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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (101982) | |
23321. Escorts plans to raise annual tractor production capacity to 1.8 lakh units
- Farm equipment and engineering major Escorts Ltd is planning to increase its overall tractor production capacity to 1.8 lakh units annually to meet the current robust demand for which it will be investing Rs 100 crore in the remaining part of the fiscal, according to a senior company official.
- The company, which currently has an annual capacity of 1.2 lakh units, expects the overall tractor industry to grow in low double digits this fiscal as against low single digit projected earlier.
- "We are already growing above pre-COVID-19 levels...Both at capacity utilisation and sales we are above pre-COVID-19 levels...Our stated capacity is around 10,000 tractors per month but we are going beyond the capacity and are trying to stretch as much as we can because the demand is so strong that we are unable to make it," Escorts Group CFO Bharat Madan told PTI.
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23322. Global funds are swooping in to invest in India’s stressed companies
- India’s macroeconomic troubles are attracting a new wave of global investors betting they can eke out profits from the rising number of capital-starved businesses struggling to stay afloat.
- Researcher Venture Intelligence calculates that funds have already pumped $1.5 billion in distressed assets in India this year, 55% more than through all of 2019. That data only captures deals that have closed and doesn’t includes others that have been recently announced such as Oaktree’s 22 billion rupee ($294 million) loan to lender Indiabulls Housing Finance Ltd. in July.
- Indian banks had the world’s worst bad loan ratio among major economies even before its strict lockdown began in March, throttling economic activity. The central bank now estimates soured assets will rise to an over two decade high of 12.5% by the end of March 2021, from 8.5% a year ago, a sign of the difficulties businesses face.
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23323. Goldman Sachs raises India GDP forecast for FY21
- Singapore’s Global brokerage house Goldman Sachs recently revised India’s FY21 GDP target to 10.3 percent contraction as against earlier forecast of 14.8 percent contraction.
- The brokerage also said it will be overweight on Indian equities, and cited the macro recovery
- and relatively higher sensitivity of Indian stocks to positive vaccine outcomes.
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23324. India gets $500 million loan from New Development Bank for rapid rail project
- The rapid rail project aims to build network of high-speed commuter rail lines connecting Delhi with cities in the adjoining states. The 82-kilometre Delhi-Ghaziabad-Meerut RRTS will be implemented in phases between the cities
- “The total project cost is estimated at $3,749 million, which will be financed by the NDB ($500 million), Asian Infrastructure Investment Bank ($500 million), Asian Development Bank ($1,049 million), Japan Fund for Poverty Reduction ($3 million), and government and other sources ($1,707 million)," the finance ministry said in a statement
- Shanghai-headquartered New Development Bank (NDB) has approved $500 million in loan for funding the Delhi-Ghaziabad-Meerut regional rapid transit system (RRTS) project, moving a step closer towards revamping public transport system and decongesting the national capital region.
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23325. Reliance Retail completes Rs 47,000 cr fund raise; Mukesh Ambani firm sells 10% stake to investors
- Reliance Retail said that it has raised Rs 47,265 crore by selling 10.09 per cent stakes to investors such as Silver Lake Partners, KKR, ADIA, and others.
- Out of the overall 10.09 per cent of stake sale, Silver Lake Partners has bought 1.6 per cent; Silver Lake Partners – Co-Investors bought 0.4 per cent; KKR took 1.19 per cent; Mubadala took 1.33 per cent; and ADIA bought 1.18 per cent. Further, GIC bought 1.18 per cent stake; and TPG took 0.39 per cent stake in RRVL.
- Reliance Industries had recently apprised that Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund (PIF) have invested Rs 3,779 crore each in Jio Fibre’s network. The sovereign wealth funds from Gulf will acquire a total 51 per cent in the infrastructure investment trust (InvIT) — Digital Fibre Infrastructure Trust (DFIT), while the remaining 49 per cent will be held by various Reliance entities.
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23326. Economy improving fast, growth to turn positive in Q3, Q4 of FY21: Ashima Goyal
- GDP growth will turn positive in the third and fourth quarters of the current financial year, "The RBI has implemented a number of excellent measures that are also reversed in time, without adverse effects-such as the moratorium
- The budgeted fiscal deficit has already exceeded the budget estimate and the combined Centre plus states fiscal deficit is expected to reach 12 per cent this year Other global agencies Fitch Ratings and S&P have projected India's economic contraction at 10.5 per cent and 9 per cent respectively.
- true monetization is only if the RBI has to automatically finance a deficit by making a transfer to the government without any rise in government debt.
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23327. Reforms to unleash employment-led growth vs jobless expansion earlier: CEA
- India will soon launch an ambitious 'Deep Ocean Mission' that envisages exploration of minerals, energy and marine diversity of the underwater world, a vast part of which still remains unexplored.
- required approvals are being obtained for the "futuristic and game-changing" mission. The mission, which is expected to cost over Rs 4,000 crore, will give a boost to efforts to explore India's vast Exclusive Economic Zone and Continental Shelf
- The ISA earlier approved 10,000 sq. km for India with a 15-year PMS exploration plan along the Central Indian Ridge and Southwest Indian Ridge region of the Indian Ocean
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23328. Giving cheaper food to reducing wastage, India on path towards achieving SDGs: Govt
- The country is on its way towards achieving the UN's Sustainable Development Goals as it is reaching out to over 81 crore poor people with subsidised grains via ration shops, reducing farm wastage and promoting eating nutritious food.
- The government is bearing a food bill of around Rs 1 lakh crore annually. The Sustainable Development Goals were adopted by all United Nations member states in 2015. The 17 SDGs, including action to end poverty, are to be achieved by 2030.
- The government has also tied up with ICAR and CSIR that are putting together all ongoing research works on a new portal which will be launched for a wider audience
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23329. GDP shrinks 7.5% in Q2; manufacturing picks up, services sector worst hit
- India’s economy shrank for the second straight quarter through September, recording a 7.5 per cent contraction in its Gross Domestic Product (GDP) in JulySeptember, according to data released by the National Statistical Office (NSO) .
- The latest data is a significant improvement over the unprecedented 23.9 per cent year-on-year contraction in April-June due to damage inflicted by the pandemicinduced lockdown. However, given that there have been two consecutive quarters of contraction, the economy is technically in recession.
- The manufacturing sector emerged out of the negative territory (39.3 per cent contraction in Q1) to post a 0.6 per cent growth in Q2. Agriculture, forestry and fishing also grew 3.4 per cent, same as the first quarter. Electricity, gas and other services posted a 4.4 per cent growth as against a 7 per cent contraction in the previous quarter.
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23330. Sharp 23.9% GDP fall in Q1 will take at least a year to recover: Economists
- Current year will continue with a drop of 7-7.5% which is lower than the earlier anticipated 10%
- It will improve further unless there is one more lockdown to tackle the second wave of Covid-19 cases. We are more than half way through the December quarter; it seems it will be better,” said Harsh Mariwala, chairman, Marico
- Current year will continue with a drop of 7-7.5% which is lower than the earlier anticipated 10%
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