Daily Archives: November 2, 2018
With Rs 50,000 crore worth of commercial paper coming up for redemption by mid-November, the industry is worried about potential defaults. A large chunk of commercial paper borrowing is typically rolled over. However, as investors have turned cautious in the wake of the IL&FS default, finance companies that have issued commercial paper have come under pressure.
The three mills — serving the construction, industrial and automotive markets — have a combined annual manufacturing capacity of 2.1 million tonnes of cold-rolled steel, 2 million tonnes of galvanised steel, and 200 Ktons of tin-plated steel.
The relaxation comes at a time when nearly Rs 50,000 crore of commercial papers and another Rs 50,000 crore of bonds issued by finance companies are coming up for redemption and investors have turned cautious in respect of extending fresh loans.
The markets regulator also directed them to disgorge Rs 813 crore of illegal gains. Of this amount, SRSR Holdings will pay Rs 675 crore, while Suryanarayana Raju will pay nearly Rs 82 crore, Rama Raju almost Rs 30 crore and Ramalinga Raju will pay just under 27 crore, according to the order, which shall come into effect from such date as directed by the Supreme Court (SC).
The company posted a total revenue of Rs 122.5 crore during the quarter, as compared to Rs 125.3 crore in Q2FY18. Reported earnings before interest, tax, depreciation and amortisation (ebitda) during the quarter is Rs 27.3 crore, down 3.9%, but underlying ebitda is higher.
Five years ago, ATM transactions formed 90% of debit card usage in volume and 95% in value. Today, PoS (point-of-sale) and e-commerce form 31% of total transactions, and 15% of the value of transactions. The govt’s decision to waive MDR (merchant discount rate) charges for debit card purchases below Rs 2,000 has encouraged debit card usage in shopping.
Economic affairs secretary Subhas Chandra Garg in a tweet criticised RBI dy governor Viral Acharya’s comment on govt-central bank relation. Acharya had said, “Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets”
Former South African captain Graeme Smith said, “The fact that he (Virat Kohli) loves Test cricket and puts in performances, it keeps Test cricket relevant in a country that loves the game with IPL and other T20s. It’s huge for the game. As long as he keeps promoting Test cricket as an icon and superstar, we all have the chance to keep the game relevant.”