Bad loans: Why NPA should now stand for No Procrastination Anymore

Bad loans: Why NPA should now stand for No Procrastination Anymore

Bad loans: Why NPA should now stand for No Procrastination Anymore

Indian State Bank reported a profit of Rs 2800 crore for the fourth quarter and Rs 10,484 crore for the full year. But what has gone unnoticed is that the management of all its subsidiaries (ie Bank of the State of Travancore, Mysore, Bikaner and Jaipur and Hyderabad), the bank recorded a loss of Rs 390 crore for the whole year .

Deducting the Bank’s new consolidated financial statements, it appears that subsidiaries have reported losses of around Rs 6,000 crore for the fourth quarter and almost Rs 11,000 crore for full fiscal year 2010.

This is a big drop in the kitchen that the bank has prepared the merger. It is only by participating in the profits of the associated companies that consolidate OSE 17 has closed the year with a profit of Rs 241 crore.

In other words, the powerful State Bank of India after consolidation will start its scholarship sleeves with ROE and ROA close to zero. It is an unpleasant thought for a government that is trying to consolidate its weakest banks.

The SBI is by far the best of its kind among banks in India. Investment bankers, industry captains and analysts recognize that OSE speakers are sometimes a bit higher than their private sector counterparts. And yet their combined benefit for last year is almost nothing.

The consolidated stock should reflect this weakness, even if the market in its myopia ignored the numbers Friday. If this is the state of the most powerful power supply group that already had synergies with all executives in the same group, one can imagine what the impact could be if weak banks are combined with one of PSA’s largest supply banks.

Seven banks – Dena Bank, Maharashtra Bank, Central Bank, IDBI Bank, Indian banks overseas, Oriental Bank and UCO Bank – posted losses in the fourth quarter. Their gross NPA (non-productive assets) are between 14% and 22%.

What are the options with regard to major banks not so weak that they can be buyers? Punjab National Bank, with a gross NPA of 12.5%; Union Bank with a gross ANP of 11.19% and Banco de Baroda with a gross ANP of 10.46%.

Obviously, none of these three big banks have the means to pay their siblings even weaker siblings. Consolidation, such as OSE absorption of their babies, is not an option considering the current state of the USP’s bank balance sheets.

The government and Reserve Bank of India have two difficult tasks. First, the government should simply spend more money, much more capital. Although this is going to continue a way to curb the growth of small banks, they should simply provide more capital for existing losses and APM.

Maybe you should consider merging the seven weaker banks into one bad bank that at least reduce the number of “yes” it takes to solve a bad loan.

That said, the core nuclear task of resolution is now in the hands of RBI. The central bank should simply accelerate its resolution plan as expected, either to adjust and combine different debt resolution systems or the creation of monitoring committees.

Delay is costly and inexcusable. During a CNBC-TV18 event on March 23, Finance Minister Arun Jaitley had promised a resolution plan in “hours.” However, the order authorizing the RBI took place only six weeks later, on May 5

The RBI was aware of the order and could have a great impact if it had prepared with its resolution plan the day the president signed the order.

Ford fires CEO Mark Fields as its shares hover at 52-week low: Reports

Ford fires CEO Mark Fields as its shares hover at 52-week low: Reports

Ford fires CEO Mark Fields as its shares hover at 52-week low: Reports

Ford Motor Co Executive Director (CEO) Mark Fields must leave the automaker as part of a reorganization that includes other changes in senior management as the company from which they fly close to a minimum of 52 weeks, reported several media outlets Communication on Monday.

Forbes and The New York Times reported James Hackett, head of the Ford unit working on autonomous vehicles, would take the reins. An ad could arrive as early as Monday.
Ford shares fell nearly 40 percent since Campos, 56, took over three years ago at the height of the recovery of the US auto industry. Now, car sales in the US Are falling and Ford’s profit margins are lagging behind those of rival General Motors Co.

Ford’s board of directors and president Bill Ford were unhappy with the company’s performance and tried to comfort it as investments in self-driving vehicles, electric vehicles and transportation services would pay.

Details of the new executive’s moves were not clear Monday. The Wall Street Journal said Sunday that the company was considering new allocations for some of the top field lieutenants.

“We remain focused on our value creation and profitable growth plan,” a Ford spokesman in Europe said in response to the reports. He declined to comment “on speculation or rumors.”

The Ford turmoil comes next, the three Detroit automakers are under pressure to prove they can avoid losses as the US auto market, the source of most of their profits declined after record sales the year past.

GM CEO Mary Barra, attacks destroyed Greenlight Capital’s hedge fund and its leader, David Einhorn, who wants to install three new directors of the plate manufacturers and split GM’s shares into two classes.

FiatChrysler Cars NV call charges by US authorities and California regulatory authorities that used software to copy in the greenhouse gas emissions reviews and CEO Sergio Marchionne has failed to find a merger partner for the company.


Suresh Prabhu inaugurates Wi-Fi facility at 28 railway stations

Suresh Prabhu inaugurates Wi-Fi facility at 28 railway stations

Suresh Prabhu inaugurates Wi-Fi facility at 28 railway stations

Railway Minister Suresh Prabhu has inaugurated an installation of 28 free wireless railway stations from Konkan.

It also inaugurated the equipment and the improvement of facilities of passengers in the stations Kudal and Chiplun.

Konkan Railway has partnered with broadband service provider and Internet Joister to provide a wireless system in their stations.

“We are launching installed at stations across the country as part of the digital India campaign a free Wi-Fi connection. Google CEO Sundar Pichai also shows interest in this project.

“We are committed to improving and enhancing passenger comfort through the Indian train and believing we would do it,” Prabhu said.

Nikunj Kampani, CMD Joister Infoserve, said: “Through our network, we now open 24/24 Wi-Fi with 2 Mbps and we cover the entrance of the station and its surroundings with unlimited data download.”

A statement issued by Konkan Railway said that, in order to access the free Wi-Fi connection, the user must open Joispot mobile and register using their name and unique telephone number and password (OTP) request.

“Unlimited free Wi-Fi installation will be provided at 28 Kolad stations at MADURE in the initial phase with a speed of 2 Mbps pairs. The system can provide access to approximately 300 users in the larger stations and approximately 100 users in smaller stations “The statement said.

“This facility will help travelers and tourists on the Konkan railway to access critical information and they could use their time productively while waiting for the trains at the stations,” he said.

Prabhu also opened equipment and passenger facilities at Kudal station, which includes the construction of the VIP room, the expansion of platform 1 and 2, among others.

Improvement of passenger facilities at the Chiplun station includes the renovation of the waiting room, an additional conventional 30-meter long shelter on platform 2, additional concrete benches on the platforms, 15 modular shelter on two platforms, one Additional bi-toilet unit on platform 2.

Market Live: Sensex, Nifty remain sluggish; pharma stocks continue to bleed

Market Live: Sensex, Nifty remain sluggish; pharma stocks continue to bleed

Market Live: Sensex, Nifty remain sluggish; pharma stocks continue to bleed

Moneycontrol News

Papers 13h33 New IPO: Shalby hospitals have submitted a preliminary document with regulator of capital markets Sebi to launch an initial public offering.

The public offering includes a new sale of shares worth Rs 580 crore, plus an offer of 10 lakh shares by promoter Vikram Shah, according to the draft leaflet on the smoke curtain (DRHP).

The proceeds of the initial public offering (IPO) will be used to pay for certain loans used by the Company, in addition to the purchase of medical equipment for existing facilities, newly created and future hospitals.

In addition, the company plans to spend funds for the purchase of interiors and infrastructure for future hospitals and some will be retained for general corporate purposes.

13:10 Checking benchmark market indices were low during the afternoon session, Sensex and Nifty are trading lower at around half a percent.

The Sensex fell 138.42 points 30.432.55, while the Nifty fell by 35.85 points 9402.40. The width of the market, however, was negative, as only stocks of 461 advanced against a decline of 2,100 shares, while 119 stocks remained unchanged.

Sun Pharma and Cipla were the biggest losers in both indices, while Maruti Suzuki, Mahindra and Mahindra, Eicher Motors and Hindalco have won more.

24:45 VA Tech Wabag Command: The company obtained an order Dangote the company’s oil refinery in Nigeria worth Rs 680 crore.

A business management meeting is scheduled for May 25, 2017 to review, approve and record the Company’s audited financial results (both independent and consolidated) for the year ended March 31, 2017 and consider the dividend recommendation , even if it is only.

24:05 pm Market Check: After taking a breather in the previous hour, the market expanded its losses in the morning session, with the skilful around 9400 points.

The Sensex fell 173.66 points 30,397.31, while the Nifty fell 50.10 points 9388.15. The amplitude of the market was negative as the stocks of 376 advanced against a decrease of 2090 shares, while 111 stocks remained unchanged.

Sun Pharma, Cipla and Aurobindo Pharma lost more, while Suzuki Maruti, Tata Motors and Eicher Motors gained the most.

European stock markets are expected to open Tuesday as investors wake up with the news of another terrorist incident in the UK and digest new political and economic turmoil in the euro zone.

The FTSE 100 is shown in 7 points at 7502, it is expected that the DAX to open lower at 1 point to 12 620 and the CAC 40 is expected to start 2 points at 5,333.

11:35 am buzzing file: Aurobindo Pharma has lost more than 6% intraday on Tuesday after investors have reacted to insider trading developments with the SEBI.

The market regulator, Stock Exchange and Securities Board of India (SEBI) Monday filed a case concerning the breach of insider trading rules against Sumanth Kumar Reddy Mettu, developer Aurobindo Pharma. The case was considered as the pharmaceutical company had already fined and also warned against the challenges of the future.

11:15 Market Check: After spending more than 0.5 percent in the first hour of trading, the market appeared stable at lower levels, the Nifty around 9,400.

The Sensex fell 149.90 points 30,421.07, while the Nifty fell by 45.20 points 9393.05. The width of the contract was firmly placed in the negative zone as 330 stocks advanced against a decline of 2019 shares, so that 98 units remained unchanged.

Gail and shares pharmatiques Sun Pharma and Aurobindo Pharma lost most of both indexes, while Maruti Suzuki, Wipro and Eicher Motors gained the most.

Midcaps, banks and PSU metals reduced their losses, while the index in the pharmaceutical industry Nifty extended its losses.

10:37 Laps Gains Survey: The Turns Refrigerators and air conditioners manufacturer will release its fourth quarter Tuesday.

Registration of projects: A double-edged sword under RERA

Registration of projects: A double-edged sword under RERA

Registration of projects: A double-edged sword under RERA

The second chapter of the governed and Development Act (Act), which deals with the inscription of a project and agents can largely determine their future or failure. It could be a double-edged sword.

Rising Issue 1: Wait for Delays

The Law establishes the basic rule that no one can sell / offer / advertise / invite / market / book unless you have saved the project with the Real Estate Regulatory Authority (RERA). What government infrastructure should be in place for that?

1. President of the RERA
2. The contracting members RERA office
3. A selection committee set up to select the previous one
4. A robust online system to accept registration and monitoring updates
5. A court of appeal to establish

By 1 May 2017, only 13 States had notified the rules. With the exception of some states, no state government has set up infrastructure for recording.

The Law requires that, within three months, the proponents must submit an application to the RERA register. But states have one year to establish RERA governments. Until the end, Authority / Regulatory Officer would be designated by RERA. There is little or no clarity on this subject on earth.

Nervous problem 2: The attack of a different type

Projects, which are underway and for which a Certificate of Compliance (CC) has not been issued before May 1, 2017, must register with the RERA. Ongoing projects have 31 July 2017 and registration. What about finished projects, documents submitted to the competent authorities, but the certificate of completion still to be delivered?

CC applications were filed nationwide before May 1, although much work is still waiting on site. At present there is a fashion in this type of projects. Developers have been trying to be completed before CC inspection. This allows the developer to limit their responsibilities.

Almost all projects within the law and we can expect a lengthy and tedious registration process given the amount of data that needs to be checked and confirmed before signing up.

Unless the submission, revision, clarification and confirmation process is simplified in advance for each RERA, we are able to perform a difficult task for both RERA and developers. Important resources must be deployed to undertake and carry out this task diligently.

Nervous problem 3: increase in paperwork

Most of the information required by the RERA, in relation to the structure of the building, already presented by developers in major metropolitan areas, due to current development norms or municipalities. This should be easy to share. However, these are new, some logical, and another confused. Two of these inclusions are:

1. Locate the details of the project with the latitude and longitude of the project endpoints. The way it protects the interests of an allottee remains a mystery.

2. Details about the area and the number of garages provided / sold. I’m not sure of the popularity of garage now one day, but the parking basement is not mentioning.

If you look at the list of about 15 sub-clauses of the Law that highlight the data submitted by the proponent, he realizes that the designs, consultants, deadlines, etc. Changes due to internal and external factors. Agents may not be able to execute; It may be to hire consultants, the area or design department can be improved.

What does the developer do when these changes occur? Inform RERA on a regular basis? Submit details or drop an addition?

Cutting-edge number 4: rising costs

Registration, quarterly documentation, additional time and costs, title insurance, delays in approval, free registration for each phase, etc., would increase construction costs. This should be sent to the consumer.

ED arrests chartered accountant linked to money laundering racket

ED arrests chartered accountant linked to money laundering racket

ED arrests chartered accountant linked to money laundering racket

The management of the execution on Tuesday detained a public accountant in connection with a money laundering racket that represented Rs 8,000 crore. Officials said that the PTI accountant Rajesh Agarwal approved was detained under the provisions of the Money Laundering Prevention Act (MPLA) and was involved in the use of several high profile persons who bleached their funds, giving them Accommodation inputs. They say that he has a connection to the probe by the income tax service in doubtful agreements Rs 1 billion rupees related to the family of RJD chief Lalu Prasad Yadav.
Agarwal would be questioned on these issues once the ED would receive custody.
The accountant would also be transferred funds to Virendra and Surendra Jain, detained in money laundering Rs 8 billion racket rupees. A charge sheet was filed against the Jain brothers for the ED last week. There are reports that Agarwal was the Accountant Misa Bharti, daughter of Lalu.
Bihar team chief BJP, Sushil Kumar Modi, announced on 13 May that Bharti has laundered money by using construction companies to buy a farm in the Delhi Bijwasan area at a cheaper price. Modi also said the Rajya member Sabha had his black money as the target of a suspicious transaction of buying and selling his business units. Modi accused Lalu’s son, Bihar Tejashwi Minister Prasad Yadav and Health Minister, Tej Pratap Yadav, doing corrupt business.
Three days after the allegations, the Department of Income Tax has raided 22 places in the Delhi-NCR region and around Benami worth Rs 1 billion rupees involving Lalu. “People and businessmen linked with the land deal involving Lalu Prasad and his family are sought. There are allegations of Benami offers worth about 1,000 billion pounds and a subsequent tax evasion,” a senior official said.

GST: Govt dictating prices goes against free-market spirit; will anti-profiteering law end up as tax terrorism?

GST: Govt dictating prices goes against free-market spirit; will anti-profiteering law end up as tax terrorism?

GST: Govt dictating prices goes against free-market spirit; will anti-profiteering law end up as tax terrorism?

In an interview with CNBC TV-18 on Monday, revenue secretary Hasmukh Adhia gave an explicit warning to companies planning to raise product prices before the start of the goods and services tax (GST) July 1 .

Adhia in her non-indirect, open threat called on companies to block rate hikes until the GST will be implemented and suggested that any price increases, even if made for reasons such as higher ticket costs may be investigations.

“My suggestion would be everything for now, until the GST will be implemented, if it can contain price increases.” Unless this is a serious problem of rising costs, we can not absorb it immediately. Hold on for a while, “Adhia said. “But even if it has to absorb the cost and what it should do, it’s further research,” said Adhia CNBC-TV18.

Adhia responded to a question on the fight against speculation in the GST laws stating that it is essential to ensure that the benefits of reducing the effect of taxes after the GST will be passed on to consumers. Adhia’s comments came after noticing that some companies may have to increase their prices so that margin success is not important once the GST will occur and that the benefit of the tax reduction is passed on to the consumer.

The government’s desire to avoid such irrevocable price increases that will finally come to the common man is indeed commendable.

But the problem arises when the government puts market prices instead of facilitating market functioning. Adhia should remember that companies that change the price can be based on increased costs of inputs, competition and seasonal factors, among others. The tax is only one component.

When Adhia says price increases will be a “survey question” that automatically sends businesses into panic and opposes the principles of a free market. The anti-speculation law aims to ensure that the benefits of GST reach people, but it should not become a tool to terrorize the market to artificially control prices to get the desired result of GST startup.

Remember, in an interview with Moneycontrol, Adhia said that inflation will not rise after the application of GST from July 1 and the government took care to ensure that prices do not rise. Inflation will decline by 2 percent by the end of the year.

Reading the two together, the government is determined to see that prices do not rise in the post-GST market to deliver on its promises. Prices should fall if there are genuine reasons, but should not be an element of force on the part of the government behind such a move.

As mentioned above, the tax is only one part that decides the final price of a product. Government dictating prices can be very damaging to the principles of a free market. It’s going to be very destructive for companies to keep prices high on input costs when they fall. In addition, changes in the tax regime allow companies to pass on the benefits of the final price to the consumer. The strength of the market force companies to do so.

The GST is a historical shift in India’s economy, perhaps the most important indirect tax reform India has ever known. It is important that the government ensures that the transition does not become a painful experience for both industries for the common man.

You must have confidence in the market. The actual benefits of GST changes occur only after a delay since the system has to adapt to the change. It is not necessary that the economic benefits of GST change occur immediately. In a note Monday the ICRA rating agency said the GST’s impact on economic growth should be neutral during fiscal year 2018.

Elon Musk hints at delay in Tesla’s India plans due to local sourcing norms

Elon Musk hints at delay in Tesla's India plans due to local sourcing norms

Elon Musk hints at delay in Tesla’s India plans due to local sourcing norms

India’s local procurement rules could hamper Tesla’s entry into the auto industry in Silicon Valley country founder Elon Musk had previously suggested that it could happen soon “this summer.”

“Maybe I’m misinformed, but I was told that 30 percent of the parties should be located and that supply does not exist yet in India to support this,” Musk said on the Twitter microblogging platform, in response to a question about Of the company leaving their cars in India in 2017 or 2018.

Tesla opened reservations for its most affordable Model 3 sedan in India in April 2016, with industry leaders such as Vishal Gondal, Vijay Shekhar Sharma, Mahesh Murthy and Vani Kola. The $ 3, $ 35,000 sedan is expected to hit the road between late 2017 and early 2018.
It is unclear how and when Tesla plans to serve customers in India that had already booked its Model 3 sedan. In addition, even if the company makes a formal entry into the country by the end of this year or next year, India lacks Suitable recharging infrastructure, especially for high voltage electric vehicles, such as those built by Tesla.

While India has set an ambitious goal to move to 100% electric mobility in 2030, local procurement is still used to boost the country’s manufacturing sector. Tesla closer to a technology company than a traditional automaker would have trouble meeting local supply standards of 30 percent on the first day.

A solution to India’s needs in terms of local supply for Tesla could be for the manufacture of lithium-ion here, a measure that would musky said Tesla more sense in the long run. “Given the strong local demand, a Gigafactory India would probably make a long-term sense,” musk said in 2015.

However, while India was on the musky radar for a long time, it is unlikely that the company is rushing to manufacture batteries here quickly. Tesla began producing lithium-ion cells at its own Gigafactory facility in the Nevada desert in January, and only a third of the facility was complete.

Indian Prime Minister Narendra Modi met with Elon Musk and visited Tesla’s headquarters during his visit to Silicon Valley in 2015. The two leaders discussed the implications of the development of battery technology, energy storage and renewable energy by the India. Musk apparently had made a plan to bring the wall current power storage unit into a country.

Earlier this month, Tesla began taking orders for its solar roof – ceiling paints with integrated solar panels – with musk said it could order in almost every country. However, on the company’s website, India has not been on the list of countries where Tesla will accept orders for its sunroof.

India’s Macro-Economic Indicators Improved In Last 3 Years: PM Narendra Modi

India's Macro-Economic Indicators Improved In Last 3 Years: PM Narendra Modi

India’s Macro-Economic Indicators Improved In Last 3 Years: PM Narendra Modi

GANDHINAGAR Developed by Aadhaar and Jan Dhan Yojana, India has improved on all macroeconomic indicators in the last three years, Prime Minister Narendra Modi said on Tuesday.

“The budget deficit, the balance of payments deficit and inflation declined, while the GDP growth rate, foreign exchange reserves and public capital investment increased,” said PM at the opening of the 52nd annual meeting of the African development bank Gandhinagar.

The prime minister said India had made tremendous progress in development and could share with Africa some of the strategies used by its government over the past three years.

He said that two crucial factors behind the growth story of India were universal banking and universal biometric identification.

“The first set of changes we have made has been in the banking system. We launched Ene Dhan Yojana under which more than 280 million bank accounts were opened for the poor in rural and urban areas.

“Thanks to the initiative, almost all Indian families have a bank account,” he said.

The second key element was the universal biometric identification system called Aadhar, says PM Modi.

“This avoids claiming benefits for those who do not qualify. This allows us to ensure that those who deserve the help of the government are provided with ease while eliminating non-original claims,” he said.

PM Modi said that granting scholarships directly to the poor rather than indirectly through price concessions, India has made large tax savings.
He said that India and Africa have a long history of cooperation with strong ties that lasted for centuries.

“India’s partnership with Africa is based on a model of cooperation to meet the needs of African countries.”

“After taking office in 2014, I made Africa a priority for India’s foreign and economic policy,” the prime minister said.

He then said that he visited six African countries since becoming prime minister, there was no country in Africa that has been visited by an Indian PM in the last three years.

He said trade between Africa and India has increased over the past 15 years, while it has doubled in the past five years to almost $ 72 billion in 2014-15.

“From 1996 to 2016, Africa accounted for almost one-fifth of India’s direct foreign investment.”

The prime minister said that most of the challenges facing India and Africa were the same, including high and poor farmers, and empowerment of women.

“Our challenges also include ensuring that our rural communities have access to financing and building infrastructure in financial constraints and maintaining macroeconomic stability so that inflation is contained,” he said.

PM Modi said India can not compete with Africa in long distance races at sports arenas, “but I can assure you that India will always support you side by side in the long and difficult race for a better future.”

Misa Bharti’s accountant Rajesh Agarwal arrested by ED in money laundering case

Misa Bharti's accountant Rajesh Agarwal arrested by ED in money laundering case

Misa Bharti’s accountant Rajesh Agarwal arrested by ED in money laundering case

The execution direction (DE) stopped the public accountant Rajash Agarwal Ms. Bharti Ms. Lalu Prasad in a money laundering case and produce in a Delhi court today.
Last week, top BJP leader Sushil Kumar Modi had claimed that Bharti had laundered money through a tank company to buy a farm in the Bijwasan New Delhi region at playoff prices.
Bihar leader of the BJP had said that Misa Bharti turned his black money to white by a suspicious operation of purchase and sale of shares in his company, Mishail Packers and printers Pvt Ltd The company was founded with an investment of Rs 1 lakh in 2002 and registered The official bungalow Lalu Yadav 25, Tughlaq Road, New Delhi. It was closed in 2005-06.
Mody said that Bharti had sold the shares of his company’s nominal value of 10 rupees each in a Holdings of Viral Shalini Jain at Rs 100 per share in October 2008, which would have led to his Rs 1.20 crore. Eleven months later, he bought all the shares at the rate of Rs 10 Jain, according to Modi, showing documents to support his claim.
Later in 2008-2009, he bought a farm in the Bijwasan New Delhi region at Rs 1.41 million rupees with an estimated current value would be around Rs 50 million rupees, Modi added.
Stressing that Misa Bharti became the owner of Rs 50 million rupees simply invest Rs a lakh, Modi asked “Why would anyone buy shares of a private company at Rs 100 per share charged to the nominal face rate Rs 10 Each one – why should the buyer sell the same shares again at Rs 10 after buying it at Rs. 100? ”
Sushil Modi had also alleged that Bharti had abused the management of former officer of bungalows Lalu Yadav – 25, Tughlaq Road – because his business address as such provision can not be used for commercial purposes.
Modi also claimed that both son Lalu, Tejashwi Prime Minister Prasad Yadav and Health Minister, Tej Pratap Yadav, had amassed Benami properties worth more than a thousand Rs through several shell companies in Bihar.
Lalu has already rejected reports from the department of income tax incursions at 22 sites in Delhi and adjacent areas.
“Tell me what incursions he has carried out,” he told reporters in Patna a few days after the raids were conducted on 16 May
Attacking the government led by Narendra Modi at the Center, the chief RJD predicted his “before falling at the end of the five-year period.”
“I am an astrologer and prediction is that the government of Narendra Modi will not complete its five-year term,” said the head of Bihar Minister of age.