NEDFi declares 8% dividend amounting to Rs 800 lakhs to its shareholders in 2022-23

North Eastern Development Finance Corporation Limited (NEDFi) has declared an 8% dividend of Rs 800 lakh for the financial year 2022-23. NEDFi achieved record-breaking figures in various parameters, including financial assistance and loan portfolio. The net worth of NEDFi crossed Rs 1000 crore, and it facilitated private capital investment of over Rs 20000 crore in the region.

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RBI forms working group to find framework for transition to credit-loss based provisioning system

The Reserve Bank of India has established a working group to propose a framework for a smoother transition to the expected credit loss-based provisioning system. The group, headed by R. Narayanaswamy, will provide inputs on technical aspects of the transition. The new system would be a shift from the current incurred loss-based provisioning regime. While there are concerns about the impact on banks' profits, India Ratings and Research believes that the healthy operating buffers and provision coverage ratio provide comfort. The group will also suggest factors for determining credit risk and recommend prudential floors for provisioning.

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IL&FS clears 35% of debt under new board

IL&FS, a company that faced a financial crisis five years ago, has announced that it has cleared 36% of its debt, amounting to Rs 35,660 crore. Another Rs 25,000 crore is in the pipeline to be cleared. The company has also made interim payments to various creditors and debenture holders. Legal action has been initiated against some executives, but it is yet to be completed.

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Indian companies with overseas staff on deputation get GST notices

In recent weeks, Indian companies have been receiving GST demand notices due to the deputation of overseas staff to India. This follows a Supreme Court judgment stating that the reimbursement of salaries to overseas entities for "seconded employees" will be subject to service tax. Companies are now examining their cases to determine the best approach, as the period of limitation for assessment of cases for the financial year 2017-18 has ended. It is common for employees to be deputed from overseas to Indian subsidiaries, and their salaries are reimbursed by the Indian company to the overseas entity.

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Indian IT gears up for muted Q2 earnings

Indian IT companies are expected to face a weak earnings season due to Accenture's modest guidance and continued weakness in discretionary spending. However, deal wins have accelerated, giving confidence in strong growth for FY25. The top four Indian IT firms have collectively booked deals worth nearly $20 billion, with a significant portion coming from large deals. Infosys recently expanded its partnership with Liberty Global in a deal valued at 1.5 billion euros.

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States' borrowing cost soars to 23-week high of 7.56%

The borrowing cost for Indian states has increased by 10 basis points to 7.56% at the first weekly debt auction of the third quarter. This is the highest rate in the past 23 weeks. Despite a decline in the average tenor to 13 years, the weighted average cost has risen. Additionally, the spread between the cut-off of 10-year state bonds and the new 10-year G-Secs yield has also increased slightly.

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US Fed rates, India's GDP, and more: Interview with World Bank's Country Director to India

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BigBasket looks to turn profitable in 6-9 mths

BigBasket, owned by Tata Group, aims to achieve profitability in six to nine months, according to co-founder Vipul Parekh. The company's slotted grocery delivery business is already profitable, while its quick commerce business is expected to become profitable in the next six to nine months. BigBasket's losses for its business to consumer arm increased to Rs 1,535 crore in FY23. The company is also considering expanding its offline presence and may prepare for an IPO in 2025.

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AAR ruling may benefit e-comm players which facilitate logistics

The GST-Authority for Advance Rulings (AAR) in Karnataka has ruled that Juspay Technologies, the provider of the ride-hailing app 'Namma Yatri', is considered an e-commerce operator under GST laws. However, the company is not required to collect and pay GST on transportation fare as the supply of passenger transportation is not made through it.

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