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il&fs liquidity crisis: lenders yet to take stock of situation

despite crisis coming to a head at the il&fs group, lenders are yet to meet collectively to take stock of the situation and take steps to limit the damage. central bank of india is the lead banker to infrastructure leasing & financial services (il&fs) ltd, the holding company of the il&fs group. the gross debt of il&fs ltd stood at rs 910 billion. il&fs on september 10 defaulted on a repayment of rs 1 billion to small industries development bank of india (sidbi, not rated). this came after a series of defaults starting on august 28, when il&fs financial services, one of its main subsidiaries, delayed meeting some commercial paper obligations. a senior executive (corporate banking) of a private bank said each lender was r...




iit madras, ongc sign agreement to boost operational lifecycle of platforms

indian institute of technology madras (iit-m) has announced a collaboration with oil and natural gas corporation limited (ongc) to enhance the operational life cycle of the latter's existing platforms and reduce running and operating cost by optimum use of offshore survey requirements.iit-m is going to develop a database management system for all the more than 280 platforms of ongc and develop software for structural integrity management system (sims) as well. industrial consultancy and sponsored research, iit madras, and institute of engineering and ocean technology (ieot), ongc, signed the agreement for the collaborative r&d project titled 'development of structural integrity management system (sims) for offshore platforms of o...




sebi announces changes to the composition of credit rating agencies

sebi on wednesday announced changes to the composition of rating committees at credit rating agencies (cras). going ahead, if an issuer requests for a review of the ratings provided to their instrument, the majority...




strong volume growth for asian paints in fy19 on improved rural demand

after single-digit volume growth in fy18, asian paints is expected to see an improvement in volume trajectory in the current fiscal year. the firm, which had been posting upwards of 10 per cent growth in the last two quarters, is expected to end fy19 with 13-14 per cent growth. this is on the ba...




under bond market pressure, psbs stare at rs 75-90 bn mtm loss this quarter

already weighed down by a pile-up of bad loans, bond market pressure is making the situation worse for public sector banks (psbs). these institutions are the biggest investors in government bonds (g-secs). under reserve bank of india (rbi) guidelines, banks need to allocate a portion of...




life healthcare to sell entire 49.7% stake in max healthcare for $293 mn

south african private hospital group life healthcare said on wednesday it will sell its entire 49.7 percent stake in india’s max healthcare to a global investment firm for 4.3 billion rand ($293 million), in order to focus on its operations elsewhere. “the company will initially use the net disposal proceeds to settle debt as well as to invest in growth opportunities in its core markets,” the group said in a st...




sbi in international bond market to raise nearly $500 mn in green bonds

the nation's largest lender state bank of india wednesday raised the first tranche of usd 650 million through a maiden green bond offering, which is part of its planned usd 3 billion in such funds for onward lending to green projects. the five-year dollar money is priced at the us treasury plus 165 basis points, while from for an british investor the coupon will be 3 libor plus 151 bps. "sbi has successfully priced our maiden green bonds, a five-year money for usd 650 million at t+ 165 bps, corresponding to 3l + 151 bps approximately," a merchant banking source official said. the money is raised through the bank's london branch, the source added. with this issue sbi will become compliant with the global standards as prescri...




samara-amazon bags aditya birla group's retail chain more for rs 42 bn

almost 11 years after setting up the food and grocery retail business, aditya birla group on wednesday signed a deal to sell aditya birla retail (abrl) to home-grown private equity fund samara capital and global e-commerce giant amazon. the group did not disclose the value of the deal, but sources said it was around rs 42 billion. the buyers, they said, would take rs 40 billion debt in abrl, which runs stores under the ‘more’ brand. the birlas are likely to end up with losses amounting to rs 70 billion in the venture, given that they had invested rs 110 billion of personal capital, by way of both equity and debt of abrl, said sources. abrl took more than rs 10 billion of debt from various unlisted group companies. the debt...




amazon runs into copyright issues over its flagship campaign 'apni dukaan'

amazon india’s flagship campaign ‘apni dukaan’, to connect with customers in the remotest parts of the country, could run into copyright issues. pune-based businessman ravi jain, who registered apnidukaan.com as a domain name back in 2007, wants amazon to stop using the campaign. the owners of apnidukaan.com, a platform to sell kitchen appliances, electronics and furniture, are in the process of asking amazon, which entered india in 2013, to remove all references to ‘apni dukaan’ from its advertisements and marketing campaigns as they own the intellectual property rights of the brand. “our firm and amazon have no connection. as we own the trademark of apni dukaan, we are going to request amazon to remove reference...




india banks to plan resolving $19 bn power sector debt on thursday

lenders to india’s power industry are scheduled to meet thursday to discuss ways to resolve 1.4 trillion rupees ($19.2 billion) of stressed assets that’s hobbling the sector, people with knowledge of the matter said. the meeting will be hosted in new delhi by power finance corp., a state-owned firm that lends to the country’s electricity generators, according to the people, who asked not to be identified because the details aren’t public. representatives from the finance and power ministries, and rural electrification corp. are also expected to participate, one of the people said. the meeting follows a september 11 order by india’s top court to temporarily halt a move to begin bankruptcy proceedings against delinquen...




news digest: samara-amazon bags more, yes bank md's tenure, and more

samara-amazon bags more for rs 42 billion almost 11 years after setting up the food and grocery retail business, aditya birla group on wednesday signed a deal to sell aditya birla retail (abrl) to home-grown private equity fund samara capital and global e-commerce giant amazon.read moreamazon in a spot over ‘apni dukaan’ tagline amazon india’s flagship campaign ‘apni dukaan’, to connect with customers in the remotest parts of the country, could run into copyright issues. read morerana kapoor can stay as md till jan 31: rbiyes bank managing director (md) and chief executive officer (ceo) rana kapoor will have to step down fr...




watchdog comes to homebuyers' rescue, asks builder to pass on gst benefits

the national anti-profiteering authority (naa) has come to the aid of homebuyers by concluding that a builder of affordable houses has profiteered by not passing the benefits of input tax credit to the buyers. it has asked officials to ensure that the profiteered amount is passed on to the buyers. “this is the first case where the authority has found evidence of profiteering in terms of input tax credit. all other orders relate to tax cuts,” said harpreet singh, partner kpmg. a total of 109 homebuyers had filed an application against a builder before the haryana state screening committee for not passing input tax credit of the gst paid on construction services. they had booked flats under the haryana affordable housing pol...




cheer for mf investors | business standard editorials

the securities and exchange board of india (sebi) has been quite vocal about its concerns over the total expense ratio (ter) of mutual funds. on monday, the markets regulator walked the talk by reducing the ter, which is a percentage of a scheme's corpus that a mutual fund house charges towards e...




two years of ibc: resolution for just 34 defaulters out of 91 cases

over 977 companies have been admitted under the corporate insolvency and resolution process (cirp) since the implementation of the insolvency and bankruptcy code (ibc) in 2016. during the april-june quarter 244 corporate defaulters were freshly admitted under the cirp and around 716 corporate defaulters are still undergoing the process as of date. about 91 of the ibc cases filed against corporate debtors were closed upon ‘appeal and review’ and only 34 cases have seen successful resolutions as of the end of june under the cirp, according to data from the insolvency bankruptcy board of india (ibbi). during the january to march quarter, only 22 cases had yielded a resolution under the cirp and between april and june resoluti...




yogi's wrong call | business standard editorials

uttar pradesh chief minister yogi adityanath has a history of making puzzling statements. but even by those standards, his recent remarks on sugar production in up stand out. mr adityanath exhorted farmers in his state to grow less sugarcane since too much sugar caused diabetes. this has confound...




mahindra logistics to add 500,000 sq feet warehousing space by end of fy19

mahindra logistics, part of mahindra group, is planning to add around 500,000 square feet of warehousing space by the end of the current financial year as part of its expansion in the country. further, the company would look at investing in start-ups in the technology and analytics space in order to support its growth, said mahindra logistics ltd ceo pirojshaw sarkari. the plans include expansion in south india, including in cities like chennai, adding two more warehouses to the existing three -- focusing on the automotive and manufacturing sectors. in chennai, it will add 200,000 square feet before the end of the current financial year. "bengaluru and hyderabad are the two other areas where we will be setting up our warehouse...




ahead of poll season, mohan bhagwat presents moderate face of rss

rashtriya swayamsevak sangh (rss) chief mohan bhagwat on wednesday called for a law or a policy on population control and early construction of a “grand” ram temple in ayodhya. he indicated his support if the government were to bring an ordinance on the temple issue, provided such an ordinance could stand the test of legal scrutiny. bhagwat took up several questions on the last day of the three-day outreach conclave of the sangh. months away from crucial elections to five states and subsequently the lok sabha polls, he presented the moderate face of the rss -- as an organisation devoted to social work and building a strong nation - which believes in the constitution of india. the session was also marked by an outreach to the d...




borrowing our way into trouble

the deteriorating trend of the current account deficit has been known for some time. but the government reacted only when the fall in the rupee value hit the headlines, possibly because it was concerned about the political fallout in an election year and had to be seen to be doing something. last...




the unstoppable ceo gravy train

infrastructure leasing and finance services (il&fs) appears to be overtaking fortis healthcare and icici bank in the bad governance stakes. in all three cases, commentators have pointed to the board’s dereliction of fiduciary duty. but the impending implosion at il&fs also underlined a more d...




the marketing of coal india

when coal turned gold the making of a maharatna company partha sarathi bhattacharyya penguin random house 180 pages; rs 699 railway minister piyush goyal announced recently that the indian railways would run entirely on electricity by 2022. most of that electricity will be generated t...