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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 11:21 AM - Sep 12, 2019 ( ) Views: 33

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Crude:@$56.20(-2.09%) Brent:@$61.02(-2.18%) 
10 year US @1.746%(+0.11%) 
INR @71.6625/$ 
G SEC 2029 @6.6799%  

Economic Times:

1) The government is considering a fund that will provide guarantees for those who won’t otherwise be eligible for a housing loan, allowing them to borrow funds to acquire a home.It’s being envisaged as part of a package being prepared by the government to help the housing sector.

2) Adani Group submitted a bid for the ₹45,000-crore Indian Navy submarine project, taking other contenders by surprise for what is the largest ongoing Make-in-India initiative in the defence sector.

3) JSW Steel chairman Sajjan Jindal said his company will approach a higher court to seek immunity against claims arising from alleged money-laundering frauds at Bhushan Power and Steel,that Jindal has offered to buy for ₹19,700 crore.

4) Aug Output at JSW Steel Dips to 4-year Low.Crude steel production for the month fell 13% at 1.25 million tonnes, while production of flat steel, used for making cars, also fell by an identical margin to 0.85 million tonnes.

5) CG Power Fails to Secure ₹200-crore Working Capital.Banks not keen to lend as govt agencies step up probe into alleged wrongdoings in co.

Financial Express:

1) NCLAT has impleaded the market regulator SEBI as a party in a petition filed by Reliance Industries Ltd, which is seeking waiver in delisting procedure for Alok Industries.RIL has got debt-ridden Alok Industries in its fold after the Ahmedabad bench of NCLT approved its Rs 5,050-crore.

2) NHB will be allowed to go beyond its current role as re-financier to HFCs and pick up equity stakes in some of them, in a move that would significantly enhance these liquidity-starved entities’ ability to mobilise funds, including bank finance.

3) The Maharashtra Electricity Regulatory Commission validated Adani Power’s claim for compensatory tariff from state-owned discom Maharashtra State Electricity Distribution Company for additional costs incurred in supplying power from its 3,300 MW Tiroda plant, after the allocation of the Lohara coal block withdrawn due to environmental reasons.

4) Canara Bank expects to raise around Rs 1,000 crore by offloading its entire 30% stake in mortgage lender Can Fin Homes.The bank has received bids from 12 “serious investors” for its stake in the HFC.

Business Line:

1) Bankers should refer stressed assets cases to the NCLT only if satisfactory resolution outside the Tribunal is not available.MoS for finance urges bankers to first look at out-of-court resolution.

2) IFC has signed a Memorandum of Understanding with the Finance Industry Development Council (FIDC),a representative body of asset and loan Financing NBFCs, to collaborate on training of NBFCs in the country.

3) Indian bonds attract $1.69-bn worth investments in August.India, South Korea win most foreign inflows into Asian bonds in August.

4) With the Reserve Bank of India mandating banks to link fresh retail and SME loans from October 1 to an external benchmark, the pressure is now on housing finance companies and non-banking finance companies to match the rates.HFCs await more clarity on external benchmark linked home loans.

Business Standard:

1) Ruias set to win back control of 1200 MW Mahan Power as ArcelorMittal bid falters.ArcelorMittal had made a non-binding bid of Rs 4,800 crore for the company in December last year.

2) NCLAT's nod to Sterling Biotech for settlement with lenders baffles experts.Legal experts say the order goes against the legislative intent of the IBC.

3) Increasing hurdles: Arbitration claims against NHAI on the rise.The NHAI's latest available annual report,shows the authority had 1,014 cases of arbitration.

4) Slowdown blues for electrical equipment industry as mega electrification drive under Saubhagya comes to an end.In Q1FY20, sales growth of transformers fell 7%, transmission lines 8%, capacitors by 29%.

5) SC seeks homebuyers, NBCC suggestion on Amrapali unsold inventory.Top court to next hear the matter on October 4, seeks govt suggestion on how GST will be charged.

Live Mint:

1) Dalmia Bharat Puts in Bid for Emami’s Cement Business.SALE may fetch Emami ₹6,000 cr, while Dalmia can get access to eastern markets.

2) Blackstone to invest Rs 15 bn in Allcargo unit to build warehouses in India.Allcargo's logistics division plans to build 5 million square feet of warehouses across India by 2021.

3) In a renewed push to cut India’s dependence on fossil fuels, the central government wants state-run companies to build massive clean energy parks at a cost of around $2 billion each, with built-in incentives to ensure states and operators are invested in the success of the parks.

4) Promoters of Apollo Hospitals Enterprise Ltd, are selling around five million shares through a secondary share sale, which could fetch ₹725 crore (approx $101 million), as the company’s promoters look to raise capital to pare debt


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