Month: October 2020

DCB Bank Q2 profit falls 10% to Rs 82 crore; NII up 7%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

DCB Bank on Saturday reported a nearly 10 percent decline in net profit at Rs 82 crore for the quarter ended September 30, 2020, as provisions rose. The bank logged a net profit of Rs 91 crore in the same quarter of the previous fiscal year.

“Profit before tax for the quarter was impacted by Rs 48 crore COVID-19 regulatory package provision. In order to further strengthen the balance sheet, the bank intends to make conservative provisions given the current environment,” DCB Bank said in a release.

Total income also fell marginally to Rs 970.98 crore in July-September 2020-21 as against Rs 980.59 crore in the year-ago same period.

Net interest income grew 7 percent to Rs 334 crore, while the non-interest income fell by 9 percent to Rs 92 crore.

DCB Bank said it aims to maintain net interest income at similar level of 2019-20. However, due to lower business volumes and COVID-19 disruptions, core fee income may decline in comparison to previous year.

Operating expenses were up by 22 percent at Rs 225 crore as against Rs 185 crore.

Gross bad loans or non-performing assets (NPAs) of the bank rose to 2.27 percent of gross advances by the end of September 2020 against 2.09 percent by the year-ago same period. In value terms, it stood at Rs 573.70 crore as against Rs 523.24 crore.

However, net NPAs improved at 0.83 percent (Rs 205.77 crore) from 0.96 percent (Rs 237.86 crore).

Provisions for bad loans and contingencies more than doubled to Rs 113.10 crore for the quarter from Rs 43.27 crore in the year-ago period.

Capital adequacy continues to be strong and as on September 30, the CAR ratio was at 18.28 percent (with Tier I at 14.22 percent and Tier II at 4.06 percent as per Basel III norms).

The private sector lender said it has been steadily growing retail term deposits (of less than Rs 2 crore) since the last two years and reducing the bulk deposits. The retail term deposits grew 33 percent from a year ago. While the top 20 deposits stood at 7.89 percent.

“For the past many months, the bank has been intentionally reducing bulk and interbank deposits. During Q2 FY2021, inter bank term deposit at Rs 2,857 crore reduced by 29 percent as compared to Rs 4,052 crore as at March 31, 2020. The Certificate of Deposits as on September 30, 2020 was zero,” DCB Bank said.

The lender said in the coming months it intends to focus on business loans (loan against property), home loans, gold loans, Kisan Credit Card, tractor loans and short-term corporate loans.

Advances by the end of the quarter were slightly up from a year ago period at Rs 24,879 crore.

Based on the current outlook, the advances for the full year may remain flat at 2019-20 level or may de-grow slightly, it added.

“We expect step by step improvement in collections efficiency in the coming months. We believe ECLGS (Emergency Credit Line Guarantee Scheme) is an excellent scheme that is likely to help bridge the gap in working capital and immediate financial obligations, especially for smaller self-employed entities.

New loan momentum is picking up and our aim is to achieve monthly volumes similar to pre-COVID-19 between March 2021 to May 2021”, Murali M Natrajan, Managing Director & CEO, DCB Bank said.

Read all Earnings here.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

DLF-GIC JV firm to be ready for launch of REIT in 15-18 months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Realty major DLF’s rental arm DCCDL has started the process of structuring its rent-yielding commercial assets in Real Estate Investment Trust (REIT) form but the timing to launch the public issue will be decided by the promoters.

DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF and Singapore’s sovereign wealth fund.

DLF holds 66.67 percent stake while GIC has 33.33 percent stake in the DCCDL, which owns around 33 million sq ft of commercial assets with rental income of over Rs 3,000 crore. GIC had picked up stake in the DCCDL by investing Rs 9,000 crore.

In a conference call with analysts, DLF director Ashok Tyagi said, “We have started the entire process of making Cyber Park REIT ready”.

He said the company would soon appoint consultants for creating a proper structure of its rental assets.

Tyagi said it would take 15-18 months in becoming REIT ready, but said the actual timing to launch public issue of REIT would be decided by the two shareholders.

Besides completed leased assets, he said the DCCDL is developing many assets currently and has huge future pipeline.

Therefore, Tyagi said, the JV will have to decide proper framework as in the REIT, 80 percent of the assets should be completed leased asset portfolio.

DLF’s MD (Rental Business) Sriram Khattar said the rental growth this year will remain muted due to COVID pandemic.

The company’s group CFO Vivek Anand said the interest cost in the DCCDL has been reduced significantly and it will come down further.

In August this year, K Raheja and Blackstone backed Mindspace Business Parks launched the country’s second REIT to raise Rs 4,500 crore.

Global investment firm Brookfield has recently filed a document with market regulator SEBI to launch the country’s third REIT. The issue size is again over Rs 4,000 crore.

The first REIT of Rs 4,750 crore issue size was listed in April last year by Embassy group and Blackstone backed Embassy Office Parks.

Through REIT, real estate developers and institutional investors can monetise their rent yielding commercial properties.

On Friday, DLF reported a 48 percent decline in its consolidated net profit at Rs 232.14 crore for the quarter ended September. Its net profit stood at Rs 445.83 crore in the year-ago period.

Total income fell to Rs 1,723.09 crore in the second quarter of this fiscal from Rs 1,940.05 crore in the corresponding period of the previous year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BOTTOMLINE: Is the seemingly positive trend in Q2 earnings performance for real?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

One swallow doesn’t make a summer. That’s important to keep in mind when trying to project trends based on early bird numbers. The performance of companies that have reported second-quarter earnings so far, have been mostly ahead of analyst expectations.  And while some have even cited positive year-on-year comparisons, such assessments need to be taken with pinches of salt.

We examined the performance of 133 companies in the BSE-500 list for an early indication of a possible trend. Here’s what we found:

The quarter-on-quarter growth has been a healthy 23 percent–note you have the big IT players, banks, insurers, and FMCG companies dominating the early declarers. The profit before tax (PBT) is also up a healthy 73 percent, with lower interest costs and provisions (mostly for the financials) contributing. Other income, though, dipped as more money could have been put to productive use as normalcy is returning to business.

Year-on-year, the 2-odd percent income growth looks positive, but there are a few wrinkles there that we’ll get to. PBT is also up a healthy 97 percent, aided by a sharp 50 percent jump in other income and lower provisions.

Here it is interesting to note that the equity capital of the companies has expanded 13 percent year-on-year following the spate of fundraises, and this has helped absorb the losses in the first quarter, which saw reserves shrink by 12 percent from the March quarter. This has helped the year-on-year networth picture improve to a 2 percent growth. Which too is a tad misleading because September 2019 saw a 7 percent degrowth in networth for these companies.

In fact, the previous year’s quarterly trend is an important aspect to consider while evaluating the performance.

The Base Effet

In September 2019, we were in a slowdown. GDP growth in the July-September quarter had slid to a 6-year low of 4.5 percent from 7.1 percent a year ago, and the Gross Value Added (GVA) growth was down to 4.3 percent from 6.9 percent a year ago. The Index of Industrial Production (IIP) had turned negative for the second quarter, with September logging minus 4.6 percent. Auto sales too had slumped. Passenger vehicle sales were down 24 percent in the quarter, commercial vehicle sales had slid 23 percent and two-wheeler sales were 17 percent lower.

So, a year-on-year evaluation with the September quarter last year isn’t the most aspiring base to work with. In fact, given the slowdown in growth in the second half of last fiscal, the numbers in the second half this year could look much better as the GVA growth was down to just 3 percent in the fourth quarter last year, with manufacturing and construction seeing degrowth.

More Numbers Shift Trend

The other point to consider is that early bird numbers may not make the trend. To examine this aspect, we evaluated the performance of our early bird companies with the complete BSE-500 set in the preceding quarters. Here’s what we found:

In June and March-ended quarters, income for the early birds and BSE-500 companies declined mostly in-line with estimates. However, the early birds showed a lesser decline in profits in the March quarter and a more muted growth in June than the broader set of companies. If this trend is to continue in the September quarter, the late reporters may actually outdo the early birds on profitability. Or will we learn that the early birds joined the party late—are making up for underperformance in the June quarter? We’ll know soon enough.

What’s clear is that there is a recovery visible, and this will likely work more in favour of the large listed companies and against the less resilient, numerous MSMEs. So growth is back, supported by a weak base year-on-year, but what will be key to track is a quarter-on-quarter improvement in the next two quarters. Only then will we be more certain about the strength of the recovery. Here the festive season sales can help. But will the “pent-up” demand start to fizzle post the festive season? Will India see a second wave of Covid and a tightening of unlock rules? Those are the big questions.

For now, the early bird numbers should be seen as green shoots at best.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tamil Nadu allows schools, colleges, cinemas to resume from November

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Easing curbs further, the Tamil Nadu government on Saturday allowed schools, colleges, cinemas, zoos and amusement parks to reopen from next month by following Standard Operating Procedures to prevent the spread of coronavirus.

Announcing the new relaxations, Chief Minister K Palaniswami said religious, cultural, social, political and entertainment events could be held from November 16 and upto 100 people could take part.

He declared the fresh relaxations following consultations with experts, and top government officials.

Suburban train services may resume, he said in an official release, adding, however, a decision in this regard has to be taken by the Central government.

Schools, all colleges, research and other educational institutions, besides hostels would be allowed to open from November 16, the chief minister said.

As regards schools, classes for standards 9-12 alone shall be conducted, he said.

Schools, which were closed in March, are set to resume.

Though the government had earlier announced that students in classes from 10 to 12 would be permitted to go to schools on a voluntary basis from October 1, the move was dropped subsequently in view of concerns over the virus spread.

Using upto 50 percent seats, cinema theatres, and multiplexes and zoos and amusement parks shall all resume functioning from November 10.

SOP should be followed, Palaniswami said adding the relaxations are not applicable to containment zones.

With the easing of curbs, most restrictions have been lifted.

Wholesale fruit dealers would be allowed to work at the Koyambedu complex from November 2.

Fruit and vegetable retailers shall be permitted at Koyambedu premises from November 16.

Upper limit has been enhanced for participation in weddings, funerals and now upto 100 people may take part in such gatherings.

Shoots -television and cinema- could be done by deploying “not more than 150 personnel.”

Swimming pools, beaches and tourist places, in general, would continue to be out of bounds for people and restrictions such as these would continue till November 30.

International air travel shall continue to be banned except for routes permitted by the Union Home Ministry.

For those coming into Tamil Nadu from other states/ union territories (barring Puducherry) ‘e- registration’ would continue to be implemented.

Also, for people visiting Ooty, Kodaikanal and Yercaud the prior registration shall be followed.

Palaniswami appealed to people to follow norms to prevent the spread of COVID-19 like wearing masks and help contain the virus.

The rate of infection has been brought under 7.30 percent due to the work of doctors, Palaniswami said and pointed out that in the past one week the number of new cases was below 3,000.

Also, the active cases were in the range of only about 25,000, he added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bank of Baroda slashes repo-linked lending rate by 15 bps

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

State-run Bank of Baroda (BoB) on Saturday announced a 15 basis points reduction in its repo-linked lending rate to 6.85 percent from 7 percent earlier, effective November 1.

The lender’s retail loans- home loan, mortgage loan, car loan, education loan and personal loan are linked to its Baroda Repo Linked Lending Rate (BRLLR).

Earlier ahead of the festive season, the bank had announced concessions in interest rates on home loan and car loan.

With the current revision in BRLLR, home loan rates will start at 6.85 percent and car loan rates at 7.10 percent, mortgage loan rates at 8.05 percent and education loan rates at 6.85 percent, the bank said in a release.

Meanwhile, another public sector lender, Union Bank of India (UBI) said it has slashed its interest rate by 10 basis points for home loans above Rs 30 lakh.

The bank in a release said women borrowers will get further concession of 5 basis points in rate of interest over and above this reduction for such loans. The new rates are effective from November 1.

With this revision, men borrowers with a credit score of above 700 will be offered home loans at 7 percent.

The lender further said it will not be charging any processing fee on home loans till December 31, 2020.

In addition to this, UBI also waived legal and valuation charges up to Rs 10,000 in case of take-over of home loans by it. The bank also said there are no processing charges for car and educational loans.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US special forces rescue American held in Nigeria: officials

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

US special forces rescued an American citizen who had been kidnapped by armed men in an operation on Saturday in northern Nigeria that is believed to have killed several of his captors, US officials said.

Forces including Navy SEALs rescued 27-year-old Philip Walton, who had been abducted on Tuesday from his home in neighboring southern Niger, two US officials said on condition of anonymity, adding that no US troops were hurt.

A diplomat source in Niger said Walton is now at the US ambassador’s residence in Niamey.

“Big win for our very elite US Special Forces today,” US President Donald Trump wrote on Twitter.

White House Press Secretary Kayleigh McEnany said on Fox News that the Trump administration had over the years rescued 55 hostages in 24 countries.

The Pentagon confirmed the operation but did not provide the identity of the hostage.

Walton, who kept camels, sheep and poultry and grew mangoes near the border with Nigeria, was kidnapped by six men armed with AK-47 assault rifles who arrived on motorcycles at his home in southern Niger’s Massalata village early on Tuesday.

His wife, young daughter and brother were left behind.

Reuters has reported that the perpetrators appeared to be from the Fulani ethnic group, and that they spoke Hausa and some English. They demanded money and searched the family’s home before leaving with Walton.

Niger, like much of West Africa’s Sahel region, faces a deepening security crisis as groups with links to al Qaeda and Islamic State carry out attacks on the army and civilians, despite help from French and US forces.

Four US soldiers were killed in an ambush in Niger in 2017, sparking debate about the United States’ role in the sparsely populated West African desert that is home to some of the world’s poorest countries.

At least six foreign hostages are being held by Islamist insurgents in Mali, Burkina Faso and Niger. Islamists have collected millions of dollars in ransom payments in recent years. The US government has frequently criticized other countries for paying.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bank fraud: ED seizes Rs 6 crore cash after raids on Ahmedabad firm

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Enforcement Directorate (ED) has seized Rs 6 crore cash after it raided an Ahmedabad-based company in connection with a money laundering probe linked to an alleged Rs 488 crore bank fraud case, the central probe agency said on Saturday.

It said Rs 5.99 crore cash and some foreign currency was seized on Friday after it raided six residential and office premises of the consultancy and builder group – True Value Group and Vipul and Manish Associates, it said in a statement.

ED’s money laundering case, filed under the criminal provisions of the Prevention of Money Laundering Act (PMLA), in this alleged bank loan fraud is linked to the Ardor group of companies.

“The Ardor group of companies and its directors, in connivance with unknown bank officials, had cheated and caused wrongful loss to the consortium of banks amounting to about Rs 488 crore,” the ED said.

It alleged that Vipul and Manish Associates and True Value Management Consultant Pvt Ltd floated numerous dummy companies and made their relatives and associates directors of these companies for committing circular trade to inflate books of accounts of Ardor group companies.

“This was done to facilitate them to obtain huge funds from consortium of banks which later became NPA (non performing assets),” it said.

Assets worth over Rs 204 crore have been attached by the ED in this case in the past.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vijay Deverakonda invests in e-vehicle startup Watts and Volts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Actor-cum-entrepreneur Vijay Deverakonda has announced his investment in a Hyderabad-based electric vehicle startup Watts and Volts, which is gearing to commence operations from next year.

Deverakonda announced his investment at the launch of the Telangana government’s new Electric Vehicle Policy on Friday, according to a release.

He, however, did not disclose the amount of investment.

After successfully helming his clothing line ‘Rowdy’, Vijay Deverakonda has now taken a step towards eco commute and shared mobility by joining hands with Watts and Volts with his investment into eco-friendly and sustainable electric bikes startup Watts and Volts Mobility Private Limited, the release said.

“I strongly believe in sustainable and eco-friendly alternatives that facilitate a greener future. With Watts and Volts, we are working on electric cycles, bikes and scooties that will eliminate pollution, for short travel as opposed to the conventional fuel-based transportation system,” he said in the release.

The company’s operation plan and vision statement were also launched at the Telangana EV Summit on Oct 30 at Hyderabad, said the release adding under its pay- per- use model, a user can just pay for using the EV only for the distance travelled.

Watts and Volts will start active operations from January 2021, it added. Launched by Telangana IT Minister KT Ramarao, the policy will be effective from 2020 to 2030.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Former James Bond actor Sean Connery dies aged 90: British media

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Scottish movie legend Sean Connery, who shot to international stardom as the suave, sexy and sophisticated British agent James Bond and went on to dominate the silver screen for four decades, has died aged 90, the BBC and Sky News reported on Saturday.

Connery was raised in near poverty in the slums of Edinburgh and worked as a coffin polisher, milkman and lifeguard before his bodybuilding hobby helped launch an acting career that made him one of the world’s biggest stars.

He will be remembered first as British agent 007, the character created by novelist Ian Fleming and immortalised by Connery in films starting with “Dr. No” in 1962.

As Bond, his debonair manner and wry humour in foiling flamboyant villains and cavorting with beautiful women belied a darker, violent edge, and he crafted a depth of character that set the standard for those who followed him in the role.

He would introduce himself in the movies with the signature line, “Bond – James Bond.” But Connery was unhappy being defined by the role and once said he “hated that damned James Bond”.

Tall and handsome, with a throaty voice to match a sometimes crusty personality, Connery played a series of noteworthy roles besides Bond and won an Academy Award for his portrayal of a tough Chicago cop in “The Untouchables” (1987).

He was 59 when People magazine declared him the “sexiest man alive” in 1989.

Connery was an ardent supporter of Scotland’s independence and had the words “Scotland Forever” tattooed on his arm while serving in the Royal Navy. When he was knighted at the age of 69 by Britain’s Queen Elizabeth in 2000 at Holyrood Palace in Edinburgh, he wore full Scottish dress including the green-and-black plaid kilt of his mother’s MacLeod clan.

Became Fed Up With ‘Idiots’

Some noteworthy non-Bond films included director Alfred Hitchcock’s “Marnie” (1964), “The Wind and the Lion” (1975) with Candice Bergen, director John Huston’s “The Man Who Would be King” (1975) with Michael Caine, director Steven Spielberg’s “Indiana Jones and the Last Crusade” (1989) and the Cold War tale “The Hunt for Red October” (1990).

Fans of alternative cinema will always remember him starring as the “Brutal Exterminator” Zed in John Boorman’s mind-bending fantasy epic “Zardoz” (1974), where a heavily mustachioed Connery spent much of the movie running around in a skimpy red loin-cloth, thigh-high leather boots, and a ponytail.

Connery retired from movies after disputes with the director of his final outing, the forgettable “The League of Extraordinary Gentlemen” in 2003.

“I get fed up dealing with idiots,” he said.

The Bond franchise was still going strong more than five decades after Connery started it. The lavishly produced movies, packed with high-tech gadgetry and spectacular effects, broke box office records and grossed hundreds of millions of dollars.

After the smashing success of “Dr. No,” more Bond movies followed for Connery in quick succession: “From Russia with Love” (1963), ?”Goldfinger” (1964), “Thunderball” (1965) and “You Only Live Twice” (1967).

Connery then grew concerned about being typecast and decided to break away. Australian actor George Lazenby succeeded him as Bond in “On Her Majesty’s Secret Service” in 1969.

But without Connery, it lacked what the public wanted and he was lured back in 1971 for “Diamonds Are Forever” with temptations that included a slice of the profits, which he said would go to a Scottish educational trust. He insisted it would be his last time as Bond.

Twelve years later, at age 53, Connery was back as 007 in “Never Say Never Again” (1983), an independent production that enraged his old mentor, producer Albert “Cubby” Broccoli.

Preferred Beer To Martinis

In a 1983 interview, Connery summed up the ideal Bond film as having “marvellous locations, interesting ambiance, good stories, interesting characters – like a detective story with espionage and exotic settings and nice birds.”

Connery was a very different type from Fleming’s Bond character with his impeccable social background, preferring beer to Bond’s vodka martini cocktails that were ?”shaken not stirred”.

But Connery’s influence helped shape the character in the books as well as the films. He never attempted to disguise his Scottish accent, leading Fleming to give Bond Scottish heritage in the books that were released after Connery’s debut.

Born Thomas Connery on August 25, 1930, he was the elder of two sons of a long-distance truck driver and a mother who worked as a cleaner. He dropped out of school at age 13 and worked in a variety of menial jobs. At 16, two years after World War Two ended, Connery was drafted into the Royal Navy and served three years.

“I grew up with no notion of a career, much less acting,” he once said. “I certainly never have plotted it out. It was all happenstance, really.”

Connery played small parts with theatre repertory companies before graduating to films and television.

It was his part in a 1959 Disney leprechaun movie, “Darby O’Gill and the Little People,” that helped land the role of Bond. Broccoli, a producer of the Bond films, asked his wife to watch Connery in the Disney movie while he was searching for the right leading actor.

Dana Broccoli said her husband told her he was not sure Connery had sex appeal.

“I saw that face and the way he moved and talked and I said: ‘Cubby, he’s fabulous!'” she said. “He was just perfect, he had star material right there.”

Connery married actress Diane Cilento in 1962. Before divorcing 11 years later, they had a son, Jason, who became an actor. He married French artist Micheline Roquebrune, whom he met playing golf, in 1975.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NBFC body FIDC seeks 2 month extension of Rs 3 lakh crore MSME scheme

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Finance Industry Development Council (FIDC), a representative body of non-banking finance companies, on Saturday has written to the union finance ministry requesting to extend the operation of the ECLGS scheme by another two months.

The industry body said, “Allow guarantee cover on eligible loans sanctioned till December 31, 2020, and also request that the time to complete disbursement of such loans till March 31, 2020.”

“Of course, the guarantees provided under the scheme would be subject to the limit of Rs 3,00,000 crores as announced earlier. We sincerely appeal for the kind consideration of the extension which would benefit several lakhs of deserving borrowers to help restore their businesses to the pre-pandemic levels and in the process help in the recovery of the economy at large,” FIDC wrote in the letter.

It said the scheme is officially closing today in terms of loan sanctions but members are still being contacted by customers and educated on the benefits of the scheme.

“However the process of getting the necessary documentation done may take some more time. You may recall that categories of borrowers such as individuals and societies were included in the scheme a few weeks later and hence, the time available to cover all eligible customers were short,” the industry body said.

Further, the FIDC said the ECLGS scheme announced by the government to provide financial assistance to small and medium borrowers to help them emerge out of financial difficulties and business disruptions caused by the COVID-19 pandemic has been very successful in its objective.

Announced as part of the Rs 20.97 lakh crore government economic package to tackle the impact of COVID-19, under the scheme, 100 percent guarantee coverage will be provided by the National Credit Guarantee Trustee Company for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested Micro Units Development and Refinance Agency borrowers in the form of a guaranteed emergency credit line (GECL)facility.

For this purpose, a corpus of Rs 41,600 crore was set up by the government, spread over the current and next three financial years. The scheme will be applicable to all loans sanctioned under the GECL facility during the period from the date of announcement of the scheme to October 31 or till the amount of Rs 3 lakh crore is sanctioned under GECL, whichever is earlier.

All MSME borrower accounts with an outstanding credit of up to Rs 50 crore as on February 29, which were less than or equal to 60 days past due as on that date, i.e., regular, SMA-0, and SMA-1 accounts, and with an annual turnover of up to Rs 250 crore, are eligible for GECL funding under the scheme.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow