Amid rising cases of wilful default on loans, including the one by liquor baron Vijay Mallya, Finance Minister Arun Jaitley today said industry is fighting a battle of credibility and it should adopt positive and ethical approach towards NPAs or bad debts. "Indian industry is also fighting a major battle for its own credibility. Some recent events haven't added to their credibility," he said, without naming Mallya who has defaulted on Rs 9,000 crore loan and has gone to the UK to avoid action by investigative agencies and lenders. "In this entire debate which is going on non-performing assets, I am quite conscious of the fact that an adverse business environment can lead to non-performing assets.
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Indian industries need to play the role of wealth creators in the economy as India cannot rely alone on foreign direct investment (FDI) for growth, NITI Aayog Chief Executive Officer Amitabh Kant said today. "The domestic industry needs to play the role of wealth creators in the economy and India cannot rely on FDI alone. Also, there is need to focus on export promotion," Kant said during an event on 'Global Slowdown-Implications of the World's fastest Growing Economy' at CII Annul Session 2016 today.
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Adani 's controversy-hit USD 21.7 billion coal mine project in Australia won three mining leases, but the Indian mining giant said final decision on investment will be taken only after the conclusion of "politically-motivated" legal challenges against one of the world's largest mines. Queensland minister for Natural Resources and Mines Anthony Lynham approved the individual lease grant for 70441 Carmichael,70505 Carmichael East and 70506 Carmichael North,which are estimated to contain 11 billion tonnes of thermal coal.
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With inflation under check and government sticking to its fiscal consolidation path, market expectations are that RBI may cut interest rate by up to 0.50 percent in its first bi-monthly monetary policy review for 2016-17 on Tuesday in order to propel growth. The government has also pared the small savings interest rate by up to 1.3 percent providing cushion to the Reserve Bank for cutting the policy rate.
Finance Minister Arun Jaitley too had last week expressed desire that the RBI should cut rate, stating "I want what everybody wants. At this stage if rate cuts do take place it's certainly going to be helpful because you need a more efficient economy and you need a more competitive cost of capital".
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The market has started off week on a positive note, tracking global cues post US jobs data. The 30-share BSE Sensex rose 125.18 points to 25394.82 and the 50-share NSE Nifty climbed 38.15 points to 7751.20. Adani Ports, Tata Motors, BHEL, Dr Reddy's Labs, TCS, Tata Power and Idea Cellular were early gainers while ITC lost 2 percent.
Shares of IT company Geometric surged as much as 18.3 per cent to hit intraday high of Rs 231.80 after Geometric on Saturday said it will sell its IT services business to HCL Technologies Ltd in an all-stock deal valued at Rs 1,237 crore, as HCL looks to strengthen its engineering and automotive services portfolio.
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The S&P BSE Sensex rallied over 100 points in morning trade on Monday led by gains in Infosys, Tata Motors, RIL, TCS, ICICI bank, and HDFC. The Nifty50 reclaimed its crucial resistance level of 7750 supported by gains in IT, realty, power, banks, auto, and telecom stocks.
Indian shares fell on Friday, posting their first weekly loss in five, as investors braced for yet another weak quarter of earnings and after a torrid session in Asia following tepid Japan business sentiment data.
