GAIL (India) Ltd. has emerged as the highest bidder for seven operating wind power plants of debt-laden Infrastructure Leasing & Financial Services, said the company on Monday. Last year in November the bidding process to these assets having 12 sites spread across seven states was launched. The company said, “GAIL’s offer of approximately Rs 4,800 crore for 100 percent enterprise value contemplates no hair-cut to the debt of the special purpose vehicles, aggregating to nearly Rs 3,700 crore.” The proposal was approved by the committee of creditors of IL&FS Wind Energy, majority owner of the SPVs, it said. These wind power assets have a total generation capacity of 874 megawatt. The company also said that that sale process for assets including education, funds, roads and thermal power plant ar

On the back of steady asset value and lower provisioning for bad loans, HDFC Bank Ltd.’s quarterly profit met analyst estimates. A private lender said in a stock exchange filing today that the quarterly period January to March, a net profit rose 23 per cent year-on-year to Rs. 5,885 crores; which was above the analysts tracked. Net interest income jumped to Rs. 13,090 crores with 23 per cent, higher than which was previously forecasted by the analysts of Rs. 12,465 crores. Retail products are sustaining growth momentum with the bank also gaining market share in wholesale financing, largely from the capital and medium-term funding and some from the refinancing of term loans, as per a pre-earnings note. By focussing on its improving loan growth and garnering the deposits, HDFC was able to look forward to it

Jet Airways India Ltd., one of the nation’s biggest airline by market value has deteriorated drastically and dramatically by a record 31 per cent on Thursday after it suspends its operations on a ‘temporary’ basis as it ran out of money in Mumbai. Jet Airways is the second local carrier to ground its complete convoy in the past decade. It has been casting a shadow on India’s booming aviation sector. India’s aviation sector is the world’s fastest-growing aviation market in the world with passenger growth growing with double digits percentage in a market of 54 consecutive months and yet its notoriously difficult to make money. Parvez Damania, a Mumbai based aviation expert said, “It’s a terrible setback for the entire industry. This makes the whole aviation story look doubtful. Grounding of J

The RBI could soon start discussions to break away from the convention of reducing key policy rate by 25 basis points or multiples thereof shortly with stakeholders like lenders, domain experts and within the Central Bank. "There is a need to consider interest rate adjustments, not necessarily in the conventional way of 25 bps or multiples thereof. This idea needs further debate and discussion", earlier this month RBI Governor Shaktikanta Das had told the Monetary Policy Panel. It could not be ascertained if the change in the policy rate cut practice of 25 bps could take shape this fiscal as the source said "there would be no rush decisions". He added, "if the unit of 25 basis points is not sacrosanct and just a convention, monetary policy can be well served by calibrating the size of the policy rate to t

SpiceJet could be the biggest airline as India decides to prefer airlines with extra capacity to allot time slots vacated by grounded Jet Airways instead of following the norms that call for preference to new newcomer. Pradeep Singh Kharola, aviation secretary said, “these guidelines are for normal circumstances and we are in an unprecedented situation, so the immediate need is addition of capacity, cash-starved Jet Airways’ decision to halt operations for now vacated 440 time slots: 280 in Mumbai and 160 in New Delhi. The slots grant time for flights to land and take off at an airport.” Kharola also said that a committee comprising airport operators and Directorate General of Civil Aviation will allocate these slots for three months, adding that the Civil Aviation Ministry will monitor the situation and

Reliance Industries debt elevated higher in at least nine years in fiscal ended March even as Indian most valuable company set apart its tower and fibre assets. Total debt of the oil-to-telecom entities rose nearly 31 percent year-on-year to Rs. 2,87,505 crore on the back of capital expenditure of more than 1,32,500 crore. The refining segment was hit by lower margin and throughput. Gross refining margin fell due to excess inventory and lower demand. But the premium to Singapore GRM was higher. The premium to the Asian benchmark expanded to $5 per barrel, the highest in seven quarters, partly aided by lower feedstock prices. Reliance Industries reported the highest ever EBIT margin for the retail segment at 4.7 percent. The revenue and EBIT growth rates of the business, however, slowed and were the lowest i

Crisil has reported that the company had loose 6.8 percent in it consolidated net profit to Rs. 76.6 crore in its first quarter ended March. The profit in the January-March 2018 quarter was Rs. 82.2 crore which fell this January-March quarter to about 6.8 percent. The company in a regulatory filing said, "consolidated profit for the quarter was impacted due to foreign exchange loss of Rs. 7.8 crore, compared with ?2.3 crore of foreign exchange gain in the corresponding quarter of 2018." The consolidated total income in the first quarter was nearly flat at ?422.9 crore, compared with ?427.6 crore in the corresponding quarter of 2018. It also said that the board of directors has declared an interim dividend of ?6 per share (of Re 1 face value) for the financial year ending December 31, 2019. Read EquityPan

With family and group firms jointly losing more than half of the shares, in January –March quarter, Reliance Communications Ltd. promoters stake has declined to 22 percent. However, in the quarter October – December 2018, the promoters and promoter group of in-arrears Reliance Communications had 53.08 percent in the company. According to the shareholding pattern disclosure stated by the firm; in the third quarter of 2018-19, the Ambani family jointly held 145.48 crore equity shares which subsequently declined to 59.79 crores in the last quarter of the same fiscal. The equity holding of the Reliance Wind Turbine Installators Industries and Reliance Ornatus Enterprise and Ventures has significantly come down to 85 lakhs and 9.2 crores, respectively, from 30 crore shares held by each of them in the third quar