The telecom industry, including state-owned firms, and major banks have apprised the government about the financial stress. Revenue collection from telecom services in form of licence fee and spectrum usage charges may be adversely impacted in the current fiscal if sales revenue of operators continues to decline, Union minister Manoj Sinha said today.
RBI halts printing of Rs 2000 notes; focus more on Rs 200, Rs 500. The goverment plans to slowly phase out higher denomination notes from circulation. The Reserve Bank of India (RBI) has increased printing of smaller denomination notes after it stopped printing Rs 2000 notes around five months back. Around Rs 7.4 trillion worth of Rs 2000 notes have been printed so far, which adequately compensates the Rs 6.3 trillion Rs 1000 notes that were taken out of circulation.
Railway Board placed a bulk indent on SAIL for supply of 6,24,516 tonnes of rails, which was met by SAIL and it supplied 6,20,049 tonnes of rails during 2016-17 to Indian Railways, Minister of State for Steel Vishnu Deo Sai said in a written reply to Rajya Sabha. Allcargo Logistics looking at acquisitions worth of Rs 200cr this year. Logistics companies have been in focus until the rollout of the goods and services tax (GST). On business front, Allcargo will cross 10 million square feet of warehouse by 2020.
Allcargo is actively working towards a foray into last mile delivery. Looking at acquisitions worth Rs 200 crore in this year.
HDFC Bank, country's second largest private bank, set aside Rs 206.3 crore towards the stressed telecom and iron & steel sectors. Axis Bank, third largest private bank, made one percent additional provisions of Rs 184 crore towards standard assets in four sectors -- iron and steel, telecommunication services, power and infrastructure construction sectors. A higher provisioning will lead to more capital outgo for these banks impacting their profitability in the upcoming three quarters.