RBI proposes government to consider 100% tax deduction for NPA
RBI proposes government to consider 100% tax deduction for NPA provisioning by the banks. Banks also pitched for extension of the additional 60-day window granted to them for recognition of a loan account as sub-standard.
This is positive (banks to react positively as it would reduce their tax burden substantially though it remains to be seen if the government accepts the proposal).
Sun Pharma drops as investors sue Taro Pharma
Shares of Sun Pharma dropped 2% to Rs617 on NSE as Taro Pharmaceutical, unit of Sun Pharma, is being sued by its investors; alleging false and misleading statements on fixing the price of generic drugs.
This is sentimentally negative for Sun Pharma; apart from USFDA issues and DoJ investigation of drug pricing, such news adds to the existing worries.
Bharti Airtel to buy subsea cable network from Orascomm
Bharti Airtel to buy subsea cable network from Orascom for an undisclosed amount, long term positive
Bharti Airtel Ltd has agreed to acquire a subsea cable network of Egyptian firm Orascom Telecom Media and Technology Holding SAE that connects India and Europe via the Middle East.
The Orascom unit, Middle East North Africa Company Submarine Cable Systems SAE (MENA-SCS), owns and operates a subsea optic network connecting Mumbai, Oman, Saudi Arabia, Egypt and Italy.
Tata Motors JLR launches new Range Rover Evoque 2017
Tata Motors – Jaguar Land Rover has launched the new Range Rover Evoque 2017 model priced between Rs49.10 Lakhs and Rs67.9 lakh (ex showroom, Delhi).
The model will be available in 6 variants and has also introduced the new Ingenium 2 litre diesel engine for the new Evoque.
SBI shareholders approve fund raising plan
State Bank of India (SBI) said its shareholders also gave an in-principle nod to additional fund raising by way of a public issue, should the bank need to tap the markets.
According to a notification issued to stock exchanges, shareholders approved a preferential issue of shares for upto Rs 5681 crore to the Government of India. This is part of the government’s capital infusion plan into the lender.
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