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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 11:56 AM - Feb 15, 2019 ( ) Views: 81

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Crude:@$54.58(+1.26%) Brent:@$64.60(+1.56%)
JPY @110.31/$
Euro@ 1.1286/$
10 year US @2.661%(-1.78%)
INR @71.16/$
 G SEC 2028 @ 7.5213%  

Economic Times:

1) Jet Airways promoter Naresh Goyal is set to lose control of his beleaguered airline after the board approved a proposal allowing a consortium of banks to become the largest shareholder. The stake of Goyal, who founded the airline in April 1992, could drop to as low as 20% from 51% now while Etihad Airways along with a partner may eventually become the biggest shareholder.

2) US private equity firm KKR is in advanced negotiations to invest as much as .₹2,000 crore in the Emami Group through a structured credit deal. Emami is seeking to repay some of its high-cost debt and raise funds for working capital requirements.

3) There’s a ray of hope for lenders who are unable to sell properties of errant borrowers with the Enforcement Directorate (ED) having attached the assets by invoking the harsh anti-money laundering law.In a case involving Sterling SEZ and Infrastructure Ltd, whose promoters have left India, the NCLT has ruled that the attachment order obtained by ED is invalid and the resolution professional can step in to take charge of the properties and deal with them under the IBC.

4) Many lenders of Jet Airways, excluding SBI, prefer not to become majority owners of the company as they are not comfortable owning a large stake in an airline.These lenders may seek an alternate plan at a lender’s meeting later this month.

5)Lending by banks to NBFC rose 4.4% in the December quarter to ₹24,200 crore at a time when mutual funds have slammed the doors on them after Infrastructure Leasing & Financial Services defaulted on bond payments.This growth compares with a shrinking of 4.7% in the same quarter a year ago, RBI data shows.

Financial Express:

1) With the additional offering of the diversified Bharat-22 ETF receiving an overwhelming response on Thursday, the Centre has increased the ETF offer size by 2.8 times to retain Rs 10,000 crore, helping it to inch closer to the FY19 disinvestment target of Rs 80,000 crore.

2) All orders for the pleas related to the approval of ArcelorMittal India’s Rs 42,000-crore resolution plan to take over the bankrupt Essar Steel was reserved by the Ahmedabad bench of NCLT on Thursday.The NCLAT had asked the two-member bench comprising Harihar Prakash Chaturvedi and Manorama Kumari to take the decision on resolution plan by February 19. NCLAT will hear the case on February 28. 

3) Morgan Stanley has entered the India warehousing and logistics market with its first investment through Morgan Stanley Real Estate Investing (MSREI). It has picked up a majority stake in Pune-based warehousing and industrial logistic park developer KSH Infra. The current value of this transaction is Rs 350 crore.

4) Adani’s Rs 7,525-crore Vizhinjam port, touted to emerge as one of the world’s deepest seaports, may get a rail link soon with one of the longest rail tunnels in the country. Konkan Railway Corporation (KRCL) has submitted a draft DPR (Detailed Project Report) on this to Vizhinjam International Seaport (VISL), the nodal outfit for the port.The Phase I of the port is expected to come up in October 2020.

5) Shortage of coal at power plants, inadequate tariff hikes and rising operational costs after the 7th Pay Commission have been putting additional pressure on already hard-pressed discoms).Discom officials also blamed the late subsidy disbursal of state governments for their increasing woes.

Business Line:

1) Wholesale price index (WPI)-based inflation for January touched a 10-month low of 2.76 per cent on the back of a sharp fall in manufactured product prices and some softening in prices of fuel and food items.The latest WPI print is lower than 3.02 per cent inflation recorded in January last year and 3.8 per cent in December 2018.

2) The Centre has offered a viability gap support of Rs. 70 lakh per MegaWatt (MW) for solar projects that will be built using domestically sourced cells and modules. This support will be implemented through the Central Public Sector Undertaking (CPSU) Scheme Phase-ll.

3) Foreign investors, who have been pulling out of Indian debt markets, appear not too keen to come back in a hurry. Going by data put out by the CCIL and NSDL,from exhausting 82 per cent of their investment limit, FPIs have, since September last year, utilised just about half of their limits for government bonds.In corporate bonds, they are utilising about 70 per cent of their limit.

4) Worried that mounting sugarcane arrears may hit its electoral prospects in politically-important States of Uttar Pradesh and Maharashtra, the Centre on Thursday decided to hike minimum selling price (MSP) of sugar by Rs. 2 per kg to Rs. 31.

5) Mumbai, Bangalore, and Hyderabad are witnessing high investments from local and global data centre operators, with Telangana and Andhra Pradesh likely to emerge the most sought-after locations for mega-datacentre development.The data centre market in India is expected to reach a revenue of approximately $4 billion by 2024, growing at a CAGR of around 9 per cent during 2018−2024.

Business Standard:

1) RBI's stated objective that the banking system liquidity is comfortable as long as the weighted average call rate (WACR) is below the policy repo rate. But this does not take into account the skewed liquidity pattern that exists between banks.While one set of banks poses liquidity in surplus, the other suffers from an acute deficit. 

2) Expert committee suggests Rs 9,750 a month as national minimum wage.Considering a worker works for 26 days a month, the minimum monthly wage came to Rs 9,750.

3) RBI governor Shaktikanta Das rules out asset quality review of NBFCs.Shaktikanta Das also discussed the current regulations and requirements for investment in fixed income for FPIs.

4) US, India plan to boost bilateral trade in energy, defence: Officials.India and US have developed close political and security ties. But bilateral trade, which stood at $126 billion in 2017, is widely seen to be performing at nearly a quarter of its potential.

5) By the summer of 2020, ReNew Power is set to be the largest player in the renewable energy segment, with a total commissioned capacity of 6,400 Mw; its current capacity is 4,200 Mw and 2,200 Mw is in the pipeline. 

Live Mint:

1) Vijay Shekhar Sharma's One97 Communications Ltd, the parent of fintech startup Paytm, has pledged all its current assets and mutual fund investments to be able to borrow ₹1,400 crore for working capital needs from ICICI Bank Ltd.

2)  Private equity fund Zephyr Peacock India Growth Fund has led a ₹55 crore funding round in Shiksha Finance, a Chennai-based education finance company.

3) The Union government on Thursday extended the unorganized sector employees’ pension scheme to those under 40. It also made the 12-digit unique identity number, or Aadhaar, mandatory for enrolling in the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme.

4) Data localization will be one of the major focus areas of the new draft e-commerce policy that is expected to be put out by the department for promotion of industry and internal trade (DPIIT) as early as next week.

5) Home sales in the NCR have dipped further by 17% to 13,279 units in the October-December quarter of 2018-2019 even as the overall residential market improved by 5%.Across eight cities, including Mumbai, Delhi-NCR and Bengaluru,home sales increased to 69,886 units during October-December from 65,520 in the same period a year ago.


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