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Friday, February 08, 2019

65,000 km highways to be constructed by 2022: Gadkari
Road Transport Minister Nitin Gadkari said yesterday that 65,000 km of highways will be constructed across the country at a cost of over Rs 5.35 lakh crore by 2022. Speaking in Lok Sabha, the minister said the Bharatmala Pariyojana is an umbrella programme comprising 65,000 km of highways, out of which 24,800 km highways fall along economic corridors, inter corridors, feeder routes and border roads. All these highways, along with 10,000 km residual National Highway Development Projects stretches have been envisaged for construction under Phase-I of the Pariyojana over a period of five years from 2017-18 to 2021-22 for which Rs 5,35,000 crore have been earmarked, he said during the Question Hour.

Single deposit of Rs 2 cr & more to qualify as 'bulk deposit': RBI
The Reserve Bank of India (RBI) yesterday decided to raise the criteria for 'bulk deposits' for banks to Rs 2 crore from the current Rs 1 crore, to provide more operational freedom to lenders to raise funds. Banks have been given discretion to offer differential rate of interest on the bulk deposits as per their requirements and asset-liability management (ALM) projections. Interest rates on bulk deposits are marginally higher than on smaller-amount fixed deposits for similar maturity period. In a statement, the RBI said that with a view to enhance the operational freedom of banks in raising deposits, it is proposed to revise the definition of bulk deposits "as single rupee deposits of Rs 2 crore and above".

Exit of BoI, BoM, OBC credit positive: Moody's
Exit of Bank of India, Bank of Maharashtra and Oriental Bank of Commerce from the RBI's prompt corrective action (PCA) framework is credit positive, Moody's Investors Service said yesterday. The banks' net non-performing loan (NPL) ratios and capital -- two of the four parameters that the Reserve Bank of India (RBI) tracks as part of the PCA framework -- improved significantly in the quarter ended December 2018, it said. "On January 31, the Reserve Bank of India announced it had removed Bank of India (BoI), Bank of Maharashtra (BoM) and Oriental Bank of Commerce (OBC) from its PCA plan after the three public sector banks improved their asset quality and capital, a credit positive," Moody's said in a statement.

RCom shares fall over 6%, group firms also tank
Shares of Reliance Communications fell yesterday, falling over 6%, with group companies also tumbling. RCom stock tumbled 5.29% to close at Rs 5.19 on the BSE. During the day, it tanked 10.40% to Rs 4.91. On the National Stock Exchange, shares plunged 6.36% to close at Rs 5.15. Shares of Reliance Communications recovered on Wednesday after three days of sharp fall, ending nearly 2% higher. On Monday, RCom stock ended nearly 35% lower and fell by another 28.5% the next day after the company decided to opt for insolvency proceedings.

Honda drives in special editions of Amaze, WR-V, Jazz
Honda Cars India (HCIL) yesterday launched special editions of its popular models Amaze, Jazz and WR-V in the country. The new variants in all the three models will come with exterior differentiators along with added interior utility features, HCIL said in a statement. Honda Amaze Exclusive Edition is priced at Rs 7.86 lakh and Rs 8.96 lakh for petrol and diesel versions, respectively, while Honda WR-V Exclusive Edition is tagged at Rs 9.34 lakh and Rs 10.47 lakh for the two trims. Similarly, Honda Jazz Exclusive Edition with petrol CVT powertrain is priced at Rs 9.22 lakh. (all prices ex-showroom Delhi).

Tata Motors Q3 net loss at Rs 26,961 cr on JLR woes
Auto major Tata Motors yesterday reported a whopping consolidated net loss of Rs 26,960.8 crore for the third quarter ended December 31, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover. The company had registered a net profit of Rs 1,214.6 crore in the October-December quarter of 2017-18. Total revenue from operations, however, rose 4.36% to Rs 77,582.71 crore as compared to Rs 74,337.7 crore in the year-ago period, Tata Motors said in a regulatory filing. On a standalone basis, the company posted PAT (profit after tax) of Rs 617.62 crore as against Rs 211.59 crore in the year-ago quarter.

Chalet Hotels shares gain over 4% in debut trade
Shares of Chalet Hotels Ltd ended with over 4% gains in debut trade yesterday against its issue price of Rs 280. Shares of the company, which owns, develops and manages high-end hotels in key metro cities in the country, settled at Rs 290.40 apiece, up 3.71% from the issue price on the BSE. It opened the day at Rs 291, a gain of 3.92%. During the day, the stock gained 5.46% to Rs 295.30.

OYO hotel sales globally jump over 4-fold to USD 1.8 bn in 2018
BHospitality firm OYO yesterday said it posted over fourfold jump in its hotel sales globally to USD 1.8 billion in the calender year 2018. It had posted a revenue of USD 0.4 billion for 2017, OYO said in a statement. "We have had a great year. Globally, we have reached over 4,58,000 fully controlled leased and franchised keys (rooms) with a realised value run rate of USD 1.8 billion for calendar year 2018 representing a 4.3x year-on-year growth," OYO Hotels & Homes Chief Financial Officer Abhishek Gupta said. Currently, the company is operational in eight countries, he added. "The revenue growth has been driven by strong underlying business drivers notably increase in exclusive room supply, 5.7 times increase in stayed room nights and consistent increase in commission incomes," the statement said.

Kochhar case: RBI says law will take its own course
In its first comments on the Chanda Kochhar affair involving allegations impropriety while heading ICICI Bank, the Reserve Bank yesterday said it is for the law enforcement agencies to take an action in the case. The role of the regulator is limited to looking at the violations of its regulations by individuals or groups, and act on the same, governor Shaktikanta Das said. "If there are certain things which require investigation, that is in the domain of the investigating agencies and it's for them to take further action," he told reporters during the customary post-policy press conference. He was replying to a specific question on how the banking regulator looks at the developments at the ICICI Bank, where an independent enquiry constituted by the lender has found Kochhar guilty of misconduct.

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