Samir K. Mehta & associates

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[Samir K. Mehta & associates @skm_associates]

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[Samir K. Mehta & associates @skm_associates]

India has notified the first tranche of customs duty concessions under the India–New Zealand FTA, effective 20 October 2026 (Notification No. 32/2026-Customs, dated 16 October).

Fresh, chilled or frozen sheep meat gets nil duty; kiwi fruit valued at US$2.50/kg or more gets 15%; milk albumin has a 200-tonne TRQ at 10%. Concessions apply only to goods of New Zealand origin.

https://t.co/4o1ikzDWyG

#Customs #FTA #India

[Samir K. Mehta & associates @skm_associates]

Bajaj Finance reported Q2 FY27 consolidated profit after tax of Rs 6,367 crore, up 28.7% from Rs 4,948 crore a year earlier.

NII rose 23.6% to Rs 13,335 crore; AUM grew 26.5% to Rs 5.85 lakh crore. Gross NPA stood at 1.06%, net NPA at 0.42%.

https://t.co/WBfe8aMjs6

#BajajFinance #Q2Results #India

[Samir K. Mehta & associates @skm_associates]

Sensex closed at 73,852.90 on Oct 19, down about 876 pts (-1.17%) from the previous close of 74,729.27. Nifty 50 ended at 22,888.95, down 1.11%.

IT and private banks dragged the indices.

https://t.co/fUmR1NfAbu

#Sensex #Nifty #Markets

[Samir K. Mehta & associates @skm_associates]

Sensex fell about 765 points (1.02%) to 73,964 and Nifty dropped about 224 points to 22,923 in intraday trade on Monday, as weak private bank stocks, crude oil pressure and continued FPI selling weighed on sentiment.

FPIs have reportedly sold shares worth Rs 52,100 crore so far in October.

https://t.co/RkGnPGwVaZ

#Sensex #Nifty #Markets

[Samir K. Mehta & associates @skm_associates]

HDFC Bank shares fell about 2% in early trade on Monday (Oct 19), making it one of the top Nifty 50 losers after its Q2 FY27 results.

Brokerages flagged margin pressure and modest earnings growth, though most retained positive ratings. Reports say JPMorgan and Citi trimmed target prices.

https://t.co/LaM87HLszw

#HDFCBank #Nifty #Markets

[Samir K. Mehta & associates @skm_associates]

New on the SKM blog: The Importance of Comprehensive Guidance Notes for Businesses.

Clear guidance can spell the difference between success and failure in a fast-paced business environment.

https://t.co/wqHvE0K3c7

#Business #Compliance #India

[Samir K. Mehta & associates @skm_associates]

New on the SKM blog: GST registration can now be auto-suspended under Rule 10A if bank account details aren't furnished in time.

A GSTN portal update affects new registrations - here's what every taxpayer must know.

https://t.co/Br6MxGJ4vS

#GST #Tax #India

[Samir K. Mehta & associates @skm_associates]

ICICI Bank reported a 20.1% rise in standalone Q2 FY27 net profit to Rs 14,843 crore (vs Rs 12,359 crore a year earlier), ahead of analyst estimates of about Rs 14,251 crore, per Reuters/LSEG data.

Net interest margin narrowed to 4.18% from 4.36% in Q1. Consolidated profit was reported at Rs 16,333 crore.

https://t.co/tybcoWk9NG

#ICICIBank #Q2Results #Banking

[Samir K. Mehta & associates @skm_associates]

New on the SKM & Associates blog: Weekly Finance & Tax News Roundup: October 12–17, 2026

https://t.co/ETPGrJuh8T

#Tax #GST #India

[Samir K. Mehta & associates @skm_associates]

India's forex reserves fell $8.58 billion to $726.03 billion in the week ended October 9, per RBI data released on October 16.

Foreign currency assets dropped $7.14 billion to $597.61 billion; gold reserves fell $1.32 billion to $105.09 billion.

This follows a $12.95 billion fall to $734.61 billion in the week ended October 2.

https://t.co/NvqNs3uaY7

#ForexReserves #RBI #India

[Samir K. Mehta & associates @skm_associates]

India's current account deficit narrowed to $5.2 billion in August 2026 from $6.1 billion a year earlier, RBI data show. Stronger merchandise exports and a larger services surplus helped.

The overall balance of payments posted a $45.4 billion surplus, driven largely by banking capital inflows. April–August CAD remains higher than last year.

https://t.co/3s8fHCQR00

#RBI #CurrentAccount #India

[Samir K. Mehta & associates @skm_associates]

HDFC Bank reported Q2 FY27 standalone net profit of Rs 19,510 crore, up 4.7% year on year, according to BusinessToday.

Net interest income rose 9.7% to about Rs 34,620 crore. Net interest margin was 3.16% on total assets, down from 3.3% a year earlier. Reports say profit and NII were marginally below Bloomberg consensus.

Deputy MD Kaizad Bharucha is also stepping down.

https://t.co/ArNZ5ibAd3

#HDFCBank #Q2Results #Banking

[Samir K. Mehta & associates @skm_associates]

Punjab National Bank reported Q2 FY27 standalone net profit of ₹5,532 crore, up about 13% YoY from ₹4,904 crore (results announced Oct 16).

NII rose ~11% to ₹11,601 crore. Gross NPA fell to 2.55% from 3.45% a year ago; net NPA at 0.25%. Global advances grew 14.7%.

https://t.co/3D2UuMIPti

#PNB #Q2Results #Banking

[Samir K. Mehta & associates @skm_associates]

RBI has approved the Scheme of Amalgamation of the Indian branches of Emirates NBD Bank (P.J.S.C.) with RBL Bank, effective December 1, 2026.

The approval was announced on October 16 under Section 44A of the Banking Regulation Act, 1949.

https://t.co/dRgmVKiHcv

#RBI #Banking #RBLBank

[Samir K. Mehta & associates @skm_associates]

Brent crude touched $110 a barrel on 16 October, its highest since May, per CNBC, as attacks on commercial ships near the Strait of Hormuz and Houthi missile and drone strikes on Saudi Arabia revived supply fears.

India imports most of its crude, so higher oil can widen the trade deficit and pressure the rupee.

https://t.co/ZBEQdz75WA

#Brent #CrudeOil #India

[Samir K. Mehta & associates @skm_associates]

SEBI has finalised the revised Closing Auction Session (CAS) framework, effective 7 December 2026.

A 10-minute CAS will run 3:30–3:40 pm. Expiry-day derivatives will settle on the VWAP of the last 30 minutes of continuous trading, with real-time indicative index values published in that window.

Per Business Standard.

https://t.co/mUnWJYDNxA

#SEBI #Derivatives #Markets

[Samir K. Mehta & associates @skm_associates]

The US has reportedly waived key tariff provisions of the Sanctioning Russia and Iran Act of 2026 that allowed duties of up to 100% on major buyers of Russian energy, including India.

The order, dated Oct 16, comes days before the penalties were due to take effect and ahead of US Secretary of State Rubio's India visit on Oct 20. The waiver is not India-specific and remains until the US decides further action is needed.

https://t.co/oq4gZzFo0I

#USIndia #Tariffs #RussianOil

[Samir K. Mehta & associates @skm_associates]

Fairfax Financial will buy a 60.72% stake in IDBI Bank for ₹52,878 crore (~$5.6 bn), India's largest foreign investment in financial services, per Bloomberg.

The deal values IDBI at about ₹87,100 crore, an 11% discount to its Oct 14 close of ₹90.4. The government and LIC keep a combined 34%. Fairfax must cut its holding to 40% within 10 years, then to 26%.

Closing is expected as early as Q1 2027, subject to regulatory approvals.

https://t.co/7DOR8De1rX

#IDBIBank #Banking #FDI

[Samir K. Mehta & associates @skm_associates]

Reuters analysis: RBI is widening its rupee defence beyond dollar sales to tighter monetary conditions, after raising policy rates this month for the first time in four years and draining liquidity via bond sales and higher reserve requirements on banks and large forex hedges.

The rupee is down about 6% in 2026; it recovered to 94.71/USD from near its record low of 96.96. Sources told Reuters a 50 bp hike could be discussed in December if inflation warrants.

https://t.co/YZ53NYOfTm

#RBI #Rupee #India

[Samir K. Mehta & associates @skm_associates]

Indian equities closed higher for a second straight session on Oct 16, led by IT stocks.

Sensex closed at 74,729.27, up ~414 pts (0.56%) from the previous close of 74,315.61.
Nifty 50 closed at 23,146.15, up ~149 pts (0.65%) from 22,997.35.

The Nifty IT index rose about 4%; Tech Mahindra jumped nearly 8%.

https://t.co/IwgSLaHQqj

#Sensex #Nifty #IndianMarkets