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JPY @110.86/$
Euro@ 1.1373/$
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Economic Times:
1. A strengthening dollar and a weakening China are the biggest risks to emerging markets, said investor and author Ruchir Sharma. The recent weakness in the rupee is part of the overall rout in emerging market currencies and the course of the Chinese yuan will play a big role in their direction, said Sharma
2. Axis Bank is looking to sell a dozen distressed accounts to ARCs to exit them before August-end which is the deadline set by the RBI to either resolve the accounts or refer them to bankruptcy court.The total loans on the block is about ₹1,000 crore and include large borrowers but Axis Bank has a small share of loans,
3. Bids to buy Chennai based micro lender Madura Microfinance is intensifying with a US private equity fund matching first suitor Federal Bank’s offer, and the close race underlined the potential of the industry.They said Federal Bank was ready to pay ₹720-750 crore to fully acquire the MFI with a loan portfolio of ₹1,184 crore.
4. The Indian Railways plans to invest ₹44,000 crore to build a 1,100-km greenfield freight corridor on the east coast connecting Kharagpur in West Bengal with Vijaywada in Andhra Pradesh. The corridor, which is expected to carry about 200 million tonnes of freight per annum, is likely to be announced in the budget proposal for 2019-20.
5.The government has asked state-run power plants holding large fuel stocks to increase generation to allow others to run at a lower capacity and build inventories before the festive season. At present, 117 power plants with supply agreements with Coal India have a cumulative stock of 15.2 million tonnes, enough to generate power for 10 days but 14 of them don’t have enough coal to run the plant for one day.
6. India will test a plan to operate its underutilized natural gas-fired power generators as “peaker” plants that can switch on quickly when there’s high demand, according to the country’s power planning body. The project will start with four NTPC Ltd. plants with a combined capacity of 2.3 gigawatts that will run only in the evenings.
7.Bank credit grew 12.70 per cent to Rs 86,79,741 crore in the fortnight to August 3, according to the latest RBI data. In the the year-ago fortnight, bank advances was at Rs 77,01,926 crore. The increase in advances in the reporting fortnight was higher than the growth registered in the previous fortnight ending July 20 when it had risen by 12.44 per cent to Rs 86,13,164 crore.
Financial Express:
1. Independent power producers have urged the RBI to extend the last date for finalising resolution plans for defaulting projects to November 16 from August 27, as the central bank itself delayed releasing the list of authorised credit rating agencies, an indispensable part of the process.34 stressed power plants worth Rs.2.5 lakh crore, with a combined capacity of 39 GW, are expected to come up with resolution plans by end-August, failing which insolvency proceedings will have to be invoked against these assets.
2. Operational creditors of Binani Cement on Thursday alleged before the National Company Law Appellate Tribunal (NCLAT) that the resolution professional (RP) kept them out of the resolution process and their claims were never verified. The counsel for operational creditors also alleged that there had been a great deal of misconduct by the RP.
3. Cash-strapped, troubled airline Jet Airways is understood to be tapping homegrown NBFCs to monetise its forward sales to raise around Rs 1,500-2,000 crore.Basically, all the bookings done through credit cards will directly go to the concerned NBFC.
4. State Bank of India (SBI) has put on sale a fresh batch of NPAs worth Rs 383 crore, days after it put on the block two accounts with a total outstanding of Rs 2,490 crore. The latest set of seven NPAs put on sale includes four Kolkata-based accounts and one each from Bhubaneswar, Ludhiana and Mumbai. The largest of these accounts is Ludhiana-based Yogindra Worsted (Rs 68.33 crore), for which the reserve price has been set at Rs 28.13 crore.
5. After a 7% drop in July, truck rentals on the trunk routes recovered sharply by 5% in the mid of August.The charges of retail parcel freight rose 5% in the past two weeks.As price of diesel rose Rs 1.30 a litre; soft surveillance of e-way bill digital transit pass system began; cargo offerings from fruits, vehicles, food items, general merchandise on trunk trade routes surged 10%, consumer spending had gone up significantly high and so had consumption in metros, tier-I and -II cities.
Business Line
1. The income of agricultural households, which account for nearly half of rural households in the country, surged to Rs. 1,07,172 in 2015-16, growing at a compounded annual growth rate (CAGR) of 12 per cent from 2012-13, according to a survey carried out by the NABARD.
2. Inflationary headwinds have prompted India Ratings (Ind-Ra) to lower the nation’s growth projection for FY19 to 7.2 per cent.The rating and research agency also expressed apprehension that populism ahead of the 2019 general elections might upset the fiscal mathof States.
3. Japan will get interest repayment in perpetuity or forever for the low-cost loan that it extended to India for building the western dedicated rail freight corridor. The interest will be about Rs.2,800 crore every year.This is similar to the dividend that the Indian Railways pays to the Consolidated Fund of India, which was also termed “interest in perpetuity”.
4. The Rs. 94-crore fraud at Pune-based Cosmos Co-operative Bank, involving breach of the firewall in servers that authorise ATM transactions, has brought the focus back on banks’ tardiness in bolstering control measures at ATMs.Despite the RBI’s constant prodding on upgrading ATMs and strengthening security measures, about 30 per cent of the two-lakh ATMs in the country still operate on Windows XP and other unsupported operating systems.
5. Canara Bank plans to open its newly conceptualised digital banking branch Candi in each of the 21 circles of the bank across the country, according to its Chairman TN Manoharan.
Business Standard
1. NHAI borrowings jump a little over 18 times to Rs 620 billion since 2014.The NHAI recently finalised a loan for Rs 250 billion with State Bank of India as part of its fund raising for the current financial year.
2. Govt asks RBI to water down PCA scheme, feels norms have put burden on PSBs.Department of Financial Services Secretary Rajiv Kumar expressed confidence that PSBs will come out of the PCA this fiscal year.
3.Japan, South Korea steel exports to India surge on tariffs, high-end demand.The flood of imports is so big that the government in New Delhi is considering measures to control imports.
4.Sebi cuts timeline for listing of debt securities to six days from 12.Besides, Sebi has made ASBA mandatory for all investors for making payment, while applying in a public issue of debt securities.
5. Trade war:Donald Trump tariffs to stay on Turkey; Qatar offers aid.After hitting a record low of 7.24 this week, the lira gained some support from Qatar's investment pledge and rose to 5.76 against the US currency.
Live Mint:
1. Dilip Shanghvi-promoted Sun Petrochemicals Pvt. Ltd has bid for the assets of debt-ridden Assam Co. India Ltd (ACIL).Kolkata-based ACIL is India’s oldest tea company, and has businesses in infrastructure and oil and gas.
2.Chokhani Securities, a NBFC recently acquired by former Religare Enterprises CEO Shachindra Nath, has raised ₹112 crore through a qualified institutional placement (QIP).Chokhani Securities has so far raised ₹1,000 crore in the last six months across three tranches.
3. India’s fiscal position is likely to worsen ahead of the general election in 2019,UBS Securities India Pvt. Ltd said.As global uncertainties escalate due to trade wars and rising global crude oil prices, emerging market economies running twin deficits, including India, are likely to face financial market volatility and downside risks to their growth outlook, the brokerage said in a report.
4. 16 state-run banks wrote off over Rs.31,000 cr in June quarter, a 37% rise from a year ago.Loan write-offs at public sector banks grew at a faster clip than outstanding loans in the June quarter on account of low credit demand, selective lending to corporates and the focus on recoveries.
5. PE industry lobbies CCI for anti-trust exemptions.CCI approval may be required even for passive investments by PE investors, if they are acquiring over 5% stake in a company, in a sector or market segment, where they already have an existing investment.
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