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Global stock markets ended the week on a mixed note. Stock markets in Germany and China were the biggest gainers, with gains of 1.7% and 1.6% respectively. Further, Indian stock markets were also up by 1.5%. However, the UK and Brazil share markets were marginally down by 0.6% and 0.5%, respectively. The US markets were up 0.9% for the week gone by.
As per the minutes of the Fed's last policy meeting, the US central bank may not be that keen to hike interest rate in its March policy review.
Many Federal Reserve policymakers said it may be appropriate to raise interest rates again fairly soon should jobs and inflation data come in line with expectations. The minutes showed the depth of uncertainty at the Fed because of a lack of clarity on the new Trump administration's economic program.
Fed policymakers noted both upside and downside risks to the US economy from Trump's policies. As per them, it will take some time for the economic outlook to become clearer and to raise interest rates.
All eyes are now set on the upcoming Federal Open Market Committee (FOMC) meet which is scheduled on March 14-15. The meeting will decide Fed's stance on interest rates.
We doubt the strength and durability of the US economic recovery since it has been driven mainly by massive doses of money printing and artificial suppression of interest rates. Hence, we also doubt the Fed's capability to further raise interest rates.
Back home, the Indian indices ended their weekly session on a positive note. The BSE Sensex was up 1.5% for the week, while the NSE Nifty was up 1.3%. The market stood strong mainly on the news of consolidation in telecom sector and banking sector. Stock markets are expected to be volatile ahead of the results of the state elections and the outcome of the US Fed rate decision.
Now let us discuss some key economic and industry developments during the week gone by
The International Monetary Fund (IMF) stated India's notebandi drive may have a larger-than-anticipated negative impact on the economy. As per the IMF, the government's notebandi drive is set to bring near-term negative impact through weaker private consumption.
Going by the numbers, the IMF said India's economic growth is expected to slow about 6% in the second-half (October-March) of fiscal 2016-17, before gradually rebounding in the course of 2017-18.
According to a leading financial daily, the International Monetary Fund (IMF), in its annual report, has said that India's gross domestic product (GDP) is likely to slow to 6.6% in the financial year 2016-17, then rebound to 7.2% in FY 2017-18, due to transitory disruptions, mainly to private consumption, caused by the government's demonetisation drive.
In another development, domestic steel production was up to 8.4 mt in January 2017, showing a 12% growth over January 2016 when the country had reported crude steel production of 7.5 MT.
India's growth trend spurred by protectionist measures taken by the government against threat of cheaper imports, was in fact higher than the overall 7% increase in world crude steel production to 136.5 million mt in January 2017 compared to January 2016.
Out of the total global output, China which accounts for more than half of global steel output, saw a 7.4% increase in crude steel production for January 2017 at 67.2 mt, compared to January 2016.
As per an article in the Economic Times, private equity (PE) and venture capital (VC) investments in India touched US$ 1.2 billion in January across 43 transactions. However, this was recorded as 6.3% lower in value terms over the year ago period.
In terms of volume too, the above investments saw a 6.5% decline. This was seen mainly due to a decline in number of growth or expansion funding and high value deals. As per the EY report, more than half of the deals were for less than US$ 10 million each.
The above declining trend in investments could be due to the absence of profitability in many e-commerce businesses that caught the fancy of many venture capitalists and private investors last year.
Presently, most of these e-commerce businesses are mired in losses.
If the above losses keep getting bigger, there will be a point when venture capitalists and private equity funds will further re-assess their investments and start thumbing down valuations of these firms. In fact, a valuation correction is underway in the domestic e-commerce segment right now.
No wonder Vivek Kaul calls these ecommerce companies Ponzi schemes, with individual investors...perhaps you...stuck at the end. And speculators who discount fundamentals will turn out to be the greatest fool in this greater fool theory at work in the Indian e-commerce space.
As per an article in the Economic Times, the yearly SBI Composite Index (YoY) for February 2017 improved to 49.5 compared to last month's index of 47.0. The data indicated some improvement in the manufacturing activity.
However, the index declined sequentially, thereby indicating that full-fledged recovery in output may take some more time. The monthly Index declined marginally to 49.2 in February 2017 from 50.9 in January 2017.
Much of the fall in manufacturing activity is seen on the back of government's notebandi move.
Last week, the Reserve Bank of India (RBI) Governor Urjit Patel stated that India's growth will bounce back after a sharp notebandi-driven slowdown.
However, if one has to go by the ground realities, the economy is still facing troubles from notebandi. The government will continue with its lies and tell us that all is well on the notebandi front, but that doesn't make the situation any better for the common man.
Some of the key corporate developments in the week gone by
As per an article in a leading financial daily, Bharti Airtel has entered into a definitive agreement with Telenor South Asia Investments Pvt Ltd to acquire Telenor India Communications Private Ltd.
As the part of the agreement, Airtel will acquire Telenor India's running operation in seven circles, including Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP East and West and Assam. These circles represent a high population concentration and therefore offer high potential for growth.
Moreover, the acquisition will include the transfer of all Telenor India's assets and customers, which will boost the company's customer case and network. Also, these seven markets will give an additional 43.4 MHz spectrum in the 1800 MHz band to Airtel, the reports noted.
The drug was manufactured by Aurobindo Pharma Ltd, Hyderabad. The company stated the recall is a voluntary recall. As per the United States Food and Drug Administration (USFDA) the recall is on account of "failed tablet/capsule specifications: some bottles contain punctured, and/or clumped /melted capsules".
The regulator added that the recall was a class II recall which is initiated a situation in which use of or exposure to a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote.
NTPC Ltd, India's biggest power producer, announced that it has commissioned 115 MW (megawatt) capacity out of 260 MW of Bhadla Solar Power Project.
With this installation, the installed capacity of NTPC's solar power projects touches 475 MW. The total installed capacity of NTPC on standalone basis has become 41,177 MW and that of NTPC group has become 48,143 MW.
NTPC intends to become a 130 GW company by 2032 with a with diversified fuel mix and 600 billion units' company in terms of generation. The company wants share of renewable energy (including hydro) to be 28%.
On the company's renewable energy plans, NTPC said that it will add 500 MW solar capacity by the end of March 2017. NTPC plans to achieve this target through a 260 MW solar power plant in Rajasthan, and another 250 MW plant in Madhya Pradesh.
In addition to this, the company also plans to set up a 50 MW wind power plant in Gujarat this year.
This is in line with the government's plans to push power capacity addition from renewable energy sources.
Reportedly, the companies are looking at sharing modular platforms for India and emerging markets. It includes the advanced modular platform (AMP) being developed by Tata Motors. While, Volkswagen may offer technical knowhow on producing multiple models based on modular architecture.
The main idea is to share architectures and capacities and bring in quicker returns on investment through economies of scale.
Moreover, Both the companies are stretched financially (Subscription Required), yet they have no way out but to invest for the future, so partnership was the only way out. Further, with large auto makers already investing in these emerging technologies, it is clear that Tata Motors needs to make the move quickly to avoid losing out the race particularly when also technologically assisted driving can soon become a reality.
Tata Consultancy Services Ltd's (TCS) board has approved a share buyback plan of up to Rs 160 billion. The proposed shares represent 2.85% of the total paid up equity share capital at Rs 2850 per equity share.
The announcement comes at a time when some Indian IT companies are caught in controversies.
Earlier this month, Cognizant Technology Solutions Corp, announced that it would do share buybacks worth US$3.4 billion over two years. The announcement came even as Infosys squashed speculations that it was considering a Rs 120 billion share buyback program.
Main reasons behind a clamour for buybacks at the IT companies (Subscription Required) is that these companies have had only single-digit growth recently, leading to low shareholder returns. Shareholders can be rewarded through other means such as a buyback. Cash is idling at Indian IT companies as they are neither making acquisitions nor investing in growth, the reports noted.
According to an article in The Financial Express, Tata Steel is looking at building a distribution network and its brands in the Business to Consumer (B2C) markets in Bangladesh and Myanmar. Bangladesh and Myanmar are the two B2C markets which have a similar profile as India.
According to company's MD, the country's steel industry has been spending less towards research and development (R&D) compared to global standards. Indian steel industry is spending less than 0.5% of the revenue towards R&D.
The Managing Director also mentioned that steel processing facilities in India have not been keeping up with the high-end requirements of steel products in the automobile sector.
The Nifty 50 Index traded on a positive note for the week. On Monday, it opened its session lower but recovered immediately and closed with 57-point gains. The positive momentum continued throughout the week with the index closing consecutive sessions in the green and ending the weekly session with 1.34% gains. The index is still trading in an uptrend channel with near-term support at 8,850. It's now very close to its all-time high of 9,000. This could be a strong resistance level going forward. You can read the detailed market update here...
Tesla and other manufacturers, hoping to shake the image of fuel-efficient vehicles Posted: Sat 25th of February, 2017
Of the Rs 10,000 crore promised by Startup India, fledgling firms have got only Rs 6 crore till now Posted: Sat 25th of February, 2017
Begins/Get ready to shell out more for your favourite summer dessert this year, ice creams as makers have already raised prices in the range of 5-8 per cent. Input costs for ice creams have gone up considerably in the last one year; skimmed milk powder prices have moved from Rs 140 a kg last year around the same time to over Rs 240 a kg now. Besides, prices of sugar, another key ingredient in ice creams too have risen by around 30-40 per cent, and milk fat prices have grown by around 35 per cent, say players. The country's largest player in terms of market share, Gujarat Cooperative Milk Marketing Federation (GCMMF) which sells Amul ice creams, has risen prices by 5-8 per cent this month. Confirming the development, R S Sodhi, managing director of GCMMF said that input costs have risen and hence we have raised prices by 5-8 per cent. He, however, added, that the season as such is expected to be good and Amul is ready with a 650,000 litres per day (lpd) capacity for the summer season. . Posted: Sat 25th of February, 2017
The world over, "townhall meetings" have often been used for important announcements Posted: Sat 25th of February, 2017
India is witnessing captives cut outsourcing to Indian outsourcing vendors and move work in house as they work on emerging areas such as artificial intelligence, cloud and digital technologies.The focus to move work inshore comes at a time when global firms are investing on digital technologies and automation and even outsourcing companies are struggling with the shift. One-fourth of the 300 odd captives on pure engineering and engineering design set up across the world in the last 12 months were in India."The number of captives on pure technology services, especially on digital technologies like Artificial Intelligence, are growing too," said Pareekh Jain of HfS Research India. James R Fowler, CIO, General Electric, CIO, recently said 70 per cent of the services were outsourced before he took over the responsibility as chief information officer. He decided to make it 50 per cent. "We made a decision for 50:50, and there is still a role for contractors to play, business partners to .. Posted: Sat 25th of February, 2017
Meril Life Sciences is first Indian firm to get nod for bio-resorbable cardiac scaffold Posted: Sat 25th of February, 2017
TTK Prestige, a leading kitchen and electric appliance maker in India, expects see a huge opportunity in rural market this year as the thrust towards infrastructure would mean more houses with kitchens that need appliances.. "People in rural areas will be the ones with the disposable income. The Rabi crops have had a great yield. The growth rate has also been revised. This will all lead to a better rural growth for us, " said Chandru Karlo, Managing Director at TTK Prestige in an interview. "Rural is big this year"Karlo says with the announcement of the various schemes in the infrastructure sector, there will be new homes in the rural areas leading to more kitchens which would work in the favour of the company. In the last quarter, in the month of November the company saw the sales go down by 35 per cent due to demonetisation. "While Diwali was over in October, the next two months are huge for us mainly because it is the wedding season specially in the North. We lost a lot in that, ... Posted: Sat 25th of February, 2017
GEECL MD & CEO Prashant Modi tells Shine Jacob about the company's journey so far Posted: Sat 25th of February, 2017
After reporting a flattish growth of less than one per cent in the demonetisation period, Kolkata based fast moving consumer goods (FMCG) company, Emami Ltd is expecting sales to bounce back in the coming 2-3 months and has projected a 12-14 per cent growth in the coming fiscal year."We are targeting double digit growth, so growth anywhere between 12-14 per cent is what we expect for next year, but we are expecting a double digit volume growth for next year, that is our biggest challenge and target", the company's executive director, Mohan Goenka said in an investor's conference call.As per Goenka, the wholesale market, although not absolutely back to normalcy post demonetisation, has mostly revived."It is not absolutely back to normal, but I think in the next one or two months it should be back to normal. To give a number is very difficult for me", he told analysts.To drive its business in the remonetisation period, Emami has planned a three-fold strategy. While it will foremost ... Posted: Sat 25th of February, 2017
Equity shares proposed to be bought back make up 4.29% of existing paid up capital of the company Posted: Sat 25th of February, 2017
Unit would be used to meet coal requirements of Kalinganagar & Jamshedpur plants Posted: Sat 25th of February, 2017
Funskool, a toy manufacturing company and part of MRF LKd, is looking at expanding its presence to the Latin American and the erstwhile USSR market to increase its exports. The company, which is expected to clock in a revenue of Rs 220 crore this year, is also looking at acquisitions in the international market with the help of KPMG. At present, around 20 per cent of its business is from exports and going forward, it is looking at a 50 per cent growth in exports during a year. It is currently exporting toys to Europe, UK, US and Australia. "We are looking at entering into Latin American countries and many of the erstwhile USSR countries. In USSR region we have already started our work by appointing a distributor and will start exports soon," said K John Baby, chief executive officer, Funskool (India) Ltd. Indonesia, Vietnam, Thailand and many of the African countries are less penetrated, but the market is not big. Thailand is estimated as one of the largest market, but it is close to . Posted: Sat 25th of February, 2017
Larsen and Toubro Hydrocarbon Engineering today said it has bagged orders worth Rs 1,100 crore from IOC for its Bongaigaon refinery in Assam. The orders are for IOC's Indane Maximisation project, under which it will set up a fluidised cracking unit including LPG treatment facility. Larsen and Toubro Hydrocarbon Engineering Ltd is a wholly-owned subsidiary of engineering major Larsen and Toubro (L&T). "The company has bagged an onshore EPC contract from IOC worth around Rs 1,100 crore for setting up a 0.740 MMTPA Fluidised Cracking Unit (FCU) including LPG treatment facility at their Bongaigaon refinery, Assam," it said in a BSE filing. The contract covers extended basic engineering, detailed engineering, procurement, supply, transportation and installation, among others. The process licensor for the Indane Maximisation (INDMAX) unit is Lummus Technology, the company said, adding that Merichem, US, is the the process licensor for the LPG treatment unit. The company said it . Posted: Sat 25th of February, 2017
JioMoney was launched last week to enable users pay for their rides on Uber Posted: Sat 25th of February, 2017
EY Lifetime Achievement Award for Nandan Nilekani, winners also announced in nine other categories Posted: Sat 25th of February, 2017
Making the most of the crisis and in the process playing white knights to the hundreds of professionals, companies such as Paytm, MobiKwik and a host of IT firms are offering jobs to those laid off by ecommerce players such as Snapdeal, Stayzilla and Tolexo.According to these companies, resumes of data analysts, marketing, business development and other professionals have already started pouring in large numbers. On Friday, Vijay Shekhar Sharma of online mobile wallet major Paytm, tweeted that his company would 'welcome them with open arms'. "Hello, Tech/Product ppl in Delhi NCR, feeling heat of business restructuring? We welcome you @Paytm and @PaytmMall with open arms," he tweeted (sic.). One97 Communications the parent company of Paytm wallet, Paytm marketplace as well as Payments bank is on a rapid expansion mode. It would soon start its much awaited payments bank, as well as launch a brand new marketplace app PaytmMall and needs at least 700-1000 new professionals.Senior ... Posted: Sat 25th of February, 2017
Online companies offer jobs to employees sacked by Snapdeal, Stayzilla Posted: Sat 25th of February, 2017
Indian IT services industry says engineers from the country working in the US should be counselled on how to protect themselves against racist attacks in the wake of Kansas incident where an Indian engineer Srinivas Kuchibhotla was allegedly killed by a shooter. A 51-year-old man from Olathe, Adam W Purinton, allegedly opened fire at Srinivas Kuchibhotla, an Indian engineer with aviation Garmins Ltd, Alok Madasani of Overland Park, and another bar attendant Ian Grillot of Grandview, reported The Kansas City Star. The incident took place at Austins Bar in Olathe. While Kuchibhotla died in the hospital, Madasani was released on Thursday and Grillot is recovering. A large chunk of the Indian software engineers work on projects in the US with H1B visas and such an incident may depress them. The IT services industry lobby Nasscom said it is crucial to ensure "safety" of the Indians working in the US on different technology projects. "This may be an one-off incident. But, safety and ... Posted: Sat 25th of February, 2017
Adds, good start-ups find fresh capital but those without differentiation finds it tough Posted: Fri 24th of February, 2017
Says it will restart operations after fixing business model Posted: Fri 24th of February, 2017
70% of political funding is from unknown sources; no ceiling on expenditure of political parties Posted: Sun 19th of February, 2017
Romanovitch shared her insights on legal changes Indian businesses should expect in post-Brexit era Posted: Sun 19th of February, 2017
Legal experts say revealing the identity of the real owners of such entities must be made mandatory Posted: Sun 19th of February, 2017
A weekly selection of key court orders Posted: Sun 19th of February, 2017
Ornamental boards do not have an urge to improve performance, says the author Posted: Sun 12th of February, 2017
HC ruling in the DU photocopy case sends a message that it is at odds with IP Index, says Kilbride Posted: Sun 12th of February, 2017
A diligent board needs to facilitate transition when founders pass on the baton, say experts Posted: Sun 12th of February, 2017
A weekly selection of key court orders Posted: Sun 12th of February, 2017
Section 4 of the Competition Act, 2002, provides for action against abuse of dominant position Posted: Sun 5th of February, 2017
A weekly selection of key court orders Posted: Sun 5th of February, 2017
India has over 35 tribunals that look into designated legal issues and appeals Posted: Sun 5th of February, 2017
Experts suggest ways in which the government can make the laws more effective Posted: Sun 5th of February, 2017
A weekly selection of key court orders Posted: Sun 29th of January, 2017
The laws relating to electoral and political funding have gained traction of late Posted: Sun 29th of January, 2017
The govt has come out with the long-awaited guidelines for applying the PoEM test and the GAAR provisions Posted: Sun 29th of January, 2017
The PoEM tests involve assessing evidence on where the effective management is located Posted: Sun 29th of January, 2017
The right to plan tax affairs is a fundamental right of every taxpayer Posted: Sun 29th of January, 2017
A weekly selection of key court orders Posted: Sun 22nd of January, 2017
A snapshot of changes in tax laws and rules that Institute of Chartered Accountants of India Posted: Sun 22nd of January, 2017
Mondelez case is latest case of FCPA enforcement action against foreign companies operating in India Posted: Sun 22nd of January, 2017
Consignments with false certificates could make their way to Indian shores, posing health risks Posted: Sat 25th of February, 2017
Nitin Gadkari met Manohar Parrikar to discuss issue of transfer of defence land for highways Posted: Sat 25th of February, 2017
The Goa airport is managed by Indian Navy, which is part of its INS Hansa base near Vasco Posted: Sat 25th of February, 2017
The minimum wages for unskilled persons will be Rs 13,350 per month Posted: Sat 25th of February, 2017
The growth rate in Odisha's economy has reached 7.94 per cent in 2016-17, higher than the pan-India rate of 7.1 per cent projected for this fiscal by the central government's statistics ministry.The state's growth engine has bounced back from the modest rate of 4.61 per cent registered in 2012-13."Odisha has made impressive achievements in terms of economic growth and poverty reduction. The size of Odisha's economy has increased by 22.27 per cent in real terms (at 2011-12 prices) during the last six years in terms of GSDP (gross state domestic product), achieving an annual growth rate of 6.23 per cent", Odisha Governor S C Jamir said in his address to the legislative assembly on the Budget session's inaugural day.The state government's real per capita income grew from Rs 47632 in 2011-12 to Rs 61678 in 2016-17 at 2011-12 prices. "My government has consistently and continuously strived to achieve a sustainable and inclusive higher economic growth, accelerated overall development, ... Posted: Sat 25th of February, 2017
However, he also said BJP is emerging as a pan-Indian party Posted: Sat 25th of February, 2017
Jaitley was addressing a group of academics & students at the London School of Economics Posted: Sat 25th of February, 2017
Prices of coronary stents were slashed by up to 85% last week following complaints of overcharghing Posted: Sat 25th of February, 2017
Five out of six instances of Acche Din cited by Amit Shah are exaggerated or misleading Posted: Sat 25th of February, 2017
Major airports like New York's JFK, London Heathrow, Hong Kong and Zurich also provide the facility Posted: Sat 25th of February, 2017
Subramanian state that state govts need to impose stricter penalties on deferring tax payment Posted: Sat 25th of February, 2017
The policy was flawed in its conception and exacerbated by an equally dismal implementation Posted: Sat 25th of February, 2017
In absolute terms, there was addition Rs 2,970 crore to the gross NPA head during the quarter Posted: Fri 24th of February, 2017
NPPA said it had issued show-cause notices to some hospitals over pricing of stents Posted: Fri 24th of February, 2017
Rajasthan has become the second state in the country after Maharashtra to prohibit all stadiums, restaurants, airports and cinema halls from charging any price more than the printed Minimum Support Price (MRP) for packaged food items such as drinking water bottles, wafer and biscuit packets and also levying dual MRP for the same item.In an order issued earlier this month, the state government has directed all district commissioners and local authorities to conduct raids and take all possible action as per the law to stop the practice of dual or extra MRP for packaged food items charged in many cinema halls and multiplexes.The move comes after the Centre in a letter issued in December 2016 had directed all state governments and union territories to stop the practice of dual MRP for the same commodity within the same city, district or state. The directive was issued after it got several complaints from consumer rights activities and others that many cinema halls, stadiums, multiplexes .. Posted: Fri 24th of February, 2017
He said, advantage of UBI is interesting way of overcoming problem of governmental targeted spending Posted: Fri 24th of February, 2017
The Information and Broadcasting Ministry will not press for Department of Space (DoS) clearance for applications of TV channels to uplink from approved teleports. The move comes in the backdrop of an earlier decision of the ministry, as per which it had simplified Annual Renewal process for existing TV channels as part of ease of doing business. According to an I&B ministry order, applications requiring permission for uplinking or downlinking of private satellites TV channels, teleports, news agencies and others are processed as per policy guidelines. The guidelines say that on the basis of information furnished in the application form, if the applicant is found eligible, the from will be sent for security clearance to the Ministry of Home Affairs and for clearance of satellite use to the Department of Space, wherever required. It has been decided that from now on DoS clearance will not be required for TV channel applications proposing to uplink from teleports which are ... Posted: Fri 24th of February, 2017
The tax department has reiterated that the POEM rules that require foreign firms to pay taxes in India if the effective control is within the country will not apply to companies with a turnover of Rs 50 crore or less in a financial year.Last month, the tax department had come out with the long-awaited Place of Effective Management (POEM) rules that will require foreign companies in India and Indian firms with overseas subsidiaries to pay local taxes if their businesses were effectivcely controlled by Indians. That time, the rules did not set a threshold over which the rules will apply. However, accompanied press release did state that the rules will not apply to companies with turnover up to Rs 50 crore in a year. That gave rise to a confusion whether the threshold will indeed by adhered to.In a clarificatory circular, the Central Board of Direct Taxes (CBDT) said the provision "shall not apply to a company having turnover or gross receipts of Rs 50 crore or less in a financial ... Posted: Fri 24th of February, 2017
IMF in its report urged the Indian Government to continue to enhance the supply of new banknotes Posted: Fri 24th of February, 2017
Bids received is extremely lower than current average Feed-in-tariff of Rs 5 per unit in wind sector Posted: Fri 24th of February, 2017
CEO Winters says bank planning in case 'things get very messy' Posted: Sat 25th of February, 2017
Banks including JPMorgan Chase & Co and Goldman Sachs Group have disclosed similar investigations Posted: Sat 25th of February, 2017
Fitch said that similar mechanisms have been used to help clean up banking systems in the US Posted: Fri 24th of February, 2017
Kunnambath would report to Alex Wade, Head of Developed and Emerging Asia Posted: Fri 24th of February, 2017
Weak Q3 performance triggers rating review Posted: Fri 24th of February, 2017
It had impairment losses on loans and other credit-risk provisions of Rs 6,251.52 cr in 2015 Posted: Fri 24th of February, 2017
In the previous week, the reserves had fallen by $360.9 million to $362.78 billion Posted: Fri 24th of February, 2017
Post note ban, unaccounted cash can be deposited under PMGKY in banks till March 31 Posted: Fri 24th of February, 2017
LinTeractive has been entrusted the task to create a digital engagement for HDFC Ergo Posted: Fri 24th of February, 2017
In 2008, AIG nearly got collapsed and get $182 billion bailout by the US government Posted: Fri 24th of February, 2017
Board has given approval for the sale of 13.45 per cent stake in the mortgage firm Posted: Thu 23rd of February, 2017
Gains were on the back of fresh dollar selling by banks and exporters Posted: Thu 23rd of February, 2017
SBI is expected to become a lender of global proportions with an asset base of over $555 billion Posted: Thu 23rd of February, 2017
APB had already opened 2.5 lakh banking points across the country Posted: Thu 23rd of February, 2017
Before the acquisition, the bank held 79,61,535 shares or 0.13% of equity in the company Posted: Thu 23rd of February, 2017
Implement the existing one properly to clean up the mess Posted: Wed 22nd of February, 2017
Parliamentary panel to visit Chennai Feb 27 and Kolkata March 1 to discuss bank NPAs Posted: Wed 22nd of February, 2017
From next year growth could move up faster if demand comes back faster post-remonetisation Posted: Wed 22nd of February, 2017
Process has been initiated to bring payments by digitising transactions of Svatantra Microfinance Posted: Wed 22nd of February, 2017
The non-performing assets (NPAs) of banks in Odisha is recorded at 11.95 per cent as on December 31, 2016 with maximum slippages noted in the loans advanced to the agriculture and education sectors.Though bad loans crisis is a nationwide phenomenon, the gross NPAs of banks operating in Odisha at 11.95 per cent is higher than the pan-India average of 9.3 per cent (as on December 2016) of both the public and private sector banks.In Odisha, out of the total outstanding advances of Rs 105109.84 crores to priority and non-priority sectors, the NPA stood at Rs 12557.10 crore for the quarter ended December 31, 2016.A loan or advance for which the principal or interest payment remained overdue for a period of 90 days is classified an NPA.The NPA rate in the state is the highest in case of agriculture term loans and it is pegged at 17.83 per cent. For the overall agriculture sector, the rate stood at a whopping 13.48 per cent.The rate for MSMEs is 12.87 per cent while it is 14.45 per cent and . Posted: Wed 22nd of February, 2017