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Thursday, February 15, 2018

New NPA resolution framework long-term positive: Report
The Reserve Bank's revised framework for quicker and time-bound resolution of stressed assets is a long-term positive for banks, says a report. The report states that the new framework has the potential to bring about a big change in the approach of banks to monitor their exposures and resolution of non-performing assets (NPAs). "The streamlining of the NPA resolution process affords simplicity, timeliness and credibility, and is long- term positive for the banking sector," Krishnan Sitaraman, a senior director at Crisil, said in the report yesterday.

No GST on food served by hospitals to in-patients
The GST will not be charged on the cost of food served to patients by hospitals as advised by doctors, the government has said. However, patients not admitted will have to pay tax on the total value of food served by the hospital. In a set of FAQs, the Revenue Department also clarified that no Goods and Services Tax (GST) would be levied on services provided by senior doctors/consultants/ technicians hired by the hospitals as these are covered under healthcare services. The FAQ said that food supplied to in-patients are not separately taxable as they form part of composite supply of healthcare, which is exempt under the GST.

SKF announces seizure of counterfeit products in Mumbai
SKF India, as part of its ongoing initiative to offer genuine and reliable products to its customers, announced the seizure of significant amount of counterfeit products from four traders in Mumbai recently. These traders were non authorized traders of SKF. The raid was carried by the local police authorities in cooperation with SKF India. The problem of counterfeit bearings has become more widespread in recent years and all markets are now susceptible to receiving these unpredictable quality products of all brands unknowingly. The financial damage resulting from the counterfeit products is difficult to quantify. SKF shows no tolerance against counterfeit products and will continue to work hard to keep counterfeits away from the market. SKF actively assists local authorities continuously in taking action against this illegal activity.

Zaggle appoints Hardik Pandya as Brand Ambassador
(L-R)  Avinash Godkhindi, CEO & MD, Zaggle, Hardik Pandya and  Raj N Phani, Founder, Zaggle.

Zaggle, a payments and group dining company, yesterday appointed cricketer Hardik Pandya as their Brand Ambassador. As a part of the engagement Hardik will be endorsing Zaggle’s consumer and corporate offerings which include Group Dining deals, Corporate Cards and Rewards & Loyalty Systems. Commenting on the association, Raj N Phani, Founder, Zaggle said, “It is a perfect alignment for Zaggle. Hardik is a youth icon and is known for being an unapologetic fighter and an all-rounder with zeal to win. We at Zaggle, resonate Pandya’s appeal and take a 360 degree view of the consumer requirements on all our products and deliver consistently.”

International Elevator and Escalator Expo
With the growing space crunch in metros and plans for smart cities already underway, the number of high-rises is only going to go up. For the period 2017 to 2021, the market forecast pegs the growth average of 2,500 to 3,000 escalators per annum. The upcoming International Elevator and Escalator Expo to be held at Mumbai from 27th February-1st March, 2018 will address the issues and showcase technological innovations, aesthetic designs and the progress in the vertical transportation industry. The trade fair has attracted support from the Government of Maharashtra and Minister Chandrashekhar Bawankule, Energy, News & Renewable Energy State Excise Govt. of Maharashtra who said that he was glad to know that Messe Frankfrut India is organising International Escalators and Elevators-2018 at BEC.

FireX Fire extinguishing Ball
FireX Fire extinguishers Balls are deemed to be a reliable first line of defense against the spread of fires. They play an essential role in the safety systems of government, residential and commercial buildings. The FireX Fire Extinguisher balls react to fires quickly, causing the triggers embedded in the unit to respond and disperse the dry chemical fire suppressant locked inside. To actively fight a fire, it must be thrown or rolled into the fires, where it will activate and spread a dry-powdered fire extinguishing agent. Mono ammonium phosphate is commonly used as a non-toxic alternative that extinguishes fires of Class A, B, C & Kitchen fires. They are also passively effective, without human intervention.

Tata Power Q3 PAT slips 1% to `612 cr
Tata Power's profit after tax (PAT) on a consolidated basis fell by 1.13% to Rs 612 crore during the quarter ended December 31, 2017. The company had reported a PAT of Rs 619 crore during the same period a year ago. "The firm's revenue for the quarter stood at Rs 7,096 crore, up 6% from Q3 FY17," Tata Power said in a filing to the BSE. The profit from renewable portfolio jumped four-fold to Rs 72 crore in the October-December quarter compared to Rs 14 crore in the year-ago period. During the quarter, the company, together with all its subsidiaries, achieved generation of 12,402 million units(MUs) of power from all its power plants.

Dena Bank slips in red with `380 cr loss in Q3
State-run Dena Bank yesterday reported a loss of Rs 380.07 crore for the third quarter ended December 31, due to surge in bad loans and provisioning. The bank had posted a profit of Rs 35.3 crore in the same quarter last year. Total income also declined to Rs 2,475.96 crore from Rs 2,999.5 crore in the December quarter previous fiscal. On asset quality front, gross NPAs further deteriorated to 19.56% from 14.79% in the same quarter a year ago. Net NPAs went up to 11.52% from 9.52% at the end of December 2016. As a result, provisions for bad loans more than doubled to Rs 1,044.28 crore as against Rs 426.62 crore in the year-ago period. Besides, the Board has cleared a proposal to raise up to Rs 3,045 crore by way of preferential issue of equity shares to Government of India.

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