Current affairs

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☕  26.06.2023 : Today's Banking / Financial News at a Glance 

🍒    Lenders set to clear Rs 400 crore to bring Go First back on runway : Go First’s lenders have agreed in principle to support the airline’s request for Rs 400 crore interim funding to restart its operations. The airline temporarily halted operations on May 2, and its insolvency plea was admitted by the National Company Law Tribunal (NCLT) on May 10. On Wednesday, the airline’s resolution professional Shailendra Ajmera submitted a business plan and a request for over Rs 400 crore funding to airline’s committee of creditors (CoC). The CoC comprises Go First’s lenders — Bank of Baroda, Central Bank of India, Deutsche Bank, and IDBI Bank — which collectively have an exposure of over Rs 6,500 crore to the airline. Bank representatives met again on Thursday to discuss the airline’s funding request. - Business Standard

🍒    Bank loans to NBFCs under RBI scanner : Annual inspections by the Reserve Bank of India (RBI) has commenced for banks. With FY23 financials under the scanner, what’s grabbing the regulator’s attention is the loans handed out by banks to non-banking finance companies (NBFCs). With the share of bank loans to NBFCs as a percentage of loan book increasing to 13-16 per cent for the top 20 players — a jump of 200-250 basis points — the RBI is ascertaining the implication of these loans to the balance sheets of banks from an asset quality perspective. -Business Line

🍒    Banks may give up rights to revive housing projects : Many high-street banks will give up their first claims over assets and cash flow in favour of new financiers who step in to revive stuck housing projects that have left millions of home buyers across the country in the lurch. Banks CEOs and senior industry officials discussed the matter a week ago, with several of them willing to relinquish their rights to new lenders offering priority funding. At the end of May 2022, around 4.80 lakh units (launched in 2014 or before), worth over ₹4.48 lakh crore, were stuck in various construction stages in the top 7 cities, said a report by ANAROCK, a leading real estate services company. The value of stalled projects in the country would cross ₹5.5 lakh, said a banker. - Economic times

🍒    Govt, central bank in  huddle  over  stuck real estate projects : The Centre is taking proactive measures to address concerns over stalled real estate projects, which pose risks to homebuyers as well as lenders. According to two people in the know, the government is holding regular meetings with bankers and Reserve Bank of India (RBI) officials on the matter. Although the Centre’s Special Window for Affordable and Mid-Income Housing (SWAMIH) investment fund successfully revived several projects, government officials said further actions are necessary. Launched in 2019, SWAMIH seeks to facilitate the completion of distressed residential projects.- Live Mint

🍒    FPIs continue to bet on Indian equities; infuse Rs 30,600 cr in June so far : Foreign portfolio investors (FPIs) continue to show confidence in Indian equities and pumped more than Rs 30,600 crore in June so far, as they bet on the country's stable macroeconomic profile and sturdy corporate earnings outlook. This came following a nine-month high investment of Rs 43,838 crore in equities in May, Rs 11,631 crore in April and Rs 7,936 crore in March, data with the depositories showed. Before that, FPIs had pulled out over Rs 34,000 crore during January-February. Going forward, fund inflows could turn volatile, especially after the US Fed reiterated its stance that more interest rate hikes may be needed to bring inflation below its target, albeit at a slower pace, Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said. - moneycontrol.

🍒    Mcap of 6 of top-10 most valued domestic firms erodes by Rs 1 lakh crore; Reliance takes biggest hit : Six of the top-10 most valued domestic firms suffered a combined erosion of Rs 1,02,280.51 crore in market valuation last week, amid a weak trend in equities, with Reliance Industries taking the biggest hit. Last week, the BSE benchmark fell 405.21 points or 0.63 per cent amid a bearish trend in global equities and concerns over rate hikes by central banks of various countries. From the top-10 pack, Reliance Industries, ICICI Bank, Hindustan Unilever, ITC, Infosys and State Bank of India faced erosion from their market capitalisation (mcap). However, Tata Consultancy Services (TCS), HDFC Bank, HDFC and Bharti Airtel emerged as the gainers. - moneycontrol.

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