BQuick On Jan. 22: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. RBI Paper Suggests Bank-Like Regulation For Top NBFCs
A discussion paper floated by the Reserve Bank of India has suggested an overhaul in the regulations that govern the non-banking financial companies. The recommendations include rules to subject the largest 25-30 NBFCs to bank-like regulation and capital requirements.
2. Yes Bank’s Bad Loans Surge
Yes Bank Ltd. reported a profit in the December-ended quarter even as it noted an increase in non-performing assets. The pro forma bad loan ratio of the lender rose to nearly 20%. Still, the bank is confident that provisions will be enough to cover for them.
3. JSW Steel's Profit Rises To Highest In At Least 10 Quarters
JSW Steel Ltd. reported its best profit in at least 10 quarters as domestic demand by automakers and infrastructure firms—two of the biggest steel consumers—returned. Net profit rose to Rs 2,681 crore in the December quarter from Rs 211 crore in the same quarter last year.
4. Sensex Slumps 750 Points
India’s equity benchmarks ended lower for the second straight day. Both S&P BSE Sensex and NSE Nifty 50 ended 1.5% lower, snapping an 11-week long run of weekly gains.
5. Indigo Paints IPO Sees Robust Demand On Final Day
Investors piled into the initial public offering of Indigo Paints Ltd., riding on optimism of other recently successful share sales. The issue was subscribed 117 times on the third day of bidding.
6. Credit Card Debt At 9%? Conditions Apply.
IDFC First Bank Ltd. has created flutter after announcing credit cards with interest rates as low as 9%. Much lower than the lowest 24% charged by other banks. And yet, the lender may find it hard to shake-up the credit card market. Find out why.
7. Government To Stick To New Definition Of Wages In Labour Codes
The Indian government will not change the definition of wages in the new labour codes even as the industry voice their concern over higher wage bills. Some experts say the protests against the farm laws have pushed the government on the backfoot, making it difficult to go back to the Parliament and amend the laws.
8. Future Retail Misses Another Bond Payment
Future Retail Ltd. has missed another interest payment on its dollar bond, a day after shares rose amid optimism over a potential takeover of the company. The firm failed to meet interest due, worth about $14 million, on its 5.6% notes that mature in 2025.
9. Tata Motors Hikes Car Prices
Tata Motors Ltd. has followed Maruti Suzuki Ltd.'s lead and raised prices of its cars citing increasing input costs. The carmaker will hike rates of passenger vehicles by up to Rs 26,000 from Jan. 22.
10. India Cancels Benchmark Bond Sale
RBI didn’t sell any benchmark notes at its weekly auction, highlighting weak demand ahead of the union budget that is widely expected to boost spending.