BUSINESS
CFMA seeks FTMF repay Rs 14K cr balance to unit-holders of 6 shut funds
The investor body reiterated that three lakh unit-holders of the six shut debt schemes will have to bear a minimum haircut of anywhere between Rs 13,000 and Rs 15,000 crore, or roughly 50 per cent, on their principal amount, for FTMF's "poor investment decisions and inferior asset quality".
Global fiscal deficit tripled in 2020 to $6.5 trillion
The report noted that although the fiscal deficit expanded everywhere, the magnitude of response was divergent in advanced economies (AEs) and emerging and developing economies (E&DEs). "Our calculations suggest that the global fiscal deficit almost tripled to $6.5 trillion (or 9.8 per cent of GDP) last year from $2.2 trillion (or 3.2 per cent of GDP) in CY19," it said.
Pine Labs acquires consumer fintech platform Fave for $45M
Pine Labs said that with this acquisition, the consumers in India will be able to use Fave app later this year to save across 500,000 merchant network points powered by Pine Labs across 3,700 cities.
GST recovery, fuel taxes help Centre improve tax collections
As per provisional figures, net indirect tax collections for FY21 stood at Rs 10.71 lakh crore as compared to Rs 9.54 lakh crore for the previous fiscal (FY20). Net Indirect Tax Collection for the last year shows that 108.2 per cent of the Revised Estimates (RE) of indirect taxes for FY21 has been achieved.
2nd Covid wave poses threat to India's economic recovery: Moody's
Moody's said retail and recreation activity across India had dropped by 25 per cent as of 7 April compared with 24 February, according to Google mobility data. This was mirrored in the Reserve Bank of India's March consumer confidence survey which showed a deterioration in perceptions of the economic situation and expectations of decreased spending on nonessential items.
Gold price fall not a worry for NBFCs, but banks need to be watchful
For NBFCs, the average portfolio LTV as on December 31, 2020, was 63-67 per cent, while average LTV on incremental disbursements in the October-December 2020 quarter was 70 per cent. The LTV discipline is also evident in interest receivables remaining at just 2-4 per cent of the loan book over the past few years.
Luxury home sales in Delhi-NCR up 54% in February: Report
A total of 1,095 luxury units were sold in Delhi-NCR during the month under review, compared to 709 units sold during the same period of last year. The report also noted that luxury home sales witnessed an increase in most of the top markets in February.
OMCs to explore fuel price revision post elections
However, the two petroleum products may see revision again post conclusion of ongoing state elections. With crude remaining below $65 a barrel, any softening on global oil in wake of fresh wave of the pandemic and rising oil stocks in US could actually mean lower petrol and diesel prices for consumers in India.
Adani Ports to be removed from Dow Jones Sustainability Indices
The change will come into effect prior to the opening of the indices on Thursday. In a statement, S&P Dow Jones Indices said that the decision was taken after an analysis was conducted on the company post the news reports over its alleged commercial link with the Myanmar military.
Equity indices in green, auto, banking stocks rise
Healthy buying activity was witnessed in banking and auto stocks. The indices have, however, declined from the intra-day highs. At around 11.25 a.m, Sensex was trading at 48,030.96, higher by 147.58 points or 0.31 per cent from its previous close of 47,883.38.
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