The total wealth of the 35 Mumbai MLAs who are seeking re-election increased by 137 per cent since 2009, according to affidavits submitted by them along with their nomination papers. Their wealth grew from Rs 350 crore in 2009 to Rs 830 crore in 2014.
Over half-a-dozen MLAs registered an increase of more than 400 per cent in their wealth, with NCP’s MLA from Kurla Milind Kamble leading the list. Kamble’s wealth grew by 29,900 per cent — from Rs 25,000 in 2009 to Rs 75 lakh in 2014.
Mumbai has 36 constituencies. Of the total 36 MLAs, 35 are seeking re-election. Former BJP MLA Gopal Shetty is not contesting this time as he has been elected to the Lok Sabha.
The major gainer in wealth in terms of parties are the four Shiv Sena MLAs, whose cumulative wealth grew at 601 per cent, from Rs 4.68 crore to Rs 32.81 crore. They were followed by the Congress, whose 17 MLAs showed a cumulative growth of 238.40 per cent, from Rs 86.79 crore to Rs 293.7 crore. They are followed by the six MNS MLAs, whose cumulative wealth grew by 173.45 per cent, from Rs 27.09 crore to Rs 74.08 crore.
After NCP’s Kamble, the major individual gainer in wealth is Sena legislator Bala Sawant whose wealth increased by 1,945 per cent, from Rs 0.11 crore to Rs 2.25 crore. The third highest increase has been registered by Shiv Sena MLA Ravindra Waikar from Jogeshwari, who has shown an increase of 1,071 per cent, from Rs 1.75 crore in 2009 to 20.5 crore in 2014.>> Read More
· No changes in tax rates for individuals · Personal income tax limit increased by Rs 50,000 for people below 60 years · Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2 lakh to Rs 2.5 lakh · Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh · Rs 100 crore for modernisation of madrasas · Development of Metro rails in PPP mode; Rs 100 crore set aside for Metro scheme in Ahmedabad and Lucknow · Rs 500 crore for digital India programme to ensure broadband connectivity at village level, transparency in governance · Govt proposes to set up five new IIMs, four new AIIMS and five new IITs · Jaitley announces ‘Beti padhao, beti badhao yojana’, sets aside Rs 100 crore for this · 15 new Brail presses to be established and revival of 10 existing announced · Rs 200 crore set aside to support Gujarat govt in the Sardar Patel statue installtion: Jaitley · Sanitation: Government intends to cover every household in the country by 2019 · Govt to provide finance to five lakh landless farmers through NABARD · Rs 100 crore set aside for Kisan Television to provide real time information on various farming and agriculture issues · Trade facilitation centre to promote handloom work in Varanasi
For every rupee that banks in India have lent in the nine months to December 2013, 13 paise has turned sour and has been classified a non-performing asset (NPA). For United Bank, 60 paise is bad for every rupee lent.
In the nine months during April-December in fiscal 2014, 42 banks have lent R5.02 lakh crore and their gross NPAs for the same period stood at R67,394 crore. In the same period, United Bank’s gross advances stood at R9, 268 crore, whereas gross NPAs were R5,581.18 crore. Most of the NPAs were, however, added by the public sector banks.
In these nine months, public sector lenders added R63,782 crore of bad loans to their books and accounted for 94% of the total NPAs.
An analyst at a foreign brokerage said that public sector lenders are burdened by bad loans from the mid-corporate and small and medium enterprises (SME). On the contrary, private banks focus on retail customers who account for lower NPAs. “PSBs have loans like Air India, Kingfisher and even discoms that have cost them dear,” he said.>> Read More
Stating that the overall asset restructuring in the banking system has touched Rs 3.25 lakh crore as of June, RBI Executive Director B Mahapatra today said loan recast has gone “out of control” and all stakeholders need to tackle the problem jointly.
“Till March 2011, things were manageable. We had around Rs 1.1 lakh crore in recast loans, but now if you see, things are quite out of control. It has gone up to Rs 2.7 lakh crore. This is only CDR (corporate debt restructuring) and if you put both (CDR and bilateral restructuring cases between banks and companies) together, may be it might exceed Rs 3.25 lakh crore,” he said at the annual Bancon here.
Mahapatra said the Reserve Bank of India was willing to “tolerate a bit of restructuring,” but he exhorted banks to provide more against potential asset quality troubles and promoters to get more equity and personal guarantees.
“We’ll tolerate a bit of restructuring, we will give the regulatory forbearance, offer more time — that is the loss or the sacrifice that we as regulators are willing to make. But you as bankers should also be willing to make more provisions…And the borrowers should also sacrifice, he should bring in more equity,” he said.
“It is a loss-sharing arrangement. In a system, when there is a problem, all the stakeholders should share the loss,” the executive director said.
Mahapatra pointed out that the RBI has increased the provisioning requirements for banks from 2% earlier to up to 5% in some cases.>> Read More
India’s top builders seem to be sitting on a huge unsold real estateinventory, worth nearly Rs 58,000 crore, which could take more than two years to sell, a Business Standard analysis of 19 listed realty firms on the BSE-500 index shows.
At the end of March, the combined unsold inventory of these companies rose 25 per cent from a year earlier. Their net sales remained almost flat during the same period (see chart).
Of the Rs 58,000-crore pile-up, DLF, India’s largest real estate developer, accounted for almost a third. As of March-end, the Delhi-based company reported an inventory worth Rs 17,600 crore, 18 per cent more than that two years earlier. The company’s consolidated net sales declined from Rs 9,561 crore to Rs 7,773 crore during this period. Following DLF is HDIL, which reported an inventory of Rs 12,043 crore at the end of March this year, more than six times its net sales last financial year.
Third on the list is Indiabulls Real Estate, with an unsold inventory worth Rs 5,111 crore, nearly four times its 2012-13 net sales.
The situation might look even grimmer if the figures for unfinished projects or those under construction (capital work in progress) were to be included. At March-end, the 19 firms in the sample reported Rs 12,300 crore of capital work in progress (see chart).>> Read More
This 19 year old business entity is one of the largest debt syndicators in the country. In the recently closed Debt offering of REC, they raised Rs 750 crore as lead managers. Operating from 10 offices across India, the corporate has built up a huge clientele of cash rich corporate entities and HNIs. With more offerings coming in the next 6 months from HUDCO, IIFL, PFC, Muthoot, Manappuram, Nabard, NHAI, ILFS Transportation the second half of FY14 should turn out to be exceptionally strong.
FY13 Revenues were placed at Rs 190 crore on a consolidated level and after tax profits of Rs 46 crore. This resulted into an EPS of Rs 70 per share and the corporate maintained dividend at Rs 6 per share.
60 per cent of the Equity is held by the promoters, and just 55 shareholders own 87 per cent of the company. The corporate has moved into Wealth management, stock broking and NBFC operations through the setting up of 4 WOS.
At CMP of Rs 116, the stock quotes at a PE of 1.2 and a PBV of 0.24. This valuation is substantially lower than even the worst PSU Banks and the stock can easily move up 50 per cent from here by March 2014.
In line with macro environment, the advance tax collections from the top-100 corporates from the financial capital showed a muted growth for the September quarter, with the outgoes increasing by only up to 8 per cent, a senior official said today.
“For the top-100 companies, the advance tax payments have increased by 7-8 per cent,” the official said. Cumulatively for the first two quarters till now, the advance tax collections from the Mumbai zone, which contributes over a third of the income tax collections nationally, have grown 11 per cent, the official said.
Leading the pack in the financial capital was Mukesh Ambani-led Reliance Industries which paid Rs1,670 crore as against the Rs1,534 crore in the same period year ago, the official said.
Insurance giant Life Insurance Corporation paid Rs1,624 crore as against the Rs1,307 crore paid in the same period last year, the official said.
The country’s largest software exporter TCS paid Rs1,030 crore as against Rs810 crore in the same period last year, the official said.>> Read More
Even as rumours continue to swirl around the Indian National Congress’ choice of advertising agency for its electoral campaign ( JWT India , The Economic Times reported on 11 September, but the agency and the party continue to deny it), the party has a proxy-campaign running for it—the government’s Rs. 100 crore campaign for its entitlement driven Bharat Nirman programme.
Conceptualized last year, the campaign has so far seen its creators, film director Pradeep Sarkar and hisApocalypso Filmworks Pvt. Ltd, and advertising agency Percept/H, create 22 commercials, many featuring a continuing character—a young woman, Priya, who is born into an underprivileged background but, through hard work and a helping hand from the government’s policies, travels to Delhi to study engineering from her remote village, becomes an entrepreneur, acquires land in and around her village (at the new rates announced by the government, 4 times the market value), and is an all-round busybody and do-gooder.
Ads have aired across major television channels and FM stations.>> Read More