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<ul><li>Cox &amp; Kings declared on Thursday that it has defaulted on payments worth ₹1.5 billion.</li><li>It had owed as much as ₹2 billion to two investors for its short-term unsecured debt.</li><li>Two agencies, Brickwork Ratings and CARE Ratings downgraded the company within the span of a week.</li></ul> Tour operator Cox &amp; Kings declared on Thursday that it has defaulted on payments worth ₹1.5 billion, even as it has repaid as much as ₹500 million. It had owed as much as ₹2 billion to two investors for its short-term unsecured debt. After the announcement late last night, the stock touched lower circuit at ₹36, and is down by 10% in early morning trade. Cox &amp; Kings had blamed rating downgrades for exacerbating the situation. It becomes tougher for a company to raise further money in the market after rating downgrades. Two agencies, Brickwork Ratings and CARE Ratings downgraded the company within the span of a week. This sent the stock on a downward spiral, stressing the troubled company further. “We wish to state that the company has been meeting its liability obligations. However, due to a cash flow mismatch and a situation exacerbated by rating downgrade, the company proposes to meet its financial obligations through a combination of internal accruals and monetization of assets,” Cox &amp; Kings said. The company also promised that it is working towards plans to make good of its financial obligations. High debt has been troubling the company in the last few years, and it has downsized operations too to pare debt,<a href="https://www.business-standard.com/article/companies/cox-kings-shares-decline-26-following-credit-rating-downgrade-119062700039_1.html"> according to reports</a>. Last year, it sold its education tour business in Europe for ₹43.8 billion, to bring its debt down. However, it will have monetise more assets to stay afloat.

Cox & Kings' ₹1.5 billion default has wiped out ₹720 million of shareholder wealth

New Delhi, Mar 6 () <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> was the biggest lender to <keyword id="6360217" type="UNKNOWN" weightage="20" keywordseo="loan">loan</keyword> defaulter travel firm <keyword id="44449" type="COMPANY" weightage="20" keywordseo="Cox-Kings">Cox &amp; Kings</keyword> with total claims of over Rs 2,285 crore, according to a list of financial creditors prepared by the resolution professional of the debt-ridden firm. Financial creditors have submitted a claim of over Rs 5,911 crore for debt they provided to Cox &amp; Kings, according to a regulatory filing by the company. Cox &amp; Kings is currently going through the corporate insolvency resolution process. The Mumbai bench of the National Company Law Tribunal in Mumbai has directed to initiate insolvency proceedings against Cox &amp; Kings in October last year over the plea filed by Rattan India Finance, claiming default on a loan of Rs 30 crore by the travel company. Axis Bank has submitted a claim of Rs 1,065 crore, State Bank of India Rs 635 crore, Indus Ind Bank Rs 270 crore, Abu Dhabi Commercial Bank Rs 218 crore, Bank of Baroda Rs 188 crore, Central Bank of India 157 crore, Kotak Mahindra Bank Rs 148 crore, UTI Trustee Company 128 crore, Andhra Bank Rs 103 crore, SBI cards and payment services Rs 102 crore to the RP of Cox &amp; Kings. Other banks have exposure below Rs 100 crore which includes SBI (UK). HDFC Bank, Indian Bank, and IDFC Bank, among others. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore. The company's auditors have noticed the use of "allegedly forged financial statements" in the accounts of its UK-based subsidiary Prometheon Enterprise. The auditors of Cox &amp; Kings have found that the audited consolidated financial statements of Prometheon Enterprise were not signed by Raffingers, the auditor of its UK-based arm. The company in an earlier filing had said that "the newly appointed statutory auditors, in the course of the performance of his duties as auditor, have a reason to believe that an offence of fraud involving Rs 1 crore or above (individual amount), is being or has been committed in the company by its officers or employees and accordingly correspondences to the Ministry of Corporate Affairs is in process.". PRS HRS

Yes Bank was the biggest lender to loan defaulter Cox & Kings

Mumbai, Feb 17 () The National Company Law Tribunal on Monday granted three days to suspended directors of tours and travel services firm Cox &amp; Kings for submitting statutory information and records to the resolution professional (RP). The RP of the tours and travel company told the tribunal that the former directors and the erstwhile auditor are not submitting statutory information and records, which is making the insolvency process difficult. The Mumbai bench of the NCLT in October 2019 admitted an insolvency application against Cox &amp; Kings after the tour operator defaulted on its debt obligations to the company's financial creditor, Ratan India Finance. In November 2019, the tribunal had directed the suspended directors to cooperate with the RP. The NCLT Mumbai has granted time till Thursday to the former directors to cooperate, and in case of a failure to do so the tribunal will lodge a police complaint. In May and June 2019, Ratan India had approved Rs 70 crore loans to Cox &amp; Kings, of this Rs 30 crore was disbursed by the financial creditor at an interest of 13.5 per cent per annum with a maturity date of August 31. The loans were secured by guarantee deeds extended by the tour operator towards the financial creditor. Ratan India had recalled its loan facility as Cox &amp; Kings defaulted on repaying an instalment on the loan amounting to Rs 2.50 crore, which was due for repayment in June. The financial creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code to recover the amount lent to the tour and travel company. The tribunal, while allowing the application, imposed a moratorium on institution of suits or continuation of pending suits against Cox &amp; Kings with effect from October 22, 2019, and had directed the interim resolution professional to make a public announcement of the corporate insolvency resolution process against the company. SM MRMR

NCLT grants 3 days to Cox & Kings' former directors to submit records

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Happy New Year's Eve everyone,We're finally here - the end of 2020. Congratulations, and here's to hoping we'll all be vaccinated and the economy will come roaring back before the end of 2021.For our cannabis industry team here at BI, it was a year of whiplash. We left BI's headquarters in Manhattan's Financial District in early March, and haven't been back since. Luckily our newsroom, distributed across small apartments in Brooklyn, Philadelphia, San Francisco, and further afield, didn't skip a beat.In mid-March, I left the cannabis beat for a few months to backstop our team covering the pandemic at the height of things here in New York City. It was quite head-spinning to switch gears so suddenly, and the reporting - at least for the early period when there were more unknowns than concrete knowledge about the virus - was pretty scary at times. But it was much better than doing nothing.For the cannabis industry, it was a year of whiplash as well. If you follow the industry and our reporting, you know the story: the exuberance of 2017 and 2018, when it seemed like <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> legalization was a snowball rolling downhill, to the reality of mid-to-late 2019, when the legalization movement sputtered and some publicly traded Canadian cannabis companies - exposed for preparing for consumer demand that never materialized - <a href="https://www.businessinsider.com/pax-eaze-weedmaps-hexo-canntrust-layoffs-job-cuts-in-cannabis-2019-10">lost over 90% of their market value</a>.Investors were burned, employees laid off, greenhouses shuttered, and the smart money moved out of the industry by the start of 2020. Cannabis companies that once didn't know what to do with all the money they had <a href="https://www.businessinsider.com/why-medmen-pharmacann-blowup-is-a-disaster-for-cannabis-ma-2019-10">suddenly found themselves in a cash crunch</a>. But still, some investors (those with a particularly long view) stuck around. Marijuana was declared an essential business in states like California at the start of the pandemic, and <a href="https://www.businessinsider.com/coronavirus-how-the-cannabis-industry-is-reacting-to-the-pandemic-2020-3">people started buying lots and lots of weed</a>, preparing to spend months cooped up at home with nothing but Tiger King and sourdough starter. <a href="https://www.businessinsider.com/cannabis-activists-say-legalization-is-critical-to-reforming-police-2020-7">Marijuana legalization became a focal point in the national conversation around racial justice</a> when protests erupted after police were seen on camera with a knee on George Floyd's neck, killing him in the street. <a href="https://www.businessinsider.com/marijuana-legalization-ballot-tracker-new-jersey-arizona-montana-vote-results-2020">Four states voted to legalize recreational marijuana</a>, and the <a href="https://www.businessinsider.com/us-congress-marijuana-vote-more-act-cannabis-decriminalization-2020-12">House, for the first time in history, passed a federal decriminalization bill</a>. The industry's <a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">downturn and the pandemic culled the herd of cannabis companies that piled into the market</a>. While that process is still ongoing, in recent weeks we've seen a huge uptick in valuations, <a href="https://www.businessinsider.com/tilray-aphria-ceo-interview-explain-merger-strategy-strategic-partner-2020-12">mega-deals</a>, and investors pouring back into the industry as the snowball of marijuana legalization again picks up momentum. Things are looking up in 2021, and we'll be there to cover it.We'll be back to our regularly scheduled programming the week of January 4th. Until then, here's a selection of our favorite cannabis stories from 2020 for your perusal.-Jeremy (<a href="https://twitter.com/jfberke?lang=en">@jfberke</a>) Here's a roundup of our top stories from 2020:<h3><a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">The inside story of the downfall of Civilized, a cannabis media startup that raised $7 million, then had to shut down after a takeover offer fell through</a></h3>Civilized Worldwide raised $7 million to create the "premium lifestyle and media brand" for cannabis consumers around the globe.With investments from high-profile backers like the comedian and author Chelsea Handler and Canopy Rivers, the venture arm of Canopy Growth, Civilized and its husband-and-wife founders were soaring as cannabis legalization looked poised to sweep the US a few years ago. But after a series of layoffs and business pivots, as well as a failed takeover attempt, Civilized has let go of all of its staff and suspended operations.Civilized's management team told us they were in negotiations to restructure their debt and bring on new investors for a relaunch. That has yet to happen. <h3><a href="https://www.businessinsider.com/eaze-2020-pitch-deck-cannabis-delivery-pivot-verticalization-2020-5">An inside look at Eaze's latest pitch deck reveals vastly scaled back ambitions from the once-soaring cannabis startup</a> </h3>We took a deep dive into cannabis startup Eaze's financial projections from 2017 to the present. Internal documents and interviews reveal the once-brash startup's vastly scaled-back ambitions.In 2017, Eaze - then a cannabis delivery service - projected that it would sell $1 billion worth of marijuana on the platform and aggressively expand to new states. In 2020, under the guidance of a new executive team and after a round of layoffs, Eaze has pared back that expectation to $190 million in sales.<h3><a href="https://www.businessinsider.com/cannabis-more-audits-280e-treasury-inspector-general-irs-2020-10">Cannabis companies are facing an uptick in audits related to an obscure Reagan-era tax rule, piling up costs and headaches for the growing industry</a></h3>Five cannabis industry lawyers and accountants told us they're bracing their clients for an uptick in audits and investigations.The audits stem from a section of the tax code called 280E, which prohibits companies that sell illegal drugs - like marijuana - from deducting regular business expenses, like office supplies or health insurance premiums.<h3><a href="https://www.businessinsider.com/psychedelics-rush-compass-havn-field-trip-mindmed-public-2020-10">Investors are pouring millions into startups that are developing magic mushrooms as medications for conditions like depression and PTSD</a></h3>There is a "psychedelics renaissance" in motion, according to insiders in the industry, as shown by a rush of investor dollars and a number of public market debuts.Some of the investors and banks working in psychedelics are the same ones who were involved with the cannabis boom and subsequent bust. Despite the similarities, psychedelics insiders say that there are stark differences between cannabis and psychedelics.<h3><a href="https://www.businessinsider.com/investors-poured-3-billion-into-cannabis-spacs-deadlines-loom-2020-12">Investors have poured almost $3 billion into cannabis SPACs, but experts say their cash could be stuck in limbo as deadlines loom</a> </h3>Investors have poured nearly $3 billion into blank-check companies, or SPACs, designed to take advantage of deals in the cannabis industry since the start of 2019.SPACs provide an alternative pathway for companies to go public. It's a method that's attractive in cannabis as many investors got burned when the industry underwent a sharp correction in the middle of last year.SPACs have a limited timeframe to close deals, and there's lots of competition to capture a small pool of suitable targets. The clock is ticking on many of these SPACs, according to data BI obtained, meaning that they need to either find targets quickly - or fold. After we wrote this story, a few SPACs closed major deals, incl<h3><a href="https://www.businessinsider.com/investors-poured-57-million-into-cannabis-tech-startups-2020-9">Venture investors are piling into red-hot cannabis tech startups, despite the industry's struggles. Here's why mainstream funds are betting on software over pre-rolls.</a></h3>Cannabis tech has become the lone bright spot in an industry that has stumbled in the first half of 2020. In August alone, three cannabis tech startup closed 8-figure funding rounds. VCs have invested $57 million in cannabis tech since July 1. <h3><a href="https://www.businessinsider.com/cannabis-activists-say-legalization-is-critical-to-reforming-police-2020-7">Cannabis activists say legalization is the first step in reforming the police. But creating an equitable industry for Black entrepreneurs has been an uphill battle.</a></h3>As protests over police violence continue to erupt around the US after George Floyd's killing, cannabis activists say legalization is the first step to reducing police violence. Black people are 3.6 times more likely to be arrested for marijuana, a substance that's legal in many US states.Despite activist's efforts, creating an equitable cannabis industry has proven to be an uphill battle due to the conflict between state and federal law. Many Black and other minority entrepreneurs are denied the same access to capital to start their businesses as their white counterparts, activists say. <h3><a href="https://www.businessinsider.com/marijuana-legalization-ballot-tracker-new-jersey-arizona-montana-vote-results-2020">The House voted to decriminalize cannabis just a month after 5 states passed cannabis reform measures. Here's the ultimate guide to marijuana legalization: the key dates to know, and which stocks could benefit the most.</a> </h3>We put together this comprehensive tracker to break down a monumental year for cannabis reform, including the MORE Act, various state legalization ballot measures, the timelines we should expect for rollout, and which companies are best positioned for the new markets. <a href="https://www.businessinsider.com/?hprecirc-bullet"></a><h3><a href="https://www.businessinsider.com/coronavirus-how-the-cannabis-industry-is-reacting-to-the-pandemic-2020-3">Pot stockpiles, supply chain disruptions, and CBD hand sanitizer: How the cannabis industry is preparing for - and reeling from - the coronavirus pandemic</a></h3>At the beginning of the pandemic lockdowns, people started stockpiling pot as many cities ordered non-essential retail stores to close.Despite strong sales numbers, cannabis industry investors, experts, and analysts told us that the fallout from the coronavirus pandemic will be dire. They said that it will disrupt supply chains, hurt startups, and accelerate a shakeout period for cannabis companies.Some investors say the companies that are best prepared to weather the chaos will emerge as the industry's leaders when the pandemic subsides - that, according to our most recent reporting, has seemed to bear out.

Business Insider's top cannabis stories of 2020

<keyword id="6361754" type="COUNTRY" weightage="100" keywordseo="United-Kingdom">United Kingdom</keyword>'s referendum vote to exit the <keyword id="6355110" type="ORGANIZATION" weightage="100" keywordseo="European-Union">European Union</keyword> has led to a free fall of the pound, making travel to <keyword id="11101" type="COUNTRY" weightage="100" keywordseo="Britain">Britain</keyword> cheaper. India's travel companies said they are likely to see a short term spurt. 
 "Brexit has resulted in a big drop in the value of the pound and if this trend remains then we could see a surge in leisure tourism to Britain, as it will become significantly cheaper," said Sharat Dhall, president of travel portal Yatra. Anil Khandelwal, finance chief of <keyword id="44449" type="COMPANY" weightage="100" keywordseo="Cox-Kings">Cox &amp; Kings</keyword> said this would aid outbound travel for the company. 
 
"A drop in the Pound could also result in an increase in students from India choosing the UK as a destination as it will make education significantly cheaper there," said Dhall. 
 
Britain's decision to exit from the European Union led to a fall in markets and local currency. The benchmark FTSE 100 index fell by as much as 12% while the pound suffered its worst slump in three decades according to global media reports. 
 "..with the GBP dropping, there is a possibility that we will see an increased number of travellers from India to UK and EU nations. The long term impact on business travel and trade relations remains to be seen," said a spokesperson at at Makemytrip, India's biggest travel portal however saying it was too early to make long term assessments Both <keyword id="87184" type="COMPANY" weightage="100" keywordseo="Thomas-Cook">Thomas Cook</keyword> and Cox &amp; Kings said their businesses were protected from the volatility. 
 "Our various businesses at <keyword id="164802" type="COMPANY" weightage="100" keywordseo="Thomas-Cook-India">Thomas Cook India</keyword>, including the foreign exchange business remains fully hedged. The current volatility will not impact our core business in any way, however we will witness wide spreads in the currency trade for the short term and expect that the market will settle down and currencies will find their own levels. On our product strategy, we constantly review prices in line with the input cost and that will remain unchanged," said Madhavan Menon, chairman of Thomas Cook India Group. 
 
"Our operations in the UK in both Leisure - International and Education enjoy both revenues and costs in the same currency and hence there won't be any impact from the currency movement. Our Meininger hostel business is based in Europe and has both its revenues and its costs based in Euros. Hence, there is no material impact from the currency movements. The Euro is stronger against the rupee on a y-o-y basis anyway. Some portion of our debt is denominated in GBP; the the amount of debt will naturally reduce in rupee terms as a translational effect of the depreciation of the GBP against the rupee. So the leverage on the balance sheet will reduce," said Khandelwal of Cox &amp; Kings. 
 
Image credit: Indiatimes

Travelling to the United Kingdom just became cheaper

New Delhi, Mar 11 () Anil Ambani-led Reliance Group on Wednesday said its entire debt from troubled Yes Bank is fully secured and was availed in the ordinary course of business. In a statement, the group said it is committed to honouring repayments of all its borrowing from Yes Bank through its asset monetisation programme. The Group, it said, has "nil direct or indirect exposure to Rana Kapoor, former CEO of Yes Bank, or his wife or daughters, or any entities controlled by Rana Kapoor or his family." Reliance Group along side Subhash Chandra's Essel Group were among the large borrowers that Finance Minister Nirmala Sitharaman had named after Yes Bank's board was superseded by the Reserve Bank of India (RBI) and withdrawal restrictions placed. As many as 44 companies belonging to 10 large business groups reportedly accounted for bad loans of Rs 34,000 crore of Yes Bank. Nine firms of Anil Ambani Group reportedly owed Rs 12,800 crore while Essel Group had unpaid loans of Rs 8,400 crore. Other companies on the list include DHFL Group, Dewan Housing Finance Corporation, Jet Airways, Cox &amp; Kings, and Bharat Infra. Without giving the loan it has from Yes Bank, Reliance said: "Its entire exposure to Yes Bank is fully secured and transacted in the ordinary course of business." "Reliance Group is committed to honouring repayments of all its borrowings from Yes Bank Ltd through its various asset monetisation programmes which are all at advanced stages," the statement said. ANZ MR

Reliance Group said its entire debt from Yes Bank is secured; committed to repay

<ul><li>The Yes Bank crisis could have a cascading effect on the stock markets. </li><li>Businesses with deposit accounts at Yes Bank may not be able to make payments on loans taken from other financial institutions. </li><li>Mutual funds have a total exposure of ₹2,848 crore, and most are already side-pocketing the risk. </li></ul>As the Yes Bank crisis continues to unfold, not everyone is on board with the Reserve Bank of India’s (RBI) scheme to restructure the troubled bank. Mutual funds stand to lose millions and the moratorium limiting withdrawals to ₹50,000 could spell trouble for companies who are using the bank’s services. “With large-sized withdrawals disallowed, a number of companies availing of facilities from Yes Bank could face disruption in their operations, which may constrain their ability to service financial obligations on time,” said global rating firm CRISIL in a statement. As the fourth largest private sector bank in the country, Yes Bank has an asset book of more than ₹3.45 crore and deposits exceeding ₹2 lakh crore. CRISIL believes that the moratorium has “material implications” for companies using Yes Bank for loans, deposits, bonds and other instruments. How Yes Bank crisis could affect other banks The fall out from funds being stuck at the troubled bank could result in companies defaulting on their loans from other financial institutions since their payments are linked to deposit accounts at Yes Bank. It may further aggravate liquidity issues for the already cash-starved non-banking lenders, according to a report by <a href="https://www.businessinsider.in/business/news/yes-bank-reconstruction-may-further-aggravate-liquidity-issues-for-nbfcs-report/articleshow/74579814.cms">Fitch Ratings.</a> “There could also be a marginal uptick in delinquencies in retail loans of banks and non-banks,” said CRISIL. Companies using Yes Bank’s letters of credit and bank guarantees to leverage their businesses may also have to rethink their plans. “There are also some securitisation transactions of other originators where Yes Bank is a counterparty - either as the bank where credit enhancement in the form of fixed deposits is being maintained, or as the collection and paying agent for the transaction,” said CRISIL. NSE Clearing (NCL) and India Clearing Corporation (ICCL), the biggest clearing firms in the country, have told members that any existing benefit toward bank guarantees and fixed deposit receipts issued by Yes Bank were to be squared off by Wednesday, March 11. “The RBI decision has a cascading effect on trading members and their clients at large since they may not be able to cover their positions from their own funds,” Association of National Exchanges (ANMI) president Vijay Bhushan told <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-bank-fds-bank-guarantees-no-longer-valid-traders-have-to-arrange-funds-by-wednesday/articleshow/74545067.cms">ET.</a> Bonding over bonds Nearly 32 mutual funds are exposed to Yes Bank’s debt with a total exposure of ₹2,848 crore. Many of them are AT 1 (Additional 1) bonds, set to be written off completely. Mutual funds owned by Nippon, Kotak, and Franklin <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-banks-at1-bond-write-down-these-mfs-pension-funds-stand-to-lose-most/articleshow/74555609.cms">have the most to lose</a>. After news broke of RBI superseding Yes Bank’s board, rating agency ICRA downgraded Yes Bank’s debt instruments to a “D” — below investment grade. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund owners with the most to lose from RBI’s scheme to restructure Yes Bank: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Loss </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,500 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Franklin Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹590 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Barclays Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹246 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹130 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100 crore </td></tr></tbody></table> Nippon India Mutual Fund, which has the largest exposure, was the first to side-pocket the risk. The move prevents distressed assets, like Yes Bank, from damaging returns generated from better-performing assets. PGIM India Mutual Fund, UTI Mutual Fund, Franklin Templeton Mutual Fund and Baroda Mutual Fund <a href="https://www.bloombergquint.com/business/yes-bank-news-two-more-mutual-funds-side-pocket-exposures-to-yes-bank-bonds">soon followed suit</a>. Axis Trustee Services, on the other hand, filed a petition to delay any action until its bond investors have had the time to review its impact. It asks the court to give enough time for bond investors to review the proposed plan. <div type="twitter" handle="LiveLawIndia" handlename="Live Law" image="http://pbs.twimg.com/profile_images/897707258334916608/nMQWwGlo_normal.jpg" favoritecount="11" retweetcount="6" status="Axis Trustee Services Ltd, a debenture trustee of #Yes_Bank , on Monday petitioned the Bombay High Court against th… https://t.co/pE53lzxTwl" createdat="1583913099000" id="1237647359091195905"></div>

 According to Axis, the proposal to write off the value of over ₹8,000 AT-1 bonds is unjustified and goes against global best practices. It argues that the scheme put forth by the RBI gives preference to Yes Bank promoters despite their shady record and mismanagement of resources — which landed the bank in hot water, to begin with. The possibility of the moratorium being cut short The proposed restructuring of Yes Bank includes recapitalisation of ₹20,000 crore with equity contribution and bulk deposits of around ₹30,000 crore by multiple-state owned banks. “If equity commitments are in place and CD funds flow in, the moratorium may be lifted by the end of the week,” RBI administrator of Yes Bank told reporters on March 10. CRISIL believes that the challenges in the face of the Yes Bank crisis are likely to be temporary, since they are a direct result of a crunch in liquidity and cash flow. Nonetheless, the temporary crunch will result in systemic risk until the moratorium is resolved — like the cost of borrowing and capital-raising becoming tougher for other banks Sources told <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/under-the-scanner-rbi-to-check-if-yes-bank-auditor-bsr-had-raised-red-flags/articleshow/74568396.cms">ET</a> that RBI is checking with Yes Bank’s auditor — BSR &amp;Co, which is a part of KPMG India — whether or not the proposal for SBI to buy a stake in Yes Bank will have any “material impact” on the existing accounts with the bank. Another one bites the dust The repeated incidents of large — supposedly ‘too big to fail’ — companies are becoming increasingly rampant. Last September, the Mumbai-based Punjab and Maharashtra Cooperation (PMC) Bank faced a similar crisis. It was placed under an RBI administrator for six months after under-reporting of loans going bad. However, banks aren’t the only ones going down. The collapse of Jet Airways and Cox &amp; Kings left many investors — and travelers — stranded. Even stockholders in IL&amp;FS and DHFL saw their money disappear overnight due to mismanagement, fraud and corruption within the companies. More than just getting Yes Bank on its feet, the central government and the RBI will have to address the trust deficit that now plagues the market. See also: <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank</a> <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a>

Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults

The Nifty edged up on Friday, taking its tally of gains to the fourth day, as bits of value buying continued on <keyword id="6355178" type="UNKNOWN" weightage="100" keywordseo="Dalal-Street">Dalal Street</keyword> on day when Textiles, Fertiliser and Automobile stocks were favoured by investors. The index also closed with its first weekly gain since the end of July. 
 The Nifty inched a point higher at 7,789, falling from its intra-day high of 7,860 points. The Advance-Decline Ratio stood at 21/29 on the Nifty with State Bank of India, Bank of Baroda, Dr. Reddy's HDFC and Wipro being the top gainers while Cairn,Tata Steel, <keyword id="42747" type="CITY" weightage="100" keywordseo="Tata-Motors">Tata Motors</keyword>, Vedanta and BHEL slipping in trade today. 
 
On NSE's top traded list were Infosys, Amtek Auto and ICICI Bank to name a few. Debt-laden Amtek was the top gainer on the Futures and Options segment as well after the company won a reprieve from its bankers who lent it fresh funds to meet is mismatch in its interest payments. The bankers also agreed to rework a part of Amtek's outstanding loans, media reports said. Amtek jumped 47 percent in trade today. Apart from Amtek, strong buying was seen in real-estate player Sobha Developers Ltd. 
 And on the Bombay Stock Exchange, the <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> fell 12 points to 25,610 points and its Advance-Decline Ratio deteriorated to 13/17. Tata Steel, Vedanta and Tata Motors were the top losers while software companies Wipro, and Infosys saw action on the positive side mainly due to the weakness in the Rupee and bank stocks continued to dominate the gainer's list. 
 
Tata Motors was the top traded stock on the Sensex as traders sold some shares after a 3-day rally. ICICI, Larsen and Axis Bank were on BSE's top traded list as well. 
 
Wider benchmarks could not hold on to early gains as traders preferred to exit positions ahead of the weekend. Hence, CNX 100, CNX 200 and CNX 500 Indices ended flat after posting modest gains in early deals. 
 The trend was mixed in the sectorial space against the backdrop of minimal price movements in such indices. The <keyword id="151330" type="COMPANY" weightage="100" keywordseo="Bank-Nifty">Bank Nifty</keyword> closed flat at 16,588 points. CNX FMCG, CNX PSU and CNX Realty Indices gained between 0.5-1.0 percent while CNX Metals, CNX Energy and CNX Auto indices edged lower in Friday's trade. 
 
The bears were active on the futures and options space too with just 70 stocks gaining compared with 86 that fell. Amtek, Wockhardt, SRF and Britannia were the top gainers while Cairn, Tata Steel, Godrej Industries, Apollo Hospitals and SAIL slipped in trade. Amtek Auto was clearly the star of the day with the stock surging 14.70 rupees to 45.20. 
 
NIIT Technologies, Motilal Oswal Financials, Sobha Developers and Auto Axles were major stocks that figured prominently on the top volume buzzers list on the National Stock Exchange . On the list of fresh 52 week highs were 8K Miles, Ceat, Abbott Labs, eClerx and Sangam (India) Ltd while Linde India, Sobha Developers, Cox &amp; Kings and Monsanto made it to the list detailing stocks hitting 52-week lows. 
 
(Image credits: Indiatimes)

Nifty edged up taking its tally of gains to the fourth day

NEW DELHI: The Indian markets have been on a roll of late, hitting fresh record highs consistently, supported by strong global liquidity and easing of geo-political concerns. 
 The 50-share <keyword id="6354813" type="COMPANY" weightage="20" keywordseo="nifty">Nifty</keyword> index managed to hit a fresh record high of 7929.05 on 22 August 2014, while the <keyword id="6484188" type="CITY" weightage="20" keywordseo="Sensex">Sensex</keyword> recorded its fresh lifetime high of 26,508.27 on 19 August 2014. 
 
Most analysts do not see many triggers which can lead to a big fall in the markets, but given the fact that we are trading at the higher end of the range or near-key resistance levels, some bit of consolidation or correction cannot be ruled out. 
 
However, the broader trend remains to be on the upside. Given the momentum that we have seen in the Indian markets, analysts see the Nifty touching 8000-8200 levels by December-end. 
 
And for the Sensex, the rally may extend to 27000-28000 in the same period, but beyond that the market would require additional triggers to move forward. 
 
“I would assume the market will still be range-bound for the time being, given the fact that valuations are at the upper end of the historical trading band,” said Sanjeev Prasad, Senior Executive Director &amp; Co-Head, Kotak Institutional Equities. 
 “If you look at <keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword> 30 index on a 12-month forward basis, it is already at about 15.5 times, not very different from what you see historically. Band is more like 12.5 to 16-16.5 times. So we are pretty much at the upper end of the trading band,” he added. 
 Prasad is of the view that the scope for re-rating is looking a little big difficult given the fact that most of the <keyword id="6354298" type="ORGANIZATION" weightage="20" keywordseo="stocks">stocks</keyword> have gone up pretty significantly without any meaningful change in the fundamentals as yet or without any meaningful upgrades to earnings so far. 
 
However, analysts are of the view that the party on Dalal Street is likely to carry for some more time aided by strong global liquidity and reform push by the newly-elected Modi government. 
 
On Thursday, Deutsche Bank in its latest report reiterated its positive view on the Indian markets and is confident that the government will move towards big bang reforms progressively. 
 
The global investment bank sees the Sensex touching 28000 by December 2014 end, which translates into an upside of 6.2 per cent from Wednesday’s closing value of 26360.11. 
We have collated list of ten stocks from different brokerages which can deliver up to 34% return in the next 12 months:
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Cox &amp; Kings: Target price set at Rs 360 (Motilal Oswal) 
 
With the recent sale of camping business, Motilal Oswal believes Cox &amp; Kings is on the path of deleveraging its balance sheet with the net debt/equity expected to reduce from 2.4x in FY14 to 1x in FY17E. 
 They believe that Cox &amp; Kings has a balanced portfolio now both in India and international business across categories, which is synergetic to post 30 per cent PAT <keyword id="107168" type="ORGANIZATION" weightage="20" keywordseo="CAGR">CAGR</keyword> over FY15E-17E. 
 
The stock trades at 13.6x FY15E and 10.1x FY16E earnings. It values Cox &amp; Kings at 14x FY16E earnings of INR25.7, with a Buy rating and target price of Rs 360. 
 
Britannia Industries: Target price set at Rs 1320 (Motilal Oswal) 
 
Visible improvement in business fundamentals such as operating margins, return on equity and cash flow from operations and responsive management have driven BRIT's re-rating over the past 18 months. 
 
The brokerage firm expects this re-rating to sustain and gather steam as it premiumizes portfolio and drives cost efficiencies, aiding further margin expansion. As emphasized in its earlier notes, the key change for BRIT compared to three years ago is the ability to defend margins despite unfavorable RM movement. 
 
Monsanto India Ltd: Target price set at Rs 2300 (Motilal Oswal) 
 
Motilal Oswal expects revenue to grow at 17 per cent CAGR and PAT at 23 per cent CAGR over FY14-16. They have downgraded their earnings estimates by 25 per cent for FY15 and by 14 per cent for FY16 to factor in lower than expected growth. 
 The brokerage firm believes <keyword id="6362476" type="ORGANIZATION" weightage="20" keywordseo="investments">investments</keyword> made during FY09-12 will start paying off for MCHM in terms of new product launches and market share gains. They remain excited about the huge potential in genetically-modified (GM) foods and MCHM's Roundup Ready Flex. 
 
As per the report, lower than expected earnings led by a poor monsoon could result in a correction in the stock price in the near term, which should be utilized as a buying opportunity. 
 
Kaveri Seeds Company: Target price set at Rs 1045 (Motilal Oswal) 
 
The brokerage firm has upgraded their estimates for FY15E by 3 per cent given the increasing popularity of ATM and Jadoo which will drive the market share gain going forward. 
 
They expect KSCL to be a market leader in the cotton segment in FY16, which should lead to a re-rating in the multiple, going forward. The stock trades at 18.6x and 14x FY15E and FY16E respectively. 
 
<keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> Ltd: Target price set at Rs 1875 
 
Healthy core operations driven by gradual NIM improvement and strong control over opex are leading to strong core ROAs of over 1.6 per cent despite moderate fee income. 
 Improvement in macro-economic environment and <keyword id="6359987" type="COMPANY" weightage="20" keywordseo="resolution">resolution</keyword> of infrastructure bottle-necks shall lead to reduction in NSL. ICICI Bank is well positioned to leverage onto opportunities with core ROA of 1.6 per cent, strong distribution network and capitalization. 
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<keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>: Target price Rs 4,040 (Prabhudas Lilladher) 
 
The brokerage firm expects new strategic initiatives to be announced by Infosys under the new leadership of Dr. Vishal Sikka. However, in the near term, it sees more tailwinds for margins to be played out in FY15. It sees no downside risks to its estimates. It has revised its target price to Rs 4,040 (from: Rs 3,920), 17x FY16e earnings estimate. 
 
<keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword>: Target price Rs 925 (Prabhudas Lilladher) 
 
Underlying macros remain challenging impacting financials but the brokerage firm sees limited risks to earnings growth as the bank sweats out its branches further and credit costs will get cushioned by floating buffer. 
 
Though profit growth levels have moderated, RORWAs have inched to an all-time high of over 2.6 per cent on improved operating leverage. With intended capital raise, balance sheet will strengthen and improve RoAs further as revenue momentum will start picking up and opex costs increase will be gradual. 
 
State Bank of India: Target price Rs 3,000 (Prabhudas Lilladher) 
 
SBI's asset quality has improved on some ARC sales and better recoveries, though slippages are still high but overall stress seems to be diminishing bringing stability to asset quality. 
 
Opex efficiencies are now kicking in on measures of correction in overheads and also is best placed on pension and wage provisions which will keep Opex growth lowest among peers. 
 
SBI is best placed on provisions and less net additions to staff will keep employee expenses under check which will result in lowest Opex growth among peers in FY15. 
 
Whirlpool of India: Target price set at Rs 580 (Microsec Capital) 
 
The company's P/E has been ranging between the levels of negative 3x to 24x in last ten years. Currently the industry P/E is trading at the levels of 38-41x, much higher than the company's P/E of 36.8x. 
 
Also, the 2 year forward industry P/E is expected to trade at 21x as compared to company's P/E of 12x. We have revised the estimates on higher side. Diversification of products in a single segment, launching of new models and rupee appreciation/ stable commodity prices are likely to increase margins. 
 
Mangalam Cement Ltd: Target price set at Rs 330 (Karvy) 
 
The brokerage firm believes that Mangalam Cement should benefit as cement demand accelerates going forward, from its production ramp-up and from better plant efficiency. The management guided for over 40 per cent volume growth in FY15E ahead of our estimates of 30 per cent. 
 
They have re-iterated their ‘BUY; recommendation with a TP of Rs 330 valuing it at USD55 per MT on its 3.25 mn MT capacity, 4.0x FY16E EBITDA and 2.7x its FY17E EBITDA. 
 
(Views and recommendations expressed in this section are the analysts’ own and do not represent those of EconomicTimes.com. Please consult your financial advisor before taking any position in the stocks mentioned.)

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