Industry welcomes PM Modi's assurance, D-Street unfazed by moody's downgrade & More | Top Headlines
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Top Headlines of the day: 1. Govt is with you: PM Modi to India Inc Prime Minister Narendra Modi spoke at the Confederation of Indian Industry's (CII) Annual Session 2020, this is his first speech since the announcement of Unlock 1. PM Modi said that he is confident about India getting its growth back. Prime Minister Narendra Modi also assured that the government is with the people. "Trust me, getting growth back is not that difficult. Indian industries have a clear path of Atmanirbhar Bharat. We will become more strong and impress the world and self-reliant India will be integrated and supportive of the world economy," he said. 2. Industry welcomes PM's assurance: Pawan Goenka Prime Minister Narendra Modi addressed the nation after the announcement of Unlocking India phase one at a CII session. He said, ‘Aatma Nirbhar Bharat will be fully integrated with the world economy. To make Aatmanibhar Bharat 5 things are important: Intent, Inclusion, Investment, Infrastructure, and Innovation. Our reforms are Systematic, Planned, Integrated, and Interconnected. MSME sector is like an economic engine of our country. Their contribution is around 30%. The world is expecting more from India, they trust India more. When the world was in a bad situation, India sent medical supplies to 150 countries to help them. We need to focus on minimum import. We need to fix our target for faster growth’. M&M MD, Pawan Goenka gives his views on Prime Minister’s latest address why explains why Self Reliance is important. 3. D-Street unfazed by moody's downgrade Moody’s India Baa3 rating sees a downgrade rating. William Foster of Moody’s Investor service speaks to ET Now on what triggered the move to downgrade India, what a ‘negative’ outlook means, and what are the key concerns for the economy. He says, ‘The ‘negative’ outlook means that there are risks that there could be a lower rating, there could be another downgrade in the future. With regards to the financial system, there are concerns about the entire system; it’s less so about the public sector banks because the government obviously has greater ownerships and it has been capitalizing them at a slow rate’. 4. Kotak abuzz after block deal Kotak Bank is going to be a newsmaker in today's trading session with respect to the block deal today. ET Now has accessed the term sheet for Kotak Bank block deal. Billionaire banker Uday Kotak will sell a 2.8 percent stake in Kotak Mahindra Bank for at least 6,800 crore through a block deal. Kotak Bank stake sale to meet RBI norms. 5.6 Cr shares or 2.83% of equity to exchange hands. According to the term sheet, the deal is being offered at a price band of Rs 1,215 to Rs 1,240 per share. Currently, Kotak holds 28.93% in the private lender and has till August 17 this year to meet the regulatory deadline to pare his stake. Watch the video for more details! Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
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