New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

Bharti AXA General breaks even, posts maiden net profit in H1

Private non-life insurer Bharti AXA General Insurance said the company has turned profitable in the first half of the current financial year on the back of an impressive growth in premium income and improved operating efficiencies.

The company posted a maiden net profit of Rs 3.3 crore in the first six months of this fiscal against a loss of Rs 59.3 crore in the same period in the previous fiscal.

IOC to buy back shares for Rs 4,435 cr; pay Rs 6,556-cr dividend

State-owned Indian Oil Corp (IOC) will buy back 29.76 crore shares for about Rs 4,435 crore and spend another Rs 6,556 crore on paying an interim dividend to shareholders as the government taps cash-rich PSUs to meet its budget deficit.

The board of the country's largest oil firm on Thursday approved buyback of up to 29.76 crore equity shares, or 3.06 per cent, at Rs 149 per  share, IOC said in a regulatory filing.

Binani Cement renamed UltraTech Nathdwara

Aditya Birla Group firm UltraTech Cement on Thursday said it has changed the name of Binani Cement to UltraTech Nathdwara Cement after acquiring the debt-ridden company.

The National Company Law Appellate Tribunal had on November 14 approved the Rs 7,950-crore offer of UltraTech for the Rajasthan-based firm.

Govt mulls Rs 30,000-crore capital infusion in PSBs

The government is weighing additional capital infusion of up to Rs 30,000 crore in public sector banks since the lenders find it difficult to raise required funds from the markets, sources said.

As part of the capital infusion plan announced by the finance ministry in October 2017, the government envisaged that public sector banks (PSBs) would raise Rs 58,000 crore from the stock markets by March 2019 to meet Basel III norms.

However, due to subdued market conditions, banks have been unable to raise enough funds from the markets so far.

Liquidity constraints to tighten credit supply, growth: Moody's

Liquidity constraints faced by some non-bank financial institutions (NBFIs) will tighten credit supply and slow India’s economic growth to a little over 7 per cent for the current fiscal, Moody's Investors Service said on Thursday.

"...The liquidity constraints faced by some NBFIs in India, after the default of Infrastructure Leasing & Financial Services Ltd (IL&FS) in September 2018, will likely tighten overall credit supply in the country," Moody's said in a statement.

Worst is behind for NBFCs

Though the worst seems to be over for the NBFC sector, growth will taper for non-banking finance companies in the second half of this financial year. The scars left behind by the September-October crisis will have ramifications on growth, asset quality and eventually the funding profile of the NBFCs. Companies will now focus more on asset liability management (ALM) to keep up liquidity flows to the sector, says a report.

New governor to steer RBI board meet today

The central board of the reserve bank of India (RBI) under new governor Shaktikanta Das will meet on Friday where the directors are likely to push for greater say in the decision making of the central bank.

The meeting will review the progress with respect of some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of micro, small & medium enterprises (MSMEs), which is under stress due to demonetisation and implementation of the goods and services tax (GST).

Pilot supporters take to streets, want him as CM

Sachin Pilot supporters burnt tyres and blocked roads in Rajasthan on Thursday, demanding his appointment as the next chief minister. As the Congress leadership in Delhi deliberated over the chief minister's post, groups of people tried to stop traffic at places in Dausa, Ajmer and Karauli districts, police said.

Protesters blocked the Jaipur-Agra highway at Dausa for some time, burning old tyres. There was a similar disruption on the Jaipur-Ajmer highway, and attempts to block traffic on other roads. In most cases, the protesters were from Pilot's Gujjar community, police said.

After daylong parleys, Kamal Nath named MP CM

After a day of moving back and forth on the selection of chief ministers for the three states where it had won the recent assembly polls, the Congress party named Kamal Nath as chief minister for Madhya Pradesh late on Thursday night.

The Congress party which made the announcement said, “An era of change is upon Madhya Pradesh with Kamal Nath at helm.”