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Stop privatisation of IDBI, Kejriwal urges PM Modi

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Opposing the central government’s move to privatise Industrial Development Bank of India (IDBI), Delhi Chief Minister Arvind Kejriwal on Saturday urged Prime Minister Narendra Modi to stop the process and allow the banks to recover outstanding from big defaulters.

In his letter to Modi, Kejriwal said: “The reason being described to privatise the IDBI is that the government aims to earn money by selling its shares. If the bank is being sold with this intension, then it will be very wrong.

“I request you to stop the privatisation of IDBI and allow the banks to recover outstanding loans from big industrialist defaulter. Strict action should be taken against people like Vijay Mallya.”

His letter came after a delegation of IDBI Officers Association met Kejriwal on Friday and expressed their opposition to the government’s reported move to dilute its stake in the bank to less than 50 percent.

The delegation had told Kejriwal that union Finance Minister Arun Jaitley said in his budget speech in the Lok Sabha on February 29 that the central government had no obligation to hold a minimum 51 percent stake in the IDBI, thereby effectively announcing the government intention to privatise it.

In the letter Kejriwal added that the IDBI was among the profit-making banks.

He said that according to the financial data of the bank, by December 2015 it had the operating profit before provisions and contingencies of Rs.1,117 crore.

“It’s completely unfair to sell profit-making banks. I’m being told that the government will earn about Rs. 2,000 to 3,000 crore by selling its share,” he wrote.

Attacking the BJP led-NDA government, Kejriwal said that it was very unfortunate that instead of recovering money from Mallya, the government let him go.

“When NDA government came to power people had expectation that you (Modi) will tighten the noose around big industrialists and recover bank loans from them. But NDA government permitted the people like Vijay Mallya to leave the country,” he said.

“Mallya have a bank debt of Rs.9,000 crore. There are several such big industrialists who have taken loan from the banks. The government not only stops the banks to recover money from them but also privatise the banks by selling its shares. After privatisation these banks would be handed over to corporates like Mallya,” he alleged

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Markets open on high note

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Sensex Nifty Equity

Mumbai, Nov 21: The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.

The Sensex of the BSE opened at 35,492.62 and touched a high of 35,492.25 and a low of 35,336.77.

It was trading at 35,421.80 down by 52.71 points or 0.15 per cent from its Tuesday’s close at 35,474.51.

On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 10,670.95 after closing at 10,656.20 on Tuesday.

The Nifty is trading at 10,667.20 points in the morning.

IANS

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Jet Airways is in active discussions with various investors’

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Kolkata, Nov 20 : In a bid to secure sustainable financing to navigate through current headwinds, Jet Airways is “in active discussions with various investors”, an official said on Tuesday in a message to the airline’s passengers.

“We are in active discussions with various investors to secure sustainable financing to navigate through the current headwinds and create long-term growth. There is interest in our strong brand and confidence in our business turnaround efforts,” the airline’s Chief Executive Officer Vinay Dube said in the message to its passengers.

 

Tata Sons, the holding company of the Tata Group firms, had said discussions on acquiring a stake in the financially troubled Jet Airways have been at a preliminary stage and that no such proposal has been made so far.

Dube said the airline reviewed its network and is “deploying aircraft on more profitable, productive and economically efficient routes”.

“With the peak season upon us, I am optimistic about our ability to build and accelerate revenue momentum even as we continue to review and improve our network,” he said.

“Last week we declared our Q2 results for FY 2019. The tough operating environment for the aviation industry continues to impact us, and we reported a net loss of Rs 1,261 crore,” he said.

“Reflecting on our ongoing efforts to reduce costs across the business, our relentless efforts to optimise costs have yielded over Rs 500 crore of savings in the first half of FY 2019.”

He also said the airline would take delivery of another six new Boeing 737 MAX aircraft this fiscal and will leverage the same for better cost efficiency.

The private airline launched new services such as the Mumbai-Manchester non-stop flight and will soon be inaugurating its first daily, direct service from Pune to Singapore, as well as adding services and frequencies on select routes such as Bangkok, Doha, Dammam, Dubai, Kathmandu and Singapore, he added.

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Sensex falls 300 points on weak global cues

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Mumbai, Nov 20: India’s benchmark stock indices followed their Asian peers lower on Tuesday, after an overnight slump on the Wall Street led by technology stocks.

The S&P BSE Sensex fell 300 points while the broader Nifty settled below the 10,700-mark.

“With regard to the RBI board meeting, the market drew relief from the fact that the stand-off between the government did not escalate. However, it was more or less a status quo, damping sentiments,” said Astha Jain, a senior analyst at Hem Securities.

All the 19 sectors on the BSE came under heavy selling pressure. The metal counters fell over 2 per cent, while healthcare, IT and TECK (technology, entertainment and media) declined over 1 per cent each.

The Sensex settled down 300.37 points or 0.84 per cent at 35,474.51, from its previous close of 35,774.88.

The Nifty50 lost 107.20 points or 1 per cent to finish at 10,656.20.

The Indian rupee jumped for a second day in a row against the dollar. It was last traded at 71.45 per dollar, 19 paise higher from the previous close of 71.64.

The benchmark Brent Crude prices also eased to $66.36 per barrel.

According to analysts, the rupee’s recovery was in line with the gains across the emerging-market currencies, which likely bottomed out on November 13.

“Some investors were betting that the rate-hike cycle by the US Federal Reserve was petering out and hence the main reason for the weakening of the emerging market currencies may no longer be valid,” said Deepak Jasani, Retail Research Head, HDFC Securities.

IANS

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