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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 12:36 PM - Jun 17, 2019 ( ) Views: 99

 

Crude:@$52.51(+0.44%)
Brent:@$62.01(+1.14%) 
10 year US @2.084%(-0.43%)
INR @69.8/$
G SEC 2029 @6.919% 

Economic Times:

1) The fate of Jet Airways, grounded since April 17, may be decided on Monday with lenders meeting to finalise how a resolution will be possible under the June 7 RBI mandate on stressed assets.Lenders will need to take a call on whether a rescue of the carrier is still possible or it will have to be taken to bankruptcy court.

2) Wind equipment makers may be gearing up for a tussle with project developers, as the latter abandon O&M contracts with manufacturers to maintain wind farms themselves, saying they are dissatisfied with the performance of certain equipment makers.

3) Private equity firm AION Capital – a joint venture between Apollo Global Management and ICICI Venture – is poised to become the single largest shareholder in troubled mortgage lender DHFL in a transaction that involves a possible rights issue after an initial investment by the firm founded by Leon Black.

4) India has identified 151 products that it can export to China instead of the US and benefit from the price advantage thrown up by the retaliatory higher duties slapped by the Xi Jinping government on US products amid the intensifying trade war between the two countries.

5) Niti Aayog Calls Meeting to Discuss EV Timeline Issue After Industry Furore.MANY COS unhappy with govt move to speed up transition to 2- and 3-wheelers run on batteries.

Financial Express:

1) Vedanta Ltd has lost about USD 200 million in profits ever since its copper smelter plant in Tamil Nadu was shut more than a year back after police fired on protesters and killed 13 people,Anil Agarwal said. Agarwal added that the stoppage of production at the Tuticorin plant of the firm’s unit Sterlite led to the country having to import copper.

2) Housing finance growth is set to slow down to 13-15 percent this fiscal, lower than the average of the past three years, due to the lingering liquidity issues faced by non-banking lenders, warns a report. There can also be an adverse impact on the outstanding housing credit, which stood at Rs 19.1 lakh crore as of March 2019, ratings agency Icra said in a weekend report.

3) The DIPAM has raised objections to the list prepared by Niti Aayog for monetising assets of CPSEs, saying the stipulated procedure, including consultation with administrative ministries and other government departments, should be followed before finalising such lists.

4) Scouting for resources to make up for any potential shortfall in tax revenues, the government is exploring the feasibility of selling its stake in three general insurers National, Oriental and United after their proposed merger with New India Assurance.

5) Lenders to Jaypee Infratech are now working on an alternative resolution plan for the bankrupt firm, which involves creation of a special purpose vehicle to securitise highway toll receivables from Yamuna Expressway for fresh investments which would be used for completion of the housing projects.An investment of Rs 2,500-3,000 crore is required to complete the pending housing projects. 

Business Line:

1) The Finance Ministry has sought information from public sector banks on their expectation of recoveries and provisions held in respect of stressed accounts admitted in the NCLTs across the country.The Ministry is expected to take a call on setting aside funds for recapitalisation of public sector banks for FY2020 based on the aforesaid information.

2) Industry bodies such as the Aluminium Association of India and FICCI have informed the government that the aluminium sector of the country is going through a challenging phase and is under immense threat by rising imports, declining domestic market share, rising production and logistics costs.

3) Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth.

4) Qatar sovereign fund likely to invest $200-250 million in Byju's.The QIA deal follows Byju's raising money from the Canada Pension Plan Investment Board,which was also the first direct investment by the Canadian pension fund in an Indian start-up.

Business Standard:

1) RBI joins peers to buy gold insurance as US-China trade war escalates.So far, China and Russia are the most aggressive buyers, but RBI is now the 10th largest gold reserve holder in the world, as of June, according to IMF.

2) Groups of secretaries formed for each sector for quick results.The cabinet secretary has made operational this sectoral approach for secretaries, which will be a regular feature of the government.

3) Cross-border insolvency: Cabinet likely to take up new provisions soon.Rules under the current provisions have not been notified and, hence, cross-border insolvency has not yet become effective.

4)Blackstone Group, Apax Partners and Warburg Pincus are seeking more details of Yes Bank Ltd’s exposure to stressed loan accounts before committing to an equity infusion.The buyout firms are looking to invest between $500 million and $750 million in Yes Bank, depending on the final valuation. 

5) 50% residential units sold in last 6 quarters priced below Rs 50 lakh.Experts say CLSS benefits, effective GST rate are helping attract buyers.

Live Mint:

1) PNB puts on block 6 NPAs with outstanding of over ?1,000 crore.ARCs, NBFCs, other banks and financial institutions can submit binding bids till 26 June.The reserve price for the six non-performing assets has been fixed at Rs.342 crore.

2) India imposes tariffs on 28 US goods as global trade war heats up.The US had announced its decision to withdraw the preferential duty benefits to India in March.Indo-US trade stood at about $142.1 billion in 2018.

3) Corporation Bank plans to raise Rs.5,000 crore in FY20.The lender had posted a net loss of Rs.6,332.98 crore in 2018-19.Under Basel III norms, the bank is required to maintain total CRAR of 10.875%.

4) Infra PSUs can hope for reintroduction of tax-free bonds to raise capital.Highway sector has been one of the best performing areas of the government.

5) China prepared for long trade fight with the US: Party journal.The journal said the US has underestimated the Chinese people's will to fight a trade war and Beijing is prepared for a long economic growth.


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