer for sale to divest Axis Bank stake, it holds through the Specified Undertaking of Unit Trust of India (SUUTI).The Axis Bank’s SUUTI block is valued at about Rs 5,316 crore. The government plans to sell 1.98% stake in the company as base offer, with an additional 1.02% set aside as greenshoe option. The size of the base offer stands at Rs 3,500 crore, with Rs 1,816-crore greenshoe option.

Twitter CEO summoned to appear before House panel on Feb 25
The Parliamentary panel on information technology Monday summoned the CEO of microblogging site Twitter to appear before it on February 25, according to the committee's chairman. Sources said the panel members took a serious note about the Twitter head not appearing before it on Monday. The committee meeting was scheduled for February 7 but was later postponed to February 11 to allow the Twitter CEO and senior officials more time to make themselves available.

Oil prices edge up, gold inches down
Oil prices edged up on Tuesday amid OPEC-led supply cuts and US sanctions against Iran and Venezuela, although surging US production and concerns over economic growth kept markets in check. US West Texas Intermediate (WTI) crude oil futures were at $52.60 per barrel at 0043 GMT, up 19 cents, or 0.4%, from their last close. International Brent crude futures had yet to trade. Gold prices eased on Tuesday as investors sought safety in the dollar from a long-drawn US-China trade war and its impact on the global economic growth. Spot gold was down 0.2% at $1,306.51 per ounce, as of 0102 GMT, after falling 0.4% in the previous session. US gold futures fell 0.1% to $1,310.20 per ounce.

EPFO likely to retain interest rate at 8.55% for FY19
Retirement fund body EPFO is likely to retain the interest rate on employees' provident fund at 8.55% rate for the 2018-19 fiscal for its more than six crore subscribers, reports PTI. The proposal for providing interest rate for the current fiscal would come up in the meeting of the trustees of Employees' Provident Fund Organisation on February 21.