New Delhi

P K Purwar to be next BSNL CMD

The Public Enterprise Selection Board on Tuesday named Pravin Kumar Purwar , currently the CMD of MTNL, as the new chairman-cum-managing director (CMD) of Bharat Sanchar Nigam Limited (BSNL) to succeed the current incumbent Anupam Shrivastava who superannuates in June this year.

The PESB held its final round of interview on Tuesday and announced the selection of Purwar, a copy of which Financial Chronicle has seen.

HDFC net falls to Rs 2,114 crore

Housing finance company HDFC Limited on Tuesday reported a net profit of Rs 2,113.80 crore on the standalone basis for the third quarter ended December 2018.

The company had posted a net profit of Rs 5,300 crore in the October-December quarter of the last financial year.

The profit numbers for the quarter ended December 31, 2018 are not comparable with that of the quarter ended December 31, 2017, HDFC said in a statement.

North Block finds ways to meet deficit target

Interim dividend from RBI, monetization of SUUTI holdings, unused compensation cess on GST and national small saving fund may come handy for finance minister Piyush Goel to meet the fiscal deficit target of 3.3 percent for current fiscal.

Sticking to deficit targets may still be possible notwithstanding the less-than-expected increase in direct tax revenues, shortfall in mop-up through disinvestments and about Rs 7 000 crore shortfall in monthly GST collections.

SBI set to own 15% of Jet Airways

State Bank of India is likely to own 15 per cent of Jet Airways after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday, citing agencies.

Jet Airways said on Monday it would seek a shareholder nod next month to convert existing debt into equity, raise more money and allow its lenders to nominate a director on its board.

Jet’s lenders could end up owning as much as 30 per cent while its shareholder Etihad Airways could see its stake go up to more than 40 per cent from 24 per cent at present.

MFs anxious about Rs 8K cr Zee group exposure; side pocketing may help

Though the Essel Group has managed the lenders to avert a defaulter tag for now, the mutual fund houses linked with the group are virtually in a ‘shock’ mode. While the sharp fall in the stock prices of group companies dented the net asset values, or NAVs, of equity funds holding these scrips last Friday, fear is looming large among leading fund houses that the crisis might spread to their debt funds as well.

NCLT rejects Ruias offer on Essar Steel

In a big blow to promoters of Essar Steel, the Ahmedabad bench of the National Company Law Tribunal has rejected the settlement offer given by the Ruia family to take back control of the insolvent entity. The development could further delay resolution process as the matter may once again land in a higher court and the Supreme Court for directions.

Vedanta Resources to invest $1.6b in South Africa

In a move to deepen engagement in the African nation, the world’s leading diversified natural resources firm Vedanta Resources is planning to invest about $1.6 billion in South Africa for mining minerals.

Vedanta chairman Anil Agarwal, who was part of a business delegation accompanying South African President Cyril Ramaphosa to India, said Vedanta Resources has already invested $400 million in South Africa and is outlining more investments to produce minerals like zinc.

BoI Q3 net loss widens to Rs 4,738 cr; NPA provisions jump two-fold

State-owned Bank of India on Monday reported widening of its net loss to Rs 4,737.56 crore in the third quarter ended December 2018, hit by nearly two-fold jump in provisioning for bad loans.

Its net loss was Rs 2,341.20 crore in the October-December period of 2017-18.

Total income of the bank, however, rose to Rs 11,839.53 crore during the reported quarter of 2018-19, as against Rs 10,376.03 crore in the same period a year ago.

CBI lens on Maha ex-chief secretary in ICICI Bank case

Central Bureau of Investigation (CBI) probe into the high profile fraud allegedly involving former ICICI MD and CEO Chanda Kochhar is set to take a new twist with setting up a new investigation team.

Sources said that armed with fresh evidence, the new CBI team is set to bring in former Maharashtra chief secretary Sharad Upasani under its scanner for a possible role in connection with alleged cheating and irregularities in loans sanctioned by the bank to the Videocon group in 2012.

Goyal asks PSBs to step up lending to MSMEs, farmers

Ahead of the polls later this year, finance minister Piyush Goyal has asked the banks chiefs to step up credit support to the MSMEs, home buyers and farmers while assuring the decision-shy top banking brass that genuine commercial decisions taken by the banks will be protected.