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G SEC 2029 @ 7.125%
1) Patanjali Ayurveda has approached state-run banks to help fund its ₹4,350 crore acquisition of Ruchi Soya Industries.The company is looking to raise debt with a maturity of five years and above from SBI, PNB, BOB, Union Bank and Jammu & Kashmir Bank.
2) The US government has removed India from its monitoring list for currency manipulation, clearing doubts over India’s foreign exchange policies including undervaluation of currencies to gain export advantages.
3) Hero FinCorp, the retail lending arm of Hero MotoCorp Ltd, is in advance talks to buy Reliance General Insurance (RGI) from Reliance Capital at ₹5,500-6,000 crore valuation.This is part of Reliance Capital’s efforts to reduce its ₹18,000 crore debt. With the sale proceeds of general insurance and mutual fund businesses.
4) Escalating US-China trade tensions and faltering global growth have seen US 10-year yields tumble and the gap between 3-month and 10-year yields a commonly watched recession indicator move to levels last seen in 2007. Some market watchers, including strategists at Morgan Stanley, are now warning that the deepening inversion of the yield curve clearly presages an economic downturn.
5) Edelweiss Infrastructure-backed Sekura Roads, Cube Highways & Infrastructure and Caisse de dépôt et placement du Québec (CDPQ) are in early stages of negotiations to acquire Ashoka Concessions for an enterprise value of ₹5,000-6,000 crore as revenue-generating highway assets continue to get investor traction.
1) NCLAT on Wednesday allowed the board of IL&FS declare ‘amber’ companies or those able to partially pay off their loans as ‘green’ companies or those that can continue to meet all their payment obligations.To benefit lenders, financial entities which are owed over Rs.16,372 crore from 13 ‘amber’ companies.
2) CERC has asked Coastal Gujarat Power (CGPL), the Tata Power arm that runs the troubled 4,150-MW Mundra ultra mega power plant, to send its proposal for tariff revision to all the discoms that procure power from its imported coal-based generating station.
3) All 17 lenders to GMR Chhattisgarh Energy have approved Adani Power’s bid for the 1,370 MW pulverised coal-fired plant in Raipur.KSK Mahanadi, another stressed project for which Adani had earlier put in a bid, will be heading back to the NCLT for a fresh insolvency procedure.
4) ICICI Securities on Wednesday sought bids for IDBI Bank-owned IDBI Asset Management and IDBI MF Trustee Company as part of the lender’s ongoing effort to sell off its non-core assets to raise capital.
5) Indian companies have tapped the offshore markets more often this year. So far in 2019, 24 companies have mopped up close to $11.2 billion in dollar-denominated bonds, against just $5.3 billion in 2018, with the cost of funds having becoming cheaper.
1) Adani Group has thrown its hat into the ring to acquire the debt-ridden Jaypee Infratech. State-owned NBCC is already in the race to take control of the real estate company.The bid filed by the Adani Group is unsolicited and non-binding.
2) IFC has anchored an investment round of $222 million (approximately Rs. 1,550 crore) in Cholamandalam Investment and Finance Company.
3) Power Finance Corporation posted a net profit of Rs. 2,117.56 crore for the fourth quarter ended March 31, 2019. This represents a 165.96 per cent increase over the net profit of Rs. 796.35 crore recorded in the same quarter of the previous financial year.
4) IIT Madras today launched a data platform of ‘Integrated Database on Infrastructure Projects’ (IDIP) aimed at enhancing the efficiency of infrastructure development and enabling effective decision-making among stakeholders involved in the infrastructure sector.
1) RBI on Wednesday constituted a task force on the development of secondary market for corporate loans.In India, banks sell their stressed loans to the asset reconstruction companies, but has practically no other alternatives.
2) Maharashtra CM moots penalty on lenders failing to meet crop-loan target.The crop-loan target for FY19 was Rs 58,324 crore for Maharashtra.
3) Dedicated Freight Corridor gets a new deadline, it's a race against time.DFC may finally see the light of day with the NDA government planning to complete it by December 2021, ahead of India's 75th Independence day in 2022.
4) SC agrees to hear govt on CGST, asks high courts to not hear such cases.The central government had moved SC seeking clarification on its powers to arrest a person without filing an FIR under the CGST.
5) Adani Enterprises' Q4 net profit up 47% at Rs 266 cr on energy biz volumes.Board of Directors of AEL recommended a dividend of Rs 0.40 per equity share for the financial year 2018-19.
1) Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.
2) Amid liquidity squeeze, PFC to hike borrowings from foreign markets.Out of PFC’s fund-raising target of ₹80,000 cr for the current fiscal, it will raise 10% in foreign borrowings.
3) RBI extended minimum holding period requirement for NBFCs to raise funds via loan securitisation to help the sector overcome liquidity shortage.NBFCs have been permitted to securitise loans of over five-year maturity after holding them for six months on their books.
4) PNB is looking to raise ₹10,000 crore in 2019-20 from sale of non-core assets.The lender is expecting a write-back of ₹4,000 crore from Essar Steel and Bhushan Power and Steel which are undergoing resolution.
5) RBI forms committee to ting state of mortgage securitisation.The committee has been asked to submit its report by the end of August 2019.