Breaking News - 8th August 2023

Financial News 8th 2023 

1.Indian private credit funds, non-bank lenders filling gap left by banks: 

Private credit funds lend to these companies at 12%-18%, splitting transactions into tranches. The riskiest of such credit can yield up to 20%-24% 

Private credit funds typically invest in debt or hybrid securities of unrated and lower-rated companies. 

2.Rupee appreciates, govt bond reverses gains post US non-farm payroll data: 

The yield on the benchmark 10-year government bond ended flat at 7.20 per cent. 

However, the government bonds gave up early gains tracking intra-day rise in US Treasury yields as investors assessed the US key inflation data for July due on Thursday. 

3.14,277 GST appeals pending against disputed tax demands by authorities: 

It has been planned to establish the State benches in a phased manner based on the request of states," the MoS said in a written reply in the Lok Sabha. 

14,227 appeals against disputed tax demands raised by Central GST authorities are pending as of June 2023, Parliament was informed on Monday. 

4.Banks write off Rs 14.56 trn NPAs in last nine financial years: Centre: 

Net write-off loans by private sector banks stood at Rs 73,803 crore (RBI provisional data) in FY 2022-23 

Out of the total Rs 14,56,226 crore, written off loans of large industries and services stood at Rs 7,40,968 crore. 

5.Number of ITRs filed between Apr-June 2023 nearly doubled to 13.6 million: 

As per the comparative statistics of ITR filing available on the I-T e-filing portal, over 7.03 million tax returns were filed in April-June 2022-23. This number surged 93.76 per cent to over 13.6 mn 

6.Five-day work week in banks soon as industry demand gets nod from IBA: 

The proposal has now been sent to the finance ministry for its final approval. If approved, all Saturdays will be declared as bank holidays 

7.Adani Ports Q1 Results: Profit surges 83% YoY to Rs 2,115 crore; revenue rises 24%: 

Adani Ports has reported a consolidated net profit of Rs 2,115 crore for the quarter ended June 2023, which is higher by 83% compared with Rs 1,158 crore in the same quarter last year. 

Both profit and revenue figures were above the ET Now poll estimates of Rs 2,000 crore and Rs 5,900 crore, respectively. 

EBITDA for the quarter increased 80% YoY to Rs 3,765 crore. 

The company recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in the first quarter, reflecting a 12% YoY jump. 

8.Jet Airways: Committee of Creditors asks Jalan Kalrock Consortium to pay Rs 350 crore: 

The lenders accused the Jalan Kalrock consortium of not infusing money to repay creditors. Whereas the consortium said that banks opposed the transfer of ownership and challenged efforts to commence operations at the airline. 

On Monday, the CoC said that they may not pursue the appeal for transfer of ownership if the said amount is paid. 

9.Pricing game has now moved to retail segment: Shanti Ekambaram, director, Kotak Mahindra Bank: 

With the demand for credit being fairly robust, Shanti Ekambaram, director, Kotak Mahindra Bank (KMB), believes that the system credit could grow by 15-16% this year. 

10.HDFC Bank hikes MCLR by up to 15 bps: 

Monday’s move marks HDFC Bank’s second successive interest rate hike following the merger with Housing Development Finance Corp (HDFC). 

HDFC Bank has hiked its marginal cost-of-funds-based lending rate (MCLR) by up to 15 basis points across select tenures with immediate effect. The new rates are in the range of 8.35-9.20% per annum.