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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 10:51 AM - Sep 19, 2017 ( ) Views: 174

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Economic Times:

1. Realty PE Flows Head for a Record.NEARING $4-B Investments in the sector have totalled $3.2 b so far this year, shows a Knight Frank study.

2. GST The Road Ahead - GST Transitional Tax Credit Claims by Many Cos Under Taxman's Len.EXPERTS FIND CLAIMS DISPROPORTIONATE.Credit claims of over Rs 1 cr to be scrutinised; notices to be served on 160 cos this week.

3. The road transport and highways ministry has kick-started the process for public listing of the National Highways Authority of India (NHAI), the nodal agency for the development, maintenance and management of highways in the country.

4. Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) is in advanced talks with Prestige Group to invest as much as $200 million in the commercial real estate assets of the Bengaluru-based real estate developer, marking its first investment into India's property sector.

5. The Securities and Exchange Board of India (Sebi) has allowed real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) to raise capital by issuing debt securities. At present, both these investment vehicles are allowed to raise funds only through domestic and overseas bank loans.

6. The State Bank of India, the leading lender to Shree Ganesh Jewellers, now has to contend with a fresh twist in its criminal case against the embattled Kolkata company that is accused of defaulting on Rs.2,600 crore worth of loans taken from several domestic banks.

7. State Bank of Mauritius (SBM) is likely to become the first foreign bank to open a wholly-owned subsidiary almost four years after the Reserve Bank of India (RBI) allowed overseas lenders to open local units in India.

8. Transport minister Nitin Gadkari on Monday said the government has asked automakers to develop vehicles that run on alternative fuels and fuel companies to develop bio-fuels, but it does not intend to shut their business even as India pushes the pedal to the metal on its electric vehicle ambitions.


Financial Express:

1. Renewable power producer Mytrah Energy has raised Rs 1,800 crore from Piramal Group’s financial services companies. These funds are being invested in the form of non-convertible debentures (NCDs) into two Mytrah group entities —  Mytrah Energy (India) (Rs 980 crore) and Mytrah Ujjwal Power (Rs 820 crore). 

2. Power transmission projects: Decision soon on whether to end PGCIL-only route.Private companies in the sector have sought clarity on the definitions of “strategic importance”, “technical upgradation” and “urgent situation”, which prevent larger participation of the private sector in power transmission.

3. Loans for affordable homes at 16 per cent of total housing credit: Icra.Overall, Icra expects gross NPAs for all affordable HFCs to remain around 2.5%-3% over the medium term; though asset quality for the newer players would be weaker. Icra said that the diversity in the borrowing profiles of these HFCs has improved with a higher share of borrowings from debt markets.

4. Don’t show MSP operations as eNAM sales, Centre tells states.Showing the MSP operations, carried out on behalf of the FCI, as eNAM sales is what helped a few states like Haryana to report relative progress on the pet project of the Modi government.

5. With Rs 1.56 lakh cr stuck in litigation, CBEC orders officers to target Rs 10 cr and above cases, deliver quick solutions.In a ‘litigation management’ meeting last month, the revenue secretary is believed to have asked the CBEC to pay special attention to pending cases involving over Rs 10 crore.

Business Line:

1. Mahindra Lifespace Developers Ltd and International Finance Corporation (IFC), announced a partnership on Monday for the development of multiple industrial parks across Gujarat, Rajasthan and Maharashtra. 

2. The Central government has now fixed March 2018 as the deadline for a planned rollout of direct transfer of the fertiliser subsidy. 

3. The Insurance Regulatory and Development Authority of India (IRDAI) is likely to ask insurers to create a debenture redemption reserve (DRR). This was discussed at a recent meeting of the authority, and is being followed up.

4. Bankers should shed their apprehension about funding road projects as most of the roadblocks to the projects from taking off have been cleared, according to Minister of Road Transport, Highways and Shipping.

5. The first batch of road projects is likely to be bid out on a toll-operate-transfer (TOT) basis in October with more such packages to follow in the next six months.Winning bidders will operate projects, collect toll for a specified duration in return for a fee.

Business Standard

1. Finance ministry cuts plan spend to bare minimum.Every plan scheme has been either terminated or just allowed the investment necessary to complete its targets, Ashok Lavasa said.

2. Proposal to shut Bihar locomotive project a jolt to Make in India.Investment at the Marhowra factory was calculated at a little above Rs 2,000 crore.

3. Dam opens but closure eludes bondholders.The issue of bondholders betrayed by a government entity is a huge blot not only on Sardar Sarovar, but on Indian investment history itself.

4. Big 4 accounting firms on IBA's list of forensic auditors.As many as 22,949 cases of fraud in both public and private banks came to light in the last five fiscals involving over Rs 69,769 crore.

5. Will use artificial intelligence to nab shell companies: P P Chaudhary.Govt is trying to find beneficiaries of the 209,0000 shell companies that have not filed statutory returns, the minister of state said,

Live Mint

1. HPCL, France’s Total may revive plan for LPG storage facility in Mangaluru.The LPG facility, HPCL and Total’s second in India, could be set up at a cost of more than Rs1,000 crore.

2. Domestic air traffic up nearly 16% in August.IATA expects India to displace the UK as third-largest aviation market by 2026.

3. Proportion of household investment in stocks, debentures highest in 24 years.Depressed rates of return from real estate, gold and fixed deposits have led to investors searching for higher returns and have pushed up equity prices.

4. India’s economy: dark clouds and silver linings.India may see a small cyclical recovery in the months ahead. However, a sustainable recovery will depend on investment activity

5. Varanasi turns showcase for infrastructure schemes.Proposed investments in Varanasi range from Rs20,000 crore for the metro to Rs170 crore for the multimodal transport terminal and Rs1,000 crore for a freight village.


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