Issue: 1197
· SBI Research projects India's
FY27 GDP growth at 6.8 - 7%.
· The Nifty 50 ended the day
flat at 24,364.85, managing to hold the 24,350 level despite significant midday
volatility.
· The RBI announced the
premature redemption price for Sovereign Gold Bond (SGB) 2020-21 Series VII at Rs.
15,254 per unit, netting original investors a massive 202% price appreciation
over five years.
· Bank of Maharashtra reported
a robust 35% YoY surge in net profit to Rs. 2,014 crore for Q4 FY26, while PNB
Gilts saw a sharp 83% profit decline to Rs. 13 crore.
· Domestic gold and silver
prices fell up to 2.5%.
RBI eases some restrictions
on rupee trades, withdraws offshore derivative curbs: RBI on April 20 withdrew some
of the restrictions imposed on forex dealers taking positions in the offshore
non-deliverable forwards market (NDF) to curb rupee volatility. Authorised
dealers shall no longer be required to restrict offering non-deliverable
derivative contracts involving the rupee to resident or non-resident users, the
central bank said. They can now also permit a user to rebook any foreign
exchange derivative contract involving the rupee. The RBI, however, said
authorised dealers will not be allowed to enter into rupee-denominated foreign
exchange derivative contracts with related parties. Exemptions are limited to
the cancellation or rollover of existing contracts and back-to-back
transactions conducted with non-related, non-resident users.
(Moneycontrol)
Trump administration
launches $166 billion tariff refund system: In a major policy reversal
with far-reaching financial implications, the administration of Donald Trump
has launched a new system to refund an estimated $166 billion in tariffs to
U.S. importers, following a landmark ruling by the Supreme Court of the United
States that declared the levies unlawful earlier this year. The
refund mechanism, called the Consolidated Administration and Processing of
Entries (CAPE), has been introduced by US Customs and Border Protection to
simplify what would otherwise be a highly complex process. Instead of issuing
refunds entry by entry, CAPE enables consolidated electronic payments —
potentially speeding up reimbursements for businesses that had paid tariffs
under the now-invalid regime. The refunds stem from a
February decision by the Supreme Court of the United States, which struck down
tariffs imposed under the International Emergency Economic Powers Act (IEEPA).
(Business Today)
India's core sector
contracts 0.4% in March, hurt by West Asia conflict: India's core infrastructure
sector contracted 0.4% year-on-year in March to its lowest in nearly two years,
marking a sharp reversal from the 2.8% expansion recorded in February, as the
war in West Asia disrupted supply chains, particularly hurting energy-related
industries. The index of eight core industries, which tracks coal, crude oil,
natural gas, refinery products, fertilisers, steel, cement and electricity,
accounts for 40% of the Index of Industrial Production (IIP), a broader measure
of factory output in the economy.
(Mint)
Nearly half of population
now covered by health insurance, says govt survey: Nearly half of India’s
population is now covered by health insurance, finds a survey report released
on Monday by the Statistics Ministry. However, the average out-of-pocket
expenses (OOPE) per hospitalisation continue to remain high, topping Rs. 34,000
in private and charitable healthcare facilities. The findings are based on
responses from about 1.4 lakh households surveyed between January and December
2025 as part of the 80th round of the National Sample Survey.
(Business Line)
Bank of Maharashtra posts
strong Q4 FY26 earnings; PAT jumps 35% YoY: Bank of Maharashtra reported a
robust performance for the fourth quarter of FY26, with standalone net profit
rising 34.89% year-on-year to Rs 2,014.09 crore, compared to Rs 1,493.08 crore
in the same quarter last year. Net Interest Income (NII) grew
18.81% YoY to Rs 3,702 crore, while the banks net interest margin stood at
3.91%. Operating profit rose 16.92% to Rs 2,946 crore during the quarter. For
the full financial year FY26, the bank reported a 27.16% YoY increase in net
profit to Rs 7,019.32 crore. Asset quality showed marked improvement, with
gross non-performing assets (GNPA) declining to 1.45% as of 31 March 2026, from
1.74% a year earlier. Net NPA also improved to 0.13% from 0.18% in the
corresponding period.
(Business Standard)
SFIO widens probe into
IndusInd Bank; summons audit firms over Rs. 2,000 crore derivatives
irregularities: The
Serious Fraud Investigation Office is investigating IndusInd Bank's derivatives
portfolio. Major audit firms associated with the bank over the last decade have
been summoned. This probe follows questioning of former bank officials. The
irregularities are estimated to have caused losses of around Rs. 2,000 crore.
The investigation aims to uncover corporate governance issues and accounting
discrepancies.
(Economic Times)
Health insurance
coverage rises, higher in rural areas: Health insurance coverage in India has
seen a major jump. Rural areas now have more people insured than urban centers.
Government schemes are driving this growth. Out-of-pocket hospital expenses
have also been reported. Morbidity levels have risen, with infections being the
main reason for hospitalisation. Institutional deliveries are now almost
universal across the country. In rural areas, the share of people
covered by atleast one health insurance scheme rose to 47.4% in 2025 from 14.1%
in 2017-18. In urban areas, it went up to 44.3% from 19.1%.
(Economic Times)
MCX to launch coal exchange: The Multi Commodity Exchange has received SEBI
approval to invest in a proposed Coal Exchange company. This marks MCX’s
commitment to the energy sector and deepening commodity ecosystem. With highly
liquid derivatives contracts on crude oil, natural gas and the launch last year
of its electricity futures contract, the foray into coal via the new entity
will make MCX’s energy presence comprehensive. It is aimed at developing a
regulated, transparent, technology-driven market platform for buying and
selling coal that facilitates an efficient and robust price discovery for coal
in the country.
(Business Line)
Health insurance leads
non-life growth in FY26; motor crosses Rs 1-lakh Crore premium: Health insurance reported the fastest growth
among major non-life segments, rising 15% year-on-year to a record gross
premium of Rs. 1.37 lakh crore in FY26. The expansion was primarily driven by
strong traction in retail health policies following the Goods and Services Tax
(GST) rate reduction late last year. Of
the total health insurance premium of Rs. 1.37 lakh crore, retail health
insurance grew 20% year-on-year to Rs. 56,696 crore, while group
(employer-employee) insurance rose 13% to Rs. 68,641 crore, according to latest
provisional data from the General Insurance Council.
(Financial Express)
Outbound FDI surged 27.5%
in March to $7 billion, shows RBI data: India’s outward foreign direct investment
(FDI) grew 27.5 per cent to $7.06 billion in March, from $5.54 billion in the
same month last year. Sequentially, it surged from $2.96 billion in February,
according to data from the Reserve Bank of India. Outbound FDI, expressed as
financial commitment, has three components: equity, loans, and guarantees.
Outbound equity FDI commitment moderated to $1.46 billion in March from $2.56
billion a year ago. However, it was higher than $1.15 billion in February 2026.
Outbound FDI in the financial year 2025-26 (FY26) rose to $48.6 billion,
compared to $43.7 billion in FY25.
(Business Standard)
RBI partially rolls back
restrictions on trades in forex market; $100-mn open position cap remains: The Reserve Bank of India
(RBI) on Monday partially rolled back some of the restrictions imposed on
trades in the offshore non-deliverable forwards (NDF) market. In a
notification, the central bank said it has withdrawn its earlier circular that
barred banks from offering certain derivative contracts to resident and
non-resident users. Banks are now also permitted to rebook or cancel such contracts,
with immediate effect. Restrictions, however, remain in place for related-party
transactions. Banks will not be allowed to offer derivative contracts to
related parties, except for the cancellation or rollover of existing contracts.
(Financial Express)
Centre allows
extra 25 lakh tonnes wheat export amid strong harvest outlook: The Centre on Monday allowed export of an
additional 25 lakh tonne of wheat considering comfortable stock position amid
likelihood of another strong harvest. With this, a total of 50 lakh tonne of
wheat and 10 lakh tonne of wheat products have now been permitted for exports. "In
view of the comfortable production outlook and higher stock availability,
permitting additional exports was considered appropriate," the food
ministry said in a statement. The export of additional quantity of wheat is
expected to enhance market liquidity, facilitate efficient stock management,
and prevent distress sales during the peak arrival season.
(Business Standard)
WATERFALL MECHANISM FOR LIQUIDATION
· The
waterfall mechanism under Insolvency and Bankruptcy Code gives priority to
secured financial creditors over unsecured financial creditors.
·
The mechanism says that if a
company is being liquidated, these secured financial creditors must be first
paid the full extent of their admitted claim, before any sale proceedings are
distributed to any other unsecured creditor.
·
Under Section 53 of the IBC,
which deals with waterfall mechanism, the top most priority, however, is given
to costs related to the liquidation process and dues of workmen of the
corporate debtor. The dues of the workmen include all their salaries,
provident, pension, retirement and gratuity fund, as well as any other funds
maintained for the welfare of the workmen.
RBI KEY RATES
Repo
Rate: 5.25%
SDF:
5.00%
MSF
/Bank Rate: 5.50%
CRR:
3.00%
SLR:
18.00%
FOREX RATES (RBI REF. RATE)
INR
/ 1 USD : 93.0681
INR
/ 1 GBP : 125.5147
INR
/ 1 EUR : 109.3618
INR
/100 JPY: 58.5500
EQUITY INDEX
Sensex:
78520.30 (+26.76)
NIFTY:
24364.85 (+11.30)
Bnk NIFTY: 56582.35 (+16.65)
National Civil
Services Day: April 21 is
primarily celebrated as National Civil Services Day in India to honor the
administrative officers, often called the "steel frame of India," who
dedicate themselves to public service. It also marks World Creativity and
Innovation Day, recognized by the United Nations to encourage multidisciplinary
thinking.
Historical
events: April 21 holds
significant importance in Indian and world history, notably marked by the First
Battle of Panipat (1526), which established the Mughal Empire, and the annual
celebration of National Civil Services Day in India (since 2006, commemorating
a 1947 address by Sardar Patel). Globally, it is celebrated as World Creativity
and Innovation Day.
****Have a nice Day****
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