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BUSINESS AND ECONOMY - October 2018

Oct 2018

Jan 07, 2020

RBI to place UCBs under supervision if net NPAs exceed 6%

  • The RBI revised the Supervisory Action Framework (SAF) for urban cooperative banks to ensure expeditious resolution of financial stress being faced by some of them.
  • The move comes in the backdrop of the scam in Punjab and Maharashtra Cooperative (PMC) Bank causing distress to over 9 lakh depositors.
  • Keeping in view the experience gained, it has been decided to further rationalise the SAF to make it more effective in bringing about the desired improvement in the UCBs as also expeditious resolution of UCBs experiencing financial stress.
  • The central bank also added that it will continue to monitor asset quality, profitability and capital/net worth of UCBs under the revised SAF.
  • As per the revised norms, a UCB may be placed under SAF when its net NPAs exceed 6% of its net advances.

Cyrus Mistry shuns top posts at Tata companies, seeks board seat

  •  Tata Sons Ltd chairman will not seek to return to the post despite his victory in an appeals court, likely ending protracted uncertainty over the conglomerate's leadership trajectory.
  • In a statement issued a fortnight after the National Company Law Appellate Tribunal (NCLAT) reinstated him, he would not seek executive chairmanship of the group holding company Tata Sons Ltd, nor directorship of three group companies.

ESAF Small Finance Bank files DRHP with SEBI for Rs 976 crore IPO

  • ESAF Small Finance Bank on January 6, 2020 filed draft papers with markets regulator Sebi to float a Rs 976-crore initial public offering.
  • The IPO comprises a fresh issue of shares worth Rs 800 crore and an offer-for-sale (OFS) aggregating up to Rs 176.2 crore, according to the draft prospectus filed with the Securities and Exchange Board of India (Sebi).
  • The bank, in consultation with its book running lead managers may consider a pre-IPO placement of up to Rs 300 crore. If it is undertaken, the amount raised will be reduced from the fresh issue, the draft papers noted.
  • The proceeds from the fresh issue will be used to augment the bank's tier-1 capital (primarily loans or advances and investment portfolio) to meet future capital requirements.

Concor incorporates wholly-owned subsidiary

  • State-owned Container Corporation of India (Concor) has incorporated a wholly-owned arm Last Mile Logistics.
  • The arm will handle freight terminals and logistic requirements.
  • CONCOR has incorporated on January 06, 2020, a wholly owned subsidiary company with the name CONCOR Last Mile Logistics Limited.

RBI buys and sells bonds worth Rs 10,000 cr in third open market operation

  • The Reserve Bank of India (RBI) conducted its third special open market operation (OMO) where it sold medium-to-longer tenure bonds and bought bonds maturing in this year to correct the yield spread.
  • The cut-off yield for the de-facto 10-year bond (9-year now) came at 6.54 per cent, three basis points lower than the market close on the paper. The central bank bought three papers maturing between 2024 and 2029. The total amount offered by the participants were Rs 64,505 crore for a purchase plan of Rs 10,000 crore.
  • Unlike the past two OMOs, the central bank sold its full quota of Rs 10,000 crore in short-term bonds.
  • The long-term bond yields have come down by about 20 basis points since the first OMO was announced last month. The idea is to bring down long-term yields, so that transmission happens and possibly help the government borrow at a cheaper rate.

Cyrus Mistry shuns top posts at Tata companies, seeks board seat

  •  Tata Sons Ltd chairman will not seek to return to the post despite his victory in an appeals court, likely ending protracted uncertainty over the conglomerate's leadership trajectory.
  • In a statement issued a fortnight after the National Company Law Appellate Tribunal (NCLAT) reinstated him, he would not seek executive chairmanship of the group holding company Tata Sons Ltd, nor directorship of three group companies.

Jan 06, 2020

NCLAT dismisses RoC plea on modification of judgement in Tata-Mistry matter

  • The National Company Law Appellate Tribunal dismissed the Registrar of Companies' petition seeking modification of the judgement in the Tata-Mistry case and its ruling had not cast any aspersions on the RoC.
  • On December 18, the tribunal ruled reinstating Cyrus Mistry as the Executive Chairman of Tata Group and also termed conversion of Tata Sons from a public company to a private one by the RoC as "illegal".

Tuna sold for $1.8 million in first Tokyo auction of 2020, second highest ever

  • A bluefin tuna sold for 193.2 million yen ($1.8 million) in the first auction of the new year at Tokyo's Toyosu fish market, the second highest price on record, NHK broadcaster reported.
  • The tuna was caught off northern Aomori Prefecture and weighed 276 kilograms (608 lbs), according to NHK, which translates into a price of about 700,000 yen per kilogram.
  • Last year Kimura paid a record 333.6 million yen for a tuna at the auction, exceeding his previous record price in 2013.

Jan 05, 2020

Dixon Technologies To Manufacture LED TVs For Samsung

  • South Korean electronics company Samsung and Noida-based Dixon Technologies will jointly manufacture LED televisions in India.
  • The local electronics maker will manufacture television sets for the consumer goods giant at its facility in Tirupati, as per the agreement.

SBI Asks Customers To Update Mobile Numbers For New Way Of ATM Cash Withdrawal

  •  In order to strengthen its security system on ATM cash withdrawals, State Bank of India (SBI) has introduced OTP-based ATM withdrawals with effect from 1st January 2020.
  •  SBI's OTP-based ATM cash withdrawals is applicable for above ₹10,000 cash withdrawals. This service is functional at all SBI ATMs between 8 pm to 8 am. 
  • For this, SBI customers need to carry their mobile to the ATMs as the OTP will be received on the mobile number registered with the bank. 

Income Tax Department Issues New 2020 Calendar For Taxpayers With All Deadlines

  • The income tax department has issued a new calendar for the year 2020 having a list of all the important tax-related deadlines. Designed as the "File-it-yourself" calendar to help taxpayers file their income tax returns easily, the e-calendar maps your ITR filing journey. 
  • The e-calendar also informs taxpayers of the various services being offered by the taxman.
  • The January month calendar reminds you about the due dates for TCS and TDS deposits for the quarter ending December 31, 2019.

India's Forex Reserves Touch All Time High Of 457.468 Billion

  • India's foreign exchange reserves swelled by 2.520 billion USD to touch a record high of 457.468 billion USD in the week that ended on 27th December 2019. 
  • An RBI press release has informed that foreign currency assets, a major part of the overall reserves rose by 2.203 billion USD to 424.936 billion USD.  
  • In the previous week, the reserves had surged by 456 million USD to end at 454.948 billion USD. Gold reserves increased by 260 million USD to end at 27.392 billion USD. 
  • India's special drawing rights with the International Monetary Fund, however dipped by 2 million USD to 1.441 billion USD, while the country's reserve position increased by 58 million USD to 3.7 billion USD.

Jan 04, 2020

Global Tensions Could Put Pressure on Oil Import Bill

  • Crude oil prices jumped more than 4%, the highest since September 2019, after a US airstrike killed a key Iranian military leader in Baghdad, fuelling concerns that escalating tensions between the Persian Gulf nation and the US may disrupt oil supplies.
  • Brent crude price rose to $69.2 per barrel, up 4.39% against the previous close of $66.3 per barrel.
  • Considering India imports more than 80% of its oil requirements, any increase in crude oil price is always a cause for concern.
  • In the current financial year, India imported 4.5 million barrels of oil per day between April and November, while its import dependency, based on consumption, has increased to 84.5% compared to 83.3% a year-ago.

HDFC to Raise Up to Rs. 5,000 cr Next Week

  • India's largest mortgage lender HDFC Ltd will raise up to Rs. 5,000 crore by issuing bonds on a private placement basis to shore up its long-term capital needs. The secured redeemable non-convertible debentures will bear coupon rate of 7.50% per annum. The issue size of the bond issue is Rs. 3,000 crore with an option to retain oversubscription up to Rs. 2,000 crore. The object of the issue is to augment the long-term resources of the corporation. The proceeds of the present issue would be utilised for financing/ refinancing of the housing finance business requirements of the corporation.

Adani to Buy Stake in Krishnapatnam Port

  • Adani Ports and Special Economic Zone Ltd (APSEZ), India's largest private sector port operator, has agreed to buy a 75% stake in Krishnapatnam Port Co. Ltd (KPCL) at an enterprise value of Rs. 13,500 crore.
  • The Krishnapatnam Port is located in southern Andhra Pradesh and is a multi-cargo facility. It handled 54 million tonnes (mt) of cargo in the year ended 31 March 2019.
  • The purchase will accelerate Adani Ports' plan to expand its cargo-handling capacity to 400 mt by 2025. The acquisition will be funded via internal accruals and existing cash balance.
  • The acquisition is subject to regulatory approvals and the transaction is expected to be completed within 120 days.

DRL Gets Shareholders' Nod

  • Drug major Dr. Reddy's Laboratories received shareholders' nod for the proposed amalgamation of Dr. Reddy's Holdings Ltd into the company.
  • The resolution for the scheme was approved by 99.98 per cent votes of the total 13.10 crore votes casted by equity shareholders of the company. 21,026 votes, which accounted for the rest 0.02 per cent, were posted against the resolution.
  • The voting was conducted as per the directions of the Hyderabad Bench of the National Company Law Tribunal on November 22, 2019.
  • The meeting of equity shareholders was convened on January 2, 2020.
  • The board of Dr. Reddy's Laboratories had on July 29, 2019, approved the amalgamation of Dr. Reddy's Holdings Ltd, an entity held by the promoter group which holds 24.88 per cent equity shares of Dr. Reddy's Laboratories, into the company.
  • The scheme would lead to simplification of the shareholding structure and reduction of shareholding tiers.

Jan 03, 2020

Now, Generate UAN Online

  • The Employees Provident Fund Organisation (EPFO) has put in place an online system through which Universal Account Number (UAN) can be generated by using Aadhaar number.
  • A person who has registered his mobile number with Aadhaar will be able to self-generate his UAN. Through this facility, after successful verification of details, the UAN is generated. A person joining a new job can submit the generated UAN to the employer so that the UAN can be linked to ID allotted to the member in that establishment.

OPEC Output Declines in December

  • The Organization of Petroleum Exporting Countries' (OPEC) output declined last month as several Persian Gulf producers stepped up their implementation of cutbacks aimed at balancing global oil markets. Saudi Arabia, Iraq and the United Arab Emirates reduced production in December, the final month of a round of restrictions by the cartel before it presses on with new—and even deeper—curbs this year. Output from OPEC fell by 90,000 barrels a day to 29.55 million in December, according to a Bloomberg survey of officials.

Govt. Set to Finalise Curbs on Non-essential Imports

  • India is set to finalise stricter quality standards for 371 items by March, a move primarily aimed at curbing imports of non-essential items such as toys, plastic goods, sports items and furniture, especially from China.
  • The proposed rules, to be framed by ministries in coordination with the Bureau of Indian Standards (BIS), will also ensure stricter inspection of imports.
  • While the new rules, spearheaded by Piyush Goyal, are aimed at curbing imports from China and narrowing the trade deficit with India's northern neighbour, the rules will also apply to Indian producers so as to make the regulations World Trade Organization-compliant.
  • Non-essential imports from China amount to Rs. 4 lakh crore a year.

RBI Announces Third Round of Operation Twist

  • The Reserve Bank of India (RBI) announced its third round of simultaneous purchase and sale of government securities under the special open market operation (OMO).
  • Typically, the central bank conducts OMO sales to suck out excess liquidity in the financial system, or OMO purchases to infuse liquidity in a single day.
  • The RBI will purchase two new long-term government securities, maturing in 2024 and 2026, in addition to the 10-year bond maturing in 2029. The short-term securities include 6.65% maturing on April 9, 2020, 7.8% maturing on May 3, 2020, and 8.27% maturing on June 9, 2020, besides the 8.12% bond maturing on 10 December 2020.

MTNL Starts Asset Monetisation

  • State-run telecom firm MTNL started the process to monetise assets worth Rs. 23,000 crore as it aims to turn profitable in the next fiscal year. The company has already submitted plans to the Department of Investment and Public Asset Management (DIPAM) to monetise Rs. 6,200 crore worth assets that include 36 acres of land bank in Mumbai, shops-cum-offices in Delhi, and residential quarters in Noida. The firm has dentified assets worth Rs. 23,000 crore that can be monetised. These are all prime properties in Mumbai and Delhi. With the completion of VRS and asset monetisation, the firm expects to become profitable in the next fiscal.
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