Foreign portfolio investors (FPIs) continue to sell Indian bonds with sales already crossing $1 billion in June so far. Already, over the past month, the US dollar index - Dollex - has moved from 94.03 to 95.2 level on Thursday. FPI sales in the equity market was at just below a billion dollar at around $900 million between June 1 and June 20. Sales in the stock and bond markets seem to have aggravated the pressure on the rupee, dealers said.
BoB's aggregate exposure to these accounts is Rs 3,004 crore. BoB has also put on the block its Rs 329-crore exposure to Binani Cement, which it had itself dragged to insolvency court. Among the other exposures put up for sale by BoB are Jindal India Thermal Power, Jaiprakash Power Ventures and GMR Chhattisgarh Energy. BoB's decision to sell its exposures in these accounts runs counter to an understanding between banks to not to sell individual exposures to accounts undergoing insolvency.
Financial institutions are in the process of selling off power plants of aggregate capacity of 6,500 megawatt (MW) even as the government is looking to assuage the stress in the power sector. Bankers are looking to sell the plants as promoters have failed to pay up the loans taken for the projects which are mostly suffering from operational issues, including absence of power purchase pacts.
With ICICI Bank chairman M K Sharma set to retire at the end of this month, the bank is considering asking independent directors to chair board meetings till a new chairman is appointed. Sources say each of the six independent directors will take turns in chairing the meetings. The bank has government nomineeLok Ranjanon the board, who has not attended a single meeting since his appointment in April.
Several government initiatives to address the flaws in the current agriculture marketing mechanism have not made much headway. Most states have diluted it to such an extent that it is emerging as a pale shadow of the APMC mandis. Even before it takes off, those in livestock sector are apprehensive on how it would affect their business. If you are now getting livestock in the APMC, please don't make our plight similar to other commodities.
There are multiple factors one need to check before giving the 'token amount' to book that 'affordable home' under the Housing for All scheme or Pradhan Mantri Awas Yojana. Industry experts have pointed out the pitfalls homebuyers will have look for into the new housing schemes. As per ICRA's report, the gross non-performing assets for affordable housing segment has increased from 3.3% in FY17 to 4.1% in FY18.
The beginning of this year marked the transition from the UN Millennium Development Goals (MDGs) to UN Sustainable Development Goals (SDGs). 2018 marks not only the beginning of the sustainable development decade, but also of the Anthropocene era, which is shaped by either human action or inaction. There are at least six major groups of action which are needed for sustainable development and we would like to refer to them briefly.
Palm-size dosas made from watermelons and cucumbers, coin-size jackfruit idlis, sev puri with guacamole, to ping-pong sized falafels and barbeque cheeselings. The days of visiting restaurants and ordering an appetiser, a main and a dessert are tapering out. Bite-sized portions are immensely popular since they are quick to make but are filling given the ingredients we use. Almost 30% of our patrons have preferred the tasting menu out of the main menu, says Sareen Madhiyan, head chef at Mumbai's Tappa, a fusion dining restaurant.
Both are below average in the 2018 Initial Quality Study, which is based on consumer surveys after 90 days of ownership. Hyundai moved up from sixth place last year to third with a score of 74, five fewer problems than Porsche. Commenting on the study Ram Gudipati, founder and CEO, Brand Harvest Consultancy, says the expectations of the people when it comes to luxury cars is immense. Once stalwarts that were routinely toward the top of rankings, their cars still aren't known for breakdowns.
India on Thursday hit the US hard with steep import duties on agro commodities but spared high-end bikes such as Harley Davidson, whose cause was espoused by none less than President Donald Trump. The US President in February had slammed India for a high import tariff on Harley-Davidson motorcycle, calling it unfair, even as India duty on imported motorcycles from high-end brands to 50%.
The Securities and Exchange Board of India (Sebi) has made major changes in rules governing fund-raising, to provide flexibility to issuers and to boost capital formation. The regulator, however, reduced shares available for anchor investors to Rs 20 million from Rs 100 million for so-called SME IPOs. Sebi also changed the minimum net worth requirement for clearing corporations, bringing it down to Rs 1 billion from Rs 3 billion.
Tata Steel was the star performer in 2017-18, with revenue from the domestic business rising 23 per cent last financial year. On the other hand, the group's two traditional cash cows, Tata Consultancy Services (TCS) and Tata Motors' subsidiary Jaguar Land Rover (JLR), are slowing as other businesses pick up pace. The analysis is based on the annual financials of the Tata group's listed non-financial companies, excluding listed subsidiaries of Tata Steel, Tata Motors, Indian Hotels, Tata Chemicals and Tata Power, among others.
Custom duty has been increased on 29 products originating from the US, and the move will come into effect from August 4, a notification issued by the Finance Ministry said. Last week, India submitted a list of 30 items to the World Trade Organisation on which it proposed to raise customs duty by up to 50 per cent. Duty on Artemia, a kind of shrimp, has been raised to 30 per cent.
Experts said this will increase the pool of independent directors as professionals such as lawyers and charatered accountants will also be able to participate. Earlier, those in the advisory role were restricted from serving as independent directors on Board of the same company. Similarly, the independent director or the relatives serving on the board of a telecom company couldn't use its service, said an official.
Entering into its fifth successful year, the India International MSME Start-up Expo 2018 will begin at Pragati Maidan in New Delhi today. The three-day event ending on June 24 aims to boost MSMEs, Startups and budding young entrepreneurs. It also aims to provide them with the much needed unified global platform for networking and assist them in exhibiting their ideas. Union Minister of Commerce and Industry and Civil Aviation, Suresh Prabhu will inaugurate the expo along with Minister of State- PMO DONER Jitendra Singh,.
Patanjali Ayurved has raised concerns about Adani Wilmar's eligibility to bid for Ruchi Soya, which is facing insolvency and bankruptcy proceedings. Patanjali has, in a letter to Ruchi Soya's lenders, cited Section 29A of the Insolvency and Bankruptcy Code (IBC). Ruchi Soya was admitted to the Corporate Insolvency Resolution Process (CIP) in December 2017. On June 12, the CoC had declared Adani Wilmar the preferred ('H1') bidder.
Amazon dropped as much as 1.9 percent after the ruling, which allows states to force online retailers to collect sales taxes, before paring losses to trade down 0.9 percent. Wayfair lost 0.7 percent, Overstock.com tumbled 6.5 percent, Etsy declined 1.0 and Ebay dropped 3.2 percent. Our feeling had been there is some complacency built in to that expectation that it is more ploy than policy. Declining issues outnumbered advancing ones on the NYSE by a 2.07-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favored decliners.
OPEC was struggling on Thursday to agree on raising oil output, with Saudi Arabia warning of supply shortages and price rallies but Iran holding out against a deal at the group's meeting the following day. Russia, which is not in OPEC, has proposed producers raise output by 1.5 million bpd. OPEC and its allies have since last year been participating in a deal to cut output by 1.8 million bpd.
Markets regulator Sebi on Thursday relaxed IPO norms by reducing the time for the announcement of price band for initial public offers (IPO) from five days to two days before the issue opening date. These changes will ease the manner and the time generally taken to raise funds from public, said Yogesh Chande, Partner, Shardul Amarchand Mangaldas. The regulatory changes proposed in the ICDR are very progressive and good both for issuers and investors.
The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the Central government, and VAT charged by the states. There is no pure GST on petrol and diesel anywhere in the world and so in India too it will have to be a combination of GST and VAT, said the official, who is closely involved with the GST implementation.