BQuick On Jan. 29: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. Chief Economic Adviser’s Message To Government
The Indian government may need to continue with an expansionary fiscal stance to sustain a recovery in demand, the Economy Survey for 2020-21 has said. A recovery in growth will boost revenue collections and help India get back on a sustainable fiscal path, it said.
2. Asset Quality Review 2.0 For Indian Banks?
The Economic Survey 2021 has called for a fresh review of asset quality at banks after the Covid-19 related relief measures are removed. Chief Economic Adviser KV Subramanian said that the new AQR must cover all creative ways in which banks evergreen loans to ensure India doesn't have another banking crisis on its hands.
3. Sensex's Worst Weekly Drop Since May
India’s benchmark equity index declined 5.3% this week, the most since the five-day period ended May 8. The S&P BSE Sensex and NSE Nifty 50 index fell 1.3% each on Friday.
4. Tata Motors Back In The Black
Tata Motors Ltd. reported a profit after three quarters of losses amid higher festive sales and preference for personal mobility during the pandemic. Net profit stood at Rs 2,941 crore. Sales at its luxury unit Jaguar Land Rover, too, rose 13.1% in the quarter.
5. India's FY20 GDP Growth Revised Lower
GDP growth in 2019-20 stood at 4% compared with the provisional estimate of 4.2%, according to the first revised estimates released by the Ministry of Statistics and Programme Implementation on Jan. 29.
6. Four Private Equity Firms Eye Magma Housing Finance
Four private equity firms—Baring Private Equity Asia, CVC Capital Partners, India and South East Asia-focused Everstone Group, and homegrown Motilal Oswal Private Equity—have expressed interest in buying Magma Housing Finance Ltd. as promoters look to sell off non-core assets. Find out more in this BQ Blue Exclusive.
7. Lenders Step Up Sales Of Retail Bad Loans
In an uncertain year, India’s banks and non-bank lenders are looking to offload a higher amount of retail bad loans to manage stress emerging due to the Covid-19 pandemic. Retail loans worth almost Rs 6,000 crore are being put up for sale by various lender. That’s almost thrice the normal yearly average.
8. Tata Steel’s Deal To Sell Dutch Unit Collapses
Swedish steelmaker SSAB AB has called off its deal to acquire the Dutch assets of Tata Steel Ltd. citing technical hurdles. The sale was expected to reduce the burden on Tata from its cash-draining European operations.
9. Minor Explosion In Delhi; No Injuries Reported
A minor improvised explosive device blast took place outside the Israeli Embassy in the heart of Lutyens' Delhi on Friday evening, the police said.
10. J&J Vaccine Provides Strong Shield Against Severe Covid
Johnson & Johnson’s one-shot vaccine generated strong protection against Covid-19 in a large, late-stage trial, raising hopes that it can rapidly reshape a stumbling immunization campaign.