The Tribune, Chandigarh, India

	Get tough with defaulting corporates: FinMin to PSBs Move aimed at containing non-performing assets of banks New Delhi, November 13 In order to contain bad debts, the Finance Ministry has advised public sector banks (PSBs) to take a tough stand while sanctioning fresh loan to the corporate houses in case any of their special purpose vehicle (SPV) has defaulted. The move, Finance Ministry is of the view, will help check rising bad loans which has touched a high of Rs 1.83 lakh crore at the end of June quarter. "If SPV set up by some promoting group turns out to be bad cases of wilful default then (public sector) financial institution and banks would do well to look out at entire group functioning, management style, and their exposure to the group," Financial Services Secretary Rajiv Takru said. "It would be quite inappropriate not to look at such serious event as part of deligence and monitoring where public investement and public money is involved," he said. Earlier, the Finance Ministry had suggested that wherever possible, the banks can adopt a proactive approach for a change of management of the wilfully defaulting borrower unit as part of recovery of public money. "People who fall into the category of wilful defaulters, I think better start getting used to the idea that you are likely to lose control and management of your company if you are going to manage it badly. "Banks must ask the company to change the management as the company is much more important than the fellow running it," he had said. Gross non-performing assets (NPA) of public sector banks rose to Rs 1.83 lakh crore at the end of June quarter from Rs 1.55 lakh crore at March 31, 2013. Top 30 loan defaulters of the public sector bank (PSB) accounts for one-third of the total gross non-performing assets of state-run lenders. The gross non-performing assets (GNPA) amount of top 30 accounts of PSBs stood at Rs 63,671 crore at the end of June 2013. While PSU banks accounted for the disproportionate share in this increase in NPAs, the new private sector banks managed to lower their NPA ratio. Asserting that the Finance Ministry and the RBI were on the same page when it came to recovery, he had stated that "this is not being said to create an atmosphere of fear or to be vindictive". — PTI Reining in bad loans Bad loans of public sector banks have touched a high of Rs 1.83 lakh crore at the end of June quarter Top 30 loan defaulters account for one-third of the total gross non-performing assets (NPAs) of state-run lenders The gross NPA amount of top 30 accounts of public sector banks stood at Rs 63,671 crore at the end of June 2013 While public sector banks accounted for the disproportionate share in this increase in NPAs, the new private sector banks managed to lower their NPA ratio
	Azim Premji most generous Indian with donation of Rs 8,000 crore Mumbai, November 13 When it comes to philanthropy, Indians don't share the table with the likes of Bill Gates but still there are a few who do really donate and the latest list is topped by Azim Premji of Wipro. Close on the heels of releasing the second edition of Hurun India Rich List, China-based Hurun Report Inc launched the inaugural Hurun India Philanthropy List 2013, with IT tycoon Azim Hashim Premji emerging as the most generous Indian with a donation of Rs 8,000 crore in the past year. Hurun Report included donations made by companies in which an individual had a significant share, by applying the percentage the individual has of the company on the donations. Education was the most important area for the Indian philanthropists with a total contribution of Rs 12,200 crore. It was followed by social development (Rs 1,210 crore), healthcare (Rs 1,065 crore), rural development (Rs 565 crore), environmental cause (Rs 170 crore) and agriculture (Rs 40 crore). "This list demonstrates the responsibility taken by entrepreneurs," Rupert Hoogewerf, chairman and chief researcher of Hurun Report said. HCL group Chairman Shiv Nadar is the second highest contributor in the list with a donation of Rs 3,000 crore. Hurun India Philanthropy List is a ranking of 31 Indians who donated more than Rs 10 crore during April 1, 2012 till March 31, 2013. — PTI
	RBI pegs CAD at $56 bn in FY14, says no reason for rupee decline Mumbai, November 13 Seeking to calm currency markets, the RBI today said the current account deficit (CAD) in 2013-14 will be $56 billion — much lower than the quantum projected earlier — and there is no fundamental reason for rupee depreciation. "Our estimates now is that CAD this year will be $56 billion, less than 3% of GDP and $32 billion less than last year.... Of course, some of that compression comes of our strong measures to curb gold import," RBI Governor Raghuram Rajan said at a hurriedly called press conference. The CAD, which is the difference between outflow and inflow of foreign exchange, touched an all-time high of $88.2 billion or 4.8% of the GDP in 2012-13. Earlier, the government had projected the CAD in the current fiscal at $70 billion, which was revised downwards to $60 billion by Finance Minister P Chidambaram on the back of declining gold imports and recovery in exports. Referring to the recent decline in the value of rupee, the RBI chief said there is "no fundamental reason for volatility in the exchange rate". Continuing its slide for the sixth straight day, the rupee lost 17 paise to trade at a fresh two-month low of 63.88 in early trade on strong dollar demand from importers. Rajan further said RBI was weighing various options to contain exchange rate volatility and would come out with 'appropriate' steps in the future. — PTI
	YJCCI joins hands with Hannover Milano Fairs to go global Tribune News Service Yamunanagar, November 13 The Yamunanagar-Jagadhri Chamber of Commerce and Industry (YJCCI) has joined hands with Hannover Milano Fairs India Pvt Ltd (HMFI), the Indian subsidiary of the largest and oldest engineering trade fair organiser, Deutsche Messe AG, Germany. The partnership is set to explore new avenues of growth for the Yamunanagar and Haryana industry through various joint activities. Hannover Milano Fairs India has announced their upcoming annual event in India under the brand of World of Industry - India 2013, to be held from December 17 to 20 at Pragati Maidan, New Delhi. The focus of the partnership is to provide the platform for the growth of the Yamunanagar and Haryana industry. Addressing a press conference here today, Umesh Unnikrishnan, marketing head, Hannover Milano Fairs India Pvt. Ltd. and Vinod Gupta, president, YJCCI, said the development was being facilitated by Foundation of MSME Cluster (FMC), an NGO focusing on the uplift of the industrial cluster for their development. Unnikrishnan said through this partnership, HMFI was extending the access to the international network of industrial services and B2B networking opportunities with the world to the members of the YJCCI and other industrial houses in Haryana. “We have created new provisions for the participation of the Association members, not only in the Indian exhibition, but also to explore opportunities of exposure in the 110 international exhibitions organised by the company worldwide,” he said. Vinod Gupta, president, YJCCI, said, “We are happy to associate with ‘Win India 2013’ for propelling the industrial growth of Yamunanagar and Haryana. There are number of small industries in Haryana and any association that leads to more development and growth for them is good for us. The association has clearly defined the objective to foster linkages between important domestic and international partners to develop capability and identifying better and cost effective technologies which can be demonstrated to ensure product quality.”
	Tatas want to retain Singur land, keen on returning to WB New Delhi, November 13 Tata Motors yesterday told the Supreme Court that it wanted to keep the leasehold rights over the 997 acre land, allotted by the Left Front government at Singur in West Bengal as it is keen on returning to the state with next phase of expansion of the Nano car project. "I have instructions from the highest level to submit that we are keen to return there (West Bengal)," senior advocate Harish Salve told the Bench. The automobile firm's response came in reply to an earlier specific query of the apex court asking it to make its stand clear over the allotted land in the wake of changed scenario as the company had already moved its car plant to Gujarat. "The land was acquired for establishing a car manufacturing plant at Singur. Now, the purpose is no more there as you have already moved out. Now you cannot say that you still have interests in the land in question," the Bench had said. "The land should move back to the agriculturists and we may ask West Bengal government to file an affidavit on the issue of giving the money back to you which you had paid at the time of land acquisition," it had said. Responding to Tata's stand, the counsel for West Bengal government said it would urge that the land be returned to farmers. Taking note of the submisisons, the Bench said since the company wanted to retain the land, it will have to decide on the state's plea on merits and fixed the case for final hearing in April next year. The court was hearing a SLP filed by West Bengal government challenging the quashing of the Singur Land Acquisition Act by the Calcutta High Court. The state government had moved the SC against the Calcutta High Court order which had struck down the Singur Land Rehabilitation and Development Act, 2011, that allowed it to reclaim the 400 acres of land given to Tata Motors. — PTI
	Govt cuts import tariff on gold New Delhi, November 13 The government today further slashed the import tariff value of gold to $417 per 10 gram, while it was kept unchanged for imported silver at $738 per kg, in line with global trend. The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value on imported gold stood at $440 per 10 grams yesterday. However, the tariff value on imported silver, brass scrap, vegetable oils and areca nut has been kept unchanged. The import tariff value on gold has been changed taking cues from the global market. — PTI
	Corporate Results SBI Q2 net falls 33% on higher provisioning for bad loans Mumbai, November 13 State Bank of India (SBI), the country's largest lender, today posted a 33% drop in net profit at Rs 3,072.77 crore for the quarter ended September 30 after higher provisioning for bad debts. The bank's consolidated profit was Rs 4,575.31 crore a year earlier. Total income on a consolidated basis rose to Rs 53,118.63 crore from Rs 49,917.47 crore in the same period a year ago, SBI said. On a standalone basis, SBI's profit declined 35% to Rs 2,375 crore from Rs 3,658.1 crore. Provisions for non-performing assets during the quarter rose to Rs 2,645.40 crore as against Rs 1,837.19 crore in the same period of the previous financial year. As of September 30, the bank's gross non-performing assets (NPAs) deteriorated to 5.64% of gross advances, compared with 5.15% year a year ago. Net NPAs rose to 2.91% from 2.44%. ONGC profit rises 3% ONGC today reported a 3% rise in second quarter net profit even after paying record fuel subisdy. Net profit in the July-September quarter rose to Rs 6,063.86 crore compared to Rs 5,896.57 crore in the same period a year ago, the company said. ONGC paid Rs 13,796 crore to subsidise diesel, cooking gas (LPG) and kerosene in the second quarter against Rs 12,330 crore payout in the same period last fiscal. Turnover increased to Rs 22,414.67 crore in July-September from Rs 19,885.09 crore a year earlier. Tata Steel’s Q2 profit Rs 917 cr Tata Steel on Wednesday reported Rs 916.77 crore consolidated net profit for the July-September quarter of the current fiscal on higher income. Total income of the company rose to Rs 36,644.89 crore in the reporting quarter against Rs 34,132.73 crore clocked in the same quarter last fiscal, it said in a BSE filing. OVL H1 profit rises 14.4% ONGC Videsh Ltd (OVL), the overseas subsidy of ONGC, today reported a 14.4% increase in net profit in the first half of the financial year on higher crude oil and gas output. Revenue climbed 22.5% to Rs 10,060 crore. M&M profit up 9.72% Mahindra & Mahindra (M&M) today reported a 9.72% increase in standalone net profit at Rs 989.5 crore for the quarter ended September 30, aided by lower expenses. Net sales were at Rs 8,814.33 crore, down 8.74% from Rs 9,659.2 crore in the same period last year. — PTI