10 year US @1.560%
G SEC 2029 @6.597%
1) Bankers of the loss-making Suzlon Energy are working on a plan to recover dues that may include a significant haircut on loans as the company does not have any active interest from potential buyers.Net Debt Rs.7,751 crore as on June-end, which included a foreign currency convertible debt. Its working capital loans were at Rs.4,000 crore.
2) Sebi is mounting pressure on credit rating agencies Brickwork Ratings and CARE to act against its top officials amid allegations they failed to warn investors of the deteriorating financials of IL&FS and its subsidiary companies.
3) DHFL may Get a Rs.7,000-crore Lifeline.Lenders plan to infuse more funds to ensure SMA-2 loans don’t turn into NPAs; mutual fund houses are unlikely to sign ICA.
4) Companies including Berkshire Hathaway, Apple, major Chinese conglomerate Dalian Wanda Group and Italian natural gas firm Snam SpA sold at least $150 billion-equivalent of bonds this week in dollars, euro and yen, the most ever in the first week of September.
5) Blackstone Group and realty developer K Raheja Corp are set to take their jointly-owned 20 million square feet commercial portfolio public through the listing of a Real Estate Investment Trust (Reit) by March.
1) Secondary steel producers, which account for almost 60% of India’s steel industry, and mid and smallscale plants are cutting back on output to cope with a demand slump at home.
2) Tough choice: GST cut on auto to cost Rs 30,000 crore to govt.Tax relief may push sales in short term, but to hit revenue hard; rate cuts may be limited to certain segments.
3) Given the ever-rising fiscal burden and depletion of water tables owing to farmers in areas with low irrigation coverage choosing to cultivate water-guzzling crops, a government panel is considering recommending special incentives to dissuade farmers from growing sugarcane in water-scarce areas.Farmers may get Rs 6000 per acre to shun sugarcane farming.
4) Stressing that the mining industry is witnessing job losses, apex mineral body FIMI has sought the intervention of Prime Minister Narendra Modi for much-needed reforms that would accelerate growth in the sector which has the potential to create employment opportunities for about five crore people.
1) A total of 2,480 cases of fraud involving a huge sum of Rs 31,898.63 crore rattled 18 public sector banks in the first quarter of this fiscal.
SBI remained the biggest prey to frauds with 38 per cent share.
2) Finance Ministry has come up with a code for non-official directors as part of a new set of measures introduced to enhance governance in PSBs through improved effectiveness of NODs.Peer review of NODs has also been stipulated upon completion of one year from the date of his/her nomination.
3) Patanjali Ayurved, which got the NCLT approval last week to acquire Ruchi Soya in an insolvency process, will infuse over Rs 3,438 crore as equity and debt to settle dues of creditors of the debt-laden firm and another Rs.900 crores through NCDs and Preference Share.
4) PNB puts up 11 NPA accounts for sale to recover ?1,234 crore dues.The sale is on 100% cash basis, PNB said in a notification. The bidders can evince their interest by September 12.
1) Renewable firms can take discoms to NCLT: Power ministry to Andhra govt.Renewable power project developers are staring at weak cash flows from their projects in Andhra Pradesh.
2) The Union road transport and highways ministry will soon start the process of forming an infrastructure investment trust (InvIT) under the aegis of the NHAI for some projects.
3) Opposition to India’s ongoing negotiations on the proposed Regional Comprehensive Economic Partnership from within the government continues to get stronger.Steel, chemicals, MSME and agri ministries have also opposed deal.
4) Used commercial vehicle sales see uptick amid auto sector slowdown.On the other side, average overall sales which used to be around 8,000 units a year ago has dropped to 7,000-7,500 units in a month.
5) Pharma PSUs likely to sign MoU with LMA for sale of surplus land.The PSUs thus are hopeful that the sale process could now be expedited.
1) Coffee Day group puts Sical Logistics on sale.Holding company CDEL aims to raise ₹1,000-1,500 crore to pare debt.Coffee Day Enterprises plans to sell the entire promoter stake as well as assets of its unit, Sical Logistics.
2) Govt to roll out new tariff policy, UDAY 2.0 for resolving discoms losses.The dues to discoms become overdue after 60 days of non-payment of the bill, allowing gencos charge penal interest on that.Under the new tariff policy, a provision for standards of service which would provide timeline for various services.
3) Sebi likely to give Deutsche Bank nod to operate as commodity custodian for MFs.Sebi's board in March approved a proposal to allow mutual funds and portfolio managers to trade in this segment.Many custodians have been sceptical about managing the physical delivery of commodities.
4) State Bank of India sought issuance of 147 Look Out Circulars in the last five months in connection with bank fraud cases.Data shows that the bank started seeking LoC from the Bureau of Immigration from April this year