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Feb 08, 2018 08:31 AM IST | Source: Moneycontrol.com
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Accretion of fresh NPAs has virtually stopped, not over Rs 3L cr, says Bibek Debroy
Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy said accretion of fresh non-performing assets (NPAs) of public sector banks (PSBs) has virtually stopped, reports PTI. Participating in a discussion on Budget 2018-19, Debroy said it was possible to scrap income tax and other direct taxes and replace them with indirect taxes but indirect taxes can never be progressive.
Referring to issue of low income tax collection, he said it was mainly because farm income is not taxed in India. Debroy also regretted that not many experts argue in favour of taxing farm income, at least above certain threshold.
"Fresh case of NPA creation has virtually stopped. Many NPAs figures are floating, I think India's bank NPA is not more than Rs 3 lakh crore," he insisted.
52% of the notified SEZ land vacant: Commerce Minister
As much as 52% of the notified special economic zones (SEZ) land is presently vacant in the country, Parliament was informed on Wednesday. Minister of State for Commerce and Industry CR Chaudhary in a written reply to the Rajya Sabha said that out of 423 zones approved after the SEZ Act, 2005 came into force, 357 have been notified and presently 221 are operational. "Out of the 357 notified SEZs, 136 are non-operational," he said, adding: "52% of the notified SEZ land is presently vacant."
BSE asks MF investors to submit PAN, Aadhaar details by Mar
To ensure compliance with anti-money laundering rules, leading stock exchange BSE has asked mutual fund investors to submit PAN and Aadhaar details by March 31, 2018, failing which their folios would be closed. This follows the government's amending in June the Prevention of Money Laundering (Maintenance of Records) Rules with regard to collection of Aadhaar from clients.
Aurobindo Pharma Q3 net at Rs 595cr helped by improved sales in US and Europe
Aurobindo Pharma has reported a 2% higher net profit for the quarter-ended December 31 at Rs 595 crore against Rs 578.6 crore during the corresponding quarter last fiscal. Revenues from operations grew 11% to Rs 4,336 crore during the quarter under discussion against Rs 3,906 crore in Q3 of last fiscal.
Formulation sales for the October-December quarter recorded a growth of 14.1% YoY to Rs 3,570.2 crore and accounted for 82% of total revenues. The Active Pharmaceuticals Ingredients (API) business contributed 18% to total revenue and posted a sales of Rs 765.7 crore in the third quarter.
Galaxy Surfactants to debut on markets today
Speciality chemicals manufacturer Galaxy Surfactants will make its stock market debut today after concluding its initial public offer last week. Galaxy Surfactants' Rs 937-crore IPO was subscribed 20 times during January 29-31.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 54.27 times, non-institutional investors 6.96 times and retail investors 6.01 times, as per NSE data. The IPO was of up to 6,331,674 equity shares (including anchor portion of 18,99,500 equity shares). The IPO was in a price band of Rs 1,470-1,480 per share.
US Senate reaches two-year budget deal to avert govt shutdown
The US Senate reached a two-year budget deal to avert another government shutdown on Friday when federal funding is due to expire, reports PTI. The deal, agreed upon by both the Democratic and Republican leaders of the Senate, was immediately welcomed by the White House.
Cos raise over Rs 17k cr via pref allotment in Q3
Indian companies garnered over Rs 17,000 crore through issuance of shares on preferential basis during the quarter ended December 2017, registering a jump of 51% from the year-ago period, Sebi data showed. The funds were mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes.
As per the Securities and Exchange Board of India (Sebi) data, funds raised by listed firms through preferential allotment stood at Rs 17,434 crore in the third quarter ended December 31, 2017. The funds accumulated during the December quarter of the current fiscal are 51.19% higher in comparison to the corresponding period of the previous fiscal, when the firms had garnered Rs 11,531 crore.
Japan fin regulator to inspect more cryptocurrency exchanges, says report
Japan’s financial regulator is planning to conduct on-site inspections this week on several cryptocurrency exchange operators that may be vulnerable to cyber-attacks, Jiji Press reported. The Financial Services Agency (FSA) last Friday swooped on Coincheck for surprise checks of its systems after the Tokyo-based operator had $530 million in digital money stolen by hackers.
After the late-January theft, the FSA said it would also investigate the other 31 cryptocurrency exchanges in Japan for security gaps, ordering them to submit a report on their system risk management. It said then that it would follow up with on-site inspections if necessary. The FSA decided to inspect several exchanges after reviewing their reports, Jiji Press said, without identifying the operators. If regulators find problems with their operations they may consider administrative sanctions, Jiji said.