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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 11:34 AM - Aug 09, 2019 ( ) Views: 78

Crude:@$52.84(+3.43%) Brent:@$57.77(+2.74%) 
10 year US @1.719%(-0.12%) 
INR @70.69/$ 
G SEC 2029 @6.402%  

Economic Times:

1) NCLT gave the go-ahead on Thursday for consolidating the insolvency proceedings of 13 Videocon group companies into a single process.The landmark move is expected to quicken Videocon’s insolvency resolution and could pave the way for faster processing of other bankruptcy cases involving multiple entities that are part of one corporate group.

2) Leading overseas investors will meet finance ministry officials on Friday as the government seeks to ease concerns over dwindling foreign portfolio inflows after a budget move to increase tax surcharge on them.TODAY’S MEETING likely to be attended by Morgan Stanley, Templeton, CDPQ, Fidelity and GIC, among others.

3) RBI’s Priority Sector Push to Help Large NBFCs Lower Borrowing Costs.Costs likely to fall by 25 bps after RBI expands scope of priority sector loans.Mahindra Finance, Tata Capital, and PNB Housing Finance are now seeking shorter-tenor, MCLR-linked bank borrowings to raise disbursements ahead of the festival season.

4) The US-China trade war has taken the sheen off the Indian diamond trade. In July, cut and polished diamond exports have dropped by 18.15%, compared with July last year and for the first four months of FY20, the drop is 15.11%.The overall drop in gem and jewellery exports is 6.67% in the first four months of FY20.

5) The power ministry has notified that certain stressed power plants would have to use their cash surplus after meeting operating expenses to service debt through a Trust Retention Account (TRA) managed by the lead banker to the project, as part of the stress reduction measure for the thermal power sector.

Financial Express:

1) TATA CAPITAL on Thursday announced that it plans to raise up to Rs 4,126 crore through a public issue of NCDs with a coupon rate of up to 8.85%. The issue is the second tranche and has the base issue size of Rs 500 crore with an option to retain over-subscription of up to Rs 3,626 crore, aggregating to Rs 4,126 crore.

2) RP for Jet Airways on Thursday informed the NCLT that paying salary dues of the employees remains a concern since the airline has no income from operations at present.Some of the pending receivables of over Rs 50 crore could be used to settle part of the salary dues.

3) NCLAT on Thursday pulled up the Centre for its failure to complete the resolution process for the debt-ridden IL&FS Group within the stipulated 270-day timeframe. Around 315 days have gone by since the NCLAT stayed all proceedings against IL&FS and its 348 subsidiaries.

4) PFC on Thursday sought bids for consortium loans worth Rs 8,215 crore to RattanIndia Power’s (RIPL) 1,350-megawatt (MW) Amravati Thermal Power Project Phase I, as a plan to settle the loans with the promoter likely fell through.

5) RBI task force, chaired by Usha Thorat, set up to examine the issues relating to the offshore rupee markets has submitted its report to the governor, the central bank said on Thursday.

Business Line:

1) Higher provisions have resulted in UCO Bank posting a net loss of nearly ₹601 crore in the quarter ended June 30, 2019.This was marginally down from the net loss of about ₹634 crore posted in the corresponding quarter last year.

2) City Union Bank has reported a 15 per cent increase in net profit at ₹186 crore for the quarter ended June 30, 2019, against ₹162 crore in the year-ago period.Provisions were higher due to more slippages among smaller accounts, at ₹166 crore for Q1 of this fiscal, compared to ₹138 crore in the year-ago quarter.

3) In a bid to develop a deep and liquid onshore foreign exchange market, a RBI panel has recommended that onshore market hours may be suitably extended to match the flexibility provided by the offshore market. This is aimed at incentivising non-residents to hedge in the onshore market.

4) DBS Bank India has tied up with technology business incubator Social Alpha to mentor enterprises that focus on sectors such as inclusion, healthcare, and environment. DBS Bank will also give an annual programme grant of ₹1 crore.

Business Standard:

1) NMDC plans special purpose vehicles with state govts to set up steel plant.NMDC has also sought (from the Union government) iron ore allocation in Jharkhand and Karnataka for this purpose.

2) Govt approves 5,595 e-buses in 64 cities under FAME India's second phase.Delhi, Mumbai, Bengaluru, Hyderabad and Ahmedabad got the highest number of buses at 300 each.

3) CARE downgrades Voda Idea credit rating on weak financial showing.The development comes within two days of another rating agency Crisil downgraded credit value of Vodafone Idea.

4) DHFL has informed the stock exchanges that it may not be able to repay due in the near future as the firm is in talks with lenders on the resolution plan they have submitted.

5) Coffee Day board appoints EY for audit; to choose strategic advisor soon.In its last board meet held on July 31, the board had roped in law firm Cyril Amarchand Mangaldas as its legal counsel to advise on related matters.

Live Mint:

1)UCO Bank has approached LIC for equity infusion,it is looking to raise ₹4,500- 5,000 crore in the current fiscal.LIC already holds about 4% stake in UCO Bank.

2) The Union government may raise tariffs on imports of green energy equipment in a bid to boost their local manufacturing and protect domestic companies from cheaper imports, said Anand Kumar, secretary in the ministry of new and renewable energy (MNRE).

3) Govt plans to transfer BSNL land, debt to SPV; union alleges undervaluation of assets.Employees Union of BSNL, however, has alleged that the land parcels proposed to be transferred to the SPV at value of Rs 20,210 crore are at prime locations of big cities and are "grossly undervalued".

4) Relief for startups: CBDT lays out procedure for pending angel tax assessment cases.The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.

5) Yes Bank has embarked on a plan to generate $285 million (₹2,000 crore) by selling shares through a QIP,the success of which will be crucial for the bank’s survival.The sale to institutional investors scaled down from an earlier plan to raise as much as $1 billion opened on Thursday evening.


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