BQuick On Aug. 14: Top 10 Stories In Under 10 Minutes

This is a roundup of the day’s top stories in brief.

1. India Inc. Lines Up For Dollar Loans

Indian companies are lining up the most dollar loans since the pandemic worsened, as stimulus steps boost investor sentiment and help ease a credit crunch.

• Borrowers have sought at least $5 billion of dollar facilities since July 1 since the Covid-19 crisis dragged volumes to the lowest since 2009 in the three months through June.
• The financing may help companies which have $12.6 billion of offshore bond and loans maturities next quarter.

Read more about India’s credit crunch easing.

2. No RBI Bonanza For Central Government This Time

The Reserve Bank of India’s surplus transfer to the government for 2019-20 fell sharply compared to a year ago as the central bank earned less from bond holdings and did not have any one-time gains to transfer unlike in the previous year.

• RBI central board approved a Rs 57,128 crore transfer to the government for the accounting year 2019-20, it said in a release on Friday.
• The transfer, while lower than last year, is in line with what the government had budgeted for.
• The central bank’s detailed balance sheet will be released at the end of August when it publishes its annual report.

Know more about the factors behind the fall.

3. Lutyens Delhi Seeing Distress Sales?

The pandemic’s been so bad for India’s property market that even the nation’s most elite neighbourhood, Delhi’s Lutyens Bungalow Zone, known for its proximity to the corridors of power is engulfed in the crisis.

• The heritage zone, that includes Parliament House, Rashtrapati Bhawan, India Gate, Supreme Court, Prime Minister’s Office and central ministries, has seen a surge in properties out in the market on distress sale.
• One expert says property rates have fallen by 5-10%

“In a never-before scenario, around 20 to 25 bungalows of mixed sizes between 375 square yards to more than an acre are currently available for sale," said Mohit Minocha, founder of SouthDelhiFloors.com.

Read more expert views on Delhi’s luxury homes market here.

4. Auto Stocks Put The Brakes On Sensex, Nifty

Indian equity markets ended a week of consolidation with losses, as benchmark indices continued to face pressure at higher levels.

• The S&P BSE Sensex ended 1.13% lower at 37,877 while the NSE Nifty 50 index ended 1.08% lower at 11,178.
• Auto and PSU Banks were the top laggards.
• The Auto index snapped an eight-day gaining streak – Eicher Motors (down 7.1%), Tata Motors (down 4.8%) and M&M (down 3.3%).