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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 11:46 AM - Jun 12, 2019 ( ) Views: 55

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Economic Times:

1) DHFL has cleared pending interest dues on bonds it had sold last year, scotching speculation that a default was likely on the payments.The home financier paid more than ₹860 crore Tuesday after it sealed another deal on loan portfolio sales.

2) PFC raised $1 billion in overseas bond sales, which obtained record subscription for a NBFC from India.The bonds mature in five and 10 years.They were priced after adding 195 basis points and 242.5 bps over and above US Treasury yields for similar maturities.

3) After the SFIO charge sheet suggested that the RBI should conduct an internal inquiry, the RBI has written to IL&FS Financial Services board to take action on the supervisory concerns and appraise the progress every fortnight.

4) Two key investors in ILFS LIC and SBI had asked IndusInd Bank to advance a loan to the group, going out of their way to provide assurances to the lender, just months before the default crisis hit the group.SBI and LIC had requested IndusInd for a loan to IL&FS Group with the assurance that the money would be returned after an upcoming ₹4,500-crore rights issue.

5) Warehouse Leasing Saw 45% YoY Growth in 2018’.Driven by ecommerce demand, warehouse leasing crossed 25 m square feet last year.

Financial Express:

1) Passenger vehicle sales plummeted 20.55% year-on-year in May, the sharpest monthly fall seen in nearly 18 years, as manufacturers trimmed production owing to poor demand and higher inventory piled up with dealers from the previous months. The last time PV sales dipped to this extent was in September 2001 (21.91% y-o-y).

2) NCLAT on Tuesday said that the NCLT has the power to resolve matters relating to insolvency on merit and it should not be influenced by any other order except the decision of the appellate tribunal or the Supreme Court.

3) Ratings agency Moody’s on Tuesday put Yes Bank “under review for downgrade” citing ongoing liquidity pressures in Indian finance companies and real estate firms that will negatively impact the credit profile of the bank, given its sizeable exposure to weaker companies in these sectors.

4) Centre, state discuss renewable energy issues.The agenda of the meeting, held on Tuesday, included renewable purchase obligation (RPO) compliance, solar scheme for farmers and irregular payments by the discoms.

5) GST evasion: Govt plans big move to stop large-scale dodging.Once real-time reporting of transactions to a central portal starts, it will be practically difficult for the businesses concerned to reduce their tax liability by inflating the claims for input tax credits.

Business Line:

1) The National Federation of Urban Cooperative Banks and Credit Societies plans to set in motion the process of establishing an umbrella organisation for the 1,551 urban cooperative banks in the country.The umbrella organisation will be set up as a NBFC to begin with and could be converted into a bank down the line.

2) Tamil Nadu has sought Rs. 5,398-crore assistance from the Centre for water supply projects across the State, in the backdrop of severe water shortage, especially in Chennai.

3) SBI has set up a new marketing outfit called ‘Destination: The Home Shoppe’ in Hitech Cityhere. It was inaugurated by J Swaminathan, Deputy Managing Director, in the presence of senior officials of industry associations, including CREDAI, TREDA and TBG.

4) The government is looking at both tariff and non-tariff measures to reduce “unnecessary’’ imports of steel products and boost exports in order to address the problem of under-utilised capacity in the steel sector.

Business Standard:

1) More than two-thirds of the lenders of Chennai-based Orchid Pharma are believed to have voted in favour of the resolution plan of Gurugram-based Dhanuka Laboratories, leading its bid to reach the NCLT for further proceedings.The banks are expecting a haircut of 35-40 per cent.

2) Suzlon stares at $172 mn FCCB repayment in July; explores funding options.CARE Ratings in April downgraded Suzlon's Rs 16,185.46 crore worth debt to a default rating.

3) Centre to meet state officials to discuss PM-KISAN scheme on Thursday.States would also be convinced to reconcile their PM-KISAN database with the Centre's to prevent duplication and deletion of eligible beneficiaries.

4) At Rs 40,000 cr, DoT seeks 6% rise in budget to boost rural connectivity.The allocation sought by the department in 2018-19 was Rs 38,000 crore but the same was revised to Rs 30,000 crore.

5) Gross exports of gems and jewellery declined sharply by 12.85 per cent to $3.17 billion in May 2019 from $3.64 billiion a year ago. This is one of the sharpest falls.

Live Mint:

1) Government planning new labour legislation by merging 44 laws under 4 categories.The four categories will deal with wages, social security, industrial safety and welfare, and industrial relations.

2) RBI to pump in ₹15,000 crore liquidity through OMO on Thursday.RBI said there is an overall aggregate ceiling of ₹15,000 crore for all the securities in the basket put together.The participants have to submit their offers in electronic format on the RBI Core Banking Solution (E-Kuber) system.

3) Adani Green Energy promoters to sell stake worth ₹400 cr via OFS.The proposed offer for sale will open on Wednesday for institutional and high-networth individual investors and on Thursday for retail investors.

4) Govt to make efforts to push engineering exports to $200 bn by 2030.Engineering exporters are seeking supply of steel at concessional prices so that MSME sector can compete in international markets.

5) Wait gets longer for more than 25,000 homebuyers of Jaypee Infratech.With lenders reportedly turning down the NBCC bid, the projects will now head for a fourth round of bidding.


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