By Abhishek VishnoiGoldman Sachs Group Inc. cut its earnings forecasts and price targets for three of India’s state-run lenders, after the biggest banking fraud to hit the nation.Analysts including Rahul Jain lowered this year’s earnings estimate for State Bank of India by 1 per cent, Bank of Baroda by 12 per cent and Punjab National Bank by 30 per cent, even after taking account the first tranche of Prime Minister Narendra Modi’s $33 billion recapitalization plan in their forecasts. Estim
The government on Wednesday came out with a simplified version of GSTR-3B, making it more user-friendly amidst indications that it may possible be used even beyond March 31.According to a note prepared by PwC, GSTN has made the following key changes in the process of filing GSTR 3 B:1. Tax payment – Earlier, a taxpayer was required to Submit the return to ascertain the tax liability amount. Post submission, no changes were allowed. Now, the tax liability to be paid in cash/ credit will be show
In an interview with ET Now, Vikas Khemani, President & CEO, Edelweiss Securities, says after a hiatus of almost seven-eight years, we are seeing good economic activity and earnings picking up. Financialisation, infrastructure and affordable housing are the three long-term trends one can continue to bet on.Edited excerpts: Is it time to get worried that earnings are not great, global cues are not great, interest rates are likely to rise? All know that markets will be higher in long term but in t
CHENNAI: Staring at bankruptcy, telecom major Aircel is creating manual codes to facilitate porting requests, which have risen exponentially over the past few days. With networks down for most part of Tuesday in Chennai, it was near-panic situation for subscribers who rushed to apply for mobile number portability.A senior Aircel official confirmed that the company has received 10 times more requests for porting in the past few days. “The systems are unable to handle the surge. However, we are
NEW DELHI: Banks that are crying out loudly about being victims of fraud may have to do some explaining in the coming weeks.While banks such as Uco Bank and Allahabad Bank have taken the plea that they provided funding to companies operated by accused Nirav Modi and Mehul Choksi based on guarantees or letters of undertaking (LoUs) issued fraudulently by executives of Punjab National Bank (PNB), there are questions over the process followed by branches of other banks in Hong Kong.There are concer
AHMEDABAD: If the proposal to increase excise and fees on liquor made by finance minister Nitin Patel while presenting the state budget on Tuesday is approved, spirits might become be a costly affair for health liquor permit holders in the state. Rough calculations based on estimates of the additional fees and excise on alcohol sold in the state, provided by the prohibition and excise department, indicate priced will increase by between Rs 56 and Rs 874 depending on the type of liquor.“Health
By Renee Bonorchis and Loni PrinslooFor years, brothers Ajay, Atul and Rajesh Gupta were ranked among South Africa’s most prominent businessmen and socialized with the ruling elite, including their friend, then-President Jacob Zuma.They weathered accusations that they’d exploited their political connections to land an aircraft at a high-security military base to ferry guests to a private wedding, installed their allies in key positions at state companies, tried to influence cabinet appointme
WASHINGTON (AP) — Spilling out wrenching tales of lost lives and stolen security, students and parents appealed to President Donald Trump to set politics aside and protect America's school children from the scourge of gun violence.
WASHINGTON (AP) — By its nature, the special counsel investigation of Russian activities in the U.S. election is casting a wide net in its search for malfeasance. At the same time, it's not a leaky enterprise — little is coming to light except what the prosecutor, Robert Mueller wants out.
Talking to ET Now, Dipan Mehta, Member, BSE & NSE, says financials including NBFCs and all domestic-focussed companies are the themes he continues to be bullish on.Edited excerpts:IT has really been a big winner that last five to six months and continues to be so in this choppy market. Do you think there is merit in buying IT stocks afresh or do you think one has missed the bus at least when it comes to some of the midcap names like Hexaware, NIIT or for that matter TCS from the larger ones?No,
Almost a decade after he sowed the seeds of a VC fund, Ranjan Pai has a happy problem. The $100 million Aarin Capital, which he co-runs with former Infosys CFO Mohandas Pai, has backed around 40 tech-intensive ventures. But it is eating into his already busy schedule. “It is taking a lot of our time,” says Pai, chief executive & managing director of Manipal Education and Medical Group (MEMG). “We have to decide whether it makes sense to do this, or do it as a fund of funds.”Aarin, regist
Prime Minister Narendra Modi, at the World Economic Forum at Davos on January 23, argued strongly in favour of globalisation and against protectionism. He also invited the world to come and invest in India, with a vision to make India a global manufacturing hub.On February 1, as part of Budget proposals, Modi’s government increased basic customs duty, ranging from 5% to 10% on several products, including mobile phones and parts, completely knocked down (CKD) import of motor vehicles, motorcycl
NEW DELHI: Auditors may not be able to get away by citing “red flags” raised by them in fraud-hit companies as the government is set to crack down on errant entities, including those associated with Nirav Modi, Mehul Choksi and Punjab National Bank (PNB), which are at the centre of the over Rs 11,300-crore scam. Sources told TOI that the Companies Act puts enough responsibility on auditors to ensure that corporate accounts are in order. While auditors have the option of not signing accounts
Indian markets are likely to see a further downside, driven by global factors like the hardening of bond yields in the US. But this would be a perfect opportunity to buy Indian equities, said R Venkataraman, MD, IIFL Group. With global demand and urban consumer sentiment improving, it is safer to have exposure in global sectors such as IT and metals, he told Rajesh Mascarenhas on the sidelines of IIFL Enterprising India Global Investors’ Conference ‘Rise of the Millennials’. Edited excerpt
The view on India is still very bullish on a long-term global strategy basis, said Jim Walker, managing director, Asianomics. In an interview to Sanam Mirchandani on the sidelines of the IIFL Enterprising India Global Investors’ Conference, Walker said that recapitalisation of the banks is critical for the sector’s recovery. Edited excerpts:India’s growth has slowed down in recent times, global liquidity is likely to be lower and bond yields are rising. What is your outlook for the Indian
ET Intelligence Group: Even as the Nirav Modi and Gitanjali Group saga unfolds, the woes of the jewellery sector are unlikely to end anytime soon, suggests the financial data culled by the ET Intelligence Group. Of the total 30 listed companies in the sector, 10 have weak balance sheets with net debt at least five times of EBITDA (earnings before interest tax and depreciation). A value above four is usually considered to be risky.The combined loans of these 10 companies was Rs 3,500 crore in FY1
Union Bank of India and Bank of Baroda have called off a deal to sell Bhushan Steel loans to SSG Capital-backed Assets Care & Reconstruction Enterprise (Acre ARC), two bank officials said.While the development has come up amid reports of Tata Steel making a Rs 35,000-crore offer to acquire the stressed company, the officials said the banks took the decision following government instructions that lenders “should adhere to the spirit of the Insolvency and Bankruptcy Code” while entering into l
WASHINGTON (AP) — The Rev. Billy Graham was a presidential fixture stretching back to the early years of the Cold War. Harry Truman rebuffed but later embraced Graham. He baptized Dwight D. Eisenhower at the White House and played golf with John F. Kennedy.
The local unit of Coca-Cola is working on reducing the sugar content across its portfolio by introducing low-sugar and diet variants of existing brands, and bringing in all-new products with lower-sugar content. This move is in line with the company’s global commitments, Coca-Cola India and Southwest Asia president T Krishnakumar said.Last year, the US-based beverages giant said it would reduce sugar content in more than 500 products around the world and introduce more low-sugar variants.Krish