Gold imports surge 67% in 2017 on restocking, retail demand: GFMS

Rajendra Jadhav Mumbai India’s gold imports surged 67 per cent in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed. The rebound in purchases by India, the world’s second-biggest consumer of gold after China, could support global prices, which are already near their highest levels in three months. Spot gold values gained more than 13 per cent last year, their best annual performance since 2010.

Banks to refer 25 accounts to NCLT

Banks are in the process of initiating insolvency proceedings against 25 defaulting companies out of the 28 non-performing accounts given by the central bank, after failing to recast their loans by the December 13 deadline. Banks have an exposure of close to Rs 2 lakh crore in the second list of companies.

Nifty opens year on a subdued note; banks, infotech lead decline

India's national benchmark index ended at two-week low on Monday, the first trading day of 2018 while posting its biggest fall in a month on basket selling by large institutional investors amid thin volume trades.

Bharti Infratel, Tata Consultancy Services, Tata Motors, Bosch and IndusInd Bank led decline among the 50-share Nifty constituents.

Domestic firms funded 40% asset growth via shareholders’ equity

Wary of debt, domestic companies funded their asset growth through equity and internal accruals in FY 18.

Forty per cent of the aggregate asset base expansion was funded by shareholders’ equity, a combination of internal accruals and equity capital rising.

The contribution of debt to aggregate asset growth was only 7 per cent, indicating de-risking of balance sheet by companies.

SBI cuts base rate by 30 bps

Making home and other retail loans cheaper to old borrowers in the New Year, State Bank of India (SBI) on Monday cut its base rate and its benchmark prime lending rate (BPLR) by 30 basis points (bps). With this latest reduction, SBI’s base rate is the lowest among lenders.

Despite distress, PE investment in real estate touches Rs 40,000 crore

Despite the slump, the real estate sector has seen robust private equity (PE) activity in 2017 with over Rs 40,000 crore investment.

Several private equity players raised fresh funds to invest in the sector.

The real estate sector has received more funds than last year despite the falling sales and distress in the sector. In 2016, total PE investment in the real estate sector stood at Rs 36,590 crore.

Stocks may give 12-15% return next year on higher corporate earnings

Indian equity investors may earn 12-15 per cent return in 2018 on higher corporate earnings, helped by a revival in economic growth, as disruptions from demonetisation and the GST rollout wane, analysts said.

Most brokerages believe the benchmark index Sensex would jump by 12-15 per cent next year while the 30-share index would test the 36,000 range.

IBC amendment bill to bar wilful defaulters tabled

Finance minister Arun Ja­i­tley on Thursday introdu­c­ed amendments to the insolvency law seeking to weed out willful defaulters and other unscrupulous individuals from bidding for troubled companies headed for time-bound resolution und­er the new bankruptcy code.

The Insolvency and Ba­n­k­ruptcy Code (Amendment) Bill 2017 would replace an ordinance promulgated in November to bar rogue promoters and companies or th­eir senior executives linked with NPA accounts. The bill introduced in the Lok Sabha includes some minor cha­nges to the ordinance.