Sebi tightens loan default disclosure norms for listed companies
Markets regulator Sebi on Wednesday approved stricter disclosure norms for listed companies on loan defaults and revised its regulations for portfolio managers as well as for rights issue of shares. It also extended the Business Responsibility Report requirement to top 1,000 companies, from 500 earlier.
India considers incentives for Tesla, 324 others to set up shop in country
India is planning to offer 324 companies including Tesla Inc and GlaxoSmithKline Plc incentives to set up factories in the South Asian nation in a bid to capitaliSe from the trade war between China and the US. The government proposes to provide the manufacturers land to set up a factory along with power, water and road access. Other companies that officials will reach out to include Eli Lilly & Co., South Korea’s Hanwha Chemical Corp., and Taiwan’s Hon Hai Precision Industry Co.
RIL crosses Rs 1,500; up 35% in 2019. Charts show Rs 1,760 is in the offing
Reliance Industries (RIL) has been one of the better performing stocks in calendar year 2019 (CY19) with a rise of around 35 per cent on a year-to-date basis. In comparison, the frontline Nifty50 index has gained 10 per cent rise during this period. The recent up move has been triggered by Reliance Jio’s (RJio) plans of raising tariff, following a similar move by other incumbents – Bharti Airtel and Vodafone Idea. All three, however, have not indicated the quantum of hike. The stock has conquered Rs 1,500 level, which was an immediate resistance on a closing basis. On the daily chart, a jump of 10-15 per cent can be seen.
Yes Bank founder Rana Kapoor is virtually out of Yes Bank now, holding just 900 shares worth less than Rs 60,000. Kapoor, with his brother in law Ashok Kapur and others, set up Yes Bank in 2003, holding 26 per cent in the bank. Now his stake is close to zero percent after holding company Yes Capital (India) Pvt Ltd sold 2.04 crore shares worth Rs 142.75 crore. He had compared Yes Bank shares with diamonds in September last year.
Not bottomed out yet? India may grow at less than 5% in FY20, say forecasts
India’s economic growth probably hit a new low last quarter, with early forecasts showing expansion below 5%. Economists at State Bank of India, Nomura Holdings Inc and Capital Economics Ltd lowered their growth forecasts for the quarter ended September to between 4.2% to 4.7%. The government is scheduled to publish the data on Nov 29. Growth of 4.2% would be the lowest since authorities adopted a new base year for gross domestic product data in 2012. The economy expanded 5% in the three months through June.
PSBs have reported Rs 95,700-crore frauds in first 6 months of FY20: FM
Public sector banks (PSBs) reported frauds of over Rs 95,700 crore in the first six months of the current financial year, Parliament was informed on Tuesday. Finance Minister Nirmala Sitharaman said that according to the Reserve Bank of India (RBI), PSBs reported 5,743 incidents of fraud involving a total amount of Rs 95,760.49 crore from April 1 to September 30 (based on the date of reporting). She said based on the date of occurrence of frauds, during the same period, the number of frauds was 1,007, involving a total amount of Rs 2,509.86 crore.
RBI discovers more than $450 million in extra bad loans at Yes Bank
RBI has unearthed more than $450 million in extra bad loans at Yes Bank, the lender that is contending with a shadow-banking crisis and concerns over soured debt and capital. Gross non-performing assets assessed by the Reserve Bank of India were 32.77 billion rupees ($457 million) higher than Yes Bank had disclosed as of March 31, the Mumbai-based lender said Tuesday. The bank has already classified 12.59 billion rupees of the divergence as bad loans as on Sept. 30, it said.
Microsoft CEO Nadella tops Fortune's Businessperson of the Year 2019 list
Microsoft's India-born CEO Satya Nadella has occupied the top spot in Fortune's Businessperson of the Year 2019 list, an annual compilation that also includes Mastercard CEO Ajay Banga and Arista head Jayshree Ullal. Fortune's annual Businessperson of the Year list features 20 business leaders "who tackled audacious goals, overcame impossible odds, found creative solutions". The list is topped by Nadella, who has been at the helm of the technology giant since 2014.
Sun TV expects OTT 20 million subscribers by year end as ad revenue dips
Sun TV Network expects to get 20 million subscribers for its over-the-top (OTT) platform Sun NXT by year-end, helping revenues as it bolsters its app and signs agreements with an OTT player and a telecom company to expand reach. The company’s management, in a recent conference call with analysts, said they expect slow advertisement revenue this fiscal because of low market sentiment.
Working on resolution plan, have submitted restructuring proposal: Suzlon
Wind-turbine maker Suzlon Energy today said the company is working on a resolution plan and lenders have time till January next year to work on a sustainable resolution plan before taking any extreme steps. "The company is continuously working on a resolution plan with the lenders and has also submitted a restructuring plan, which envisages segregating total debt into sustainable debt and unsustainable debt," Suzlon Energy said in a filing to BSE.