Mumbai

It has been almost two years since the Insolvency and Bankruptcy Code (IBC) was introduced and its success has been limited. In most of the cases the threshold of 270 days has been breached because of procedural inefficiencies, lack of infrastructure and other frivolous matters. “Not only does this jeopardise the basic premise of resolution within 270 days but also results in notional loss of interest income for lenders with every day of delay,” said a CII and PWC report titled ‘Decoding the Code-Survey of 21 months of IBC in India’.

In a major relief to foreign funds, a Sebi appointed panel has suggested relaxed FPI norms permitting NRIs, overseas citizens of India and resident Indians to hold non-controlling stakes in FPIs.

The committee headed by RBI deputy governor HR Khan has suggested major relaxations to the controversial April 10 circular issued by Sebi.

Experts said the panel has addressed all the major concerns raised by investors but the issue of identifying high risk jurisdictions is still hanging.

Only a third in India are regularly saving for their retirement while just 33 per cent of working-age respondents globally are putting anything aside for their later life, according to a report.

The lack of saving is likely linked to low knowledge of how much money is needed in retirement, as well as many prioritising their immediate financial situation over planning for their older years, according to HSBC’s the ‘Future of retirement: Bridging the gap’ report.

A vice-president of HDFC Bank, who had gone missing on Wednesday under mysterious circumstances from Mumbai, was murdered, the police said on Sunday citing personal enmity as a motive behind killing.

The police have arrested one person in connection with the case and said more people are involved in the crime. His body is yet to be recovered. The police are in the process of recording statements of  HDFC Bank employees to ascertain if the missing VP was dealing with anything sensitive recently.

With the rupee he­ading south ag­ainst the doll­ar, speculative bets have increased. A widening di­f­­ference between the onshore and the offshore non-deliverable forward market (NDF) for the dollar-rupee is exerting pressure on the rupee and encouraging specul­ators to bet more on the currency market. Exp­e­r­ts suggest that there co­u­ld be more pain ahead for the rupee for some more time given the spread.

India Inc reported a 17.1 per cent growth in revenues for the June quarter on a lower base in the year-ago period, a report said on Thu­r­sday. “Indian corporate sector's aggregate revenues ha­ve grown by 17.1 per cent in Q1FY19, on a year-on-year basis,” domestic rating age­n­cy Icra Ratings said.

The agency, which anal­ysed 660 companies as part of the research, said 26 of the 32 sectors it analysed ha­ve shown a revenue growth.

Pharma stocks outperformed the equity market due to weakening of the rupee which crossed 72 per US dollar on Thursday and finally settled at 71.99. Rupee’s fall for seventh consecutive session to all time low of 72.10 has brought cheers to exporters.

Pharma stocks rallied on gains to be made by pharma companies on their exports earnings. The NSE Nifty Pharma Index gained 2.72 per cent, while the Healthcare Index gained 2.20 per cent against 0.52 per cent gains made by Nifty -50 and 0.59 per cent by the Sensex.

Squeezed between a strengthening US dollar and firming up of oil prices, the rupee continued its losing streak against the dollar for the seventh consecutive session and collapsed below the 72-mark for the first time ever on Thursday.

The domestic currency slipped 37 paise to trade at 72.12 against the US currency in the afternoon trade. The rupee closed at 71.99 a dollar, down 0.32 per cent from its Wednesday’s close of 71.76. It opened at 71.65 per dollar and touched a low of 72.11.

Centrum Financial Services, the NBFC arm of the Centrum group, Wednesday said it has signed an agreement to acquire the supply chain finance business of L&T Finance, for an undisclosed sum.

A subsidiary of L&T Finance Holdings, L&T Finance has a loan book of approximately Rs 800 crore, a staff strength of 50 professionals and operates out of 16 cities in the country.

The yield on 10-year government bonds on Wednesday closed above 8 per cent, first time since December 2014, as a weakening rupee and surging crude oil prices sparked fears of rate hike by the Reserve Bank of India (RBI). Bond yield gained for the seventh consecutive session to hit over four-year high. The 10-year bond yield ended at 8.063 per cent, a level last seen on December 1, 2014, from its previous close of 7.999 per cent.