Month: June 2020

Moratorium extension just kicking can down road; one-time restructuring needed: Axis Bank CEO

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

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The recent announcement by the Reserve Bank of India extending the moratorium on term loans by another three months is merely kicking the can down the road, Axis Bank CEO Amitabh Chaudhry said in an interview to CNBC-TV18.

He said the number of borrowers who can’t repay bank loans is only going to increase, he said, adding that the RBI should allow one-time restructuring of loan accounts. He sees both individuals as well as corporate clients struggling to pay back loans.

Many other bankers too have been calling for a one-time restructuring by the RBI.

Chaudhry expects strong banks to get bigger at the cost of smaller players in the system, and sees tough times for the banking industry over the next 12-18 months.

He said many non-banking finance companies were facing a liquidity crisis.

Chaudhry expects asset quality of most banks to deteriorate, and the cost of credit rising.

He said slippage for Axis Bank too would rise, but that the bank was well-cushioned in terms of capital levels. He said the bank will continue to look at ways and means of buffering the capital level of the bank.

Chaudhry said the bank has been conservative in making provisions for bad loans, meaning, the bank is setting aside more money for bad loans than required under RBI guidelines

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

Japan’s May factory activity sinks as pandemic lockdowns hit demand

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

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Japan’s factory activity shrank at the fastest pace since March 2009 in May, a private sector survey showed on Monday, as manufacturers widely struggled with the demand blow from the coronavirus pandemic.

The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally adjusted 38.4 from 41.9 in March, its lowest since March 2009, and matching a preliminary reading last month.

“May survey data revealed that production volumes are falling at an even faster rate than in April,” said Joe Hayes, economist at IHS Markit, which compiled the survey.

“Anecdotal evidence from the survey showed that was the result of collapsing demand, which fell at the sharpest rate since the global financial crisis,” he added.

The survey pointed to the quickest contraction in output, new orders and work backlog since early 2009, as government-imposed lockdowns globally halted economic activity and hurt consumer sentiment.

The pandemic has been particularly disruptive for trade-reliant nations such as Japan, which already slipped into recession in the first quarter.

The government last week lifted the state of emergency and approved a second USD 1.1 trillion stimulus package, bringing the total pledged to save the economy from the pandemic to about 40 percent of gross domestic product.

A silver lining in the gloomy data were employment conditions as the rate of job shedding eased from April, when the drop in staffing levels was the sharpest in more than a decade.

“While easing lockdown measures will be positive for the economic environment, it is clear that dislocations will remain,” Hayes said.

“Until we see a sustained improvement in demand, manufacturing conditions are likely to remain fragile.”

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

Top stock tips by Ashwani Gujral, Sudarshan Sukhani, Mitessh Thakkar for Monday

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

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The Indian market is likely to open higher on Monday after the government issued orders for opening up of economic activity in a phased manner. Positive momentum in Asian peers may also support gains in the domestic market. CNBC-TV18’s in-house panel of experts has laid down a list of stocks for the investors to buy/sell in trade today.

Here are the top buy-sell calls by market experts for Monday:

Ashwani Gujral – ashwanigujral.com

– Buy Bajaj Auto with a stop loss of Rs 2,680, target at Rs 2,750

– Buy Sun Pharma with a stop loss of Rs 470, target at Rs 495

– Buy UPL with a stop loss of Rs 398, target at Rs 415

– Buy Wipro with a stop loss of Rs 205, target at Rs 221

– Buy BPCL with a stop loss of Rs 335, target at Rs 352

Sudarshan Sukhani – s2analytics.com

– Buy ACC with a stop loss of Rs 1,240, target at Rs 1,300

– Buy Escorts with a stop loss of Rs 885, target at Rs 930

– Sell Sun TV with a stop loss of Rs 395, target at Rs 375

– Sell CESC with a stop loss of Rs 585, target at Rs 555

Mitessh Thakkar – mitesshthakkar.com

– Buy Cipla with a stop loss of Rs 639, target at Rs 667

– Buy MGL with a stop loss of Rs 959, target at Rs 999

– Buy Torrent Power with a stop loss of Rs 311, target at Rs 332

– Buy SBI with a stop loss of Rs 158, target at Rs 169

Also, track all live market action on CNBC-TV18 Market Blog

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions

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

Pak summons senior Indian diplomat over expulsion of 2 High Commission officials on espionage charges

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

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Pakistan on Monday summoned a senior Indian diplomat to register strong protest over India’s decision to expel two officials of its High Commission in New Delhi on charges of espionage.

Pakistan’s Foreign Office (FO) said the Indian Charge d’Affaires was summoned for a “strong demarche”, conveying Pakistan’s condemnation of the decision to declare two officials of the Pakistan High Commission in New Delhi persona non grata and rejection of all “baseless” allegations against them.

Pakistan also conveyed that the Indian action was in “clear violation” of the Vienna Convention on Diplomatic Relations and the diplomatic norms, the FO said in the early hours of Monday.

Earlier, Pakistan’s Foreign Office said that the two staff members of the Pakistan High Commission in New Delhi were lifted by the Indian authorities on May 31 on “false and unsubstantiated charges”.

They were, however, released on the High Commission’s intervention, it said.

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

Team of doctors, nurses from Kerala reaches Mumbai to help fight COVID-19

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

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A team of doctors and nurses from Kerala has arrived in Mumbai to enhance the efforts to fight against the spread of coronavirus in the city following a request from the Maharashtra government.

On May 23, Maharashtra’s Directorate of Medical Education & Research had sought Kerala’s assistance in the management of COVID cases in Mumbai, requesting the southern state for 50 experienced doctors and 100 nurses. In a letter to Kerala’s health minister K K Shailaja, the Director of Medical Education & Research, Maharashtra, Dr T P Lahane, had requested expert doctors and nurses for managing the 600-bed dedicated COVID-19 center being set up at Mumbai’s Mahalakshmi Race Course.

Kerala’s finance minister Thomas Isaac said in a tweet that a 100-member team of doctors and nurses from Kerala led by Dr S S Santhosh Kumar, deputy superintendent of Thiruvananthapuram Medical College Hospital, has reached Mumbai.

A 100 member medical team of doctors and nurses from Kerala led by Santhosh Kumar Dy. Superintendent of TVM Medical College volunteers to assist Mumbai doctors in the battle against Covid19.Advance team has already reached Seven Hills Hospital.Doctors without borders!

— Thomas Isaac (@drthomasisaac) May 31, 2020

The 600-bedded COVID Care Centre at Mahalakshmi Race Course also includes a 125-bedded ICU.

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

IMD to release second monsoon forecast on June 1

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

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The India Meteorological Department is slated to issue the second stage Long Range Forecast (LRF) for South-West Monsoon Season rainfall on Monday.

The Secretary, Ministry of Earth Sciences will brief the press through online video conferencing.

Each year, the weather bureau issues LRF in two stages — the first stage forecast is issued in the month of April, while the second one is issued in June.

In its first stage forecast, IMD had predicted normal monsoon this year.

“We will have a normal monsoon this year. Quantitatively the monsoon rainfall during the monsoon season 2020 is expected to be 100 per cent of its long period average with an error of +5 or -5 per cent,” Madhavan Rajeevan, Earth Sciences Secretary, had said on April 15.

The IMD had predicted onset of monsoon in Kerala on June 1, in Chennai on June 4, in Hyderabad on June 8, in Pune June 10 and Mumbai on June 11 and Delhi June 27.

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

Coronavirus news highlights: Over 1.9 lakh cases in India; Bharat Biotech says vaccine development moving positively

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

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Coronavirus in India LIVE updates: The nationwide tally of confirmed COVID-19 cases crossed 1.9 lakh on Sunday after a record number of nearly 8,400 people tested positive, but recoveries also rose further to near 92,000. Several cities saw the lockdown restrictions being eased with even traffic snarls returning back on roads. The death toll rose to 5,394 after a record single-day spike of 230 fatalities in the 24 hours since Sunday 8 AM, the Union Health Ministry said in its morning update. It showed the number of confirmed cases rising by 8,392 to 1,90,535. India is now the seventh worst hit nation by the COVID-19 pandemic after the US, Brazil, Russia, the UK, Spain and Italy, according to the WHO’s coronavirus tracker. Globally, close to 62 lakh people have tested positive for the dreaded virus infection ever since it was first reported in China last December, while more than 3.72 lakh have lost their lives.

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

Oil prices slip as wary traders eye upcoming OPEC+ meeting

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

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Oil prices fell nearly 1 percent on Monday as traders hedged bets with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.

Brent crude fell 34 cents to USD 37.50 a barrel, in the first day of trading in the contract with August as the front month.

West Texas Intermediate (WTI) crude futures for July delivery were at USD 35.17 a barrel, down 32 cents, by 0123 GMT.

The price falls come after front-month Brent and WTI prices posted their strongest monthly gains in years in May. Gains were boosted by OPEC crude production dropping to its lowest in two decades with demand is expected to recover as more nations emerge from coronavirus lockdowns.

“The focus is very much on OPEC+,” OCBC economist Howie Lee said, referring to the grouping of OPEC and its allies including Russia. OPEC+ agreed in April to reduce output by an unprecedented 9.7 million barrels per day (bpd) in May and June after the coronavirus pandemic ravaged demand.

“We might see a cautious pullback in (crude) prices given that downstream prices haven’t caught up … but if OPEC+ does come up with a three-month extension, there’s a possibility that prices may hit the USD 40 level,” Lee said.

Still, tensions between the United States and China weighed on global financial markets while traders are also keeping an eye on riots over the weekend that have engulfed major US cities.

Saudi Arabia is proposing to extend record cuts from May and June until the end of the year, but has yet to win support from Russia, sources have told Reuters.

Algeria, which currently holds the OPEC presidency, has proposed an OPEC+ meeting planned for June 9-10 be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait. Russia has no objection to the meeting being brought forward to June 4.

Meanwhile supply in North America is also falling as data from Baker Hughes Co showed that the US and Canada oil and gas rigs count dropped to a record low in the week to May 29.

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