SBI Chairman Rajnish Kumar said 82 percent of customers paid two or more loan installments during the COVID-19 period. Uday Kotak, MD & CEO of Kotak Mahindra Bank, may be keeping an eye on merger and acquisition (M&A) opportunities after the coronavirus. Bosch said the impact of the lockdown on Indian manufacturing supply chain is greater than in other countries, making it less likely that the country will benefit directly from China’s production slump. Read more top stories from the world of business and economics:
1. NPA meter for moratorium loans ticking from September
Banks like Bank of Baroda and IDBI Bank have announced that 65 percent of their loan book is under moratorium. The private banks have seen a third of their book value under moratorium.
2. Is billionaire Uday Kotak looking for mergers and acquisitions in a post-COVID world?
The new money that Kotak has raised kills many birds with one stone; First, the equity dilution helps him reduce his stake to meet the 26 percent regulatory requirement by August; Second, additional capital strengthens the private bank’s balance sheet at a time when the unknown is feared.
3. Is China’s Loss India’s Gain? Unlikely, says Bosch
In the course of the coronavirus pandemic, countries around the world are striving to decouple from China and the entire global supply chain, which has grown over decades, is being realigned.
4. Sale of stake in Reliance Jio: Mukesh Ambani’s telecommunications company raised 87.655 billion rupees in 6 weeks
Abu Dhabi-based state investor Mubadala is the latest investor to invest Rs.9.093 billion in Reliance Jio platforms, which is 1.85% on a fully diluted basis.
5. Coronavirus fallout: The debts of the hungry power discoms hit the record of Rs 4.5 lakh crore
The CRISIL report noted that discoms would face a double blow of high costs and limited cash inflows in the face of declining demand, meaning that cash losses this fiscal year could nearly double to Rs 58,000 billion from last fiscal year.