QBiz: Yes Bank’s Moratorium May End ‘Within a Week’ & More
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1. Yes Bank Withdrawal Limit Could End ‘Within a Week’: SBI Chairman Rajnish Kumar
State Bank of India (SBI) chairman Rajnish Kumar said on Monday that the moratorium on Yes Bank could be lifted as early as "within a week". In an interaction with NDTV, the SBI chairman said, "I want to assure Yes Bank customers that once we (SBI) step in, they shouldn't worry about money... The financial system is sound."
His comments come days after the Reserve Bank of India (RBI) unveiled a bailout plan for Yes Bank, under which SBI will invest up to Rs 10,000 crore in the beleaguered private sector lender.
(Source: NDTV Profit)
2. Moody's Again Slashes India's Growth Projection for 2020 to 5.3%
In less than a month, ratings agency Moody’s Investors Service revised its baseline growth projections for India from 5.4% to 5.3% in 2020, saying an extensive and prolonged slump as a result of the Covid-19 outbreak will reduce growth in Asia’s third-largest economy to 5% during the calendar year.
On 17 February, Moody’s had reduced India’s growth projection from 6.6% to 5.4% for 2020.
(Source: Livemint)
3. Infosys Sacks 3 Employees Held on Income Tax Fraud Charges
Global software major Infosys on Monday sacked three of its techies who were arrested on a bribe charge levelled by the Income Tax Department, said a company official.
"The three employees have been terminated after a thorough internal investigation," said the city-based IT behemoth in an email to IANS.
(Source: Livemint)
4. In a First, India Figures on Arms Exporters List
In a first, India has figured on a list of global arms exporters, making a modest entry at number 23 but the ranking is likely to rise sharply over the coming years with the government’s focus on encouraging weapons sales abroad.
The latest data on global arms transfer by SIPRI shows that Indian arms imports have come down significantly (by 32%) since 2015, indicating that the ‘Make in India’ initiative is gaining ground but the country is still ranked as the world’s second biggest weapons buyers, just behind Saudi Arabia.
(Source: The Economic Times)
5. Reliance Industries Suffers Biggest Single-Day Loss in at Least 10 Years
Shares of companies engaged in crude oil exploration business fell sharply after crude oil prices crashed in international markets. The operator of world's largest crude oil refining facility at Jamnagar and operator of KG-D6 basin in Krishna Godavari basin –Reliance Industries – slumped as much as 13.65 per cent, its biggest single-day fall in at least 10 years, to hit an intra-day low of 1,096.65, data from BSE showed.
State-run oil explorer ONGC also slumped as much as 13 per cent to hit an intra-day low of Rs 77.80.
(Source: NDTV Profit)
6. Pharma Sales Growth Back in Double Digits in February
After two months of tepid growth, sales in the Indian pharmaceutical market increased year-on-year by 12.1% to ₹12,072.9 crore in February, led by double-digital growth in eight out of 10 segments, data from market research company AIOCD-AWACS showed.
In December and January, sales of pharmaceutical companies came in at 8.8% and 7.7%, respectively.
(Source: Livemint)
7. Yes Bank: ED Steps up Heat, Probes Former MD and CEO Ravneet Gill
Continuing its investigation after Rana Kapoor's arrest, the Enforcement Directorate called in Yes Bank's former MD and CEO Ravneet Gill to its Mumbai office for questioning on Monday evening.
Gill was quizzed for several hours over the ongoing crisis. The probe agency, however, did not divulge any details of the interrogation.
(Source: Livemint)
8. Steel Industry Pinning Hope on Revival of Auto Sector by Sept: Tata Steel Global CEO, MD TV Narendran
The steel sector is expecting the revival of the automobile sector sometime around September this fiscal, which could in turn boost the growth of speciality steel, Tata Steel global CEO and MD TV Narendran has said.
“As much as 15% of steel consumption is from the auto sector, but it is still looking fragile. Leave aside the virus (coronavirus), there are green shoots in the economy.
(Source: The Financial Express)
9. Analyst Corner: Indusind Bank Target Price Lowered to Rs 1,825
The IndusInd Bank (IIB) stock has underperformed, with concerns resurfacing on asset quality and risks about CEO succession. We do not expect an outsized deterioration of asset quality and believe the investment case is still intact with healthy buffers.
We lower our target price to Rs 1,825 from Rs 2,000; stabilisation of asset quality and CEO transition are key catalysts.
(Source: The Financial Express)
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