The News International Team
1:45 pm Exclusive: The Supreme Court ruling which proposed de-allocation of coal blocks has made the banking sector nervous, raising fears that this will add to their bad debt problem.
In an interview to CNBC-TV18, CVR Rajendran, CMD, Andhra Bank, says the bank has exposure worth Rs 4,346 crore to 14 companies impacted by the SC ruling.
He says the bank can look for restructuring of assets, if required. So far the court has given a 6-month breather. In case the government comes out with a coal allocation policy within that stipulated time, and if the coal blocks get re-allocated to these companies, then the move may not have a major impact on the bank’s balance sheet, says Rajendran.
1:30 pm Naranyan Murthy interview: Almost every developing country has to focus on export-oriented manufacturing to boost jobs, says NR Narayana Murthy, non-executive chairman of Infosys . And hence the government’s top priority has to be to ease the process of investing in India. He says the government must determine what factors will aid ease of doing business here. At the moment, India ranks low in ease of doing business. He says the government must make it easier for foreign institutions to invest in the country.
Murthy says prime minister Narendra Modi’s visit to the United States is very important. He adds that Modi must try and explain to the US how Indian companies are adding value to their companies, creating jobs for Americans and also participating in corporate-social responsibility. “He (Modi) has to convince them about how Indian companies have become desirable for the US economy,” he adds.
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The Nifty is still below 8000 on August F&O expiry day. The Nifty is down 34.20 points at 7968.20. The Sensex is down 120.98 points at 26623.71. About 659 shares have advanced, 2059 shares declined and 74 shares are unchanged.
Cipla, TCS, Dr Reddy’s Labs, Bharti Airtel and GAIL are top gainers while Hindalco, Axis Bank, BHEL, Tata Steel and ICICI Bank are among the laggards.
Metal stocks continued to decline for the second straight session after the Supreme Court quashed allocation of 214 out of 218 coal blocks which were allotted to various firms since 1993.
Pramod Gubbi of Ambit Capital sees short-term consolidation phase for Indian market but remains positive and believes that India still remains a buy on dips market.
Exhorting Indian Inc to join his ‘Make in India’ mission, Prime Minister Narendra Modi on Thursday not only launched the ambitious campaign but also urged industrialists to set up establishments in their homeland instead of eyeing foreign lands and ‘First Develop India’ (FDI).
India Inc bigwigs including Mukesh Ambani, Kumar Mangalam Birla, Chanda Kochhar, Azim Premji and Kiran Majumdar Shaw attended the launch programme at New Delhi’s Vigyan Bhawan.
“I want to see Indian companies shine like the MNCs,” said Modi as he pressed for generating more employment in the country. “We do not want any industrialist being forced to leave India. I can say that we have been able to bring about a change in last few months,” he added.