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Kalyani Group contributes Rs 25 cr to PM-CARES to fight coronavirus pandemic

NEW DELHI: Auto components major Bharat Forge, the flagship company of Kalyani Group, and other group firms on Tuesday pledged Rs 25 crore contribution to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES) to fight against the coronavirus pandemic.

The group is also looking at using its R&D facilities to meet requirements of critical medical equipment such as ventilators, respiratory equipment and other sanitation/hygiene goods.

The other group companies involved in the donation are Kalyani Steel, Saarloha Advanced Material Pvt Ltd, Automotive Axles and Hikal Ltd, the group said in a statement.

Bharat Forge Chairman Baba Kalyani said, “The group is committed to assist the central and state government and the local authorities in all possible ways to deal with the pandemic.”

He further said, “We are also using our group R&D facilities to look at ways of easing the shortage of critical medical equipments, including ventilators, respiratory equipment and other sanitation/hygiene equipment.”

Kalyani said as part of CSR activity, the group has started addressing food requirements of local community and will increase the efforts in the coming days.

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RBI: RBI says many banks are not extending doorstep services to senior citizens

Mumbai: The Reserve Bank on Tuesday said many banks are not extending doorstep services for senior citizens and differently-abled persons even after three years of it issuing advisories and asked for “strict compliance” on the same by April 30.

The directions assume significance as they come amid the COVID-19 pandemic, where the senior citizens have been marked out as the most vulnerable and advised against stepping out of their homes as the country fights to limit the impact through radical measures like a three-week lockdown which is underway.

In a notification, the RBI drew banks’ attention to an advisory issued in 2017 where concerted efforts were asked to be taken to take banking services to those over 70 years of age and to the differently-abled.

“Although banks were advised to implement the instructions by December 31, 2017, it has been observed that such services are yet to be offered by banks or were restricted to select branches,” the RBI said.

“Banks shall report the progress made in this regard to the Customer Service Committee of the Board every quarter. Further, they must ensure strict compliance with the above instructions by April 30,” the notification added.

The charges associated with rendering such a service should be made public and adequate publicity should be given to make everyone know about the availability of these services, the central bank said.

The notification asked banks to offer the doorstep banking services on pan India basis, develop a Board approved framework for determining the nature of branches/centres where these services will be provided mandatorily and those where it will be provided on a best effort basis and make the policy public.

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ONGC: Natural gas prices cut by steep 26 pc; huge dent in ONGC revenues

New Delhi: Natural gas prices on Tuesday were cut by a steep 26 per cent to its lowest rate since the pricing was made formula-driven in 2014, a move that is likely to translate into lower CNG and piped cooking gas prices but also make a huge dent in revenues of producers such as ONGC.

Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) said the bulk of India’s existing gas production will be priced at USD 2.39 per million British thermal unit for the six-month period beginning April 1, down from USD 3.23 as of now.

This will be the second reduction in six months to the lowest since 2014.

The price of gas produced from difficult fields such as deepsea too has been cut to USD 5.61 from USD 8.43 per mmBtu now.

Prices of natural gas, which is used to produce fertiliser and generate electricity and is also converted into CNG for use in automobiles as fuel and cooking gas for households, are set every six months — on April 1 and October 1 each year. ANZ BAL

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Retailers bulk deliver to RWAs for smooth supply to societies

New Delhi: Retailers and online grocery companies have started tapping resident welfare associations (RWAs) to bulk deliver to thousands of households with minimum resources amid the Covid-19 lockdown. Hypermarket chain Spencer’s Retail has placed drop boxes in various housing complexes in Hyderabad, Mumbai, Kolkata and Delhi NCR, among other cities.

Residents drop their order lists and Spencer’s delivers the next day. Online grocer Grofers has started servicing residential societies in Gurgaon, Mumbai and Bengaluru with a limited number of essential products. Cash and carry operators Metro and Walmart India, too, have either piloted or are planning bulk supplies to RWAs.

“Two weeks ago, we came up with a model,” Devendra Chawla, chief executive, Spencer’s, told ET. “Only three to four employees are required to service 40-50 orders as one single delivery, at a pre-agreed time of booking as well as delivery.” Residents, too, support such bulk deliveries.

“We only had one grocery store in the vicinity of our society and it was not able to service essential needs,” said Rajat Choudhury, an RWA member from Noida. “We tell residents to come in batches of 10, as per token numbers.” Rohit Sharma, head of supply chain for Grofers, said hundreds of RWAs

approached the company for bulk delivery and it has started delivering to many. “This is a unique format. We just supply in bulk to them and distribution is the RWAs’ responsibility,” he said.

Retailers said it is logistically easier for them to send full loads of minitrucks directly to the residential gated communities and that would help free up delivery guys, whose numbers have already been curtailed due to the lockdown. Also, only a limited number of delivery guys are issued with “curfew passes” by various city and district authorities.

“Deliveries to RWAs is one opportunity we are exploring,” said Arvind Mediratta, managing director, Metro Cash and Carry India. “We have Metro stores right next to condominiums in Delhi, East Delhi, Ghaziabad, Mumbai.

RWAs are registered bodies and have GSTs. So, they become our customers.” Walmart India has started delivering essential goods to RWAs in some places in Uttar Pradesh and Madhya Pradesh, a person familiar with the development said. Walmart did not respond to an email seeking comments as of press time Tuesday. Ahmedabad-based Osia Hypermart encourages families in societies to combine their orders so the company can bulk deliver.

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Waiving charges for low-end users to hit telcos’ revenue

KOLKATA: Bharti Airtel, Vodafone Idea (VIL), Reliance Jio and state-run Bharat Sanchar Nigam (BSNL) could each take a 1-1.5% one-time hit on annual revenue if they waive a month’s call charges for migrant labourer customers headed home amid the lockdown, analysts and experts said.

Experts said most migrant worker customers of Airtel and VIL would be on minimum recharge plans, while in Jio’s case, they would make up a sizeable chunk of its 100 million-odd 4G feature phone users.

Airtel and Vodafone Idea, they said, could take a bigger hit than Jio on operating income as they incur additional costs to maintain 2G networks for these low-end consumers on minimum recharge plans. Jio, they said, won’t be stung as it runs a pure 4G network.

For now, Bharti Airtel, VIL and BSNL have extended the pre-paid pack validity for their low-ARPU customers, and given a talktime credit of Rs 10 to ensure continuous connectively during the Covid-19 induced lockdown.

Airtel and VIL have extended the talktime of over 80 million and 100 million customers respectively till April 17, while BSNL has extended it up to April 20.

Jio, in turn, has offered 100 minutes of calls and 100-odd text messages for free till April 17 to help its 4G VoLTE feature phone users stay connected during the lockdown. The moves came after the telecom regulator asked the Big 4 telcos to extend validity of prepaid users to ensure uninterrupted voice and data services during the lockdown. The Congress party too has urged telcos to waive a month’s call charges for their migrant labourer users to help them connect with families.

Rajiv Sharma, research head at SBICap Securities, estimates “Airtel, VIL and Jio will each take around a 1-1.5% hit on annual revenue if call charges are waived for a month for their migrant worker user base”.

He also estimates Airtel and VIL will take “around a 2-3% Ebitda hit annually,” as they incur extra costs to maintain 2G networks for their low-end user-base on the minimum recharge plans. As of press time, Airtel, VIL and Jio did not reply to ET’s queries.

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Yes Bank Share Price: Sebi fines YES Bank’s two promoter entities Rs 1 crore

Markets regulator Sebi on Tuesday imposed a penalty of Rs 50 lakh each on two promoter entities of YES Bank for not making requisite disclosures pertaining to encumbrance of shares.

The two entities that have been penalised are YES Capital (India) and Morgan Credits.

It was alleged that by not making requisite disclosures of encumbrances of shares of YES Bank to the stock exchanges and the lender, the two promoter entities have violated the provisions of SAST (Substantial Acquisition of Shares and Takeover ) Regulations.

YES Capital had raised Rs 630 crore from Franklin Templeton Mutual Fund through unlisted Zero Coupon Non-Convertible Debentures (‘ZCNCD’) in September 2017. As a part of the transaction, YES Capital acceded to a condition that it will maintain a cover ratio of 3.3 times till 12 months and 3 times thereafter.

Besides, Morgan Credits had raised Rs 950 crore from Reliance Mutual Fund through unlisted ZCNCD in April 2018 and as a part of the transaction, Morgan Credits acceded to a condition that it will always maintain a cap on the borrowing cap at 0.5 times.

As per the shareholding pattern of YES Bank filed with the stock exchanges as on March 31, 2019, YES Capital and Morgan Credits held 3.27 per cent and 3.03 per cent stake, respectively in the private lender.

Based on the observations, Sebi examined whether the conditions of maintaining a ‘Cover ratio’ or ‘Borrowing cap’ as part of borrowings by these promoters can be construed as a form of ‘encumbrance’ on shares of the bank.

In its submission to Sebi in March 2019, YES Bank had said that it was not privy to the transactions entered into by YES Capital and Morgan Credit and it has not received any disclosure from themboth about any encumbrance on their shareholding in the bank.

Further, stock exchanges — BSE and NSE —in February 2019 had stated that no disclosures were made to them with respect to these transactions.

Sebi found that the “transactions carried out by the noticee (YES Capital and Morgan Credits) by way of raising funds through unlisted ZCNCD with the conditions of maintaining a ‘Cover ratio / ‘Borrowing Cap’ as part of borrowings is construed as a form of ‘encumbrance’ on the underlying shares of YBL (YES Bank Ltd) held by noticees and that by not making requisite disclosures of the said encumbrances on shares of YBL held by them to stock exchanges and YBL, the noticees have violated the provisions of …the SAST Regulations”.

Accordingly, the Securities and Exchange Board of India (Sebi) has levied a fine of Rs 50 lakh each on YES Capital and Morgan Credits.

SAST Regulations require a promoter to disclose encumbrance of its shares and the term ‘encumbrance’ include a pledge, lien or any such transaction, by whatever name called.

Further, through the frequently asked questions (FAQs), it has also been clarified by Sebi that non-disposal undertakings are also included in such disclosure.

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China’s ‘mini-IPO’ reform takes on new virus urgency

SHANGHAI/HONG KONG: One unforeseen outcome from the coronavirus outbreak in China is that it is speeding up capital market reform even as economic activity is gummed up by restrictions to contain its spread.

Beijing is stepping up plans for a new ‘mini-IPO” market to help the country’s army of small companies access capital quickly, as it keeps growing the next generation of innovative companies despite the short-term impact from the virus on business confidence.

The reform on China’s moribund New Third Board is the second major step in less than a year aimed at developing the country’s ability to finance its next tech champions, artificial intellignce or fifth-generation telecoms (5G) firms.

Plans to transform the New Third Board into a feeder for the bigger exchanges were designed to help create a financing channel for start-ups without the need for the foreign finance that supported China’s Alibaba and Tencent.

The devastating hit from the virus outbreak on small- and medium-sized enterprises – which employ around 80% of workers – could see the new scheme rolled out by July.

“The epidemic makes life hard for SMEs, which is why Beijing is accelerating the reform,” said Zhang Chi, CEO of private equity firm Xin Ding Capital.

Chinese President Xi Jinping in February called on banks and others to boost support for virus-hit SMEs. Two weeks later, the National Equities Exchange and Quotations (NEEQ), operator of the New Third Board, said it would accelerate its reform plans.

Under the scheme, companies already on the board which meet certain criteria can apply to NEEQ for what brokers have dubbed a “mini-IPO”, involving selling shares to new investors and joining a new “select tier.”

Companies in the tier can later migrate to Shanghai’s STAR Market or Shenzhen’s ChiNext – both bigger tech hubs, offering greater opportunities to raise more funds – without the rigours of another IPO.

The regulator has asked brokerages to drum up investor interest while more than 100 companies, ranging from biotech firms to software makers, are preparing to join the new tier.

“It’s an encouraging move,” said Wilson Chow, who heads PwC’s global TMT industry practice. “This will certainly encourage these companies to stick to domestic capital markets and continue supporting national growth policies.”

REFORMS The board will help China’s drive toward capital sufficiency at a time of trade tensions with the United States.

As well as supporting start-ups, the plan underlines policymakers’ determination to fund promising businesses at home – and their willingness to give up control of the process to achieve that.

Chinese companies have raised $279 billion through IPOs in the past five years – 30% of the global total – but more than half of those funds were raised in Hong Kong and New York. Firms opted to list abroad to avoid red tape and the lenthy approval process, but also because the sums available were so much larger.

Last year’s big reform was Shanghai’s Nasdaq-like STAR Market which was the first in China to do away with regulatory approval for each IPO and the first to allow pre-profit companies to list, at valuations set by the market.

So far, 92 companies have raised $12.9 billion via STAR Market floats – more than half the total raised in Shanghai in that time. MINI-IPOS Battery-maker BTR, telecommunications company Guizhou Flidam Technology Co and drugmaker Senxuan Pharmaceutical are among companies that have hired underwriters for mini-IPOs.

“It’s a new way out for China’s SMEs,” said Yin Rongzao, chairman of Borunte Robot Co Ltd, a privately run robot maker in southern Guangdong Province which aspires to join the new tier.

Some 9,000 companies are now listed on the board, but it has suffered from poor liquidity since China’s spectacular 2015 market boom and bust.

Mini-IPO candidates need a minimum expected market capitalisation of 200 million yuan, compared with 1 billion yuan ($141.4 million) for the STAR Market.

Regulators have also widened the pool of potential investors by cutting the minimum asset threshold to 1 million yuan from 5 million yuan, and are allowing mutual funds to invest.

Tu Zhengfeng, managing director of Shenwan Hongyuan Securities, who oversees tech-related underwriting, estimates that up to 80 companies could join the new tier in the first year.

Not all of China’s attempted market reforms have worked – a 2018 attempt to list Alibaba and others at home via so-called Chinese Depositary Receipts was quietly shelved – and some investors remain fearful of the risk.

Between an all-time high in April and July 2015, the New Third Board plunged 40% and low trading volumes has made recovery more difficult than for other, bigger exchanges.

Frank Bi, partner of law firm Ashurst, sounded a note of caution.

“It will be important to monitor these reforms and how sustainable they are if they’re to have any long-term effect on where Chinese companies choose to list,” he said.

Though it may take time for markets to embrace the mini-IPOs, new ways to raise funds seem inevitable.

“China’s economy is moving toward a more innovation-based growth model, and you need to transform your capital markets to support that change,” said Fan Lei, economist at Sealand Securities, adding that traditional bank loans secured against company assets were not the solution for innovative start-ups.

“The reform will also help develop direct financing and reduce China’s reliance on debt.”

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New foreign investment category first step towards inclusion of rupee bonds in global benchmarks: DBS

Singapore: The unrestricted access of foreign investors to select Indian bonds is a first step towards facilitating inclusion of INR bonds in global bond benchmarks, says a DBS report.

The Reserve Bank on Monday opened certain specified categories of government securities (G-Secs) for non-resident investors as part of an initiative to deepen the bond market.

RBI in a notification on Monday said that a separate route namely, Fully Accessible Route (FAR) for investment by non-residents in securities issued by the Government of India has been notified.

“Assuming 15 per cent of Rs 7.8 trillion gross borrowings for FY21 is considered under the FAR, eligible securities will amount to Rs 1.2 trillion (around USD 15 billion).

“This together with around Rs 4.3 trillion of existing securities cumulatively make USD 70 billion worth securities eligible,” DBS Bank economist Radhika Rao said in a note.

Rao further noted that “if inclusion into global indices is considered, this might translate into a potential weight of 4-6 per cent on the JPM GBI-EM Index and less than 1 per cent on the Bloomberg Global aggregate bond index.”

According to Rao, the plan to free up part of the GSec issuance to full FPI participation was announced in February’s Budget, marking a first step towards facilitating inclusion of INR bonds in global bond benchmarks.

Finance Minister Nirmala Sitharaman in the Budget for 2020-21, had announced that “certain specified categories of Government securities would be opened fully for non-resident investors, apart from being available to domestic investors as well.”

In addition, all new issuances of Government securities of 5-year, 10-year and 30-year tenors from the financial year 2020-21 will be eligible for investment under the FAR as ‘specified securities’, RBI said.

“Scope of incremental flows hinge on the broader risk-environment, which at this juncture is tepid, with less than 60 per cent of the existing limit used up. If and when bonds are included in global benchmarks (also factoring in the lead time for due processes), the economy will able to draw in less volatile and long-term focused funds,” Rao added.

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Gold falls as dollar firms, shares rally; set to post quarterly gain

Gold prices fell on Tuesday as the dollar firmed and as shares rose on hopes of a rebound in China economic activity, while safe-haven demand amid concerns over the coronavirus outbreak kept the metal on track for its sixth straight quarterly gain.

Spot gold fell 0.5 per cent to $1,614.41 per ounce by 0824 GMT. It gained about 6.4 per cent for the quarter, and around 1.8 per cent for the month. US gold futures eased 0.2 per cent to $1,615.50.

“The dollar, yields, and a better equity market performance are pressuring gold,” said Stephen Innes, chief market strategist at financial services firm AxiCorp, adding that the negative correlation between equities and gold has started to form again.

The dollar gained against its key rivals as investors braced for prolonged uncertainty and governments tightened lockdowns and launched monetary and fiscal measures to fight the virus.

Asian shares rallied on positive factory data from China that raised hopes of a rebound in economic activity, while longer-term US Treasury yields followed the stock market rally on Monday as the US government was in talks with healthcare companies to mass produce coronavirus vaccines.

Weighing further on gold, Russia’s central bank announced it would stop buying gold starting April 1 and offered no explanation behind the decision.

“However, it’s not catching traders by surprise as lower oil prices mean fewer petro dollars per barrel for the central bank to buy gold … If oil prices remain depressed, there will probably be a similar curtailment of bullion purchases across other oil-exporting central banks,” Axicorp’s Innes said.

Oil prices remained near 18-year lows as the virus-led shutdowns put pressure on demand.

“With central banks unleashing a tsunami of quantitative easing (QE) at a time when fear is running rampant in markets and (as) government debts are about to explode, it seems like the perfect cocktail that could push gold back to record highs,”

said Ajay Kedia, director at Kedia Commodities in Mumbai.

Among other precious metals, platinum was unchanged at $723.18, but was on track to post its biggest quarterly percentage loss since 2008.

The world’s largest platinum producers Anglo American Platinum , Sibanye-Stillwater and Impala Platinum have declared force majeure on contracts after a three-week national lockdown in South Africa forced operations to close.

Palladium slid 1.2 per cent to $2,298.34 an ounce, while silver shed 0.4 per cent to $14.06, and was set to post its worst quarter since June 2013.

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PPF interest rate: PPF to fetch 7.1%, NSC 6.8% as govt slashes small savings schemes interest rates

The government today announced a steep cut in the interest rates on small savings schemes for the first quarter (April to June) of FY 2020-21. Interest rates on various small savings schemes have been cut by between 70 basis points and 140 basis points (100 basis points = 1 per cent).

For instance, interest rates on the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana have been cut by 0.8% or 80 bps, each. Post office time deposits (of certain tenors) have seen the sharpest cut of 1.4 per cent or 140 bps. After the latest reduction, the PPF will earn 7.1 per cent (down from 7.9 per cent), Sukanya Samriddhi Yojana 7.6 per cent (8.4 per cent), and the time deposits will earn 5.5-6.7 per cent for the April-June quarter.

Here is a look how much each of the small savings schemes will earn for the quarter ending June 30, 2020.

% change in Small Savings schemes interest rates

Instrument Interest rate (%) from Jan 1, 2020 Interest rate (%) from April 1, 2020 Change(%) Savings deposit 4 4 0 1 year Time Deposit 6.9 5.5 -1.4 2 year Time Deposit 6.9 5.5 -1.4 3 year Time Deposit 6.9 5.5 -1.4 5 year Time Deposit 7.7 6.7 -1 5 year Recurring Deposit 7.2 5.8 -1.4 5 year Senior Citizen Savings Scheme 8.6 7.4 -1.2 5 year Monthly Income Account 7.6 6.6 -1 5 year National Savings Certificate 7.9 6.8 -1.1 Public Provident Fund 7.9 7.1 -0.8 Kisan Vikas Patra 7.6 6.9 -0.7 Sukanya Samriddhi Yojana 8.4 7.6 -0.8

Source: Ministry of Finance website

More bad news for fixed income investors Interest rates on small savings schemes (except for post office savings account) were last revised in July 2019 – rates were cut by 10 basis points (100 bps = 1 percentage point). Since then, interest rates have been kept unchanged. The Economic Survey had earlier suggested that the interest rates on the small savings schemes be reduced to bring them in consonance with the interest rates prevailing in the economy.

The latest rate reduction in small savings schemes does not bode well for fixed income investors, especially for senior citizens who are dependent on interest as a major source of regular income. This is because over the past one year, banks have also been reducing interest rates on fixed deposit (FDs). According to a Times of India report, State Bank of India’s (SBI) one-year fixed deposit is fetching less than 6 per cent for the first time since August 2004. After the Reserve Bank of India (RBI) cut the repo rate by 75 bps on March 27, 2020, SBI, slashed its FD rates the same evening by up to 50 bps. After the cut, SBI’s one-year FD will earn 5.2 per cent (senior citizens will earn 6.2 per cent).

How interest rates are set on small savings schemes The interest rates on small savings schemes are reviewed every quarter by the government. The formula to arrive at the interest rates of the small savings schemes was given by the Shyamala Gopinath Committee. The committee had suggested that the interest rates of different schemes should be 25-100 bps higher than the yields of the government bonds of similar maturity.

Small savings scheme interest rate

Instrument Interest rate (%) from April 1, 2020 Compounding frequency Savings deposit 4.0 Annually 1 year Time Deposit 5.5 Quarterly 2 year Time Deposit 5.5 Quarterly 3 year Time Deposit 5.5 Quarterly 5 year Time Deposit 6.7 Quarterly 5 year Recurring Deposit 5.8 Quarterly 5 year Senior Citizen Savings Scheme 7.4 Quarterly and Paid 5 year Monthly Income Account 6.6 Monthly and Paid 5 year National Savings Certificate 6.8 Annually Public Provident Fund 7.1 Annually Kisan Vikas Patra 6.9 (will mature in 124 months) Annually Sukanya Samriddhi Yojana 7.6 Annually

Source: Finance Ministry circular dated March 31, 2020

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oil prices: Oil to stay below $40 in 2020 on virus shock, Opec+ deal collapse: Poll

Oil prices will stay below $40 a barrel this year, as measures aimed at halting the rapid global spread of the coronavirus cripple demand and the collapse of an OPEC+ deal adds to a mounting supply glut, a Reuters poll showed on Tuesday.

The survey of 40 analysts forecast Brent crude prices would average $38.76 a barrel in 2020, 36 per cent lower than the $60.63 forecast in a survey in February.

The 2020 outlook for West Texas Intermediate crude was slashed to $35.29 a barrel from last month’s forecast for $55.75.

Both Brent and WTI crude prices are now trading in the low $20s. Global benchmark Brent slumped nearly 70 per cent from January highs as global virus-led lockdowns hammered demand and a Saudi-Russian price war flooded the market.

“The floor has dropped out of the oil market, and we do not expect it to return until the fourth quarter,” Economist Intelligence Unit analyst Cailin Birch said.

Oil prices, which had already been weak, took a steeper dive in March when a deal on supply curbs between the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, fell apart.

Analysts expect global demand to contract by between 0.7 million and 5.0 million barrels per day (bpd) in 2020, potentially eclipsing the fall in 2009 during the financial crisis.

“Mobility restrictions to help contain the spread of the virus are largely to blame for the plunge in demand,” UBS analyst Giovanni Staunovo said, adding that flight restrictions in Europe and the US were major blows to jet fuel demand and “tapering” traffic would hit diesel and gasoline consumption.

The slump in gasoline and jet fuel demand has crippled refining margins across Asia, Europe and the United States causing refiners worldwide to slow output.

“We will see a new round of negotiations between Saudi Arabia and Russia in the future. There is no alternative to supply cuts by OPEC+ in this situation,” said LBBW analyst Frank Schallenberger.

Saudi Arabia has struggled to sell additional crude to refiners due to surging freight rates amid low demand.

But Edward Moya, a senior market analyst at broker OANDA, said “a revival of production cuts by OPEC+ seems very unlikely. OPEC will take a wait-and-see approach and hope the second half of the year will see a strong rebound in demand.”

US production could fall by 0.5 million to 3 million bpd this year, the poll showed.

“US supply will drop sharply as weaker shale players will drop out. They don’t seem to be properly hedged for prices this low,” said David Ölzant, an analyst at Raiffeisen.

Plummeting prices have left only a handful of producers who can turn a profit from their newest wells, Reuters analysis of data provided by consultancy Rystad Energy showed.

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Ashok Leyland joins hands with health authorities to tackle COVID-19 crisis

A Hinduja Group flagship firm Ashok Leyland on Tuesday said it is actively working with government authorities in tackling COVID-19 (coronavirus) pandemic.

The commercial vehicle major has aligned itself with the Department of Health and Family Welfare for a slew of initiatives, Ashok Leyland Ltd said in a statement.

The Chennai-based firm is supplying 3 ply masks, N95 masks, disposable gloves, liquid handwash, sanitisers, body suits for health service personnel, it said.

Besides, it is providing disinfectants, protective chemical guard suit, and chemical protection goggles for sanitation staff, it added.

It is also deploying ten vehicles with drivers for emergency logistics operation for use by the health department, the company said.

“We are leaving no stone unturned to help the community at large. We shall work with the government at every step and stay supportive of all their initiatives in the coming days,” Ashok Leyland President HR, Communications & CSR Balachandar NV said.

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Confusion prevails among borrowers over three-month moratorium as many get EMI reminders

Mumbai: With many getting payment reminders, confusion prevails among borrowers, term-plan investors and credit cardholders over the implementation of the three-month moratorium on all loan repayments amid disruptions caused by the coronavirus outbreak. As part of measures to alleviate hardships faced by people, the Reserve Bank, on March 27, announced a slew of steps, including a three-month moratorium on loan repayments.

Many borrowers, credit cardholders and mutual fund investors have received SMSes from their lenders reminding them that they need to maintain sufficient balance on the due date. Among others, such messages have been received by people who have taken personal, auto and home loans.

An SBI Cards customer from the city received an SMS on Sunday asking him to pay the minimum balance for payment on the annual charge even though the person is yet to activate his credit card.

On Saturday, a Navi Mumbai homemaker who has a monthly investment plan from ICICI Lombard received a message asking her to maintain the EMI amount in the bank account. On Sunday, her husband got a call from his insurance broker regarding payment towards a plan taken from HDFC Ergo.

An American Express credit card customer from the city also received a payment reminder on Monday.

When contacted, a public sector bank official admitted that such messages are being sent to customers as the moratorium decision has to be approved by the board of each lender but in many cases, the board meetings have not taken place due to the nationwide lockdown.

According to a banker, customers would have to inform their banks that they want to avail the benefit of the moratorium.

“Wherever there is a standing instruction, the customer has to inform the bank that he or she wants EMIs to be deferred. Otherwise, instalments will be deducted,” a senior public sector banker said.

RBI has taken a slew of measures, including a 75-basis points cut in the repo rate, in the wake of the situation arising out of the outbreak of coronavirus, which has infected more than 1,250 people and has claimed over 30 lives so far in the country.

There is also a three-month moratorium on payments on all types of loans and lenders have been directed not to treat such non-payments as NPAs or make bad loan provisions for them.

The regulator has asked credit information bureaux not to report non-performing assets during the moratorium period.

Another senior banker told that the moratorium should not be seen as a kind of write-off.

“This is not a loan write-off by the government. This is just an option to delay the payments for those customers whose jobs have been affected due to the lockdown or salaries been delayed because of the same.

“Ultimately, each customer has to clear his or her dues and even the interest component of the three EMIs (Equated Monthly Installments) during the moratorium period will accrue to the principal,” the banker said.

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Low oil prices don’t mean much for India at this stage: Expert

The prevailing low global oil prices do not mean much for India facing serious economic downturn due to the impact of the lockdown to contain the spread of the coronavirus, according to a former Indian diplomat. Talmiz Ahmad, who had served as Indian Ambassador to Saudi Arabia, Oman and the UAE, said obviously low prices are good for the Indian economy.

But he said the world economy, including India’s, is looking at a very serious downturn.

“So, even if the prices are low it does not really mean much when the growth rate outlook is extremely feeble,” Ahmad, the former Additional Secretary for International Cooperation in the Ministry of Petroleum and Natural Gas, told ”.

Noting that global rating agencies have slashed India’s growth outlook for the current fiscal as well as the coming financial year, he said: “That is of more serious concern, not the price of oil being low. Obviously that means we dont spend much (to buy oil).”

But the downturn at the global level and back home is going to be a serious problem for the country and it is that which needs priority attention, he felt.

“Low oil prices are a combination of high production but prices have also been hammered because global economy outlook is poor. So, it’s a complex situation where the principal area of concern for India should be not the low oil prices but how to stimulate the economy, that’s going to take some time because the impact of the coronavirus will be felt several months to come”, Ahmad said.

According to him, it’s not easy to revive the economy.

“We have a huge informal sector which is completely shattered by the damage caused by the lockdown and that is something we need to look at and the government will have to have massive cash hand-outs; plus, manufacturing is almost at a standstill and then IT sector has been damaged by the fact that the global economy is looking so poor,” he said.

“All of these, they are all linked with each other, so we cannot just pull out oil prices from the rest of the performance of rest of the economy.

Not only India, international community as a whole is looking at a bleak future which will not only slide through this year but also will consume a large part of the next year,” Ahmad opined.

International oil prices on Monday plunged to a 17- year low.

Brent crude futures dropped to around USD 23 per barrel the lowest since November 2002, while US crude briefly dipped below USD 20 as coronavirus lockdowns dried up demand while the crude surplus ballooned.

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RBI: Need more support from RBI, DPIT to pay salaries in April: Retailers Association of India

Mumbai: The Retailers Association of India (RAI) is seeking an extension in moratorium on term loans and emergency working capital loans from the Reserve Bank in support from the Department for Promotion of Industry and Internal Trade (DPIT). The industry body, that represents about 15,000 retailers which runs 5 lakh stores, warned that nearly 20% of the firms will not be able to pay wages in April for lack of funds.

The RBI announced that all lenders can freeze repayments on term loans outstanding March 1 and suspend interest payments on working capital facilities for three months. While accumulated interest can be paid later, the loans won’t be in default. However, this isn’t enough, said RAI.

“The retail sector will need significantly more support from banks to avoid non-performing asset situations. We have asked to extend the moratorium to nine months, as demand will take much longer to stabilize and the industry is sitting on huge inventory positions,” said Kumar Rajagopalan, CEO at RAI adding that India’s central bank should mandate banks to lend ad-hoc working capital loans of 25% so that critical payments like salaries and wages can be made. “There should also be an extension in moratorium to non-fund sources of capital like bills discounting, letter of credits among other things.”

On Monday, rating agency ICRA said the coronavirus outbreak is credit negative for India’s retail industry in the short-term amid shutdown of malls as well as closure of non-essential stores across most states in the country.

With consumers forced to defer their discretionary spends, revenues and profitability, will be adversely impacted in the short-term, which in turn affect credit profile of the Indian retail industry. While consumer sentiments are likely to remain weak in an adverse economic environment, uncertainty around employment prospects is also likely to result in lower purchasing power.

Lifestyle retailers – Shoppers Stop, Future Lifestyle, Arvind Fashions and Aditya Birla Fashion and Retail – have seen their shares fall between 35% to 65% since a month. The value fashion segment is already reeling under pressure in FY2020 given the overall slowdown in consumer spending, with companies reporting declining, and in some cases, even negative same store sales growth in 9M FY2020. Lost sales will result in a decline in the profitability of the retailers in Q4 FY2020 and Q1 FY2021 with high rental expenses for mall-based retailers also dampen their profitability amid subdued demand.

RAI said Securities and Exchange Board of India must relax share pricing norms for QIP and Preferential Allotment with sudden fall in share prices, to help companies raise capital. “There should be significant relaxation for rights Issues for fund raising,” Rajagopalan added.

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How to recharge your Jio number from an ATM near you?

With all telecom outlets closed because of the 21-day lockdown put in place to fight the coronavirus pandemic, Reliance Jio has come up with a new way of recharging your number.

The telecom company announced recharge facility at the ATMs of select banks.

These banks are State Bank of India, Axis Bank, ICICI Bank, HDFC Bank, IDBI Bank, CitiBank, DCB Bank, AUF Bank, Standard Chartered Bank.

Recharge your Jio number at your nearest ATM. #JioTogether #CoronaHaaregaIndiaJeetega #StayHomeStaySafe… https://t.co/tvLkElYTX4

— Reliance Jio (@reliancejio) 1585481419000

The telco has listed the steps customers would require to follow in order to get recharge done at ATMs. These are:

1. Insert your card in the machine

2. Choose Recharge option from the menu.

3. Enter the mobile number that you want to recharge.

4. Enter your ATM Pin.

5. Enter the recharge amount.

6. Confirm (Press enter).

7.On your screen a recharge message will be displayed. The corresponding amount will be deducted from your account.

8. You will receive the recharge message from Jio.

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Lockdown effect: ANMI urges Sebi to cut trading hours to 10 am-2 pm

ANMI, an association representing nearly 900 brokerages, has submitted a letter to the market regulator Sebi seeking a reduction in market hours to 10 am to 2 pm.

At present, the market opens at 9.15 am and closes at 3.30 pm.

The request has come following a move by commodity exchanges to cut the trade timing to 5 pm in the evening from 10.30 pm earlier.

ANMI had earlier sought closing of stock exchanges for at least two days, in case all states do not declare stockbroking services as essential. Sebi had later asked states, union territories to ensure the smooth functioning of capital and debt markets.

ANMI said that despite the best efforts by all financial institutions to minimise disruption of services, it has met with partial success due to a host of factors, which include the fact that not all states have issued a notification declaring stockbroking as ‘essential,’ making it difficult for staff to reach workplaces.

The association said that due to the erratic settlement schedules, staff has to stay back in offices till 10 pm, making it difficult to reach home, given the lack of public transportation and curfew harassments.

Besides, it noted that disturbance in settlement schedules of clearing corporations, the system is considerably stretched, due to lack of staff at depositories.

“With truncated hours, the settlement of stocks and funds can be streamlined and completed in a far smoother manner than bein done at present,” it said.

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