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Bank stocks gain up to 7.7% on RBI's NPA resolution move

Bank stocks were in focus today, rising by up to 7.7 per cent, after the RBI identified 12 bad loan accounts for insolvency proceedings.
Shares of Allahabad Bank surged 7.68 per cent, followed by Andhra Bank 4.38 per cent, Syndicate Bank 4 per cent, Union Bank of India 2.35 per cent and PNB 2.15 per cent on BSE.
Other gainers were: Canara Bank 2.01 per cent, Bank of Baroda 1.91 per cent, Bank of India 1.53 per cent, ICICI Bank 1.38 per cent, Federal Bank 1.09 per cent and SBI 0.19 per cent.
The BSE bank index went up by 0.10 per cent to close at 26,570.61.

RBI says banks must start bankruptcy proceedings against 12 major defaulters

The Reserve Bank of India (RBI) has identified 12 of the country's biggest loan defaulters and said creditors must pursue bankruptcy proceedings against them, as it begins to cut the $150 billion in stressed debt hobbling Asia's third-largest economy.

The move comes about a month after the government gave the Reserve Bank of India (RBI) greater power to deal with unpaid loans, including the authority to direct lenders to initiate the insolvency resolution process in the event of default.

IMF raises China growth forecast, urges faster reforms

China must quicken the pace of reforms and do more to curb rising debt, the IMF said today as it raised its growth forecast for the world's number two economy.
The International Monetary Fund expects China to expand by 6.7 per cent this year, faster than its previous estimate of 6.6 per cent due to expanding credit and investment.
That would match last year's growth rate, which was the slowest in a quarter of a century.
The economy is then expected to slow to an average of 6.4 per cent expansion between 2018 and 2020.

CAs demand GST deferral; no way, says government

As the goods and service tax (GST) July 1 rollout date comes closer, the government has reiterated that there is no question of a postponement. “The rumours about GST implementation being delayed are false. Please do not be misled by it,” revenue secretary Hasmukh Adhia said here on Tuesday.
The demand for deferring the launch date from various segments is growing. The latest in the line are Mumbai-based accounting professionals, who have suggested that the launch be shifted to October 1.

CAs demand GST deferral; no way, says government

As the goods and service tax (GST) July 1 rollout date comes closer, the government has reiterated that there is no question of a postponement. “The rumours about GST implementation being delayed are false. Please do not be misled by it,” revenue secretary Hasmukh Adhia said here on Tuesday.
The demand for deferring the launch date from various segments is growing. The latest in the line are Mumbai-based accounting professionals, who have suggested that the launch be shifted to October 1.

Insurance premiums to get dearer from July 1

Insurance premiums will get dearer from July 1, as service tax has been raised from 15 per cent to 18 per cent under the new GST regime.
However, insurers will wait and watch how the GST is being implemented to decide on whether they can absorb the additional cost. But there are indications that as of July 1, premiums are going to go up. So if you had paid a premium of Rs 10,000 earlier, you will have to shell out an additional Rs 300, as your policy date falls after July 1.

HDFC Bank overtakes RIL to become second most valued firm

HDFC Bank today surpassed Reliance Industries Ltd to become the country's second most valued firm in terms of market capitalisation.
At close of trade today, HDFC Bank's market capitalisation (m-cap) stood at Rs 4,31,471.57 crore -- Rs 4,688.27 crore more than RIL's Rs 4,26,783.30 crore.
Shares of HDFC Bank rose by 0.62 per cent to Rs 1,679.65 on BSE, while RIL fell by 0.51 per cent to Rs 1,312.60.
During the day, the scrip of HDFC Bank gained 1.35 per cent to touch its 52-week high of Rs 1,691.90.

Rupee in recovery mode, gains 11 paise on easing inflation

Staging a smart recovery after yesterday's plunge, the rupee today rebounded by 11 paise to close at 64.33 per US dollar on easing retail inflation.
However, a weak global sentiment amid fears of an imminent US central bank rate hike along with disappointing IIP numbers caused some discomfort for the rupee and restricted the gains.
Lacklustre local equities along with modest capital outflows too weighed on the currency trade.

Govt halves import duty on some steel grades

The government has halved import duty on certain grades of steel to 5 per cent with a view to cut cost of raw material for domestic industry.
The Central Board of Excise and Customs (CBEC) in a notification said customs duty on import of "hot rolled coils, cold-rolled Magnesium Oxide (MgO) coated and annealed steel, hot rolled annealed and pickled coils and cold rolled full hard (used) for the manufacture of cold rolled grain oriented steel (CRGO) steel" has been cut to 5 per cent with immediate effect.

Banks to use insolvency code against big defaulters

State-owned banks may soon initiate proceedings against large corporate defaulters for recovery of loans under the insolvency and bankruptcy code (IBC), finance minister Arun Jaitley hinted on Monday.
He said the Reserve Bank of India (RBI) is at an advanced stage of preparing a list of bad loans, where resolution is required under the country’s insolvency and bankruptcy rules.

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