DELAYED RECOVERY
Xi says China planning 'major' reforms ahead of key political meeting
Chinese President Xi Jinping said Friday the ruling Communist Party was planning and implementing "major" reforms, ahead of a closely watched political conclave that is expected to put economic recovery high on the agenda. Xi said in a speech on Friday policymakers "are planning and implementing major measures to further deepen reform in a comprehensive manner".
Oil prices steady as markets weigh supply tensions, China economic recovery
Oil prices remained steady on Tuesday, balancing concerns over China's economic recovery, tensions in the Middle East, and Ukrainian attacks on Russian refineries.
Lenders made better recovery in large IBC cases: Official data
Lenders recovered 33.2% of claims from large stressed firms under the Insolvency and Bankruptcy Code. Factors such as realisable asset values, liquidation processes, and the rescue of bankrupt firms influence recovery rates.
Modi-led NDA govt must tackle unemployment problem, especially in unorganised sector: Rajiv Kumar
Former NITI Aayog Vice Chairman Rajiv Kumar emphasized that the Modi government's third term must address unemployment, particularly in the unorganized sector and SMEs. He highlighted the need to finalize the delayed four labor codes and recognized the K-shaped economic recovery post-COVID. Large corporations and highly skilled individuals have prospered, while lower-end workers and SMEs struggle.
IBBI issues new guidelines to streamline process of appointing IPs as resolution professionals
The Insolvency and Bankruptcy Board of India (IBBI) issues new guidelines to streamline the appointment of insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees, effective from July 1, 2024.
Jaypee creditors pick IBC over NARCL's Rs 10,000 crore offer
Lenders plan insolvency route for debt-laden Jaypee, delaying debt sale to NARCL. Jaypee owes Rs 30,000 crore to 32 creditors, including ICICI Bank, and was admitted to NCLT recently after a six-year delay.
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Sinking profits bring reality check to AI-driven rally in emerging market stocks
Unilever Plc’s Indian unit reported a 5.5% drop in net income for the first quarter, missing analyst estimates. Behind the decline was sluggish rural demand combined with high net-worth urban consumers pivoting to other brands. Similar trends can be seen elsewhere, with Chilean retailer Cencosud SA, restaurant chain operator Yum China Holdings Inc. and Swiss-South African jeweler Compagnie Financiere Richemont SA all delivering weaker-than-expected results.
Timely rescue of firms pushes IBC recovery to 49%
Creditors in India have been able to recover nearly half of their claims under the Insolvency and Bankruptcy Code (IBC) when the resolution is completed within the 330-day deadline. However, delays have lowered the proportion of money recovered. The IBC was introduced eight years ago and has been the most challenging to address due to litigation-related holdups. Experts have called for amendments to the IBC to address this issue.
Capital goods train delay hits India Inc's capex plans as manufacturers in China & Southeast Asia embark on their own expansion plans
Geopolitical tensions and the Red Sea crisis have increased delivery times for machinery, affecting production lines and capital goods planning for Indian companies like Amber Group and Havells India.
Faced with RBI audit, IIFL Finance delays Board meet for earnings release
IIFL Finance extends announcement of quarterly earnings beyond May 30 due to RBI audit, anticipates releasing results by June 30.
IBC recoveries down even as resolutions soar in FY24
The recovery from defaulters under the Insolvency and Bankruptcy Code (IBC) in India decreased in 2023-24 despite 42% more cases being resolved. The realisation for creditors from the resolution of stressed companies decreased to ₹47,653 crore from ₹55,449 crore in 2022-23. Long delays in resolution led to larger haircuts for lenders.
Consumption demand remained subdued in Q4, rural India recovered after several quarters: ITC
FMCG major ITC notes subdued Q4 consumption but rural demand recovery. Q4 profit below estimates at Rs 5,190 crore; revenue up 2% to Rs 19,446.5 crore. Cigarette revenue rises 7.7%, FMCG (excluding cigarettes) up 7.2%, impacted by low priced Chinese supplies and trade restrictions on agri commodities affecting agri business segment.
Transition to new crew scheduling app hits Air India Express flights
Air India Express faced a 15-hour delay when a pilot discovered he was trained on a different aircraft than the one assigned for his flight from Riyadh to Kochi. This incident adds to the challenges the airline is facing, including disruptions due to cabin crew sick leave and issues with a new scheduling software. About 50 out of 300 daily flights have been affected, prompting manual rostering efforts and assistance from Tata Group carriers.
Non-recovery of cash can't be proof there wasn't corruption, says HC while denying bail to Manish Sisodia
Justice Swarana Kanta Sharma dismissed the bail pleas filed by the former Delhi deputy chief minister in the corruption and money laundering cases lodged by the CBI and ED, respectively, in connection with the alleged liquor scam.
RBI may delay plan to ease interest rates
The RBI has raised the benchmark policy rates by 250 basis points (one bps is 0.01 percentage point) since May 2022 as inflation surged way beyond the central bank's 4% target. But inflation is slowly aligning with the target, although concerns remain over the trajectory for food inflation.
Companies knowingly violated FAME subsidy scheme, finds panel
The report, submitted by the panel earlier this month, counters findings of an earlier probe by a joint secretary in the Ministry of Heavy Industries (MHI) that said some key terms in the FAME were not clearly defined.
Which companies can benefit from US-China spat? Rohan Gupta answers
Rohan Gupta from Nuvama Institutional Equities discusses the recovery in the agrochemical sector, specialty chemical players' performance, and the impact of the China factor on the market. Gupta says that the companies which are completely dependent on agrochemicals globally, may still see some weakness, like UPL or even Anupam Rasayan.
Short-term volatility? Yes, but operating landscape might be changing: 5 metal stocks with upside potential of up to 20%
After the IT sector companies, metal is another sector where the fortunes of Indian companies are more tied to what is happening globally rather than what is happening in India. The reason, global metal prices are decided by two things, first is the state of the Chinese economy and second is how the US dollar behaves in the global markets. On the first, there are initial indications that after close to more than two years, things are turning better. The most reliable indication came last month with better than expected GDP numbers. On the second front, there is still lots of uncertainty thanks to flip-flops by the US Fed on interest rate cuts. Now if one looks at the metal stocks, they have sort of out performed volatile Indian markets. But given the fact that these days, too much money flows into stocks where there is even a slight bit of positive development, the possibility that these stocks may turn volatile if there was more pressure on the broader market. However, when the tide turns, because the operating matrix of the companies would be better if the China recovery continues, there is a high probability of them turning into relative outperformers.
IOB puts 92 bad loans worth Rs 13,000 crore on the block
The sale is the Chennai-based bank's attempt to explore other avenues for recovery when cases in the National Company Law Tribunal (NCLT) are delayed beyond any timeline, IOB executive director Joydeep Dutta Roy said.
PSBs told to speed up recovery at tribunals
As per latest data from the finance ministry, around 215,000 cases are pending before DRTs till January 2024, of which 162,000 are original applications (OAs) filed under Section 19 of Recovery of Debts and Bankruptcy Act (RDB Act), 1993. RBI data showed in FY23, around 58,000 cases with amounts totalling about ₹4.02 lakh crore were referred to DRTs.
Boeing's lower MAX production will slow planemaker's recovery, CEO says
Boeing CEO Calhoun emphasizes safety and quality over financials amid 737 MAX production challenges, delays in meeting cash flow goals, and 787 delivery issues due to supplier shortages, while facing pressure from regulators.
Twin tailwinds: Banning of Russian metal and Chinese revival, 5 metal stocks with an upside potential of up to 23%
It is not easy to quantify how much impact it will have in the short term, but the fact that the two of the world largest commodity exchanges, London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) have banned any metal of Russian origin produced after 13th April, have a higher probability of pushing up the metal prices higher after some time. Now this comes on the back of Chinese GDP numbers which were better than expected. If one looks at the trend in metal prices, they are incher higher. If the revival of the Chinese economy gets further momentum than probably two years old, the bearish phase of metal prices might be over. What does this mean for the Indian metal companies, probably another round of higher profits given the fact that their balance sheets are in much better shape as compared to 5 years back.
Slow recovery as Dubai airport, roads still plagued by floods
Dubai airport faces chaos with record rains causing 1,244 flight cancellations and 41 diversions. Severe traffic congestion and marooned travelers add to the disruption, with an elderly couple enduring a 14-hour flight delay.
Realtors' bank details set to be included in recovery warrants
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it compulsory for real estate developers to include their bank account details in recovery warrants sent to the revenue department. This move aims to streamline the compensation recovery process for homebuyers facing delays or discrepancies in property transactions. By disclosing developers' bank account information, MahaRERA aims to enhance accountability and ensure timely compensation for affected parties. The authority has recovered over ₹125 crore in the last 14 months and appointed a retired additional collector for compensation recovery.
How India's grand old party was left with bank accounts frozen
At a hurriedly convened press conference on February 16, Congress treasurer Ajay Maken said the tax department had frozen the party's main bank accounts on the "flimsy" ground of delay in filing returns years ago. He said the action had left the party with no money to meet daily expenses and was part of Modi govt's agenda to "kill democracy" and turn the country into a one-party state.
How the Bank of Japan's plan for a smooth stimulus exit stumbled
Inflation was slowing more than expected, complicating the central bank's plan to end negative interest rates by March or April and then follow quickly with further increases
Trying to hasten my recovery during WC led to prolonged rehab, admits Hardik Pandya
Hardik Pandya's rush to return during the latter stages of the ODI World Cup last year backfired as it worsened his ankle injury, leading to a five-month setback. The injury occurred when he twisted his ankle while fielding in India's match against Bangladesh on October 19 in Pune.
Consumer companies likely to see high single-digit pay hikes
Pay hikes in 2024 for consumer companies are expected to be in high single digits, slightly lower than last year. The slowdown in rural demand and competition from regional players have impacted the pay hikes. The projected salary increments for this sector will be in the range of 8.5-9.8%, stable compared to the last three years. Last year, pay hikes were better after two years of disruptions caused by the pandemic.
Consumer not the king: Why airlines have so many disgruntled passengers
A passenger assault on an IndiGo pilot during a flight delay caused by fog has added to incidents of the already frustrated Indian flyers. The incident highlights the ongoing challenges faced by the Indian aviation industry, including delays, cancellations, poor service, and harassment. The sector is dominated by a near-duopoly, with IndiGo and Tata-owned airlines controlling a significant market share. However, struggling smaller airlines may find respite as market conditions change. Despite these issues, the industry plans to add more aircraft in 2024, though a fare war is not expected due to the grounded planes.
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