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New Delhi: Shares of <keyword id="19903587" type="General" weightage="20" keywordseo="Life-Insurance-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Life Insurance Corporation of India" meta.hostid="261" meta.entityid="Life Insurance Corporation of India">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="General" weightage="100" keywordseo="LIC" source="Orion">LIC</keyword>) climbed 3 per cent on Friday after the company reported a 10 per cent rise in net profit to Rs 10,461 crore in the June 2024 quarter. The stock jumped 3 per cent to Rs 1,159.60 on the <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>. At the NSE, it climbed 3 per cent to Rs 1,160 apiece. The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period. The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing on Thursday. <keyword id="22725292" type="General" weightage="20" keywordseo="lic-md" source="keywords">LIC MD</keyword> and CEO Siddhartha Mohanty said the Assets Under Management (AUM) increased to Rs 53,58,781 crore as on June 30, as compared to Rs 46,11,067 crore at the end of same quarter previous year, registering an increase of 16.22 per cent. The total premium income for the quarter increased by 16 per cent to Rs 1,13,770 crore, as compared to Rs 98,363 crore in the same quarter a year ago. Asked about entry into the health insurance business, he said, LIC is exploring the option of picking up majority stakes in a standalone health insurance company.

LIC shares climb 3 percent after earnings announcement

New Delhi, Feb 1 () Budget 2020 announcement that insurance behemoth LIC will be listed was well received by market participants who said this will be "IPO of the decade" akin to the Saudi Aramco listing.
 Finance Minister Nirmala Sitharaman on Saturday said Life Insurance Corporation (LIC) will be listed as part of the government disinvestment initiative.
 A "highlight of the budget is the LIC IPO, which is akin to the Saudi Aramco listing for Indian capital markets, and will be IPO of the decade," Vijay Bhushan, President, Association of National Exchanges Members of India (ANMI) said.
 According to Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services, the LIC IPO will be a big positive for corporate governance and transparency and will open up one more avenue for fund raising for the government over the years. 
 Metropolitan Stock Exchange, Interim CEO, Balu Nair said: "The LIC listing will be eagerly awaited by investors and will provide huge fillip to capital raising through the primary market."
 The government proposes to sell a part of its holding in LIC through an initial public offer, Sitharaman said while presenting Budget 2020-21.
 "The government will sell part of LIC through its listing in the stock market which is also a positive trigger for the market," Amit Gupta, CO-Founder and CEO, TradingBells.
 Jaideep Hansraj, MD and CEO of Kotak Securities said listing of LIC would help bridge a gap in the Fiscal Deficit for FY21.
 Currently, the government owns the entire 100 per cent stake in LIC.
 Saudi Aramco shares were listed in December last year. SUM ANS
ANS

LIC will be IPO of the decade; will provide huge fillip to capital raising: Experts

Life Insurance Corporation of India (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) MD and CEO Siddhartha Mohanty has said that the corporation is looking to make fresh investments of around Rs 1.30 lakh crore in equities during the current financial year. During April-June FY25, the insurance behemoth made an investment of about Rs 38,000 crore in <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">shares</keyword> as against Rs 23,300 crore in the same period a year ago. LIC earned a profit of Rs 15,500 crore from its investments in equity markets during the first quarter. The profit from its investment was higher by 13.5 % quarter-on-quarter. "We are surely looking at the markets and price movements...we are looking to invest a good amount at least whatever we had invested in last financial year...LIC invested around Rs 1.32 lakh crore in FY'24," he said. The <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> value of LIC's investment in stocks of various <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> stood at around Rs 15 lakh crore at the end of June, he said. LIC has exposure in 282 companies through investment in their shares as of June 30, 2024. The <keyword id="20340200" type="General" weightage="20" keywordseo="assets-under-management" source="keywords">Assets Under Management</keyword> (<keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword>) increased to Rs 53,58,781 crore as of June-end as compared to Rs 46,11,067 crore at the end of the same quarter the previous year, registering an increase of 16.22 %. Total investment grew by Rs 7,30,662 crore, from Rs 42,44,852 crore in March 2023 to Rs 49,75,514 crore as of March 31, 2024. The total equity investment portfolio constitutes Rs 12,39,740 crore as against Rs 8,39,662 crore in 2022-23, whereas other investments constitute Rs 37,35,774 crore as against Rs 34,05,190 crore in 2022-23. For the June quarter 2024, LIC reported a 10% increase in net profit to Rs 10,461 crore as against Rs 9,544 crore in the year-ago period. Total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period. Total premium income for the quarter increased 16 % to Rs 1,13,770 crore as compared to Rs 98,363 crore in the same quarter a year ago.

LIC to invest around Rs 1.30 lakh crore in stock market in FY25

Mumbai, Jan 30 () LIC Housing Finance on Thursday reported a marginal fall in consolidated net profit to Rs 602.25 crore in December quarter from Rs 607.29 crore in the year-ago period due to higher provisioning for bad loans. 
 The consolidated income in the third quarter of 2019-20 rose to Rs 5,006.12 crore, from Rs 4,465.76 crore in same period year ago.
 "In the third quarter, there was an increase in NPAs, and so we had to make higher provisioning of Rs 390 crore," LIC Housing Finance MD and CEO Siddhartha Mohanty told reporters here. 
 On standalone basis, the net profit was almost flat at Rs 597.53 crore during the quarter under review against Rs 596.31 crore in the year-ago period.
 Net interest margin in third quarter of 2019-20 stood at 2.42 per cent as against 2.33 per cent during the same period last year.
Net interest income for the three months to December 2019 grew 18 per cent at Rs 1,228 crore, as compared with Rs 1,043 crore in the year-ago quarter.
NPAs in the said quarter increased to 2.73 per cent as against 1.25 per cent in the year-ago period.
 The provisions for the period under review stood at Rs 2,584.72 crore as against Rs 1,555.33 crore in third quarter of 2018-19.
 During the quarter, total disbursements were at Rs 13,177 crore as against Rs 12,778 crore in third quarter of previous fiscal.
 Out of this, disbursement in individual home loan segment grew 16 per cent to Rs 10,655 crore from Rs 9,170 crore a year ago.
 "Our focus in the affordable housing segment has led to a healthy growth in the individual home loan segment," Mohanty said.
In the December quarter, the housing finance company disbursed Rs 3,400 crore as loans under the Pradhan Mantri Awas Yojana (PMAY).
 Project loans for third quarter of current financial year were at Rs 931 crore compared with Rs 1,238 crore in the year-ago period.
 "As far as the disbursement in project loans is concerned, we have continued to be selective considering the overall market conditions," he said. 
 The cost of funds reduced to 8.22 per cent.
 The company raised USD 200 million through external commercial borrowing in the third quarter.
 Stock of LIC Housing Finance closed at Rs 440.75, down by 3.92 per cent over previous close. KPM HV





 RUJ

LIC Housing Q3 profit slips to Rs 602 cr on high provisioning

Mumbai, The Committee of Creditors (<keyword id="230701" type="General" weightage="80" keywordseo="coc" source="Orion">COC</keyword>) of <keyword id="6360090" type="General" weightage="80" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> has approved the extension of 90 days (from January 31 to April 30) to complete the <keyword id="6359987" type="General" weightage="100" keywordseo="resolution" source="Orion">Resolution</keyword> process. Due to Torrent's legal challenge, the Administrator will file an application for deadline extension in the NCLT Mumbai on Monday, January 16. NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday. In the hearing on Thursday, January 12, senior counsel <keyword id="30182" type="General" weightage="50" keywordseo="kapil-sibal" source="Orion">Kapil Sibal</keyword> appearing for RCAP's COC informed the court that the bid submitted by Torrent is non-compliant. Sibal said that COC found a discrepancy in the Resolution Plan of Torrent. The financial proposal submitted by the company in the draft resolution proposal does not match the highest bid amount submitted by them in the challenge mechanism. Sibal said that after the Administrator wrote to Torrent on January 4, and after that Torrent changed its entire bid on January 6. Sibal said that Torrent does not even meet the threshold of the third round of the Challenge Mechanism. Therefore, it is non-compliant in the third round itself, and could not have participated in the fourth round. Torrent's bid in the second round was only Rs 7,500 crore, which should be the final bid by the company, while IIHL's (Hinduja) all-cash bid of Rs 8,110 crore in the third round is higher than Torrent's offer of Rs 7,500 crore. In addition, Hinduja's IIHL is offering additional upfront cash of Rs 900 crore, over and above its bid of Rs 8,110 crore, to the lenders, and this higher realisation can not be denied to the lenders, including <keyword id="6367143" type="General" weightage="50" keywordseo="lic" source="Orion">LIC</keyword> and EPFO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/charging-infra-improvement-can-reduce-range-anxiety-for-evs-tata-motors-md/articleshow/96961534.cms">Charging infra improvement can reduce range anxiety for EVs: Tata Motors MD</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mfs-add-hdfc-reliance-industries-kfin-tech-sula-vineyards-in-december/articleshow/96963841.cms">MFs add HDFC, Reliance Industries, KFin Tech, Sula Vineyards in December</a>

Torrent stalls Rcap resolution, COC approves 90-days extension to complete resolution

<ul><li>Both Sensex and <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> declined nearly a percent and half as Finance Minister Nirmala Sitharaman read her budget speech.</li><li>Markets were hoping for a big stimulus from the government to revive the economic growth which has hit a six and a half year low. </li><li>Changes to income tax slabs, passing of the tax on corporate dividends, liberalisation of education sector, the IPO of LIC, extended tax holiday for affordable housing were among the big proposals.</li></ul>India's <keyword id="35199" type="PERSON" weightage="20" keywordseo="stock-markets">stock markets</keyword> were unusually open on a Saturday, in anticipation of an 'economic stimulus', but as Finance Minister Nirmala Sitharaman went through with her speech, both Sensex , down nearly 700 points, and Nifty that was down about 220 points at 2:30 pm. Changes to income tax slabs, passing of the tax on corporate dividends, liberalisation of education sector, extended tax holiday for affordable housing, and the initial public offering of Life Insurance Corporation (LIC) were among the big proposals. However, the stock market did not seem very excited with the minister's proposals. "Investors stayed away from taking fresh positions ahead of the big event. Focus will turn to the Union Budget as all eyes will be on how Centre is going to bring growth as any increase in spending would result in widening of fiscal deficit. Global economy is also on the edge with slow growth fears significantly high after the outbreak of the virus," Vinod Nair, head of research at Geojit Financial Services told IANS earlier in the day. Insurance stocks like HDFC Life, ICICI Prudential, and SBI Life took a heavy beating, down anywhere between 5% and 8%, after the budget proposed the listing of LIC ⁠— the country's largest insurance giant with a corpus of ₹31 lakh crore⁠— that is likely to corner a lot of interest from investors. Technology stocks were propped up as the early part of Sitharaman's speech gave a lot of thrust to leveraging technology in a whole host of sectors from health and education to quantum computing and gene mapping. Even stocks like HUL, Asian Paints, and Bajaj Finance, which started the day on buoyant note hoping for sharp cuts in income tax and a boost for consumption including housing, gave up the early gains as the tax cuts proposed by the budget can be availed only if the taxpayer gives up on exemptions. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><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;">Income </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;">Previous Tax Rate </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;">New Tax Rate </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;">Up to ₹2.5 lakh </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;">Nil </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;">Nil </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;">₹2.5 lakh to ₹5 lakh </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;">5% </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;">Nil </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;">₹5 lakh to ₹7.5 lakh </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;">20% </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;">10% </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;">₹7.5 lakh to ₹10 lakh </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;">20% </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;">15% </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;">₹10 lakh to ₹12.5 lakh </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;">30% </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;">20% </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;">₹12.5 lakh to ₹15 lakh </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;">30% </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;">25% </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;">Abover ₹15 lakh </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;">30% </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;">30% </td></tr></tbody></table> While Sitharaman said that a person earning up to ₹15 lakh a year can save up to ₹78,000 a year in taxes, if they give up on exemptions. These are some of the big highlights that are relevant to the share market: Cost to the exchequer ₹40,000 crore; Removed 70 tax exemptions and deductions. These new rates are available to those who forego exemptions, deductions, and rebates. Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore. ""The decision to remove dividend distribution tax was much-needed as it was resulting in triple taxation of corporate earnings. The shift to a simplified scheme of personal income tax is another welcome move as it removes distortionary influences in the individual’s savings choices even though the actual tax savings may not be significant for those who were availing deductions and exemptions," VP Nandakumar, MD &amp; CEO of Manappuram Finance Limited said. However, the stock of the company fell over 3.2% in trade. Shares of IDBI Bank surged as much as 17% after the Finance Minister said that the government will sell its remaining 47% stake (as of December 2019) in the bank. LIC owns 51% stake in IDBI Bank, the unlocking of value will make the insurance giant's IPO even more valuable. Zeal Aqua (up 14.4%), Waterbase (up 5.58%), Apex Frozen (up 4.55%), Avanti Feeds (up 2.93%) and Coastal Corporation (up 2.66%) gained due to a dedicated push for the fishing industry. Sitharaman said that the fish production will be increased 200 lakh tonnes a year and set a target of ₹1 lakh crore in fish exports. The education sector has been allowed to borrow money from abroad as well as to invite foreign students via a new entrance examination called the INDSAT. Shares of Navneet Education (up 2.33%), Zee Learn (up 2.19%), Career Point (up 1.98%) and MT Educare (up 1.97%), gained in trade. The speech discouraged the use of chemical fertilisers, and promote organic farming, dragging down stocks like Rashtriya Chemical Fertilisers. The ₹2.83 lakh crore allocation for agriculture, irrigation, and rural development did little to stokes of a revival in rural demand. Dividend distribution tax will be taxable in the hands of the recipient and not the company. This will cost 25,000 crore to the exchequer. Dividend and capital gains made by foreign funds on investment in infrastructure space will tax free. The budget also proposed to set up a 100 new airports in the next five years but stocks of airport construction majors like GMR Infra and GVK were down nearly 5% in afternoon trade. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/new-income-tax-slab-tax-savings-for-salaried-people/articleshow/73835816.cms">You'll save ₹78,000 more under new income tax slabs if you earn less than ₹15 lakh</a> <a href="https://www.businessinsider.in/budget/news/indian-government-infuses-22000-crore-in-power-and-renewable-proposes-freedom-to-choose-supplier/articleshow/73835587.cms">Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier</a> <a href="https://www.businessinsider.in/budget/income-tax/news/check-out-new-income-tax-slab-of-2021/articleshow/73830824.cms">New income tax slabs 2020</a> <a href="https://www.businessinsider.in/budget/news/there-will-be-no-manual-cleaning-of-sewers-anymore-announces-nirmala-sitharaman/articleshow/73835265.cms">“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Union Budget 2020 Live Updates</a>

Indian markets aren’t excited because budget does not have the ‘stimulus’ they had hoped for

Telecom service provider <keyword id="6354287" type="General" weightage="80" keywordseo="bharti-airtel" source="Orion">Bharti Airtel</keyword> posted quarterly revenues of Rs 31,500 crore in Q4FY22, up 22.3 per cent year on year. The sharp rise in revenues was backed by strong and consistent performance delivery across portfolios. The company's <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> business posted quarterly revenues of Rs 22,500 crore, up 22.7 per cent on year. Mobile services revenues in India were up 25.1 per cent on year, led by increase in average revenue per user (<keyword id="107848" type="General" weightage="80" keywordseo="arpu" source="Orion">ARPU</keyword>), largely on account of flow through of tariff increase done in late 2021. Mobile ARPU increased to Rs 178 in Q4FY22 as against Rs 145 in the same period the previous fiscal. It reported a 165 percent growth in its consolidated net profit of Rs 2,008 crore in the said quarter, as against Rs 759 crore in the year ago period. Besides, digital TV continued to amass its strong market position. Further, 4G customers rose by 21.5 million on year and 5.2 million on quarterly basis, thereby crossing 200+ million milestone which is 62 per cent of the overall customer base, Bharti <keyword id="15491" type="General" weightage="100" keywordseo="airtel" source="Orion">Airtel</keyword> said in filing to the exchanges. It rolled out additional 7,000 towers in the quarter to provide ubiquitous connectivity and differentiated network experience. "Airtel continues to have the highest ARPU at Rs 178. Our Homes and enterprise business continue to exhibit very strong growth momentum, reflecting the resilience of our overall portfolio. Our strong balance sheet and cash flows have enabled us to further repay some of our spectrum liabilities ahead of schedule and improve our leverage," said <keyword id="521074" type="General" weightage="50" keywordseo="gopal-vittal" source="Orion">Gopal Vittal</keyword>, MD and CEO, <keyword id="2925917" type="General" weightage="20" keywordseo="india-south-asia" source="Orion">India &amp; South Asia</keyword>. "We continue to remain optimistic about the opportunities in the coming years and believe we are well poised as a company for three reasons." This, he said, were firstly, its ability to execute consistently to a simple strategy of winning with quality customers and delivering the best experience to them. Secondly, its future proofed business model with massive investments in both infrastructure and digital capabilities, and lastly, the financial prudence backed by the strong focus on governance. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/lic-makes-a-weak-listing-on-exchanges-today-heres-what-analysts-have-to-say/articleshow/91621041.cms">LIC makes a weak debut on exchanges today: Here is what analysts have to say</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paradeep-phosphates-ipo-company-revenue-profit-growth-outlook-in-10-points/slidelist/91619298.cms">Paradeep Phosphates IPO: Company revenue, profit, growth outlook in 10 points</a>

Bharti Airtel's revenues soar by 22% year on year, net profit 165% in Q4FY22

<ul><li>Reports say that $38 billion worth of <keyword id="8399127" type="UNKNOWN" weightage="20" keywordseo="loans-to-real-estate">loans to real estate</keyword> are in trouble.</li><li>Experts claim that $58 billion loans – which make up for 62% of total loans⁠— are stress-free.</li><li>A consultant report blames RERA ‘regulations’ for the many <keyword id="1241568" type="PERSON" weightage="20" keywordseo="bankruptcies">bankruptcies</keyword> in the sector. </li></ul>As much as $38 billion worth of loans⁠— nearly one in every rupee lent⁠— to real estate are in trouble. And it is not fair to blame the smaller <keyword id="6385582" type="UNKNOWN" weightage="20" keywordseo="builders">builders</keyword> alone. Nearly one in three bigger builders, or Grade A as they are called, are also facing ‘severe stress’ in repaying the loans. 
 
 
 
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 The only thing making this huge pile of potential bad loans better is the disaster waiting to happen in telecom. Real estate sector is taking heart from the fact that two telecom players⁠— Vodafone-Idea and Airtel⁠— were hit with deferred spectrum dues of ₹92,000 crore ($15 billion) at a time when the top three telecom players <a href="https://www.businessinsider.in/mukesh-ambanis-telecom-war-escalates-telecom-industry-debt-to-3-9-lakh-crore/articleshow/70906000.cms">have combined debt of over ₹3.9 lakh crore</a> (over $55 billion). “In the telecom or steel industries, default by a single company alone equals a sizable portion of the overall stress in the real estate sector. Also, every <keyword id="8399128" type="UNKNOWN" weightage="20" keywordseo="real-estate-loan">real estate loan</keyword> is backed by hard security, which is anywhere between 1.5 times to 2 times. Even if defaulting developers decide to sell their real estate at a discount, there is enough margin for them to pay back,” said Shobhit Agarwal, MD &amp; CEO of Anarock Capital. This is a case of pot calling the kettle black. Real estate is struggling to survive playing by the rules Agarwal also went ahead and blamed ‘regulations’ for the defaults in the sector. “One prime reason was that sluggish residential sales over the last few years completely dried up cash flows for many developers, resulting in unsold inventory pile-up and, thus, their inability to service their loans. Moreover, some developers have even filed for bankruptcy in the backdrop of stricter regulatory norms under RERA,” he said in a press release. But these rules were brought in to clean up the sector that had become infamous as the home to ill-gotten wealth. The domino effect is taking financiers down too The property consultant believes that only $16 billion worth loans are under ‘severe’ stress while $21 billion is under ‘some pressure’. Nearly a third of total realty loans are in the books of housing finance companies and non-banking financial companies and these are sectors that are already struggling to survive.. And it comes as no surprise that 58% of total <keyword id="6360217" type="UNKNOWN" weightage="20" keywordseo="loan">loan</keyword> book of NBFCs are in trouble. The Anarock report also pointed out that the amount that is being lent to the sector has shrunk after IL&amp;FS default since most of their funds come from NBFCs and HFCs who are facing a liquidity crisis themselves. Will the government stimulus for real estate help? The government itself is not shy of lending to the sector, and more so to trouble housing projects. In November, Union finance minister Nirmala Sitharaman decided to give a handout to sector whose sales have been slowing for the last four years with small spurts of growth in between. The government launched a ₹25,000 crore ($3.5 billion) rescue fund for the sector along with India’s largest bank --SBI and India’s largest insurer - LIC. As many as 1,600 housing projects and 4.58 lakh housing units that are stalled. But government too is careful of what ‘kind’ of stressed projects that it is lending to and allowed no free-for-alls. “The project must have a positive net worth. This depends on the demand for the project and expected cash flow from home buyers,” Sitharaman told the press conference. According Samir Jasuja of PropEquity, “As much as 80% of all the housing sector projects which are stuck will gain from the announcement.” Moreover, he also said that 3 lakh crore of stuck housing projects are in Delhi-NCR and Mumbai metropolitan region. It is yet to be seen as to how much this fund will help the troubled sector.

Nearly one in three Rupees lent to builders is unlikely to come back

New Delhi, Feb 6 () India Inc on Thursday welcomed the measures announced by the RBI to boost growth and improve liquidity, but called for slashing the policy rate, which was kept unchanged for the second time in a row. The repo rate -- at which the RBI lends short term money to banks -- was kept unchanged at 5.15 per cent at the central bank's last bi-monthly monetary policy announcement for 2019-20 on rising inflationary concerns. In a major decision for effective transmission of monetary policy, RBI said it will conduct long-term repo operations aggregating up to Rs 1 lakh crore from February 15 by allowing one- and three-year repos to banks. Currently, the lenders can access only short term repos, such as for overnight tenor. "RBI's decision to hold on to the policy rate comes on the back of inflation moving beyond the central bank's comfort zone. While the outlook for inflation remains uncertain, FICCI is of the view that this is largely a supply side phenomenon," the industry chamber said in a statement. As growth in the industrial sector and the economy is still not on a firm footing, greater support from the central bank by way of a cut in the policy rate by at least 15-25 basis points would have been timely, FICCI President Sangita Reddy said. Industry body Assocham said the RBI has adopted innovative moves to boost growth and help stressed sectors, sans policy rate cut. "While RBI has chosen innovative ways, like changing the repo mechanism and liberal CRR (Cash Reserve Ratio) window to the banks for fresh lending to housing and automobile sectors and the MSMEs, the assertion by Governor Shaktikanta Das that policy space is still available with the central bank is re-assuring," Assocham President Niranjan Hiranandani said. The real estate baron added that the RBI credit policy has given a boost to critical sectors such as automobiles, housing and MSMEs, besides infusing additional liquidity of Rs 1 lakh crore in the banking system. "This is expected to reduce lending rates even though the policy rates have been left unchanged at 5.15 per cent," Hiranandani said. "Another highlight is the relaxation given to the commercial real estate sector," he added. As per the policy decision, RBI has decided to permit extension of date for commencement of operations of project loans for commercial real estate, delayed for reasons beyond the control of promoters, by another year. This would be done without downgrading the asset classification, in line with treatment accorded to other project loans for non-infrastructure sector. "We appreciate the RBI's concerns on maintaining balance between growth and inflation dynamics in the Sixth Bi-monthly Monetary Policy Statement, 2019-20. "Going ahead, there must be a significant cut in policy repo rate to the level of 4.5 per cent in the coming quarters to boost domestic demand, provide a fillip to investments and revive economic growth," said D K Aggarwal, President, PHD Chamber of Commerce and Industry. Though CPI inflation has been elevated in the recent times amid rise in the food prices, however, inflationary conditions are expected to ease in the coming quarters which will create policy space for future action, said Aggarwal. For the ongoing last quarter of the current fiscal, the Reserve Bank has upped the retail inflation projection to 6.5 per cent, citing higher input cost for milk and pulses, and crude oil dynamics amidst rising geopolitical tensions. Overall, the inflation outlook remains highly uncertain, RBI said. FICCI's Reddy said, "While the RBI has lowered the repo rate by 135 basis points since February 2019, the transmission of these rate cuts remains slow and the weighted average lending rates of scheduled commercial banks continue to remain high. The lending rates must move down if demand is to be supported in the economy." RBI said the Monetary Policy Committee (MPC) decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target. It has targeted to achieve the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth. "We appreciate that the RBI has decided to continue with the accommodative stance, given the evolving growth-inflation dynamics in the country," said Aggarwal. Siddhartha Mohanty, MD &amp; CEO of LIC Housing Finance hoped the RBI measures will ease the norms to give relief to commercial real estate developers. It will benefit the banks as they will not need to downgrade the asset classification, in line with treatment accorded to other project loans for non-infrastructure sector, he said. Thomas John Muthoot, CMD, Muthoot Pappachan Group said the CRR (Cash Reserve Ratio) relief for automobile, housing and MSME loans is definitely a noteworthy point amidst the liquidity concerns in the market. This will help the lenders to lower their cost of deposits, ultimately transferring the benefit to the consumers. Mayank Jalan, President, Indian Chamber of Commerce (ICC), said, "As a Chamber we expect that the holding of the rate will complement the recent measures taken by the government to boost the economy. "The policy will be conducive to achieve the medium term target for consumer price index (CPI) inflation of 4 per cent within a band of +/2 per cent alongside growth." KPM KPM ABMABM

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