NEW DELHI: Here is the list of the 10 best actions that could be put forward on Tuesday:
Public sector banks: State banks are on the verge of ₹20,000 crore from recapitalization bonds this fiscal year, at a time when the coronavirus crisis threatens to push bad debts into the banking system. The government tabled the first batch of additional grant requests in parliament on Monday, asking for additional spending beyond budget allocations.
Bank shares: The Reserve Bank of India (RBI) on Monday called on banks to set up and upgrade their systems and to automate the identification of non-performing assets (NPAs). The central bank has asked banks to put in place and upgrade their systems to comply with the guidelines by June 30, 2021.
Dependency industries: The company run by Mukesh Ambani wants to sell around 10% stake in Reliance Retail to financial investors and almost all of the $ 5.7 billion in shares has been taken over, Bloomberg reported citing people familiar with the development .
Tata EnginesResponding to a demand fueled by a pandemic of small cars and sport utility vehicles, Tata Motors has increased its monthly production to 16,000-18,000 cars for the coming months, said three people familiar with the production schedules of the society.
Infosys: Doubles its investments in its cloud business as it sees increased demand as customers opt for remote work solutions, new business models and business continuity plans in the post-pandemic era, has said a senior leader.
ICICI Bank: The private sector lender said on Monday it was exempted from the provisions of the banking regulation law relating to its investments in its insurance companies. Although the bank does not intend to immediately divest its less than 50% stake in the life insurance company, it is seeking to reduce its stake in general insurance.
Vedanta: Vedanta, led by Anil Agarwal, is the sole bidder for Videocon’s 25% stake in the Ravva oil and gas field located in the shallow offshore area of the Krishna-Godavari basin on the eastern coast of India. Videocon is the subject of insolvency proceedings at the NCLT with a separate tender process underway for the Ravva block.
Consumption stocks: The business outlook has brightened since the dark days of the lockdown, but demand will take longer to pick up as consumer sentiment remains subdued, participants in a Mint-Bain India CEO Survey webinar said. Builders, consumer discretionary businesses – from alcohol and pizza to shoes and home furnishings – and media companies painted a grim picture.
Economy: S&P Global Ratings joined other forecasters on Monday in slashing India’s economic growth for fiscal 21, saying the rise in coronavirus cases will keep spending and private investment under pressure longer than expected. He now expects the country’s gross domestic product (GDP) to decline 9% by March 31, from his earlier estimate of a 5% contraction.
Manufacturing: Toyota Motor Corp. will no longer grow in India due to a high tax regime, a blow to Prime Minister Narendra Modi, who is trying to lure global businesses to offset the deep economic malaise caused by the coronavirus pandemic, Bloomberg reported.