Mumbai, Mar 6 () Even as the RBI and the government are assuring the public of their money being safe in Yes Bank, depositors continue to queue up outside branches of the troubled private lender.Several customers are now contemplating opening up new accounts in other banks.There were cases of heated exchange between bank staff and customers, who failed to withdraw money.On Thursday, the Reserve Bank of India (RBI) superseded the board of Yes Bank and imposed a 30-day moratorium after the Rana Kapoor-promoted bank failed to raise capital to address potential loan losses.The bank's depositors are allowed to withdraw cash up to Rs 50,000 from their accounts during the 30-day moratorium period, according to a government gazette.The withdrawal limit, however, can be relaxed up to Rs 5 lakh in case of medical emergencies, higher education and for expenses related to marriages, it said.The rush to withdraw money from the bank continued despite Finance Minister Nirmala Sitharaman, Chief Economic Advisor Krishnamurthy Subramanian and Reserve Bank Governor Shaktikanta Das trying to allay the fear among the depositors."Our salary gets credited on 21st of every month. I am a little worried about my upcoming salary as I have a salary account with Yes Bank. I am going to provide details of my other bank account to HR today so that my money doesn't get blocked," said an MNC employee who was standing in a queue at one of the branches in suburban Mulund.Pradeep Kumar, an engineer by profession, working with a large real estate developer, said, "I have some money right now but I have come to withdraw more since it is the beginning of the month and there are some payments lined up."Kumar had tried to withdraw money yesterday night but ATM went dry before his turn came. Yes Bank has 1,000 branches across the country.To streamline the withdrawal process, some of the branches are giving limited tokens to the customers."The branch manager has refused to give me a token since I reached late. They are giving tokens to up to 130 people," said a customer who was seen fighting with the manager of the branch in suburban Mumbai.Security was also tightened at the bank's headquarters, its branches and ATMs across the city. It's not just salaried customers, but entrepreneurs and small businessmen are also affected."We are a start-up having a current account with the bank. We recently raised money from investors which is lying in the account but we are unable to use it," said a customer who came to a branch in Powai to withdraw cash. He said the company gave salaries to employees two days back but there are payments to be made to vendors."Our clients make payments to us which get deposited into our current account with the bank. We are now sending out communications to our clients not to make payments to our present account," said a visibly disturbed customer who has an IT hardware business.Amidst all of this, she is also trying to get her current account open with other bank so that her clients can transfer the money.One customer at the Kharghar branch said he hopes the country's largest lender State Bank of India will not allow the bank to fail. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.The customers said even the mobile and internet banking are shutdown.There was a posse of security men outside the RBI headquarters at Mint Road, which has experienced protests by depositors during the PMC Bank crisis in the recent past.Diagonally opposite, at a Yes Bank branch, a huge stream of depositors could be seen queued up to withdraw their money.At a bank's branch in Colaba, there were similar scenes with a longish queue of depositors.Yes Bank's share tanked 56 per cent to end at Rs 16.20 apiece on the BSE on Friday.While talking to reporters in New Delhi, the Finance Minister said she was in continuous interaction with the RBI who are fully seized of the matter and has assured for a quick resolution."I want to assure every depositor that their money shall be safe. Their monies are safe," she said.The RBI Governor said the resolution of the bank will be done very swiftly."Thirty days which we have given is the outer limit. You will see a very swift action from RBI to put in place a scheme to revive Yes Bank," Das told reporters here.Chief Economic Advisor Krishnamurthy Subramanian also said all options are under consideration for restructuring Yes Bank and assured that depositors' money is safe.This situation reminds one of the plights of depositors of Punjab and Maharashtra Cooperative Bank six months ago.The customers of Mumbai-based urban cooperative bank also went through a similar hardships after the RBI, in September 2019, had superseded the board and the management of the bank.The central bank had put a six-month regulatory restriction on the cooperative bank after it found out certain financial irregularities, hiding and mis-reporting of loans given to real estate developer HDIL.The restriction included barring PMC Bank from lending and accepting fresh deposits. HV BEN AA DC MKJ

Assurances aside, Yes Bank customers queue up outside branches

<ul><li>This is the third time the developer is proposing to take the company public after two failed attempts in 2009 and 2018 in the backdrop of unfavourable market conditions.</li><li>The reports indicated that the company took the decision to go public after a recent spurt in residential sales and improved investor sentiments.</li><li>The company is known for its prominent luxury offerings such as the Trump Towers in Mumbai and Grosvenor Square in London.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>One of India's largest real estate players Macrotech Developers — formerly known as <keyword id="6473062" type="UNKNOWN" weightage="20" keywordseo="Lodha-Developers">Lodha Developers</keyword> — has filed a draft red herring prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (SEBI) to raise around ₹2,500 crore through an initial public offering, according to <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lodha-developers-plans-to-raise-rs-2500-crore-with-10-dilution-through-ipo/articleshow/81030219.cms">news reports</a>. The Mumbai-based company is known for its prominent luxury offerings such as the Trump Towers in Mumbai and Grosvenor Square in London. For the proposed share sale, the company is looking to dilute at least a 10% stake. In 2019, the Lodha Developers changed its name to Macrotech Developers. However, the company said it will continue using the brand name ‘Lodha’ for selling and or leasing its property. The news reports indicated that the company took the decision to go public after a recent spurt in residential sales and improved investor sentiments. This is the third time the developer is proposing to take the company public after two failed attempts in 2009 and 2018 in the backdrop of unfavourable market conditions. The proposed amount of ₹2,500 crore is more than half of what the company had planned to raise earlier. In April 2018, Lodha Group had approached SEBI to raise around ₹5,500 crore through an initial public offering (IPO) and had received the regulator's nod to launch the IPO, but the company backed off citing challenging times for the realty sector. The company first attempted to list its shares on the bourses in 2009 to raise about ₹2,800 crore. The company also received SEBI's nod in early 2010, but later dropped the plan due to unfavourable market conditions caused by the global financial crisis of 2008. The reports indicated that the company has roped in investment banking firms such as Axis Capital, ICICI Securities, Edelweiss Securities, IIFL Securities, SBI Capital, JM Financial, Yes Securities, Bank of Baroda Capital, and JP Morgan as advisors for its IPO. “The <keyword id="6474120" type="UNKNOWN" weightage="20" keywordseo="Lodha-IPO">Lodha IPO</keyword> is majorly a primary issue of shares and the proceeds are likely to be used for debt reduction, land acquisition and new projects,” according to a Moneycontrol <a href="https://www.moneycontrol.com/news/business/lodha-developers-files-papers-with-sebi-for-rs-2500-crore-ipo-as-realty-makes-comeback-6529871.html">report</a>. The stars are aligning perfectly for Lodha Group The company is coming up with IPO plans just days after the Finance Minister Nirmala Sitharaman at the annual budget added thrust for affordable housing. Sitharaman extended the exemption for affordable housing until March 2022, making the section of the real estate sector quite attractive. The recent Economic Survey by Krishnamurthy Venkata Subramanian, India’s chief economic advisor, showed that the COVID-19 pandemic had hit the residential property market during the first quarter. However, the sales have now improved dramatically in the affordable homes segment since July. <div type="image" title="PR31122020_CH1" msid="81038248" hostid="261"></div> According to the RBI data, the year-on-year growth in the all-India House Price Index (HPI) continued to be moderate. It stood at 1.1% in the second quarter. The stocks of its listed peers such as DLF, Godrej Properties, and others have seen a favourable investors interest in the past three months. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change since Sept 30 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DLF </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">108.52% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Godrej Properties </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">75% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra Lifespace </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">106% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sobha Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">105% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brigade Enterprises </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">74% </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-hotel-companies-have-shown-resilience-during-the-pandemic-and-now-the-markets-are-celebrating-them/articleshow/81032369.cms" data-type="tilCustomLink">Indian hotel companies have shown resilience during the pandemic and now the markets are celebrating them</a> <a href="https://www.businessinsider.in/science/news/its-round-its-two-sided-and-it-could-be-the-most-accurate-world-map-created-till-date/articleshow/81033263.cms" data-type="tilCustomLink">It’s round, it’s two-sided and it could be the most accurate world map created till date</a>

Lodha Developers files papers for ₹2,500 crore IPO — will it be a third time charm?

<ul><li>The Finance Minister Nirmala Sitharaman will present the budget at 11 am today (February 1).</li><li>This would be FM Sitharaman’s third budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi.</li><li>In a historic move, the upcoming budget will be paperless as the Finance Ministry has decided not to print the budget documents amid the pandemic.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/budget">Budget Insider</a>.</li></ul>While the Indian economy was already reeling under the slowdown, the coronavirus blow just made it worse. And, now all eyes are eagerly waiting for the Finance Minister Nirmala Sitharaman on February 1, as she tables the budget for the next fiscal year in the Lok Sabha. The country has high hopes from the first budget that will come up immediately after a pandemic-induced nationwide lockdown that brought economic activity in the country to a grinding halt forcing the GDP to contract for the very first time in many, many years. Also, a first would be an acute recession that the country stares at and severe unemployment levels that turned from bad to worse post the lockdown. <div type="Article" hostid="261" msid="80596702" title="India’s travel and tourism sector is hoping that the Budget won’t leave them behind" mstype="2" mssubtype="0"></div> With all segments of the Indian economy eagerly waiting to see if their concerns are addressed in the <keyword id="10270141" type="UNKNOWN" weightage="20" keywordseo="Union-Budget-2021">union budget 2021</keyword>, the FM has a challenging task on her table. Though not for the first time, the Budget 2021-22 also faces severe challenges to do a tough balancing act to revive growth in the economy amidst shrinking revenue streams and need to balance expenditure and come back on the path of fiscal consolidation. The Finance Minister herself said that her third budget would be "unprecedented" as the country looks to rebuild after a pandemic-hit year. WATCH: Union Budget 2021-22: Live from Parliament <div type="Youtube" id="Q9wNIyLdZLo" title="Union Budget 2021-22: Live from Parliament" thumbUrl="https://i.ytimg.com/vi/Q9wNIyLdZLo/mqdefault_live.jpg"></div> Schedule of budget 2021 The Finance Minister Nirmala Sitharaman will present the budget at 11 am on February 1, 2021, which happens to be a Monday. Ahead of the budget session, India's chief economic advisor, Krishnamurthy Subramanian <a href="https://www.businessinsider.in/budget/news/highlights-from-indias-annual-economic-survey-ahead-of-budget-2021/slidelist/80574947.cms">presented the economic survey on Friday</a>. This would be FM Sitharaman’s third budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi. During the first tenure of the Modi government, it was decided that the union budget would be presented on the first working day of February instead of the last working day of February, which will mean the budget sessions have been advanced by a month. Since the move, the tradition has continued till date through all the government's subsequent budgets. The advancing of the date of the union budget was to ensure that the budgeting process starts in February will be completed before the end of March and the spending exercise for the next fiscal year could start on April 1. <div type="Article" hostid="261" msid="80476759" title="A playbook for Budget 2021 to boost electronics manufacturing in India" mstype="2" mssubtype="0"></div> Where to watch the budget session 2021 live? Here is a list of some channels where you can watch the budget session 2020 live at 11 hours on Saturday, February 1, 2020: <a href="https://loksabhatv.nic.in/">Lok Sabha Television</a>, <a href="https://webcast.gov.in/lstvlive/">Lok Sabha live webcast</a>, <a href="https://www.timesnownews.com/livetv/timesnow/video">Times Now</a>, <a href="https://www.timesnownews.com/livetv/etnow/video">ET Now</a>, <a href="https://aajtak.intoday.in/">Aaj Tak</a>. One can also follow <a href="https://www.businessinsider.in/">Business Insider India’s live blog</a> for the latest updates. A paperless budget The upcoming budget scheduled for February 1 will go paperless as the Finance Ministry has decided not to print the budget documents amid the pandemic. This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed. For the first time, there has been no lockdown in the finance ministry before the Budget presentation as the paperless exercise avoids the need for secrecy associated with printed documents. Usually, when the printing starts, printing staffers stay inside the press until the budget presentation. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The special security forces man the entire facility, loading-unloading and transportation. This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase and introduced the Budget 'Bahi Khata' or a ledger, enclosed in a red cloth folder and tied with a string. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms" data-type="tilCustomLink">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a> <a href="https://www.businessinsider.in/budget/news/here-are-the-major-changes-that-could-reportedly-come-up-with-the-union-budget-2021-by-nirmala-sitharaman/articleshow/80325146.cms" data-type="tilCustomLink">Budget 2021: From Income Tax deductions to creating jobs and boosting healthcare – Here’s all that could be in Nirmala Sitharaman’s fiscal plans</a>

Union Budget 2021: Date, time, schedule and other details you should know

(Eds: Adding more info) New Delhi, Jun 19 () Finance Minister Nirmala Sitharaman on Friday said the government is monitoring progress of various relief measures, especially the transmission of repo rate cuts to corporates and consumers to stimulate the economy, hit by COVID-19 crisis. While interacting with the Managing Committee Members of PHD Chamber of Commerce and Industry through video conferencing, she said the government has always recognised the importance of wealth creators as they generate employment opportunities and utilise resources in optimal manner for promoting the socio-economic development in the country. Sitharaman acknowledged that the Prime Minister has always facilitated a helping hand and recognised importance of MSMEs, an official statement from the ministry said. "We are closely monitoring the situation in consultation with banks so that relief measures announced by the Government are effectively percolated at ground levels especially the transmission of repo rate cuts to consumers in terms of reduced interest rates," the release quoted her. Last month, the RBI slashed the benchmark repurchase (repo) rate, the price at which banks borrow from the central bank, by 40 basis points to a historic low of 4 per cent. RBI Governor Shaktikanta Das had said monetary policy transmission to banks' lending rates has continued to improve. "The 1 year median marginal cost of funds-based lending rate (MCLR) declined by 90 bps (February 2019-May 15, 2020). The weighted average lending rate (WALR) on fresh rupee loans has cumulatively declined by 114 bps (basis points) since February 2019, of which 43 bps decline occurred in March 2020 alone," he had said. The Finance Minister said that they are closely watching the developments in disbursement of loans under the provision of Rs 3 lakh crore collateral free automatic loans for businesses to mitigate the daunting impact of COVID-19 on trade and industry. The government has always focused on minimum government and maximum governance with a special focus on addressing challenges faced by industry and promote ease of doing business, she said. The government has always provided a helping hand without differentiation to all industry stakeholders especially to MSMEs. PHD Chamber of Commerce and Industry termed Rs 20.97 lakh crore stimulus package comprehensive and substantial. The package is not only the monetary and financial stimulus, but also contains the game changing reforms to take India to the next high, it said. The chamber suggested that one-time restructuring of the loans without affecting the classification for the severely impacted sectors such as tourism, aviation, entertainment, real estate, and automobile, among others is the need of the hour. There may be a formal communication from the government to the banking sector to remove the fears from the minds of bankers so that the bank officials are able to sanction and disburse loans to the trade and industry without any fear, the chamber suggested. It also said that there may not be any criminal proceedings if some business entity turns into NPA because of some genuine reason. Besides the Finance Minister, Revenue Secretary Ajay Bhushan Pandey, Financial Services Secretary Debasish Panda, Corporate Affairs Secretary Rajesh Verma and Chief Economic Adviser Krishnamurthy Subramanian were present. DP BAL BAL

Govt closely monitoring repo rate cut transmission by banks to customers: FM

<ul><li>Prime Minister meets top party leaders. finance ministry bureaucrats. </li><li>Government plans to make India a $5-trillion economy by 2024. </li><li>FM Nirmala Sitharaman to meet PM on Thursday, to discuss GDP growth. </li></ul>Prime Minister Narendra Modi is busy brainstorming with senior party leaders and top bureaucrats, ahead of Union <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">Budget 2019</keyword>. On Tuesday, PM held a meeting with top officials in finance and other key ministries, to finalise its priorities. The PM is set to interact with economists, bankers and sectoral experts through the week to gain insights on pressing issues in agriculture, reform and effective implementation of signature schemes and projects. A five-year plan for the government to make India a $5-trillion economy by 2024, was cleared in Tuesday’s meeting, as per <a href="https://www.business-standard.com/article/budget-2019/pm-narendra-modi-starts-pre-budget-meets-to-brainstorm-on-economy-119061900058_1.html">Business Standard</a>. The meeting was attended by all the five secretaries of the finance ministry besides top officials across ministries, along with government think tank NITI Aayog. Pet Projects The course of PM’s pet projects like doubling farmers’ income by 2022, PM-Kisan, Pradhan Mantri Awas Yojana, Piped Water For All, and Electricity For All were also discussed, as reported by <a href="https://www.livemint.com/budget/news/pm-modi-brainstorms-with-key-secretaries-to-finalize-100-day-agenda-1560869743468.html">The Quint</a>. Yet another meeting is to be held on Thursday. It will be attended by <a href="https://www.business-standard.com/topic/finance-minister">finance minister</a> Nirmala Sitharaman, finance secretary Subhash Chandra Garg, revenue secretary Ajay Bhushan Pandey, along with chief economic advisor Krishnamurthy Subramanian, along with others. The focal point of all the meetings is to draw a road map for reform across departments, including ease of doing business<a href="https://www.business-standard.com/topic/economic-growth">.</a> Stepping up government revenues while carrying out reform <a href="https://www.businessinsider.in/budget-2019-cues-how-indian-economy-can-grow-at-10/articleshow/69767988.cms">to push GDP growth</a>, which slipped to a five-year low of 6.8% in 2018-19, is also a key discussion point, sources <a href="https://www.livemint.com/budget/news/pm-modi-brainstorms-with-key-secretaries-to-finalize-100-day-agenda-1560869743468.html">told Quint</a>. The PM will also meet industry leaders including heads of state-owned banks on Friday. He will hold discussions with economists and policy experts on Saturday. See Also: <a href="https://www.businessinsider.in/union-budget-and-triple-talaq-are-among-key-bills-as-the-first-session-of-indias-new-parliament-rolls-on/articleshow/69821460.cms">Union Budget and Triple Talaq are among key bills as the first session of India's new Parliament rolls on</a> <a href="https://www.businessinsider.in/there-is-a-lot-of-bad-news-that-modi-has-to-budget-for-this-year/articleshow/69635372.cms">There is a lot of bad news that Modi has to budget for this year</a> <a href="https://www.businessinsider.in/modi-government-sets-up-two-cabinet-panels-to-check-falling-gdp-employment/articleshow/69670523.cms">Modi government sets up two cabinet panels to check falling GDP, employment</a>

Prime Minister Narendra Modi is asking everyone for budget ideas

New Delhi, Mar 8 () Following are the top business stories at 1930 hours:- DCM30 BIZ-YESBANK-RBIRBI reiterates depositors' money safe in banks; concerns based on 'flawed' analysisMumbai: Allaying concerns raised by many after Yes Bank fiasco, the Reserve Bank on Sunday reiterated that depositors' money is safe and it is closely monitoring all banks. DCM25 BIZ-CEA-BANKSIndian banks well capitalised, no reason to worry: CEANew Delhi: Allaying concerns over banking sector health in the wake of Yes Bank fiasco, Chief Economic Adviser Krishnamurthy Subramanian on Sunday said Indian banks are well capitalised and there is no reason to worry. DCM7 BIZ-MARKET OUTLOOKMarkets to remain under pressure amid Yes Bank crisis, coronavirus concerns: AnalystsNew Delhi: Markets are likely to remain under pressure in the holiday-shortened week ahead with investors tracking the Yes Bank crisis and the coronavirus outbreak which have cast a shadow over trading sentiment, analysts said.DEL7 BIZ-STOCKS-MCAPSix of top-10 firms lose Rs 95,432 cr in m-cap; RIL takes biggest hitNew Delhi: Six of the 10 most valued domestic companies suffered a combined erosion of Rs 95,432.26 crore in market valuation last week, dragged down by Reliance Industries Limited (RIL) and HDFC Bank amid a bearish trend in the broader market.DCM17 BIZ-TELECOM PSU-FLOOR PRICEExempt telcos with under 15% market share from floor price norms: BSNL, MTNL to TraiNew Delhi: State-owned BSNL and MTNL have told the sector regulator Trai that tariff fixation should be applicable only on telcos with more than 15 per cent subscriber base in a service area, while those with lower or negligible user base should be exempt from the purview of minimum floor price. DCM3 BIZ-SEBI-DEBENTURE NORMSDefault by some NBFCs on secured debentures pushes Sebi to introduce reformsNew Delhi: A spate of defaults by some NBFCs has forced capital markets regulator Sebi to come out with a new set of measures to secure the interest of debenture holders and shore up their confidence in the regulatory mechanism to check any wrongdoings.DCM23 BIZ-WTOSpecial, differential treatment for developing countries to figure in WTO meet in KazakhstanNew Delhi: Special and differential treatment for developing countries like India will figure prominently in the World Trade Organization's (WTO) 12th Ministerial Conference meet in June in Kazakhstan, an official said.DCM4 BIZ-FPI-OUTFLOWFPIs turn net sellers, pull out Rs 13,157 cr in March so farNew Delhi: Snapping their six-month buying streak, FPIs pulled out a net Rs 13,157 crore from the Indian capital markets in the first five trading sessions of March as the coronavirus outbreak spooked investor sentiment.DCM17 BIZ-TELECOM PSU-FLOOR PRICEExempt telcos with under 15% market share from floor price norms: BSNL, MTNL to TraiNew Delhi: State-owned BSNL and MTNL have told the sector regulator Trai that tariff fixation should be applicable only on telcos with more than 15 per cent subscriber base in a service area, while those with lower or negligible user base should be exempt from the purview of minimum floor price. MKJ MKJ

Business highlights

<ul><li>The bank’s share price is up 54% since the lockdown started and still, it is at half the price compared to December-end.</li><li>JP Morgan has set a target price of ₹330 in the next one year, implying that the stock can still gain about 38% hereon.</li><li>As one of India’s largest microfinance institutions, its balance sheet will reflect the true state of affairs in rural areas.</li></ul>India’s Chief Economic Advisor Krishnamurthy Subramanian cited data in an interview to say that the reported stress in rural India has been exaggerated. However, the real impact of COVID-19 lockdown on rural India will be reflected in the earnings from <keyword id="2240511" type="PERSON" weightage="20" keywordseo="Bandhan-Bank">Bandhan Bank</keyword> — one of the country’s biggest microfinance institutions and a listed bank since March 2018 — to be announced tomorrow, May 12. So far, the share price reflects some optimism. It’s up over 54% since the lockdown starting March 25. However, it is still available at less than half the price compared to December-end. Most of its business is based in the rural outposts of India, which have been more affected by the economy shutting down than the coronavirus disease itself. <div type="image" title="snapshot-1589200754808" msid="75677122" hostid="261" caption="&amp;lt;p&amp;gt;Bandhan Bank&amp;#39;s share price since the lockdown was announced on March 25&amp;lt;/p&amp;gt;"></div> Most of Bandhan Bank’s microfinance loans aren’t consumption-based or to migrant workers, giving an edge over other banking institutions. “We continue to believe that Bandhan Bank is the most resilient franchise within microfinance — no consumption-based lending, no lending to migrant workers,” said Bernstein’s report from early April. This could be its undoing or the pillar on which it survives, according to analysts. Bandhan Bank has a survived many a crisis It also has experience overcoming the volatile, and unexpected, disturbances that usually occur in rural regions like droughts, floods and even political violence — and has survived most of it over the past two decades. “Based on past experience and limited disruption in the rural economy as of now, the normalcy in collections should return in three months after the moratorium,” said Emkay Research’s analysis. <div type="image" title="snapshot-1589259039416" msid="75688520" hostid="261" caption="&amp;lt;p&amp;gt;Bandhan Bank&amp;#39;s net profit over the last five quarters&amp;lt;/p&amp;gt;"></div> “Based on past experience… post cyclones, riots (Darjeeling) and demonetisation, the collection normalcy returned in three months and hopefully, should be the case this time around as well,” added Emkay. COVID-19 lockdown will hurt Bandhan Bank too, just not as much as others But that doesn’t mean that Bandhan Bank will be able to undercut the coronavirus impact altogether — it just has a higher likelihood of surviving it. “We believe Bandhan, with a 23% Tier-1 and strong CASA (low-cost) deposits, will survive this better than any competitor. We cut Bandhan's microfinance growth by 50% and increase credit costs by 100% to factor in the disruption,” said Bernstein. <div type="image" title="Bandhan Bank Gross NPA (3)" msid="75688686" hostid="261" caption="&amp;lt;p&amp;gt;Bandhan Bank&amp;#39;s gross NPAs over the last give quarters&amp;lt;/p&amp;gt;"></div> Nonetheless, the bank’s share price has largely been volatile since the lockdown was announced by Prime Minister Narendra Modi on March 25. Geojit Financial Services takes an opposing view stating, “Bandhan Bank, with high exposure to microcredit and personal loans, could see further pressure in case of job losses and pay cuts and also the limited ability of micro-borrowers to repay loans.” Though, so far, its stock looks like it hasn’t lost too much of its value. The recent controversies in the banking sector — with PMC Bank going under and Yes Bank needing the Reserve Bank of India to come to its rescue — have eroded investor confidence leaving recovery open to question. Even with Bandhan Bank’s healthy liquidity and asset diversification, asset quality stress will remain a key parameter to watch out for. An initial strike is inevitable, but analysts are divided on how long it will take the bank to recover. See also: <a href="https://www.businessinsider.in/business/news/richest-man-in-asia-mukesh-ambani-owned-reliance-jio-in-talks-to-raise-more-money/articleshow/75669385.cms">$8 billion and counting – Asia's richest man is reportedly in talks to raise more money for Reliance Jio</a> <a href="https://www.businessinsider.in/business/corporates/news/hiring-at-infosys-and-tech-mahindra-is-down-40-in-line-with-the-trend-in-top-five-it-firms-and-its-not-just-because-of-covid-19/articleshow/75669358.cms">Hiring at Infosys and Tech Mahindra is down at least 40% in line with the trend in top five IT firms⁠— and it's not just because of COVID-19</a> <a href="https://www.businessinsider.in/finance/news/sovereign-gold-bond-scheme-price-how-to-apply-rules-and-all-you-need-to-know-about-paper-gold/articleshow/75670320.cms">Sovereign Gold Bond Scheme ⁠— price, how to apply, rules and all you need to know about paper gold</a>

Bandhan Bank shares have gained 54% since lockdown started⁠— but the numbers will reveal the real damage to rural India from COVID-19

New Delhi, Mar 15 () Indiabulls Housing Finance Ltd (IHFL) on Sunday said the company as well as its promoters do not have any outstanding term loan from Yes Bank. The company was clarifying on "some rumours" in social media in this regard. "In relation to some rumors and misinformation in social media regarding term loans of Yes Bank to Indiabulls Housing Finance, we would like to place facts in public domain that the outstanding terms loans from Yes Bank to Indiabulls Housing Finance are Zero," an IHFL statement said. It further said that the outstanding term loans from Yes Bank to promoter of Indiabulls Housing Finance or any of his promoter companies / family members companies are Zero. In a separate filing, Karnataka Bank also rejected some news reports that had raised doubts on the safety of some banks using an "absurd and flawed so called M-Cap to deposit ratio". The bank asserted that its financial health is sound and the Capital to Risk Weighted Assets ratio, the main parameter, is well above the limit prescribed by the RBI. IndiaBulls Housing Finance said the misinformation campaign on Indiabulls Housing Finance is being orchestrated by the blackmailing and extortion gang who we have been dealing with for past one year, few members of this gang are in jail and few are absconding. The company said, "We are in process of taking legal action on various media platforms that the gang is abusing to spread misinformation about Indiabulls Housing Finance." While dismissing the application of Kislay Panday, a Proclaimed Offender and the mastermind of various PILs in different courts against Indiabulls Housing Finance and the leader of blackmailing gang, the Honorable High Court order quoted in its order dated 27-2-2020: "Therefore, looking into the allegations of blackmailing and extortion of money from the complainant, I do not find that from the bare perusal of the FIR it can be quashed." "Even at the stage when the petition was filed, non bailable warrants were issued against the petitioner. The anticipatory bail of the petitioner was dismissed by the trial court and thereafter the petitioner traveled abroad and never returned back." Meanwhile, Karnataka Bank also clarified that some news reports had raised doubts on safety of some banks, including the bank, using an "absurd and flawed so called M-Cap to deposit ratio". Later the said report was also circulated widely in socialmedia. The above report by India Today "tv channel infused a lot of anxiety and panicky situation among the depositorsin particular and other stakeholders in general and also raised a doubt about the safety of the Bank", the filing said. The aforesaid report by television channel is totally incorrect, mischievous and likely to mislead the public anddepositors by creating shadow of doubt about safety of the Bank, it added. The RBI, Krishnamurthy Subramanian, Chief Economic Advisor to Government of India, and SBI Chairman and other experts in the matter clarified that so called M- cap to deposits ratio is non-existent in the financial world and nowhere used in the world to measure the health of banks, it mentioned. "In fact the solvency and strength of banks is measured globallyby referring to Capital to Risk Weighted Assets ratio i e CRAR only.The CRAR of your Bank as per audited financials as on March 31,2019 was at 13.17 per cent which is well above the CRAR of 10.825 per cent prescribed by Reserve Bank of India. "It is amply clear that your Bank is well capitalised indicating solvency of the Bank and with sound financial position measured among other parameters like Net NPA (2.95%) and Provision Coverage Ratio(PCR) (58.45%) as on March 31, 2019," the bank said. The Bank has also taken appropriate legal action against such incorrect and misleading publications. KKS MRMR

Company, promoters dont have any outstanding term loan from Yes Bank: Indiabulls Housing Finance

<ul><li>Track the live updates underway right now on the <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms" data-type="tilCustomLink" target="_blank">Business Insider India live blog</a>.</li><li>Finance minister Nirmala Sitharaman will be presenting the annual budget 2020 to the Parliament on February 1, 2020.</li><li>The upcoming budget is one of the most challenging ones for the Narendra Modi government as it needs to address a long list of crucial economic concerns.</li></ul><ul><li>Find the <a href="https://www.businessinsider.in/budget/news/budget-2020-top-highlights-and-updates-from-finance-minister-nirmala-sitharaman/articleshow/73828229.cms?src=hp_ts" data-type="tilCustomLink" target="_blank">highlights of the budget speech</a> here. </li></ul>The state of Indian economy changed drastically since the Modi government took charge last year. With all segments of the Indian economy eagerly waiting to see if their concerns are addressed, union budget 2020 is one of the most anticipated events this year. Some of the crucial issues the budget needs to address immediately are slowing GDP, low consumer confidence, discouraging rates of private consumption, increasing unemployment, lack of availability of credit, and dwindling growth in home incomes. Watch: India’s ‘make or break’ budget 2020⁠— once-in-a-career crisis offers Finance Minister Nirmala Sitharaman a fertile ground for creativity 
 <div type="Youtube" id="-80L-8QB_WQ" title="Budget 2020 | India’s ‘make or break’ budget 2020 | Business Insider India" thumbUrl="https://i.ytimg.com/vi/-80L-8QB_WQ/mqdefault.jpg"></div>


 Schedule of budget 2020 The Finance Minister Nirmala Sitharaman will present the budget at 11 am on February 1, 2020, which happens to be a Saturday. On January 31, Friday, a day in advance before the upcoming budget session, Krishnamurthy Subramanian, the chief economic advisor of the country presented the economic survey. After 2015-16, the budget will be presented on a Saturday for the first time. During the first tenure of the Modi government, it was decided that the union budget would be presented on the first working day of February instead of the last working day of February, which will mean the budget sessions have been advanced by a month. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2020-must-make-way-for-socially-responsible-investing-in-india-heres-why/articleshow/73426606.cms" data-type="tilCustomLink" target="_blank">'Budget 2020 must make way for socially-responsible investing in India'⁠— here's why</a> Here's a dedicated section for all you need to know about the Budget 2020: <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>. Since the move, the tradition has continued till date through all the subsequent budgets of the Modi Sarkar. The advancing of the date of union budget was to ensure that the budgeting process starts in February will be completed before the end of March and the spending exercise for the next fiscal year could start on April 1. Where to watch the budget session 2020 live? Here is a list of some channels where you can watch the budget session 2020 live at 11 hours on Saturday, February 1, 2020: <a href="https://loksabhatv.nic.in/">Lok Sabha Television</a>, <a href="https://webcast.gov.in/lstvlive/">Lok Sabha live webcast</a>, <a href="https://www.timesnownews.com/livetv/timesnow/video">Times Now</a>, <a href="https://www.timesnownews.com/livetv/etnow/video">ET Now</a>, <a href="https://aajtak.intoday.in/">Aaj Tak</a> 
 <div type="Article" hostid="261" msid="73753459" title="Exclusive: TCS CEO shares his hopes and fears from the budget 2020" mstype="2" mssubtype="0"></div>


 What the budget on a Saturday can impact The Parliament and stock exchanges which usually remain shut on two days of the weekend would be open on February 1, 2020 on Saturday due to the scheduling of the budget session on this day. As per the RBI regulations, banks are generally open on the first, third and fifth Saturdays of the month. Since unions have decided to go for a two-day bank strike on wage related demands, the banking services might be affected on Saturday, February 1, which happens to be the first Saturday of the month. Major concerns expected to be addressed in budget 2020 Leading economists believe that Budget 2020 will be highly focused on resurrecting the slumping economy and boosting up the private consumption rate. Some of the other other key issues expected to be addressed in the upcoming budget are tax cut on personal income, checking the consumer inflation, tax concessions on housing schemes, lowering the GST of FMCG and consumer durable products, increasing the interest rates, increase the deduction limits of Section 80 C, and DDT and LTCG relief. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/indian-taxpayers-expectation-from-the-budget-2020/articleshow/73804969.cms" data-type="tilCustomLink" target="_blank">Indian taxpayers' expectation from the budget 2020</a> <a href="https://www.businessinsider.in/budget/news/cybersecurity-doesnt-have-any-specific-allocation-in-the-budget-but-the-government-knows-its-a-pressing-concern/articleshow/73771330.cms" data-type="tilCustomLink" target="_blank">Cybersecurity doesn't have any specific allocation in the budget but the government knows it's a pressing concern</a> <a href="https://www.businessinsider.in/defense/news/indias-budget-allocation-for-defence-has-remained-fairly-static-for-the-past-five-years/articleshow/73153930.cms" data-type="tilCustomLink" target="_blank">Budget 2020: Five charts that explain what you can expect from India’s defence expenditure this year</a>

Union Budget 2020 date, time, schedule ⁠— all you need to know

New Delhi, Apr 24 () The economic advisory panel of the 15th Finance Commission has suggested that the government should look to support small enterprises and avert bankruptcies in the financial sector as part of the fiscal response to deal with the coronavirus crisis. At its two-day meeting held via video conferencing, the members of the Advisory Council felt that the shortfall in tax and other revenues will be large due to subdued economic activity and hence the fiscal response to the crisis should be much more nuanced. "It is important not just to look at the size of fiscal response but also carefully at its design... The Advisory Council also felt that the magnitude of the impact of these developments on public finances is uncertain, but will certainly be significant. "Governments will have substantial expenditure burden on account of health, support to poor and other economic agents," an official statement issued after the meeting said. The council felt that the COVID-19 pandemic and the national lockdown would slow down domestic activity and impact cash flows of financial institutions and businesses, besides loss of global demand for Indian products because of a steep global recession. "All of them were unanimous to suggest that the projections of real GDP growth made before March 2020 need to be relooked into entirely, and, revised downwards considerably. "Once the lockdown of the economy is released, the recovery can only be excepted to be gradual, depending on the ability of the workforce to get back to work soon, restoration of supplies of intermediates and cash flows and, of course, the demand for output. Therefore, the full magnitude of the economic impact of Covid will only be clear only over a course of time," the statement said. Among the suggestions made to the commission, the council members said small scale enterprises were cash-starved even prior to the onset of the pandemic. "As their activity levels and cash flows are affected, it is important that a support mechanism be devised to help them overcome this problem," it said. Also, non-banking financial companies are affected by the slowdown and in order to avoid bankruptcies and deepening of NPAs in the financial sector, measures should be appropriately designed. Measures like partial loan guarantee may help. The Reserve Bank of India will have a key role in ensuring that financial institutions are well-capitalised, the council members suggested. Also the finances of the central and state governments need to be watched carefully in the wake of increased spending to fight the pandemic. "As we move ahead, we need to think of options for financing the additional deficit. It is important to ensure that the State governments get access to adequate funds to undertake their fight against the pandemic," it added. Besides the healthcare cost, the government is also faced with the additional burden of giving booster or stimulus to sectors and industries hit by the nationwide lockdown. The lockdown that began on March 25 was last week extended till May 3. Late last month, the government had announced a Rs 1.7 lakh crore stimulus package comprising free foodgrains and cooking gas to poor and cash dole to poor women and elderly. A second package, aimed at industries, is said to be in the works and will likely be announced shortly. Several international agencies including IMF and the World Bank have cut India's growth forecast over concerns about the fallout of the COVID-19 pandemic. The International Monetary Fund (IMF) has slashed India's GDP growth projection to 1.9 per cent in 2020 from 5.8 per cent estimated in January, as the global economy hits the worst recession since the Great Depression in the 1930s due to the raging coronavirus pandemic. Similarly, the World Bank has estimated India's economy to grow between 1.5 to 2.8 per cent in the 2020-21 -- the worst growth performance since the 1991 liberalisation. Fitch has projected India's GDP to grow at 0.8 per cent this fiscal, while S&amp;P pegs it at 1.8 per cent and Moody's at 2.5 per cent in 2020. These growth estimates compare to an estimated 5 per cent growth rate in 2019-20 fiscal that ended on March 31. India's economy also grew by 5 per cent in 2019 calendar year. The council also felt that it is likely that different states may come out of the severity of the impact of the pandemic in different stages. Hence, the revival of activity in different states will be at varied pace, the statement said. The meeting, chaired by 15th Finance Commission Chairman N K Singh, was attended by all members of the commission. The Economic Advisory Council members are Sajjid Chinoy, Prachi Mishra, Neelkanth Mishra, Omkar Goswami, Arvind Virmani, Indira Rajaraman, D K Srivastava, M Govinda Rao, Sudipto Mundle and Krishnamurthy Subramanian. JD ABMABM

COVID-19: FinComm's advisory panel suggests support to small biz, NBFCs

New Delhi, Mar 13 () Following are the top business stories at 1846 hours: DEL108 BIZ-LD STOCKSMarkets test investors' nerves with wild swings;Sensex ends 1,325 pts up after hitting lower circuitMumbai: Markets took investors on a gut-churning ride on Friday, with trading being halted for the first time in 12 years as benchmarks plunged over 10 per cent in opening trade, before staging an emphatic comeback powered by banking, finance and energy stocks.DEL116 BIZ-RUPEE-CLOSERupee rebounds 48 paise to 73.80 a dollar on RBI assuranceMumbai: Rebounding from its record low of 74.50, the rupee traded higher by 48 paise at 73.80 against the US currency on Friday after the Reserve Bank's assurance that steps will be taken to maintain sufficient liquidity in the panick-stricken currency market.DEL138 BIZ-TRADEExports post first rise in 7 months, grow by 2.91 pc in FebNew Delhi: India's exports rose for the first time in seven months in February growing by 2.91 per cent to USD 27.65 billion, according to the commerce ministry data released on Friday. DEL88 CAB-FM-STOCKSGovt, RBI closely monitoring markets: FMNew Delhi: Finance Minister Nirmala Sitharaman on Friday said the government and the Reserve Bank are closely monitoring the stock market, which is facing intense volatility amid mounting coronavirus fears. DEL46 BIZ-LD SEBIReady to take any action as required, says Sebi amid steep mkt volatilityNew Delhi: Sebi on Friday said the regulator and stock exchanges are prepared to "take any action" as required to deal with market volatility, hours after trading was halted for 45 minutes. DEL134 CAB-LD YESBANKMoratorium on Yes Bank to go soon; govt approves bailout planNew Delhi: Cash withdrawal restrictions and other moratorium conditions on Yes Bank will be lifted within 3 days of "very soon" to be notified SBI-led bailout plan for the beleaguered lender, Finance Minister Nirmala Sitharaman said on Friday.DEL63 BIZ-RBI LIQUIDITYCoronavirus: RBI says 'closely monitoring' situation, will take measures for market stabilityMumbai: The Reserve Bank of India (RBI) on Friday said it is closely monitoring the current global situation and assured that it will take all steps to keep markets adequately liquid and stable.DEL43 BIZ-FINMIN-STOCK MARKETGovt, RBI to take all necessary steps to quell 'fear sentiment' around coronavirus: CEANew Delhi: The government and the RBI will take all necessary steps to quell the "fear sentiment" created due to coronavirus, Chief Economic Advisor Krishnamurthy Subramanian said on Friday. DCM20 BIZ-MARKETS-HALTBourses halt trading for first time in 12 yearsNew Delhi: Stock market witnessed a halt in trading for the first time in more than 12 years on Friday morning after benchmarks hit circuit breakers on panic selling triggered by concerns over coronavirus pandemic.DEL20 BIZ-AIR INDIAGovt extends deadline to bid for Air India till Apr 30New Delhi: The government on Friday extended the deadline for submitting bids for buying 100 per cent stake in Air India till April 30. DCM5 BIZ-SIAM-LD AUTOSALESAutomobile sales down 19.08%; economic slowdown, BS-VI transition take tollNew Delhi: Automobile sales in India across categories declined 19.08 per cent in February as economic slowdown continued to hit demand, besides lower production in view of transition to BS-VI emission norms affecting wholesale dispatches, auto industry body SIAM said on Friday. DCM37 CAB-BIZ-COPRA-PRICEGovt hikes milling copra MSP by Rs 439/qtl; ball copra MSP by Rs 380/qtlNew Delhi: The government on Friday approved an increase in the minimum support price (MSP) of milling copra by Rs 439 per quintal and ball copra by Rs 380 per quintal as part of its effort to boost farmers income. DCM36 BIZ-NCLT-JETAIRWAYSJet Airways RP seeks 90 days extension for bids from NCLTMumbai: Jet Airways' resolution professional on Friday filed an application in National Company Law Tribunal (NCLT) seeking 90 days extension for the corporate insolvency resolution process of the defunct carrier. DEL93 CORONAVIRUS-BIZ-NPPANPPA asks state regulators to ensure masks, sanitisers not sold above MRPNew Delhi: The National Pharmaceutical Pricing Authority(NPPA) on Friday asked states and Union Territories (UTs) to ensure that masks and sanitisers are not sold above their maximum retail price. RUJRUJ

Mumbai, Mar 13 () Markets took investors on a gut-churning ride on Friday, with trading being halted for the first time in 12 years as benchmarks plunged over 10 per cent in opening trade, before staging an emphatic comeback powered by banking, finance and energy stocks. The BSE and NSE suspended trading for 45 minutes a little past 9.20 am after the Sensex and Nifty plunged in tandem with global markets as the coronavirus pandemic triggered recession fears. However, domestic indices surged after trading resumed as investors snapped up recently-battered stocks available at attractive valuations. Expectations of stimulus measures by the US and other countries also buoyed sentiment, analysts said. Recovering over 5,380 points from its intra-day low of 29,388.97, the BSE Sensex ended 1,325.34 points or 4.04 per cent higher at 34,103.48. Similarly, the NSE Nifty settled 365.05 points, or 3.81 per cent, up at 9,955.20. It hit an intra-day low of 8,555.15. Most Sensex components ended with gains. SBI was the top gainer, rallying 13.87 per cent, followed by Tata Steel, HDFC, Sun Pharma, Bharti Airtel, Bajaj Finance and ICICI Bank. On the other hand, Nestle India, Asian Paints, HUL, Hero MotoCorp and HCL Tech shed up to 4.12 per cent. During the holiday-shortened week, the Sensex plummeted 3,473.14 points or 9.24 per cent, while the Nifty lost 1,034.25 points or 9.41 per cent. The benchmarks posted their biggest ever one-day falls in two sessions this week (March 9 and 12). Investor wealth worth around Rs 15 lakh crore has been wiped off in the past four sessions. "This week will go down in history as one of the worst weeks for global markets. Consider this, the US market had declined 18 per cent in just the first four days of trading. "Markets have been battered by the potential economic impact on account of various preventive travel measures by major countries. FPIs sold equities worth USD 2.3 billion over the past five trading sessions while DIIs bought USD 1.8 billion worth of equities in the same period," said Sanjeev Zarbade, VP PCG Research, Kotak Securities. All sectoral indices ended with gains, with BSE telecom, metal, oil and gas, finance, banking and energy indices rallying up to 6.39 per cent. Broader midcap and smallcap indices too settled on a positive note. As per norms, trading is halted for 1.45 hours if there is 15 per cent movement before 1 pm and 45 minutes for such movement between 1 pm and 2 pm. Geojit Financial Services Chief Investment Strategist V K Vijaykumar said the last time there was a circuit freeze and trading halt was on January 22, 2008. There was also a brief trading halt on the National Stock Exchange on October 5, 2012 due to a freak trade. Sebi on Friday said the regulator and stock exchanges are prepared to "take any action" as required to deal with market volatility. Chief Economic Advisor Krishnamurthy Subramanian also said the government and the RBI will take all necessary steps to quell the "fear sentiment" created due to the coronavirus outbreak. Meanwhile, official data released after market hours on Thursday showed that India's factory output rose marginally in January, while retail inflation eased to a two-month low in February, paving the way for RBI to cut interest rate to boost growth. In rest of Asia, Shanghai slipped 1.23 per cent, Hong Kong 1.14 per cent, Seoul 3.43 per cent and Tokyo 6.08 per cent. Bourses in Europe opened up to 4 per cent higher. The rupee too witnessed a sharp recovery, appreciating 47 paise to 73.81 per US dollar (intra-day). Brent crude oil futures surged 5.51 per cent to USD 35.05 per barrel. The total number of confirmed coronavirus cases in India stood at 75, including 17 foreigners, as per health ministry data. Around 1,30,000 cases of Covid-19 have been recorded in 116 countries and territories, killing at least 4,900 people. ANS ABMABM

Markets test investors' nerves with wild swings;Sensex ends 1,325 pts up after hitting lower circuit

New Delhi, Jan 31 () The Congress on Friday hit out at the government on the Economic Survey, saying it is "completely disconnected" with the reality as the country is facing difficult times on the economic front and it is not bothered about the problems faced by the common man.
Congress spokesperson Rajeev Gowda also attacked the government on its "thalinomics" concept given by Finance Ministry's Chief Economic Adviser Krishnamurthy V Subramanian.
He also accused the government of "fudging data" and committing a "fraud" as the numbers presented by it are not believable by the world.
"Thanks to monumental mismanagement by the Modi government, the Indian economy is going through very difficult times. Yet the Economic Survey (ESI) 2019-20 released today is completely disconnected from this grim reality. But this is not surprising as all of the Modi government's chief economic advisers have ignored the ground realities in all these years," Gowda said.
He said the CEA begins economic survey by singing the praises of wealth, drawing more upon historical references than economic theory.
He added that there was lack of attention to inequality in the survey, in which there is no prescription to revive demand, boost investment and create jobs.
"It is important to stop dwelling in an imaginary past and to pay attention to the realities of India's economy in the last 100 years," he said.
Taking a swipe at 'Thalinomics' concept, he said, "'Thali' will soon be 'Khali'".
"Thalinomics is another obfuscation. The claims of affordable thalis are misleading especially after the NSS consumption survey pointed out how food consumption has reduced, we are facing fears of rising poverty and malnutrition. What we have are shrinking thalis," he said.
"The thalinomics sets stage for an attack on the poor of India," he said.
Gowda also said the growth projections are erroneous as projections of 6-6.5 pc made in this survey are not credible. "One look at last year's projections of 7pc growth versus the actual below 5pc reality tells us we need to be prepared for even worse fiscal year in FY 2021. Optimism is welcome but the Economic Survey needs to have realistic believable projections," he said. 
He also noted that this survey certainly prepares the defence and ground for higher fiscal slippage in the budget on February 1 and a higher fiscal deficit.
The Congress leader also said that the survey talks about shifting the focus to 'Assemble in India' as an alternative to 'Make in India'. "This is a clear admission of failure of the catchy slogan of 'Make in India'. This government did not bring in real reform on the ground to make manufacturing growth a reality, he said.
Congress spokesperson Gaurav Vallabh said the government has not taken any concrete steps to end tax terrorism. He said the government should have written a chapter in the economic survey on the noteban and wrong implementation of GST, then people would have understood the measures better.
Another spokesperson Supriya Shrinate said the party would welcome any relief given to the income tax payees, but demanded more rationalisation of indirect taxes.
She said India has to grow at 9 per cent and investment rates have to be 38 per cent to achieve the USD 5-trillion economy dream to come true by 2024.
Shrinate said "tax terrorism" under this regime has peaked and there is a spike in trust deficit.
Gowda noted that Congress governments focused on growth and development steered by public sector spending and had built a strong, liberalised economy and that India's subsequent growth benefited from its policies. "Unfortunately, our efforts to catch up with the rest of the world has not been helped by Modi government's policies or by its CEA's Economic Surveys," he said.
"We find the CEA's inattention to distribution and inequality totally objectionable. Even now inequality is worsening. According to Oxfam's January, 2020 Report, India's richest one percent hold 42 percent of national wealth i.e. more than four-times the wealth held by 953 million people who make up for the bottom 70 per cent of the country's population," he said.
The Congress leader said the Economic Survey makes grand claims while the reality is that India has the worst economy in 42 years, unemployment is at a historic high and for the first time in four decades consumption has fallen, raising the fear of increasing poverty and malnutrition, with revenues are drying up drastically.
"The government has now resorted to spending slowdowns and delays in transferring the states' share in the GST. Yet, the Economy Survey will not tell you this. The entire exercise is now of chicanery and obfuscation," he said.
Gowda said India is amidst an unprecedented demand slump one way to revv up this is through cash transfers to the poorest and by raising incomes of the worst affected by the misadventures of the Modi government. 
"We need to put money back in the hands of our farmers, agricultural labourers, urban poor, and middle classes. What is the government's plan of action on this front? You will not find a clue in the Economic Survey," he noted.
He said investments remain tepid despite the announcement of the 100 lakh crore National Infrastructure Pipeline, which should actually be renamed 'National Infrastructure Pipedream'.
The Survey, he said, talks about trust which is completely lacking in the present regime. Tax terrorism has peaked, industry is fearful, well-meaning voices have been, he said. SKC SKC ABH
ABH

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Bandhan Bank shares have gained 54% since lockdown started⁠— but the numbers will reveal the real damage to rural India from COVID-19

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Company, promoters dont have any outstanding term loan from Yes Bank: Indiabulls Housing Finance

PTI

Union Budget 2020 date, time, schedule ⁠— all you need to know

BI India Bureau

COVID-19: FinComm's advisory panel suggests support to small biz, NBFCs

PTI

Business highlights

PTI

Markets test investors' nerves with wild swings;Sensex ends 1,325 pts up after hitting lower circuit

PTI

Eco Survey completely disconnected with problems faced by common man: Congress

PTI