Today's Paper - 05/08/2021+ Print Archive

Proposal to hike circle rates in Greater Noida, Noida to skew housing demand

Analysts and developers said the move will adversely impact demand in an already subdued market.

housing demand

Edible oil prices to remain high till new crop arrives in November

Oils like mustard, groundnut or palm, consumed domestically, and commercially used soybean and sunflower oils have seen a sharp rise in prices in the last six months despite government efforts to cool off rates by reducing high tax levies.

The rates are unlikely to come down anytime soon as India meets more than half of domestic demand through imports, BV Mehta, executive director, Solvent Extractors Association of India (SEA) said.

Lower Mandi Arrivals: Small firms active in farm trade on behalf of bigger companies

Of course, part of the decline was attributed to the lockdown restrictions that prevailed in large parts of the country and the crop damage or rotting of stored produce as in the case of onion, but the ceding of trade share by the once-all-powerful mandis

The corporate houses active in agricultural trade include ITC, Cargill, Adani Agro, LT Overseas.

Need three private sector players in telecom market: Bharti Airtel CEO Gopal Vittal

Bharti recently hiked tariffs at two extreme ends – postpaid corporate users and entry-level prepaid subscribers.

Speaking to analysts a day after the April-June quarter earnings announcement, Gopal Vittal, MD and CEO, India and South Asia, said there is serious financial stress in the industry and pointed out that one of the players has told the government that it won’t be able to pay its dues coming up in March 2022.

SBI reports 55% jump in profits in Q1; retail asset quality worsens across segments as Covid second wave hits collections

Half of SBI’s home loans are to the non-salaried segment and some of them are linked to SME borrowers, said Dinesh Khara, chairman, SBI. He attributed the high NPA ratio in gold loans to the inability of collection staff to reach borrowers amid mobility

SBI has seen a pullback of about Rs 4,700 crore of slippages in the last one and half months, he added.

Kumar Mangalam Birla steps down as Vodafone Idea chairman

“The board of directors of Vodafone Idea, at its meeting held today (Wednesday), have accepted the request of Kumar Mangalam Birla to step down as non-executive director and non-executive chairman of the board with effect from close of business hours on

Kumar Mangalam Birla

Analyst Corner – Bandhan Bank: Maintain ‘neutral’ with TP of Rs 330

Overall, asset quality remains uncertain, and we estimate credit costs to remain elevated at 5.5% of loans for FY22 (similar to FY21 levels).

Karur Vysya Bank reports marginal growth in Q1 net profit at Rs 109 crore

The bank’s total income was slightly lower at Rs 1,596 crore in the quarter under review as compared to Rs 1,693 crore in the same period last year.Its net interest income improved 14% to Rs 638 crore as against Rs 562 crore while net interest margin (N

The cost of deposits has improved by 84 basis points (bps) to 4.53% in the quarter as compared to 5.37% in the same period previous year, KVB said in a release.

JSW Energy plans recast, to separate renewables business

The company’s low leverage position has enabled it to undertake a Rs 25,000 crore capacity expansion by 2025, which will be followed by another Rs 45,000 crore investments in the next five years to 2030.

We are looking to increase distributions by 11% Y-o-Y in FY22: Michael Holland, CEO, Embassy Office Parks REIT

That brings us to a place where we paid out Rs 2,250 crore since listing. We are happy, particularly given the fact that last quarter was under restrictions, but the strength of Indian office, REIT and business is intact.

Embassy REIT CEO Mike Holland

Yields on most liquid gilts fall on little buying as crude prices trend lower

The market had been trading in a very thin range since morning as it opened flat and remained flat, but some buying was seen towards the end as some traders took positions in most liquid bonds, a dealer with state-owned Primary Dealer (PD) said.

“Lower oil prices have supported bonds yields, but further gains have been capped as most traders remained cautious ahead of the monetary policy and its guidance on inflation and liquidity,” a fund manager with a large fund house said.

IndiGrid draws up plan to buy solar assets worth up to Rs 5,000 crore

“Our net debt to AUM as of June 30, 2021, stood at around 58%, which is well below the 70% cap prescribed under the Sebi regulations,” Shah said.

In Q1FY22, IndiGrid’s net revenue and operating profit grew 53% each year-on-year to Rs 554 crore and Rs 504 crore, respectively. The earnings were supported by acquisitions and strong operational performance.

Piramal resolution for DHFL: 63 Moons moves Supreme Court against NCLT order

63 Moons, which holds non-convertible debentures (NCDs) worth over Rs 200 crore issued by DHFL, has challenged the NCLAT’s judgment on the grounds that the current resolution plan is disappointing for NCD holders.

DHFL has been undergoing insolvency proceedings at NCLT in Mumbai since December 3, 2019. The troubled mortgage lender has admitted claims of Rs 87,120 crore, with SBI being the lead creditor.

IBC is good, tweaks can make it better

The conflict between the sanctity of the insolvency resolution process and maximising value must be sorted out

The Mumbai NCLT bench, for instance, recently alerted the National Company Law Appellate Tribunal that the price that Vedanta paid for Twin Star was uncannily close to the liquidation value. Some checks and balances are clearly needed.

Will a central bank digital currency be a game-changer?

The key drivers for CBDC in India are lowering systemic risk and introducing diversity and innovation in digital payments

Depending on the framework adopted for CBDC by RBI, there will be space for banks and newer fintech intermediaries to innovate and offer products linked to the CBDC ecosystem.

Making the IBC more effective

The latest amendment, which makes the insolvency professional more accountable on avoidance transactions, was much-needed, but addresses the issue only partially

It is therefore essential to undertake corrective actions in the interest of stakeholders.

Adani Green swings to Rs 190 crore profit in first quarter of FY22

The company’s revenue went up 22.9% year-on-year (y-o-y) to Rs 1,079 crore, the highest quarterly revenue ever recorded by the company.

The profits jumped mainly due to higher power sales from the company’s rising renewable energy base.

HPCL profit falls 36% to Rs 1,795 crore in Q1FY22

During the year, sales of HPCL’s petroleum products increased 15.9% annually to 8.8 million tonne (MT). Petrol sales recorded growth of 36.6%, diesel 22.2% and aviation turbine fuel (ATF) sales grew 118.8% annually.

The average price of the Indian basket of crude oil in Q1FY22 was $68.6 per barrel, against the average rate of $30.4 per barrel recorded in Q1FY21.

Valued at $2.85 billion, Bharat Pe raises fresh $370 million in funding led by Tiger Global

The round also saw Dragoneer Investment Group and Steadfast Capital joining the firm’s captable.

The primary component of the round is about $350 million and the secondary amounts to $20 million.

What to make of China’s animal spirits deficit

Modern China lacks the foundation of trust in consistent leadership priorities and transparent governance that underpins animal spirits

Ma’s ill-timed comments at a Shanghai financial forum in late October 2020 about the “pawnshop” mentality of the bank-centric Chinese financial system crossed the line for China’s leaders.

Commercial coal auctions: Three out of eight coal mines in Adani firms’ kitty

It had also won the Jhigador mine in Chhattisgarh on the first day of auctions on Monday, while Adani Power Maharashtra had bagged the Gondkhari block in Maharashtra on the same day.

CIL, coal india

Farmer Producers Organisations to get 30% discount on storage fee

CWC, having a storage capacity of 14.5 million tonne, and Nabard entered into an agreement on Wednesday to provide the facilities to farmers at cheaper rates over next five years, according to a statement from Nabard.

This will directly benefit about 4,000 FPOs set up on aid from Nabard.

GST hit Kerala’s tax revenue, system needs rethink: KN Balagopal

The state government fears that the state's tax revenues would deteriorate once the five-year guaranteed GST compensation ends in June 2022.

gst

Sugarcane dues: Supreme Court seeks reply from govt, sugar mills on timely payment plea

These 11 states – Uttar Pradesh, Maharshtra, Punjab, Uttarakhand, Haryana, Gujarat, Bihar, Telangana, Andhra Pradesh, Karnataka and Tamil Nadu – produce bulk of the sugarcane in the country.

The petition sought direction to the Centre and state governments to file affidavits setting out the details of the amounts due, the amounts paid and arrears by the sugar mills to the sugarcane grower or their cooperatives for sale of their cane along with interest thereon at 15% on year-wise from 2018 to 2020.

Built to serve: Intelligent solutions are the holy grail

Intelligent Industry is about bringing the physical and digital worlds together and closing the feedback loop in the form of precise actions, either automatically or through manual intervention.

Portronics Kronos Beta Smartwatch: Stay connected whenever and wherever you are

Kronos Beta has a thin and sleek design, plenty of health tracking features and high capacity battery

Kronos Beta is an activity tracker for calories, steps and distance.

Canon Pixma Ink Efficient G670: This printer makes printing at home easier and cheaper

The Canon Pixma Ink Efficient G670 is a compact and inexpensive machine that can print, scan, copy and supports wireless and mobile printing

The Pixma Cloud Link service allows users to connect their printers to social networks and cloud storage for remote printing and scanning.

Man & Machines: Driving connected operations with Internet of Things

Tata Communications has been doubling down on Internet of Things (IoT) to derive new business values and open new revenue channels for its clients

Alok Bardiya, Head, Internet of Things (Business Unit), Tata Communications

Competition Commission of India clears PNB Housing Finance deal with Carlyle

PNBHF, however, has said it would await SAT judgment on the matter. The appellate tribunal has already heard both the sides but is yet to pronounce its verdict.

Punjab National Bank, the main promoter of PNBHF, had also asked the mortgage lender to consider repricing the initial transaction.

Rajya Sabha nod: DICGC Bill to help small depositors, says FM Nirmala Sitharaman

The DICGC (amendment) Bill will cover 98.3% of depositors and 50.9% of deposit value in the banking system, way above the global level of 80% and 20-30%, respectively, Sitharaman had said last week.

The Bill proposes to give customers access to their deposits up to Rs 5 lakh within just 90 days if their stressed banks are placed under moratorium.
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