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Yatheendradas C.k. at 01:04 PM - Jun 26, 2019 ( ) Views: 94


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Economic Times:

1) Govt Mulling Budget Sops to Put its House in Order.BID TO TACKLE SLOWING ECONOMY BY BOOSTING HOUSING SECTOR.Measures include bigger tax benefit, softer rates, restoring some benefits for a second house.

2) DHFL on Tuesday managed to meet just 40% of its ?375-crore repayment commitment toward commercial papers  and the balance amount ?225 crore shall be paid in the next couple of days.

3) The government has paid up Rs.25 crore to Asian Development Bank and German development bank KfW on sovereign guarantees issued on behalf of the now financially distressed IL&FS and is staring at another Rs.250 crore payout towards guaranteed IL&FS loans.

4) The Centre will soon begin scrutinising companies that have not filed online KYC details, including photographs of the registered office and directors, as New Delhi seeks to crack down on shell companies and plug tax sieves.

5) NCLT approved Gurgaon-based Dhanuka Laboratories’ Rs.1,116-crore resolution plan to take over debt-ridden Orchid Pharma in what could be termed as yet another case resolved under the IBC.Group of 24 banks had lent over Rs.3,200 crore to drug co; lenders will now take around 65% haircut.

Financial Express:

1) The government has deducted Rs 832.53 crore from the performance security of the captive coal mine-owning companies which did not meet efficiency parameters.The main reasons why reallocated blocks are yet to commence production are attributed to delays in receiving forest clearances, mining-safety permissions, land acquisition and ongoing litigation.

2) The claims ratio under the Pradhan Mantri Fasal Bima Yojana and revised weather-based crop insurance scheme has declined to about 65% in kharif 2018 against 87% in the previous season,despite the country having a 9% deficient monsoon rainfall.This suggests the insurance business in agriculture sector has been stabilising.

3) Reduction in fresh accretions to NPAs, higher recoveries from existing stressed assets under the Insolvency and Bankruptcy Code and a pick-up in credit growth should help shrink banks’ gross NPAs by 350 basis points to 8% by March 2020, Crisil said in a report on Tuesday.

4) A government-sponsored fund of funds of Rs 10,000 crore, a distressed asset fund of Rs 5,000 crore and a higher loan limit under the Mudra scheme are among the recommendations of the expert committee on MSMEs constituted by the RBI.

5) The ministry of petroleum and natural gas has written to the finance ministry, seeking an additional Rs 33,000 crore over and above the Rs24,833-crore petroleum subsidy allocated as revised estimate for 2018-19.

Business Line:

1) While Kerala remains the healthiest State in India, Uttar Pradesh remains the most unhealthy, said NITI Aayog as it released the second edition of its State Health Index.M.P., Odisha, Uttarakhand, UP and Bihar have shown no improvement in health status.

2) Tax authorities will take a closer look at the income and remuneration of partners of partnership firms with the partnership deed being the key document to ensure that there is no under-reporting of tax liability.

3) The AIRBEA has been pleading with various parliamentary committees that appointments to such important positions with the central bank of the country must not be left to a few Finance Ministry officials.It should ideally be left to a collegium of experts comprising former governors,other prominent central bankers and economists.

4) More than 81 lakh houses have been sanctioned under Pradhan Mantri Awas Yojana (PMAY)-Urban, while under Smart Cities Mission, 25 works on smart roads worth Rs. 837 crore have been completed said the Ministry of Housing and Urban Affairs.

Business Standard:

1) National e-commerce policy after a year, no change in FDI guidelines.The government decision to stay firm on the e-commerce FDI rules coincides with US Secretary of State Mike Pompeo's visit to India before he heads for the G20 meet in Japan.

2) SC verdict in Sebi-NCLT legal tussle will set a precedent, say experts.The case is seen by many as a turf war between Sebi and NCLT and the outcome will be crucial in deciding how illegal money collection schemes are dealt with.

3) The Centre has appointed another joint secretary-rank bureaucrat to the board of the Sebi.Some believe the move could weaken the stature of the regulator.

4) Tata Steel eyes 10% of its revenues from non-steel segment by 2025.Materials such as fibre-reinforced polymer, graphene and ceramics to make up 10% of the company's revenues by 2025.

5) Put all capex on hold, stop tenders, DoT tells cash-strapped BSNL.BSNL posted operating profit of Rs 672 crore in 2014-15, Rs 3,885 crore in 2015-16, and Rs 1,684 crore in 2016-17.

Live Mint:

1) Adani Power to acquire GMR Chhattisgarh Energy.Post the transaction, Adani Power shall hold 100% equity stake in GCEL. Of this, 52.38% stake is to be acquired from the lenders, and the balance 47.62% is to be acquired from the GMR Group.GCEL owns an operational 1.370 MW supercritical thermal power plant in Raikheda, Raipur district, Chhattisgarh.

2) India plans to offer incentives to firms moving out of China amid trade war.Financial incentives such as preferential tax rates and the tax holiday provided by Vietnam to lure companies are among measures being considered.

3) The Centre has planned to set up a common online platform for the Real Estate Regulatory Authority of all states and UTs, a move which will provide an opportunity to home-buyers, builders and authorities to exchange views.

4) Govt considering hike in pension age limit under Atal Pension Yojana.PFRDA has submitted a proposal to increase the limit of pension and age which the government is looking into.

5) Over the last five Financial Years public sector banks have been infused with capital to the extent of ₹3.19 trillion, with recapitalisation of ₹2.5 trillion by the government and mobilisation of over ₹66,000 crore by PSBs themselves.

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