Month: January 2020

SBI reports highest quarterly profit in 15 years: Key highlights

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

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The country’s largest lender, State Bank of India, posted its highest ever quarterly net profit on the back of over Rs 11,000 crores of recovery from a single account, Essar Steel, in the December quarter. The stock ended the day higher by 2.53 percent, as investors gave a thumbs up the bank’s record profit and a lower than expected addition to bad loans.

Here are the key highlights of the bank’s third-quarter performance.

Profit

The bank reported a net profit of Rs 5,583 crores in Q3 of the current financial year, compared to Rs 3,954 crores recorded in the same quarter last year, translating into a 41.18 percent rise YoY. The bank received a cheque of over Rs 11,000 crores from Essar Steel, the resolution for which closed in the month of December, which pushed up profits significantly. This is because the bank had made a 100 percent provision against its exposure to Essar Steel and with the resolution plan being implemented, SBI was able to recover over 90 percent of the outstanding loan in this case.

What also helped was a fall in provisioning by 41 percent to Rs 8,193 crores in the third quarter compared to the same period last year.

Profit Before Tax (PBT) for Q3FY20 stood at Rs 10,970 crores, rising 65.74% YoY, and operating profit increased to Rs. 18,223 crores in the quarter from Rs. 12,625 crores in Q3FY19, an increase of 44.34 percent YoY.

Loan Growth

The bank posted a 6.79 percent growth in advances during the quarter on a yearly basis, mainly driven by a 17.49 percent growth in retail-personal advances. This is a slower pace of growth than what the bank recorded in the previous quarter when it saw a 9.5 percent raise. The street was expecting loan growth of anywhere between 8 and 10 percent, so this was a disappointment. The bank’s Chairman Rajnish Kumar, while addressing the media post the results announcement, remarked that the slowdown in corporate loan growth was the biggest discordant in the quarterly performance. Kumar said that the bank was restrained by the RBI’s “Large Economic Framework” because of which it had little headroom to increase its exposure to the top-rated corporates. That said, Rajnish Kumar told CNBC-TV18 that he would be happy if loan growth for the current financial year touch 10 percent by March 2020 in the current environment.

Asset Quality

The bank reported Gross Non-Performing Assets of Rs 1,59,661.19 crore as against Rs 1,61,636 crore in the previous quarter. The Gross NPA ratio declined to 6.94 percent in the quarter compared to 7.19 percent in Q2, and the net NPA ratio came in at 2.65 percent versus 2.79 percent in Q2.

Fresh slippages or the fresh additions to bad loan during the quarter stood at Rs 16,525 crores, and the Gross Slippages came in at Rs 20,098 crores. The bank said that one large Housing Finance Company, Dewan Housing Finance Limited, alone contributed over Rs 7,000 crores to the slippages during the quarter. In addition, the bank had also previously disclosed that it would have to recognize an additional Rs 3,143 crores as bad loan in Q3 on account of RBI’s divergence report. Both of these were factored in by the street in its estimate for the bank’s asset quality and therefore did not come as a surprise.

Among fresh additions to bad loans during the quarter, the bank disclosed that Rs 9,467 crores slipped from the corporate book, which included Rs 7,000 cr from DHFL. Further, Rs 2,965 crores of the slippages came from the agriculture sector, Rs 1,578 crores from the Small & Medium Enterprises, and Rs 821 from personal loans, including housing.

The Special Mention Account Book (SMA) fell from Rs 18,313 crores in Q2 to Rs 8,101 crores in Q3.

Asset Quality Guidance

As for the outlook, Kumar told CNBC-TV18 that the bank expects additional slippages of a maximum of Rs 6,000 crores in the March quarter, as there were no large accounts that are likely to slip in the near future. He further said that the slippages would be in the range of Rs 30,000-35,000 crores in FY21, which could include about Rs 10,000 crores of slippages from the corporate book and the remaining from the retail book. Agriculture sector book, which has been a trouble spot for the bank, could also see improvement starting the March quarter, Rajnish Kumar clarified, as the Reserve Bank of India is expected to come out with guidelines of classification of such accounts which would help align the current mismatch in the current recognition cycle with the sowing season.

Margins

SBI posted margins of 3.05 percent in Q3, the highest in 14 quarters. The recovery from Essar Steel added 22 basis points to the NIM, Chairman Rajnish Kumar told CNBC-TV18. ​

Recovery

The bank posted recoveries and upgrades of Rs 13,553 crores for the third quarter, compared with Rs 3,931 crores in the previous quarter, largely helped by Essar Steel. However, going ahead, the bank expects to recover approximately Rs 7,000 crores from large accounts including from Bhushan Power, Alok Industries and others by the end of March 2020.

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

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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

Economic Survey 2020: Sensex shows link between rise in GDP and wealth creation since 1991

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

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The BSE Sensex captures the story of the correlation between liberalisation and wealth creation in the economy over the last 30 years.

The Economic Survey noted that there has been unprecedented wealth creation in the economy since 1991, when liberalisation in the economy was introduced.

The exponential rise in India’s GDP and GDP per capita post liberalisation coincides with wealth generation in the stock market.

Sensex has not only grown after 1991, but has grown at an accelerating pace. Whereas crossing the first incremental 5,000 points took over 13 years from its inception in 1986, the time taken to achieve each incremental milestone has substantially reduced over the years.

For instance, the Sensex reached the 5,000-mark for the first time in 1999 from its base of 100 points in 1978. It was less than 1,000 points in early 1991 when India moved to a market economy from a command economy.

Since then, the market capitalisation based index has seen unprecedented growth. This unprecedented growth after 1999 can be divided into three phases. Phase I from 1999 to 2007 saw acceleration in the growth of the Sensex, with each successive 5000-point mark taking lesser and lesser time to achieve.

Phase II from 2007 to 2014 saw a slowdown in the index’s growth. Phase III began in 2014 and saw a revival in response to structural reforms. Strikingly, in this phase, the Sensex jumped from the 30,000 mark to the 40,000 mark in just two years. As the CAGR numbers show, the acceleration in the Sensex was not due to the base effect. In fact, higher acceleration stemmed from higher CAGR.

Continuous influx of new firms

The Economic Survey pointed out that viewed from the lens of the stock market, creative destruction increased significantly post liberalisation. Before liberalisation, a Sensex firm expected to stay in it for 60 years, which decreased to only 12 years after liberalisation.

Every five years, one-third of Sensex firms are churned out, reflecting the continuous influx of new firms, products and technologies into the economy.

The Survey noted that despite impressive progress in enabling competitive markets, pro-crony policies destroyed the value in the economy. An equity index of connected firms significantly outperformed the market by 7 percent a year from 2007 to 2010, reflecting abnormal profits extracted at common citizens’ expense.

In contrast, the index has underperformed the market by 7.5 percent from 2011, reflecting inefficiency and value destruction inherent in such firms.

Pro-crony policies such as discretionary allocation of natural resources till 2011 led to rent-seeking by beneficiaries while the competitive allocation of the same post 2014 ended such rent extraction.

Similarly, crony lending that led to wilful default, wherein promoters collectively siphoned off wealth from banks, led to losses that dwarf subsidies for rural development.

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

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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

On Budget day, mutual fund investors can’t make fresh investment and redemption

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

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Association of Mutual Funds in India (Amfi) on Friday in a public notice said mutual funds investors will not be able to make a fresh investment or sell their units on the union budget day as subscription and redemption are closed on Saturdays and Sundays.

Mutual funds subscriptions and redemptions will not be permitted because all the fund houses in their scheme information documents have declared Saturday and Sunday as “non-business day”.

Consequently, mutual funds investors will not be able to participate like other participants in stock markets.

Investors through equity and derivatives can participate but investors through mutual funds will not be able to participate.

In case of any change in a non-business day, fund houses need to issue notices to investors and publish advertisements in leading newspapers which is a lengthy process.

Stock markets will be open for normal trading on February 1, Saturday, when the union budget will be presented by union finance minister Nirmala Sitharaman.

Trading would be conducted during normal hours from 9: 00 am to 3.30 pm.

According to markets sources, the decision has been taken following requests made in this regard by market participants as the budget contains several market-moving announcements.

In 2015, stock exchanges were open for trading on February 28, Saturday, when then union finance minister Arun Jaitley had presented the budget.

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

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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

Nirbhaya case: Delhi court postpones execution of death warrants of all convicts till further order

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

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A Delhi court on Friday postponed execution of death warrants of the four convicts in the Nirbhaya gang-rape and murder case till further order.

Additional Sessions Judge Dharmender Rana passed the order on plea by the convicts seeking a stay on their execution on Saturday, February 1. The court had reserved its order in the pre-lunch session.

The court did not agree with the Tihar jail authorities which had challenged the application of three condemned prisoners in the case seeking a stay on their execution.

The black warrants for execution of the death sentence against Pawan Gupta, Vinay Kumar Sharma, Akshay Kumar and Mukesh Kumar Singh, were issued on January 17.

The convicts’ lawyer argued that rules dictate that when one convict’s plea is pending the others cannot be hanged.

Advocate A P Singh, representing the convicts — Pawan, Vinay and Akshay — urged the court to adjourn the executions “sine die” (with no appointed date for resumption). Vinay’s mercy plea before the president is pending.

Mukesh mercy plea was dismissed by President Ram Nath Kovind on January 17. The appeal against the rejection was thrown out by the Supreme Court on Wednesday.

The trial court on January 17 issued black warrants for the second time for the execution of all the four convicts in the case in Tihar jail at 6 am on February 1. Earlier, on January 7, the court had fixed January 22 as the hanging date.

The curative petitions of Vinay and Akshay have been rejected by the apex court. Pawan is the only one yet not to file a curative plea.

Convicts have the option of moving a mercy petition before the president only after the apex court dismisses their curative plea.

Earlier in the day, the apex court dismissed Pawan’s plea seeking review of the decision by which his application claiming to be a juvenile at the time of the commission of offence was rejected.

A 23-year-old physiotherapy intern who came to be known as “Nirbhaya” (the fearless one) was gangraped and savagely assaulted on the night of December 16, 2012, in a moving bus in South Delhi. She died of her injuries a fortnight later in a Singapore hospital.

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

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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

Economic Survey 2020 re-emphasises need for investment, infra led growth, says Vinayak Chatterjee of Feedback Infra

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

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With less than 24 hours to go for the Union Budget 2020-21, finance minister Nirmala Sitharaman tabled Economic Survey in parliament on Friday.

The document, authored by chief economic adviser Krishnamurthy Subramanian and his team, has made a case for ”wealth creation” in the country by promoting pro-business policies and strengthening the invisible hand of the market, Vikram Kirloskar President of CII and Vice Chairman of Toyota Kirloskar Motor, told CNBC-TV18.

Kirloskar said: “I think Krishnamurthy Subramanian is talking about free markets and that is the way to go. My belief always has been that let the government take care of the farmer, of the agricultural sector, the rural areas nicely, let them get wealthier and industry can take care of itself.”

Industry should be left alone as Subramanian is suggesting and the focus should be on lower levels of the society who do not have enough money, Kirloskar added.

“We focus more on that from the governmental level. So, I am happy that it is in that direction.”

Vinayak Chatterjee, Chairman and co-founder of Feedback Infra, said: “In the Economic Survey, the CEA has drawn a link from his last survey to re-emphasise an investment-led growth and he has given the licence to the finance minister by advocating a certain relaxation of the fiscal space to allow that policy to unfold.”

“So, we have these two fundamentals in place. In infrastructure, our expectation that we have given the government across many interactions for the sector as a whole — one is that do try and orient it a little towards rural India.”

For example, infrastructure if it is in irrigation, water works and rural roads, these are the areas where even the infrastructure spend could be a little slanted towards rural areas to put more money and jobs where it is required, he added.

Secondly, whatever allocations are there for the infrastructure sector. Last year it was Rs 4,41,000 crore.

“Let us assume it is Rs 6 lakh crore this year, if you just put that Rs 6 lakh crore butter equally on a toast, that is what you get but if you pick Rs 2 lakh crore out of that and put it in a developmental financial institution, you can leverage that 9 times, therefore Rs 2 lakh crore fiscal space in the Budget can be leveraged to Rs 20 lakh crore DFI which the sector sorely needs.”

“We need a developmental financial institution for the sector because of the withdrawal of the commercial banks and the NBFCs and also this leveraging gives a much bigger bank for the buck.”

So, that is an expectation that somewhere or the other the finance minister will be able to use funds from the consolidated fund of India,  Chatterjee said.

Sinha said: “Make in India as a concept has struggled to really find traction on the ground. I do not think we have had as much of an outcome of Make in India as we would have liked.”

Now, assemble in India is another version of the same thing with little bit more of an outward focus, an export oriented focus, is again just a slogan, he said.

Whether the government comes with some sort of export incentives, any kind of manufacturing incentives specifically targeted for companies that are exporting, some kind of new SEZ kind of concept, we have to wait and see, at this point it is not clear, he added.

“So the question really is have FTAs been good for India or have they not been good for India? I believe in free markets and therefore I do believe in the fact that free markets lead to more efficient trading, more competitive trading and therefore we as a country can specialise on things that we are better at.”

“Therefore, I do believe that it results in overall value of the whole system going up. Therefore, I am not surprised to hear that free markets or FTAs have actually worked for us. I would very much believe that on a judicious basis we must enter into more free trade agreements such that more markets are opened up for us.”

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

Economic Survey 2020: Corporate tax cut to mostly benefit less than 1% of companies

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

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The steep cut in corporate tax rate will benefit large companies the most as smaller ones were already paying lower rates, the Economic Survey 2019-20 said on Friday.

Finance Minister Nirmala Sitharaman had in September last year announced the lowering of the base corporate tax rate to 22 percent from 30 percent for companies that do not seek exemptions and reduced the rate for some new manufacturing companies to 15 percent from 25 percent. Including surcharges and cesses (levies to raise funds for specific purposes), the effective corporate tax rate will drop by nearly 10 percentage points to 25.17 percent.

The pre-Budget Survey, tabled in Parliament, said most of the companies (99.1 percent) have a gross turnover of below Rs 400 crore (say small and medium companies) and are already taxed at the base corporate tax rate of 25 percent. With surcharge and cess, their tax rate varies from 26 percent to 29.12 percent.

On the other hand, only 0.9 percent of the companies i.e. 4,698 companies have a gross turnover of over Rs 400 crore and their effective tax rate varies from 30.9 percent to 34.61 percent.

“Thus, the impact of corporate income tax rate cut varies from gain of about 3.2 percent to 13.5 percent of the existing tax liability for small/medium companies to about 18.5 percent to 27.3 percent of the existing tax liability for large companies,” it said.

With economic slowdown resulting in slippages in direct and indirect tax collections, the Survey said the next financial year is expected to pose challenges on the fiscal front.

“While on one hand, the outlook for global growth persists to be weak, with escalated trade tensions adding to the risk; on the other hand, the pace of recovery of growth will have implications for revenue collections,” it said.
In order to boost the sluggish demand and consumer sentiments, counter-cyclical fiscal policy may have to be adopted to create additional fiscal headroom, it said.

During the first eight months of 2019-20, the indirect tax collections have been muted. “Therefore, the revenue buoyancy of GST would be key to the resource position of both central and state governments.”

On the expenditure side, rationalisation of subsidies, especially food subsidy, could be an important tool for expanding the headroom for fiscal maneuver, it added.

The Survey said 2019-20 was challenging for the Indian economy owing to the decelerating growth rate.

Among the various reforms introduced during the year to promote growth and investment, reduction in the corporate income tax rate was a major structural reform, which left a hole of Rs 1.45 lakh crore in the tax kitty.

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

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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

Income tax calculator: Check how much tax you pay

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

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The annual Union Budget 2020-21, to be presented by the union finance minister Nirmala Sitharaman, is the yearly financial statement that contains the government’s revenue and expenditure for a fiscal year.

As usual, when the union finance minister presents the budget 2020 at 11:00 am, expectations are high for every tax-paying citizens. Here CNBC-TV18 provides you with a handy tool using which you can calculate the amount of income tax that you will have to pay as per the present tax norms.

This takes into account your income and deductions that are available to you in the Income Tax Act to give you an accurate picture of your income tax obligations for the current 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

Tata Motors to target ‘tech geeks’ for Nexon EV sales through Croma stores

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

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Going to a dealership to book a test ride or check out a car might be passe. As Tata Motors ushers in the electric counterpart of its compact SUV Nexon. it has also decided to sell the product through a new, innovative channel.

To capture the tech-savvy customer, an important buyer profile for electric vehicles, Tata Motors will leverage Tata Group’s network of consumer retail stores, Croma, for providing “an immersive digital experience” by a  new store-in-store concept.

First, the auto major will “experiment” with three Croma outlets in Bangalore, Pune, and Mumbai, respectively, with a store-in-store concept. The 6×8 feet kiosk put up in the stores will have a display and a demo of how the car will be charged. A designated product specialist will also be able to explain the car’s features to the customer, just as well as one would in a showroom.

As a customer, one will be able to book a test drive online in-store, and also place a booking for the vehicle.

“The idea of selling the Nexon EV through Croma stores came when we did research on who are the buyers who’ll have the propensity to buy EVs. I think, not all customer segments will want to buy EVs because there are barriers.  One of the cohorts that came out was tech geeks, who like experimenting with new technology. We said, if these are tech geeks, then why don’t we target a customer who is an Apple buyer or a high-end smartphone buyer or a laptop buyer? If he goes into a Croma store, I might be able to target that buyer who might be interested in an electric car and learn more about the technology. This was the genesis of the idea”, Shailesh Chandra, President – Electric Mobility and Corporate Strategy told CNBC-TV18.

Strategically too, the step marks an effort to overhaul the company’s sales strategy depending on the traction it eventually receives. While the company says it has clear KPIs to track the progress of the experiment, Guenter Bustschek, MD & CEO, Tata Motors told CNBC-TV18, that the move gives one a flavor that Tata Motors is about to change its footprint in sales experience, going beyond brick and mortar.

“Going into a digital experience and leveraging different retail formats in order to bring us and our products to our customers, and not expecting the customer to travel far in order to come to an attractive showroom. So, we are really at a crossroad where we are going to change from the backend to frontend with a strong focus on customer experience and the journey of Tata Motors,” Bustschek said.

Tata Motors is also working with Croma to install fast-charging stations in various Croma outlets across cities, albeit with challenges.

Croma retail stores are often found in malls or market complexes where there’s enough space to plug in and charge a vehicle. Shailesh Chandra told CNBC-TV18 that while installing fast chargers in targeted compact stores was a difficulty, the company will focus on bigger format stores to install more chargers.

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

Oyo has a new worry – Coronavirus

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

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Ritesh Agarwal-led Oyo’s 60-70 percent bookings for Chinese New Year made in countries such as Japan cancelled because of coronavirus outbreak in the country.

The Chinese New Year is the peak time for tourism industry in China, but several cities this time are on lock-down because of virus spread that has claimed more than 200 lives in the country so far.

Oyo has grown into one of the largest hotel chains in China, and operates over 10,000 hotels across 320 cities in the country. The company recently undertook a restructuring, laying off 5 percent of its 12,000 employee base. It also undertook same measure in India.

A source at Oyo told CNBC-TV18 that 60-70 percent of the bookings that Chinese travellers made for the Chinese New Year holidays in countries such as Japan have been cancelled.

Oyo’s China business is expected to see property contribution margin for 2020 at $460 million, though losses are expected to reach $716 million, according to a recent valuation report of the company.

However, China business is expected to post profits of $384 million in 2022 and $1.65 billion by 2024.

“This is usually a big period for Oyo, but close to 70 percent of the bookings have fallen through, and many of these travellers are now moving to Japan,” the person cited above said.

Several employees have also not been coming to work at the corporate offices in the country with the government extending the holidays and because of health scare, the source added.

Oyo, along with several other companies operating in China, said it has started temperature testing at its facilities.

“OYO Hotels (Jiudian), China, puts the safety and health of the employees and customers at the highest priority and will do everything in our capacity to provide our customers a safe lodging experience,” the company said in a statement on Friday.

“We have been actively communicating with employees and customers in China from day 1 by sending all guidance and safety measures related to the virus, including reporting any positive detections. The temperature screening and adequate quarantine facilities are in place once employees join back after the Chinese New Year holidays.”

“We have assured that OYO will provide support and aid to all the employees including their family members who are infected by the virus. Moreover, as a responsible corporate citizen, OYO Hotels, China, have further volunteered to join the relief forces in affected areas.”

For its customers, the company said, it has communicated safety and precaution to all, along with free cancellation during the whole Chinese New Year period.

The company said it has provided sanitary supplies, one-time-use bed sheet, medical masks, etc, to certain OYO hotels in affected areas.

“We stand side by side with government, local community and partnering hotels to do everything in our capacity to fight against the epidemic,” the company added.

SoftBank-backed Oyo has seen frequent turbulence in recent months, with the company admitting it “went ahead of itself” last year, which led to about 2,000 employees being given pink slip this month.

The company is also facing several allegations of impropriety with news reports citing several serious concerns at the company, which founder Ritesh Agarwal has said the management will look into.

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