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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 12:14 PM - Aug 08, 2019 ( ) Views: 50

Crude:@$52.30(-2.48%) Brent:@$57.47(-2.49%) 
10 year US @1.721%(+0.29%) 
INR @70.885/$ 
G SEC 2029 @6.369%        

Economic Times:

1) PE funds Advent International, Blackstone Group, CVC Capital, Carlyle Group and Brookfield have placed initial bids to buy around 30% in Shriram Capital as existing investors Piramal Enterprises and TPG Capital seek to exit the financial services firm,pegging TPG and Piramal’s combined holding at around ₹6,000 crore.

2) RBI is in discussion with the capital markets regulator Sebi and the PFRDA to get them on board to sign the inter creditor agreements (ICAs) with banks, governor Shaktikanta Das said.THE CENTRAL BANK has no problem if ICA provides different treatment for different types of creditors.

3) PMO will take a call on India’s position on data localisation, considering its strategic and security aspects, even as it asked for fresh consultations on the proposed Personal Data Protection Bill.CLEAR PICTURE To clarify India’s position on the issue amid US opposition to draft ecomm policy & proposed data norms.

4) RBI will create a central registry to monitor digitalpayments related frauds on a real-time basis to improve consumer confidence in the digital channel, helping achieve New Delhi’s objective of building a less-cash economy.The proposed registry, apart from improving monitoring standards and analysis of the frauds, would also help the central bank collate periodic data for customer awareness.

5) RBI is closely monitoring 50-odd large systemically important NBFCs and HFCs and they are going to act not necessarily through bailout but by taking control so that there is no contagion effect.

Financial Express:

1) The Supreme Court on Wednesday gave a week’s time to the operational creditors of bankrupt Essar Steel to challenge the new amendments to the Insolvency and Bankruptcy Code, which granted more powers to the lenders.It deferred the hearing on a batch of appeals till August 19 so as to decide the issue in light of fresh challenges following recent amendments.

2) The ministry of new and renewable energy is coming with a new wind potential map which would assess power generation capacities from taller towers. Currently, the country’s wind energy potential is benchmarked considering ‘hub height’ of 100 metres.

3) The central bank has also decided to expand biller categories for Bharat Bill Payment System (BBPS). The BBPS, an interoperable platform for repetitive bill payments, currently covers five segments direct-to-home (DTH), electricity, gas, telecom and water bills.

4) In a bid to encourage the flow of credit to consumers, the Reserve Bank of India on Wednesday announced its decision to reduce the risk weight on unsecured consumer credit, including personal loans, to 100% from 125% earlier. The proposal, however, leaves risk weight on credit card receivables unchanged.

5) GST-registered businesses that have reported decline in annual revenue by 20% or more over the previous year have received a flurry of notices over the last few weeks from the tax department.

Business Line:

1) Over 31.6 lakh informal sector workers have enrolled under the Pradhan Mantri Shram Yogi Maan-dhan (PM- SYM) as on August 6, an increase of 78.85 per cent from March. This also indicates that the average daily enrolment was nearly 18,500.

2) Balaji Infra Projects Ltd, the majority promoter of Dighi Port Ltd, has submitted a proposal to a clutch of lenders to clear their dues after the NCLAT allowed time till August 21 for financial creditors to “consider” such a proposal before deciding on a batch of appeals filed by various parties in the resolution process of the debt-laden port.

3) Punjab & Sind Bank reported a lower net loss of ₹30 crore for the quarter ended June 30. The bank had reported a net loss of ₹398 crore in the same quarter last fiscal.Provision for loan losses to ₹208 crore for the quarter under review, from ₹787 crore.

4) Srei Infrastructure Finance Ltd registered a 69 per cent drop in consolidated net profit at ₹43 crore for the quarter ended June 30, 2019, as against ₹140 crore in the same period last year.

Business Standard:

1) Private Equity funds ready war chest to help firms skip IBC route.PE funds are cashing in on the new emerging areas of business. However PE funds admit that handling conglomerates needs special expertise and acumen as they are complex deals.

2) Concerned over rising FDI inflows into strategic sectors like telecom as well as information technology (IT) and IT-enabled Services (ITeS) through the automatic route, the government is considering eliminating the security gaps through a stringent scrutiny mechanism.
3) Pledging of shares by promoters: Sebi asks firms to disclose more details.Among the details firms have to furnish are end-use of money and security cover provided.

4) Spandana Sphoorty IPO scrapes through, thanks to institutional investors.The 9.8-million share offering received bids for only 10.3 million - 84 per cent of which came from qualified institutional buyers.

5) Economic slowdown impact: Over 20 IPOs stare at SEBI approval lapses.Slowdown, volatile market loom over maiden offerings worth Rs 16,500 crore.

Live Mint:

1) World closer to first recession in a decade as trade war fears spread.While tight labour markets globally and the recent shift by central banks should provide a cushion, economists are starting to war-game for how a recession could happen.

2) Consumer confidence tumbles in July over jobs, economic situation: RBI survey.The current situation index dropped to 95.7 in July. The future expectations index fell by 4 points to 124.8.Manufacturers are now looking forward to the festive season starting with Onam in September to scout for signs of revival.

3) 33% of India’s skilled youth jobless: official survey.Four out of 10 youth who received vocational training are out of the labour force, and a significant chunk of those in the workforce remain unemployed.

4) Maruti Suzuki India cut its production in July by 25.15%, making it the sixth month in a row that the country's largest car maker reduced its output.

5) Sterlite Power Grid Ventures Ltd., one of India’s biggest private transmission companies, sees a $35 billion investment opportunity into grid-connected energy storage projects in the country over the next decade to support government renewables targets.


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