This is the second high profile exit of a well-known CEO of a top business group in the last 12 months. The sacking of Cyrus Mistry as Tata Sons Chairman last year had also raised corporate issues with Ratan Tata questioning many decisions of Mistry. Infosys CEO Vishal Sikka's resignation came through even before the dust had settled on Mistry's sacking.
For the year 2015-16, the RBI board had approved the transfer of surplus amounting to Rs 65,876 crore to the government. In the previous year, the Central bank had paid Rs 65,896 crore to the government, which came as a boon to the government in covering the deficit.
The EPFO, which has a corpus of close to Rs 10 lakh crore, decided last month to pump in Rs 22,500 crore in exchange traded funds in 2017-18 following approval from its central board of trustees to increase the equity investment from 10 per cent to 15 per cent.
Enlisting the growth barriers, the report explained that currently the regulations are prescriptive and rule-based, and often there is carping on ‘market not mature’ and ‘data not adequate’. Private players reported underwriting losses of Rs 2,500 crore in FY 2017.
The 10-year benchmark government securities (G-Sec) yield has fallen by around 25 bps since the beginning of FY 2018 to 6.42 per cent, which has partly raised the likelihood of a rate cut by the MPC next week.
The Nifty, which has been steadily gaining ground over the last one year amid high liquidity, rose 44.90 points to reach an all-time high of 10,011.30 points crossing its previous intra-day high of 9,982.05 yesterday. However, it fell quickly after valuation concerns.
News of the launch pushed share prices of RIL’s rivals down on the stock exchange. Bharti Airtel shares fell by 2.05 per cent Rs 153 a month and Idea Cellular by 3.11 per cent while RIL shares soared 3.76 per cent during the day.
More than half of education loans were taken by applicants in southern states, which have also reported most defaults. Students from Tamil Nadu and Kerala are in the forefront of taking loans, said an official of a nationalised bank.
Shroff, who represents lenders in the litigation, said buyers for the assets are waiting in the wings and banks will get to know the realisation — of course with haircuts and after long-drawn proceedings.
Despite efforts by the government, the transitional provisions have failed to account for or facilitate transition of credit and stocks in many scenarios relevant to businesses. According to sources, the textile and garments sector workers are going on a strike from June 26 against the high rate of GST.
With the implementation of GST less than a week way, experts have warned of a short-term liquidity shortage as there could be input credit lock up of of over Rs 100,000 crore, of which close to Rs 50,000 crore could be blocked for about two months.
India’s central bank, which has kept the benchmark repo rate steady at 6.25% in the last four policy reviews awaiting the US Federal Reserve’s decision and the progress of monsoon, may opt to go for a bigger cut in the next policy review