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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 10:00 AM - Sep 18, 2017 ( ) Views: 144

Economic Times:

1. China's Fosun Group has agreed to tweak its buyout deal with the promoters of Hyderabadbased Gland Pharma and acquire 74% of the company for $1.1 billion, according to a securities filing Sunday evening, potentially resurrecting a transaction that had been on hold for over a year due to regulatory hurdles. 

2. Some institutional investors of PTC India now want their own representative on the board of directors of the country's largest power-trading firm, citing undervalued stock and financial inefficiency.

3. Private equity funds KKR, Apollo Global Management, Oaktree Capital, SSG Asia, Piramal Capital, and Aeon have shown their initial interest in debt-laden steel company Monnet Ispat and Energy, which has been admitted for recovery proceedings by India's dedicated bankruptcy courts.

4. Taking a stern view against the intimidation and bullying of Insolvency Resolution Professionals (IRPs) by defaulting companies, the National Company Law Tribunal (NCLT) has ruled that the IRP is the supreme authority once the Tribunal has admitted a case in the bankruptcy court.

5. The tax office is reopening old records of many companies that have wound up and no longer exist in the books of the government -something the revenue department has rarely done in the past.

6. Gold May be Kept Out of Trade Pacts.Govt moots excluding precious metals from future trade negotiations as spike in gold imports from FTA partners widens CAD.

7. Commerce and industry minister Suresh Prabhu will soon meet the country's top industrialists individually to seek an investment commitment from each of them for the next few years, a senior official said. “Domestic investments are a big concern for the government. 

8. Only two potential bidders are believed to have shown initial interest for embattled Sahara group's super luxurious Aamby Valley resort town, which has been put up for a Supreme Court ordered auction by the official liquidator at a reserve price of Rs.37,392 crore.


Financial Express:

1. Wind power units fail to find outlets, crisis situation brewing; what you should know.Even turbine makers hold right to access PGCIL’s sub-stations; remedy the situation, ministry tells CERC.

2. To expedite payment under Pradhan Mantri Fasal Bima Yojana, PM Narendra Modi has passed this order.A few weeks ahead of the commencement of the harvesting of kharif crops, the Centre has asked states to ensure the use of smartphones and agri app to capture crop cutting experiments (CCEs) data on a real-time basis.

3. Government savings through DBT touches Rs 65,000 crore, says Prakash Javadekar.DBT enables linking of Aadhar card to bank accounts and other subsidised services availed by citizens, covering a slew of government schemes.

4. Technical glitches and procedural problems galore on the GST Network have delayed payments and filing of returns under the new Goods and Services Tax (GST) regime, a Group of Ministers (GoM) admitted.

5. Initial public offering of the two state-owned general insurance companies is likely to yield over Rs 15,000 crore to the exchequer, said merchant banking sources. Out of the five state-owned general insurance companies, New India Assurance (NIA) and GIC Re are gearing up to hit the capital market over the next few weeks

Business Line:

1. The power sector is in a fix because of the build-up of stranded input credit, which are adding to the costs of setting up infrastructure for power generation, transmission and distribution. The non-inclusion of the power sector under the GST regime has led to rising costs

2. Federal Bank close to roping in strategic partner for NBFC arm.CEO says Fedfina’s loan book is on course to double to about2,000 cr this fiscal. Rs. 

3. SBI Card, the joint venture between State Bank of India and GE Capital, is looking to double its credit card customers and improve its market share in the next two years.

4. State Bank of India is looking to increase its provision coverage ratio (PCR) to 66-67 per cent by early FY19.According to Rajnish Kumar, Managing Director, SBI, the exercise of increasing PCR could be either achieved within this fiscal or may spill over to early next fiscal.

5. State Bank of India said it is reviewing charges for certain categories of accounts for non-maintenance of monthly average balance (MAB) after receiving feedback from customers.


Business Standard

1. Public transport ahead on electric path.At least six cities and states are either already operating or are in an advance stage of procuring e-buses,

2. Two public sector lenders, United and BOI, are raising up to Rs 1,500 crore through tier-I and tier-II bonds. Kolkata-based United is raising up to Rs 1,000 crore through the bonds (Rs 500 crore in each tier) and BOI is raising up to Rs 500 crore via Tier-I bonds.

3. Hike likely in FPI limit for corporate bonds.RBI may increase FPI in the corporate bond market by around $2 billion.

4. Mutual Fund assets now a fifth of banking system deposits.With savings bank deposit rates falling, MF assets will continue to grow at a healthier pace.

5. India's external debt down 3% to $472 bn in FY17.The external debt-GDP ratio fell to 20.2 per cent at the end of March 2017.

Live Mint

1. Catholic Syrian Bank plans QIP to raise up to Rs400 crore.The Catholic Syrian Bank’s QIP plan comes after talks for a majority stake sale to Fairfax fell through due to differences in valuation.

2. BPCL eyes government stake in GAIL India for Rs18,000-20,000 crore.The talks for the BPCL-GAIL deal are at a nascent stage and the government has not formally approved the stake sale plan.

3. Uttar Pradesh govt engages EY to attract investments.The appointment of EY comes even as Uttar Pradesh CM Yogi Adityanath plans to hold investor summits next year to project the state as an attractive investment destination.

4. The pharma regulatory body is considering introducing provisions in Drugs and Cosmetics rules to allow for more over the counter medicines for minor ailments without doctor’s prescription.

5. Union Budget 2018 may see more aggressive fiscal push.The realization that the economy needs a stronger fiscal push comes after India’s GDP growth stuttered to 5.7% in the first quarter of 2017-18.


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