During April-June 2013, public sector banks may earn Rs 5,000 crore to Rs 7,000 crore owing to treasury gains as yield on government securities have declined by 60 basis points during April and May this year. This estimate on the treasury gains of state-run banks was given by Icra in a recent research report. The report noted that yield of government securities has fallen in the last two months and this will improve earnings of public
Author: admin (Infratructure Today)
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Some banks recast debt outside CDR framework
According to a study by CARE Research, some banks are restructuring the debt of their borrowers through bilateral negotiation without referring the cases to the corporate debt restructuring (CDR) cell. The study found that out of the Rs 177,333 crore outstanding restructured advances of 10 large banks, only Rs 58,366 crore worth of loans were referred to the CDR cell
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Officials discuss issues in stressed loan mkt
Usha Thorat, Director of the Centre for Advanced Financial Research and Learning (Cafral), held discussion with banks, rating agencies and asset reconstruction companies (ARCs) on the issues in the stressed loan market. Typically, banks sell non performing assets (NPAs) to ARCs, which in turn tries to recovers the loan from the borrowers. ARCs acquire stressed assets from banks at a mutually agreed upon price and then recover it fro
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Fitch upgrades India’s rating outlook
Global ratings agency Fitch Ratings upgraded the outlook on India's sovereign rating to "stable" from "negative" noting the government's steps to reduce fiscal deficit. The rating agency said the Indian authorities have been successful in containing the upward pressure on the Union Budget deficit in the face of a weaker-than-expected economy
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Factory output grows a tepid 2% in April
Factory output as measured by the index of industrial production (IIP) grew at a slower rate of 2 per cent in April on a year-on-year basis compared to the revised growth of 3.4 per cent in March 2013. In April 2012, the IIP declined 1.3 per cent. Among sectors, mining output declined 3 per cent in April, while manufacturing and electricity production grew 2.8 per cent and 0.7 per cent respectively
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Banks’ credit offtake up in April-May, deposit growth slows
Demand for working capital and home loans helped the banking system log higher credit growth in the first two months of the current financial year compared with the corresponding year ago period. In the first two months, the banking systemĂâs deposit growth was lower as compared with the corresponding year ago period.
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India to have over 50 mn t LNG re-gassification capacity
Union Oil Minister M Veerappa Moily informed that India may have LNG re-gasification capacity of over 50 million tonne per annum by 2016-17 with a supply of 198 million standard cubic meters per day. Currently, India has 18.6 mn t of re-gasification capacity - 10 mn t terminal at Dahej and 3.6 mn t plant at Hazira in Gujarat and 5 mn t terminal at Dabhol in Maharashtra
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Conventional oil and gas more desirable in Rajasthan block
Some experts argue that Cairn India must concentrate on oil and gas production from its Rajasthan block instead of foraying into shale gas exploration in the area. Experts argue that shale gas exploration is a technology-intensive area, which is at its infancy even in the United States
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Govt to release compensation for state-run OMCs
Media reports indicate that the government may release about Rs 70 billion in six tranches of an equivalent amount every Tuesday to state oil marketing companies (OMCs) for under-recoveries during January-March period. State-run OMCs incur under-recoveries or revenue loss as they sell diesel, kerosene and cooking gas at subsidised price. The government compensates these firms for the under-recoveries every year
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MNGL identifies areas for setting up more CNG pumps
Maharashtra Natural Gas (MNGL) has identified locations for setting up 20 additional CNG pumps across Pune and Pimpri-Chinchwad in order to meet the rising demand for CNG. The new pumps would be set up in Yerawada, Vimannagar, Kharadi, old Mumbai-Pune highway, Baner, Pune Satara road and Sinhgad road among others. Earlier, the agency planned to open eight CNG pumps in Pune commission four of them this July. Later, it identified additional 15 to 20 locations in Pune and near