Saturday, October 17
The government is working on amending the insolvency law, including the provision related to bidders requiring CCI approval for resolution plans involving combinations before they approach the Committee of Creditors, according to a senior official. The Insolvency and Bankruptcy Code (IBC) provides for a market-linked and time-bound resolution of stressed assets and under the framework, Committee of Creditors (CoC) is a key element. As part of further improving the insolvency ecosystem as well as reduce the resolution timelines, the corporate affairs ministry has been working on amending the IBC. The senior official on Tuesday said the ministry is working on amendments to the IBC and they are likely to be moved in the next Parliament session. Among other provisions, amendments are likel
Mumbai: NBFCs and other borrowers with credit rating below A- are expected to benefit from the the Securities and Exchange Board of India's (Sebi) move that would allow them to allocate up to 50% of the bond issue size to anchor investors. "Anchor investors, which also include arrangers, play an important role in ensuring the bond issue receives enough subscription," said Anil Gupta, senior VP & co-group head, financial sector ratings, ICRA."However, in lower rated issues, the investor interest for such papers could be limited. In such a situation, arrangers can now take the exposure and then down-sell to other investors looking at higher yields," Gupta said. "The higher allocation to anchor investors can reduce the number of cases of under subscription."The capital markets regulator h
Delhi cabinet on Tuesday approved a subsidy of Rs 30,000 on the installation of 3 kW rooftop solar panels, Environment Minister Manjinder Singh Sirsa said. The minister said the cabinet also approved the procurement of litter machines, anti-smog guns, mechanical road sweepers and water sprinklers as part of its pollution control measures. Sirsa said, "Now the cabinet meeting chaired by Chief Minister Rekha Gupta has approved a subsidy of Rs 10,000 per kilowatt more which comes around to Rs 30,000." The central government provides a subsidy of Rs 78,000 for installing rooftop solar panels under PM Surya Ghar Yojana. Sirsa also said that the government will tie up with banks so that people can get easy loans on installation charges for solar panels. People will not have to spend any mone
Mumbai: The Reserve Bank of India (RBI) accepted a lower-than-notified amount at its open market operations to purchase bonds on Monday even as market participants sought to sell securities worth twice the announced offer on the table. This probably indicates the central bank is comfortable with the current liquidity. RBI accepted bids worth ₹19,203 crore at this OMO, lower compared to the notified amount of ₹25,000 crore. RBI had received bids worth ₹50,369 crore. This is first FY26 OMO auction where RBI accepted a lower amount. RBI's steps have helped lift system liquidity. Government bonds maturing in 2029, 2032, 2033, 2034 and 2036 were part of Monday's auction. The 10-year benchmark yield closed at 6.24% on Monday. "The auction cut-off prices were almost in line with market leve
The industry is hopeful of a rate cut by the Reserve Bank "very soon" and expects India's economic growth at more than 6.5 per cent in the current financial year, PHDCCI Secretary General and CEO Ranjeet Mehta said on Tuesday. He also outlined three major challenges faced by the country's micro small and medium enterprises (MSMEs), including access to affordable finance; technology and market access. "As far as rates are concerned, I think that RBI has definitely looked into it. They have reduced the repo rate. But we are, we are just waiting for the next RBI decision on this. And industry is hopeful that when inflation, we have seen the inflation data, which is within the zone of RBI, and we hope that there would be some kind of rate reduction in future, very soon," Mehta said. The next
Mumbai: Shares of Protean eGov Technologies, a digital public infrastructure company, plunged 20% - the lowest tradable limit of the day - on Monday as analysts downgraded the stock after the company said the company is no longer in contention for the government's PAN 2.0 project.Brokerage Equirus Securities slashed its rating on the stock to sell and price target for March 2026 to ₹900, implying further downside of 21% from Monday's closing of ₹1,143.2.121278667"This is a material negative as PAN services contribute 50% of the company's revenue," said the brokerage in a client note. "While FY26 impact may be muted, we expect a 75-100% collapse in this revenue stream over the next 2-3 years."As of March 31, Canara Bank, PNB, SBI, Axis Bank and Bank of Baroda jointly owned 13.17% in the
