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Tuesday, 22 May 2018

Companies project increased manpower strength in Financial Year 2018-19, survey shows

May 22, 2018 0

Companies project increased manpower strength in Financial Year 2018-19, survey shows

Around 42.06 per cent of the companies have put the estimated rise in manpower strength in their organisations between 1 and 15 per cent, the survey by Genius Consultant Ltd said

Several top corporate houses across industries have projected an increase in manpower by up to 15 per cent in the current financial year, according to a new survey.

Around 42.06 per cent of the companies have put the estimated rise in manpower strength in their organisations between 1 and 15 per cent, the survey by Genius Consultant Ltd said.

The survey conducted among 881 corporate houses included the likes of Siemens India, CESC, BOSCH, Glaxo, TIL Ltd, Barclays, Delloite, Edelweiss, Shapoorji & Pallonji, Lawrence & Mayo, Maruti Suzuki and Bharti Airtel. 
The projected figure of recruitment of male and female candidates stood at 57.77 per cent and 42.23 per cent, respectively, in 2018-19, the survey said. 

Around 21 per cent of the companies were of the view that the major candidate sourcing avenue will be through job portals and lesser through advertisements, it said. 
According to the survey, 53.17 per cent of the companies said that 1-5 years of work experience levels will bag the most opportunities in the financial year 2018-19.

A sizeable 68.25 per cent of the respondents emphasised that background checks remained crucial before recruiting a candidate. 
The pan-India survey was undertaken over a period of two and half months beginning from the first week of March this year.
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SBI posts Q4 net loss of Rs 7,718 crore on higher bad loans

May 22, 2018 0

SBI posts Q4 net loss of Rs 7,718 crore on higher bad loans

Total income during the January-March quarter was up at Rs 68,436.06 crore, from Rs 57,720.07 crore in the same period a year earlier.SBI posts Q4 net loss of Rs 7,718 cr on higher bad loans

The country's largest lender SBI today posted a standalone net loss of Rs 7,718.17 crore for the March quarter due to higher non-performing assets (NPAs). 
The bank had reported a net profit of Rs 2,814.82 crore in the corresponding period of 2016-17. 
Sequentially, the loss widened from Rs 2,416.37 crore in the third quarter ended December 2017.
Total income during the January-March quarter was up at Rs 68,436.06 crore, from Rs 57,720.07 crore in the same period a year earlier, the bank said in a regulatory filing. 
Gross NPAs, as a percentage of gross loans, jumped to 10.91 per cent from 6.90 per cent at March-end 2017.

Net NPAs rose to 5.73 per cent of the net advances compared to 3.71 per cent last year. 
Stock of SBI was trading 5.2 per cent up at Rs 257.85 on BSE in afternoon trade.
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No formula will come out in 2-4 days on petrol and diesel: Amit Shah

May 22, 2018 0

No formula will come out in 2-4 days on petrol and diesel: Amit Shah

During the time of Karnataka elections, there was no directive for the government not to increase the price for not getting the price of oil for 19 days. This decision was taken by the oil companies themselves.


Amit Shah says Govt will not pay any taxes on fuel prices
New Delhi:  Between the criticisms of opposition parties including the Congress about the increase in prices of petrol and diesel, BJP President Amit Shah today said that the government is serious on this subject and any formula or solution will be taken in the next 2-4 days.

Shah said at the BJP headquarters, "As far as the price of oil is concerned, the government is serious about it. Tomorrow Petroleum Minister is meeting with all the oil companies. He said that under the formula, the price of oil has increased and what is to be considered on this subject, it is being considered at the highest level of the government. 

The BJP president said, "In the next 2-3-4 days, the workers sitting in the government will certainly try hard to find some formula or solution." The petroleum minister has told this.



While the government is constantly criticizing the rising prices of petrol and diesel, the oil companies have to come forward and come clean on this issue. Today, in the Press Conference of Indian Oil Corporation, Chairman Sanjeev Singh said that there was no direction to increase the price of the government for not getting the price of oil for 19 days during the Karnataka elections. This decision was taken by the oil companies themselves. Even earlier, oil companies were constantly hiking prices and the decision to stop the increase in prices was themselves by the companies. 

Petrol, diesel, can be stepped up this week to relieve the rising prices. The government

has given us the freedom to change petrol and diesel prices on a daily basis, and the companies themselves decide on increasing fuel prices. We believe that all petroleum products should be in GST

Sanjeev Singh also gave financial figures this year and said that after the tax payment in 2017-18, the profit was 21,346 crore, whereas in the year 2016-17, the company had a profit of Rs.19,106 crore. 

While raising the price of petrol and diesel, the Congress, targeting the Narendra Modi government, said that the Central Government should reduce excise duty on petrol and diesel and reduce the VAT to the public so that the common people can get relief. 
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Government can take steps this week to relieve petrol, diesel prices

May 22, 2018 0

Government can take steps this week to relieve petrol, diesel prices

The government will not only depend on the excise duty reduction but also take some other steps.


Govt can not take any steps to reduce petrol, diesel
New Delhi: The government can take any step this week to provide relief to the common man by rising prices of petrol and diesel. Due to the rising prices of crude oil in the international market, prices of petrol, diesel have reached record levels in the country.

Apart from the excise duty,
a senior government official also said that the government will not only depend on the excise duty reduction but also take some more steps. Excise duty is only one quarter of the price of petrol and diesel. However, the officer did not say anything in detail about this

At the same time, BJP President Amit Shah also said that Petroleum Minister Dharmendra Pradhan will meet tomorrow's officials of oil companies. The government is working on any formula to reduce the oil prices.



Petrol and diesel prices, which increased more than Rs 2 in 9 days,
said, "The rising prices of fuels are a crisis situation for the government. In this case, some other measures should also be included. The Ministry of Finance is in discussions with the Petroleum Ministry in this regard. Petroleum companies have increased the price of petrol and diesel in the last one week according to the increase in international market prices. With this increase, petrol in Delhi costs Rs 76.87 and diesel is priced at Rs 68.08 a liter. In the last nine days, the price of petrol was increased by Rs 2.24 and diesel by Rs 2.15 a liter. Earlier, during the Karnataka assembly elections, oil companies did not make any changes in the rates of petrol and diesel daily for 19 days.

Although the official refused to tell about the steps on which the government is considering. The official said that while taking any steps, the government must keep in mind its financial mathematics. "Some steps can be taken this week to deal with the problem of rising oil prices."

Excise duty on petrol and diesel The
Central Government imposes a stipulated 19.48 per liter excise duty on petrol, whereas on diesel, there is excise duty of Rs 15.33 a liter. The rate of VAT in states is different. Excise duty rate is set per liter but rates of VAT in states are priced accordingly. Increase in VAT also increases VAT. According to the government, the reduction in excise duty by the loss of one rupee to the exchequer causes a loss of 13,000 crore rupees.

VAT on petrol and diesel in Delhi in Delhi, VAT
per liter of petrol was 15.84 per liter in petrol and in Delhi it was 9.68 rupees per liter, but in May it is priced at Rs 16.34 per liter on petrol and Rs 10.02 per liter on diesel in May.

Increased excise duty 9 times between November 2014 and January 2016
Earlier , between November 2014 and January 2016, when the international market was running below the level of crude oil, excise duty increased nine times. During this, excise duty on petrol was increased by Rs 11.77 and diesel by Rs 13.47 per liter. This resulted in Rs 2,42,000 crore coming in the fiscal treasury in 2016-17.
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SBI loses 7718 crores in fourth quarter

May 22, 2018 0

SBI loses 7718 crores in fourth quarter

In the same period last fiscal, the country's largest bank had earned a net profit of Rs 2814.82 crore.


SBI recorded 7718 crore rupees net loss in Q4
New Delhi: State Bank of India (SBI) has a net loss of Rs 7718.17 crore in the fourth quarter of the last financial year. Due to higher provision of losses for the loans trapped in recovery (NPA), the deficit is high.

In the same period last fiscal, the country's largest bank had earned a net profit of Rs 2814.82 crore. In the third quarter ended December, 2017, the bank had a loss of Rs. 2416.37 crores.

The bank said today that the total income increased to Rs 68,436.06 crore in the January-March quarter, from Rs 57,720.07 crore in the corresponding quarter of the previous fiscal.

In this period, the gross NPA of the bank increased to 10.91% of the loan, which was 6.90% in the same quarter of the previous financial year. Meanwhile, the net NPA of the bank rose to 5.73 per cent, which was 3.71 per cent in the same quarter a year ago.
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Monday, 21 May 2018

Nirav Modi fraud fallout: Moody's downgrades PNB rating to Ba1/NP from Baa3/P-3

May 21, 2018 0

Nirav Modi fraud fallout: Moody's downgrades PNB rating to Ba1/NP from Baa3/P-3

The downgrade also reflects the weak internal controls and processes of the bank, given that the fraudulent transactions were undetected for a number of years

International rating agency Moody's today said it has downgraded state-run Punjab National Bank's (PNB) rating to Ba1/NP from Baa3/P-3, due to impact on the lender's profitability following Nirav Modi-fraud case. 
It kept the ratings outlook as stable but also downgraded the bank's baseline credit assessment (BCA) and Adjusted BCA to b1 from ba3.

"The downgrade of the bank's BCA and ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank's standalone profile, particularly its capital position," the rating agency said in a report here today. 
The downgrade also reflects the weak internal controls and processes of the bank, given that the fraudulent transactions were undetected for a number of years. 
In February, the bank announced that it had discovered some fraudulent and unauthorised transactions amounting to Rs 11,390, billion (USD 1.7 billion). 
Based on the bank's subsequent announcements, PNB's total exposure to these transactions amounts to Rs 14,400 crore (USD 2.2 billion). 
Following the announcement of the fraudulent transaction, Moody's initiated a review of the bank's ratings on February 20, 2018, which was completed now. 
The rating agency expects that the lender will receive capital support from the government and that it will be able to release some capital from the sale of its non-core assets such as its real estate holdings as well as a partial stake sale in its listed housing finance subsidiary, PNB Housing Finance. 
"Nevertheless, these sources will unlikely prove sufficient to restore the bank's capitalisation to levels before the fraudulent transactions were discovered," the report said. 
The report estimates that PNB will require external capital of about Rs 12,000-13,000 crore in FY2019 to meet the minimum Basel III CET1 ratio of 8 per cent by March 2019, including a capital conservation buffer. 
This estimate takes into account the ageing basis provisions for the non-performing loans (NPLs), the deferred provisions for the fraud, investment losses and employee benefits expenses as well as a reduction in risk-weighted assets, it said. 
The report said while the government has budgeted an infusion of Rs 65,000 crore into 21 public sector banks, it expects that the large capital shortfall will negatively impact PNB's ability to grow its loan book over the next year. 
The rating agency, however, said it will downgrade PNB's BCA and ratings if the bank's capitalisation worsens beyond what it's expects in this ratings action. 
Any indication that government support to the bank has diminished will also lead to a ratings downgrade, it added.
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Amidst fears of growing debt load, China proposes equity financing to tackle crisis

May 21, 2018 0

Amidst fears of growing debt load, China proposes equity financing to tackle crisis

In a move to tackle the surging debt, a top official with China's stock market regulator has proposed equity financing to reduce their dependence on debtChina's growing debt load has sparked fears of a financial

China's growing debt load has sparked fears of a financial crisis in the world's second largest economy. In a move to tackle the surging debt, a top official with China's stock market regulator has proposed equity financing to reduce their dependence on debt.
Jiang Yang, vice-chairman of the China Securities Regulatory Commission on Sunday said that the development of direct financing, especially equity financing, would help ease high rates of leverage among enterprises and boost their ability to invest and engage in research and development.
Speaking at a forum, Jiang said that China attached great importance to the development of private equity investment funds, and was also committed to the further opening-up of its capital markets.
Earlier the CSRC on Friday said that exchanges need to pay close attention to debt risks following a recent spate of corporate defaults.
So far this year, 10 issuers have defaulted on principal or interest payments on 17 bonds worth a total of 14.6 billion yuan, ratings agency Fitch said last week. In all of 2017, there were 18 defaults involving 39.3 billion yuan.
On Friday, the Kingtec Steel Corporation in northwest China’s Xinjiang region said it was facing bankruptcy and would be unable to pay off its debts, including a 550 million yuan bond issued in 2013.
China witnessed a massive surge in the national debt load this year.The 7.5 per cent increase is almost double the rate in the previous year. Since the global financial crisis in 2008, China's debt as a percentage of gross domestic product has grown more than 10 percent a year on average, says International Monetary Fund (IMF).
Earlier in December last year, the Chinese government called for a reasonable credit growth in 2018 to tackle the debt load. 
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