1. Punjab National Bank Puts 6 NPAs Worth Over Rs 1,000 Crore on Block
State-owned Punjab National Bank has put on sale six non-performing loans amounting to over ₹1,000 crore, including two accounts of Vandana Vidyut and Visa Steel.
Asset reconstruction companies (ARCs), non-banking financial companies (NBFCs), other banks and financial institutions can submit binding bids till 26 June. The bids will be opened on the following day.
(Source: BusinessLine)
2. Budget 2019: Government May Provide Rs 30,000 crore for PSU Banks Capital Needs
The Finance Ministry is evaluating capital needs of state-owned banks, and likely to provide about Rs 30,000 crore in the upcoming Budget to help them meet minimum regulatory capital requirement in the current fiscal, sources said.
The first budget of Modi 2.0 government is scheduled to be presented on 5 July by Finance Minister Nirmala Sitharaman on the backdrop of India’s economy hitting 5-year low growth of 6.8 per cent in 2018-19.
(Source: BusinessLine)
3. India Inc Continues to Labour Hard as Q4 Earnings Touch 5-Quarter Low
Corporate earnings continued to disappoint, dashing hopes of a much-awaited recovery with Nifty earnings for the March quarter touching a five-quarter low of ₹400.69 per share. The divergence between estimates and actual earnings per share (EPS) has been in the range of 32-40% in the past three quarters, according to Bloomberg data.
Earnings growth is critical for a sustained rally in the markets at a time when domestic equities continue to enjoy lofty valuations levels despite lack of any fundamental support.
(Source: Livemint)
4. ‘India Has Wage Problem, Not Job Problem’: Mohandas Pai
Former Infosys CFO and multi-sector investor TV Mohandas Pai has said India does not face a job problem, but one of wages, as a lot of low paid jobs being created do not find favour with degree holders.
“India is not producing good jobs, but creating a lot of Rs 10,000-Rs 15,000 low-paid jobs which are not fancied by degree holders. India has a wage problem, not a job problem,” he told PTI.
Also, India has regional and geographical problems, Pai said. Pai suggested that India adopt the Chinese model of opening up labour-intensive industries and building infrastructure near coasts, besides investing heavily in hitech R&D to meet the aspirations of job-seekers.
(Source: Financial Express)
5. FPIs Remain Net Buyers in June, Invest Rs 11,132 Crore
Foreign investors remained net buyers in the domestic capital markets in June, pouring in a total of ₹11,132 crore on a net basis this month so far, according to depositories' data.
Foreign portfolio investors (FPI) pumped in a net sum of₹1,517.12 crore into equities and ₹9,615.64 crore into debt during 3-14 June, the data showed.
(Source: Livemint)
6. Suspect Demo Cash Deposits Again Come Under Scanner
The Narendra Modi government has renewed its efforts to detect tax evasion that may have taken place during demonetisation. In a fresh advisory to Income Tax officers, the Central Board of Direct Taxes (CBDT) has said that even banks and borrowers of a taxpayer could be called to explain suspicious cash deposits or lending.
The advisory, which is in the form of a guidance note, has even asked the officers to examine if the deposited cash was declared as streedhan, a gift given to the woman in a Hindu marriage. It is not classified as dowry.
(Source: BusinessLine)
7. NBFC Crisis to Pull Down Home Loan Growth First Time in 3 Years: Report
Housing finance growth is set to slow down to 13-15 percent this fiscal, lower than the average of the past three years, due to the lingering liquidity issues faced by non-banking lenders, warns a report.
There can also be an adverse impact on the outstanding housing credit, which stood at Rs 19.1 lakh crore as of March 2019, ratings agency ICRA said in a weekend report.
(Source: BusinessLine)
8. Black Money Issue: Details of at Least 50 Indian Swiss Bank Account Holders Being Shared With Agencies
When the Modi government first came to power in 2014, it had termed the crackdown on the black money, including those allegedly parked in Swiss banks, as a key focus area.
Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth.
(Source: BusinessLine)
9. Vedanta Lost $200 Million in Profits in One Year of Tuticorin Plant Shutdown, Says Chairman Anil Agarwal
Vedanta Ltd has lost about USD 200 million in profits ever since its copper smelter plant in Tamil Nadu was shut more than a year back after police fired on protesters and killed 13 people, Group Chairman Anil Agarwal said. Agarwal added that the stoppage of production at the Tuticorin plant of the firm’s unit Sterlite led to the country having to import copper, spending precious foreign exchange.
“We have lost about USD 200 million in bottomline (profits),” he told PTI in an interview.
(Source: Financial Express)
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