Meghalaya on brink of power crisis
PTI
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Utility NEEPCO says it would regulate supply from March 20 if ₹504.41 crore dues are not cleared
Meghalaya is on the brink of another power crisis, the third in a month, as utility NEEPCO sent a notice to the state government, stating that it would regulate supply from March 20 if ₹504.41 crore dues are not cleared, an official said on Wednesday.
The Union Power Ministry has also expressed concern over the inability of the Meghalaya Power Distribution Corporation Ltd (MePDCL) to clear dues even as a loan of ₹1,345.72 crore has been sanctioned to it for the purpose.
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Finance Ministry writes to Sebi, requests agency to withdraw perpetual bond rule
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The ministry s objection is to the rule that requires debt mutual funds to value perpetual bonds as a 100-year instrument from April 1. Fund managers too had raised concerns over this.
The finance ministry requested the Securities and Exchange Board of India (Sebi) Friday to withdraw the part of its Wednesday circular that changed the rules followed by mutual funds to value perpetual bonds. The capital market regulator hadn t responded to the suggestion at press time, but is expected to review the rules before they take effect on April 1, said people with knowledge of the matter. The move by the ministry was a rare instance of such a government intervention being made public, experts said.
Updated Mar 01, 2021 | 11:02 IST
Lenders have identified about Rs 2 lakh crore of bad loans for which they expect Rs 40,000-50,000 crore. These assets will be transferred to the new ARC at 15% upfront cash. Representational image
New Delhi: Nine banks including the State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) and two non-bank lenders are likely to put in Rs 7,000 crore jointly as initial capital in the proposed bad bank that aims to help extract funds stuck in non-performing loans.
The
Economic Times citing three unnamed people aware of the matter mentioned that Canara Bank, Union Bank of India and Bank of India will join their larger state-run peers as investors in the bad bank along with two state-run financiers of power projects-Power Finance Corp (PFC) and Rural Electrification Corp (REC). All these 11 entities will own equal stake in the proposed bad bank with little over 9% equity each.
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Investors around the world are convinced that a bigger stimulus in the US is on the cards after the Democrats won control of the Senate. These hopes should spur sentiment on Dalal Street on Thursday. Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 72 points, or 0.51 per cent, higher at 14,252.50, in signs that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty bulls are still strong
Nifty50 on Wednesday fell, but the daily technical chart suggested that the formation of higher highs on the index was intact for the 10th session. Analysts said the index has strong support in the 14,000-13,950 range. Unless this range is breached, Nifty outlook will remain positive, they said.