NATIONAL BANK FOR FINANCING INFRASTRUCTURE
Budget 2024: Govt may tweak laws to push banking sector reforms in Budget session
The govt plans to introduce amendments to various banking laws during the Budget session to facilitate banking sector reforms, including privatisation of public sector banks. These amendments aim to decrease government holding in state-owned banks, enhance governance, and protect investors. The upcoming session, starting on July 22, will address these crucial changes.
Govt should continue their medium-term focus on infrastructure, public capex: Surendra Goyal
But overall, we think that they are in a fairly comfortable position and the medium-term focus on infrastructure, public capex, etc, that should continue.
Explainer: Vijay Kedia stock, Adani Power among over 1,000 other scrips knocked out of acceptable NSE collateral list. What it means
The NSE has revised criteria for securities used as collateral in margin trading. 1,010 stocks, including Adani Power and Yes Bank, will be impacted. New rules require securities to meet specific criteria. Changes to take effect from August 1, 2024.
Over 1,000 stocks won’t be accepted as collateral from Aug 1; Adani Power, Yes Bank on the list
National Stock Exchange updates collateral criteria, leading to exclusion of stocks like Adani Power and Yes Bank. Over 1,000 securities affected. Changes in effect from August 1. Investors advised to review their portfolios.
Amtek Case: SC junks Arvind Dham's plea against personal insolvency proceedings
The Supreme Court has dismissed Arvind Dham's appeal against the initiation of personal insolvency proceedings, upholding the National Company Law Tribunal's decision. The proceedings were initiated by the State Bank of India due to Dham's default on debts totaling Rs 177.89 crore. Dham had argued that SBI's petition violated the interim moratorium under Section 96 of the Insolvency and Bankruptcy Code, but the court ruled against his appeal, affirming the legality of the insolvency process initiated against him.
Maharashtra govt set to clear Reliance Infrastructure arm's Rs 1,700 cr metro debt
The Eknath Shinde government appears to have abandoned its plans to acquire Metro 1. Instead, the state cabinet has directed the MMRDA's executive committee to explore settling Mumbai Metro One Pvt Ltd's (MMOPL) Rs 1,700 crore debt with its creditors through a one-time settlement. Metro 1, Mumbai's oldest corridor serving 4.6 lakh daily passengers, operates under a public-private partnership by the Reliance Infrastructure-promoted MMOPL, with MMRDA holding a 26% stake and R-Infra holding 74%.
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New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
Kapil Wadhawan moves NCLAT to challenge insolvency proceedings against him
Erstwhile Dewan Housing Finance promoter Kapil Wadhawan challenged NCLT order for personal insolvency proceedings, moved NCLAT. NCLT's Mumbai bench had directed the initiation of proceedings over Union Bank plea. NCLAT adjourned the hearing to July 18 and appointed Devendra Mehta as resolution professional. Wadhawan, guarantor of DHFL loans, faced insolvency proceedings in November 2019. DHFL acquired by Piramal Capital for Rs 34,250 crore, creditors recover Rs 38,000 crore.
Cannot avoid market momentum but be a little more selective: Mayuresh Joshi
The entire ecosystem will see accelerated investments and the government push through regarding the capex needs. Also, railways as a theme, defence as a theme, and shipbuilders as a theme will continue. Execution is going to be extremely important out here, says Mayuresh Joshi. He further says the earnings story and earnings growth should continue to remain strong in select domestic-focused sectors
MMRDA inks Rs 850-crore urban infra financing pact with German development bank KfW
The funds procured from KfW and MMRDA's resources will be primarily allocated towards various sustainable development projects within and around the Mumbai Metropolitan Region. These initiatives include the development of green corridors, solid waste management systems, recycling and reuse facilities, and the promotion of renewable energy solutions to address environmental concerns and enhancing the quality of life for residents in the bustling metropolitan area.
Stocks in news: HCL Tech, Polycab, SAMHI Hotels, Archean Chemical, Ambuja Cement
Sagar Cements re-appointed S Anand Reddy as Managing Director and S Sreekanth Reddy as Joint Managing Director of the company for a period of three 3 years.
Tata Group is India’s most valuable brand: Report
Tata Group has maintained its position as India’s most valuable brand with a brand value of $28.6 billion, according to the latest Brand Finance India 100 2024 report. The group's Taj hotel brand also secured the top spot as India’s strongest brand. Infosys follows as the second-most valuable brand with a brand value of $14.2 billion, showing a steady 9% growth. HDFC Group surged to the third spot with a brand value of $10.4 billion following its merger with HDFC Ltd.
ITC, Bharti Airtel’s weight may go up in Nifty rejig. $95 million passive inflows expected
ITC and Bharti Airtel’s weights in Nifty is expected to go up in the quarterly rejig which gets into effect on Thursday, triggering combined inflows of $95 million according to estimates by Nuvama.
15 rural theme stock ideas with upside potential of over 18%
For the first time in five quarters, rural demand has outpaced urban demand. Rural volume growth was 7.6% in Q1CY24 vs 5.7% urban volume growth in the same quarter reflecting the evolving rural market dynamics. Domestic brokerage firm, Way2Wealth believes that the expectation of better monsoon and rural policy push by the government can lead to sustainable growth in the coming quarters, thus driving rural demand and economy. Recognizing the significance of the rural market, which still accounts for 65% of the country’s population, Way2Wealth listed 15 picks involved in the rural sector:
SBI plans to raise Rs 20,000 cr via long-term bonds in FY25
SBI to raise ₹20,000 crore long-term bonds this fiscal via public or private placement.
Chris Wood of Jefferies picks GMR Airports, trims stake in 3 bank stocks
Jefferies' Global Head of Equity Strategy Chris Wood has added GMR Airports Infrastructure to India portfolio and reduced stakes in ICICI Bank, HDFC Bank, and Axis Bank.
Blanket 5% infra provisions to hurt both lenders and project viability: Banks to RBI
Bankers have said the norms be subsumed within new provisioning rules that will require lenders to pre-empt assessment on potential losses. “RBI is also in the process of finalising the expected credit loss (ECL) based provisioning guidelines,” said a senior bank executive. "So, there is a suggestion that these infrastructure norms be subsumed into those.”
FIDC urges RBI to relax draft guidelines on infrastructure provisioning
The Finance Industry Development Council (FIDC) has urged the Reserve Bank of India (RBI) to reconsider and clarify certain proposals in its recent draft circular on infrastructure provisioning, arguing for more flexibility to support the infrastructure sector, specifically addressing concerns regarding standard asset provisions during the construction phase and minimum financing limits.
Economists expect big-bang reforms to continue under Modi 3.0
Modi is set to be sworn in for third term as India's Prime Minister in coalition government with key partners Telugu Desam Party and Janata Dal (United). Economists anticipate focus on economic reforms to achieve goal of Vikshit Bharat by 2047. Budget to prioritize infrastructure, manufacturing, and welfare schemes amid global economic challenges.
Banks, infra stocks to lead Indian shares higher as vote count set to begin
Indian markets surge as exit polls predict a strong majority for the Bharatiya Janata Party-led National Democratic Alliance. Public sector enterprises, state-run banks, and infrastructure stocks record gains, with analysts projecting sustained rally and double-digit returns in equities.
SC dismisses Adisri Commercial's appeal against insolvency proceedings on SREI Firms
The Supreme Court dismissed Adisri Commercial's appeal against the admission of insolvency proceedings against SREI Infrastructure Finance (SIFL) and SREI Equipment Finance (SEFL), imposing a cost of Rs one lakh for filing a frivolous petition. Upholding the National Company Law Appellate Tribunal's (NCLAT) decision, the court rejected Adisri Commercial's petition seeking to quash the Corporate Insolvency Resolution Process (CIRP) initiated against the two SREI companies
Punjab National Bank, IIFCL sign pact for financing infra projects
PNB and IIFCL signed an agreement to offer financial assistance for infrastructure projects, aiming for consortium lending. The MoU signing involved Atul Kumar Goel and Padmanabhan Raja Jaishankar.
Now, a 'Bank Clinic' to guide you on complaints
The Bank Clinic is an initiative by the All India Bank Employees' Association (AIBEA) to help customers address their grievances amid rapid expansion in technology and a series of Reserve Bank of India (RBI) guidelines on retail banking. A customer can fill out the details of her/his complaint, create a ticket, and receive a reply in five working days on the remedies available and information on what the RBI guidelines prescribe on that matter.
NARCL board recommends P Santhosh as MD & CEO
The board of NARCL recommends P Santhosh as the MD and CEO, succeeding N Sundar. Santhosh, a former Canara Bank CGM, has been the interim CEO since January. Several SBI officials were in the running for the position.
PSBs seek changes to rules for Infra loans, may approach govt
State-owned lenders plan to approach the government seeking changes to terms governing performance bank guarantees (PBGs), timely compensation from concessioning authorities, and greater immunity for board members sanctioning funds for infrastructure projects as they firm up their response to Reserve Bank of India (RBI) draft rules on project financing that call for higher provisioning.
NCLT admits Srei's insolvency plea against Supreme Infrastructure BOT
The National Company Law Tribunal (NCLT) has accepted Srei Infrastructure Finance's request to commence a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT due to its failure to repay a loan. Srei Infrastructure Finance had provided a term loan of Rs 150 crore to Supreme Infrastructure BOT for a duration of five years, earmarked for infrastructure projects.
Road Ministry against hike in project lending rates, bats for status quo
"RBI, as a regulator, will have to create that balance to ensure financial viability of road projects does not take a hit," an official said. The central bank earlier this month proposed tighter norms, requiring lenders to allocate 5% of the project loan amount as general provisions during the construction phase, up from 0.4% provisions now.
NHAI receives 164 insurance surety bonds as guarantee for road projects
In a workshop organized on Wednesday on the implementation of insurance surety bonds (ISB) for NHAI contracts, NHAI said out of the 164 ISBs received, 20 bonds are for performance security and 144 bonds are for bid security. It is estimated that around 700 insurance surety bonds valued at around Rs 3,000 crore have been issued by different insurance companies so far.
What's the new RBI proposal giving cold sweats to lenders?
The Reserve Bank of India (RBI) has proposed stringent new rules for project finance, aiming to minimize risks associated with long-gestation infrastructure projects. These regulations include higher provisioning during construction phases and classification of delayed projects as non-performing assets. However, banks and NBFCs fear these rules may hinder project viability and impede India's capital expenditure momentum.
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