Union Bank of India on November 14 said that loan growth is likely to pick up in the second half though it has pared its year-end target to 7-9 percent from 9-11 percent as set earlier.The bank reported 1.7 percent growth in total advances in the second quarter this financial year. Union Bank of India MD and CEO Rajkiran Rai G said that there is some uptick in the third quarter and credit growth may increase to 5 percent by December-end.In the July-September quarter, the bank posted growth of 2.5 percent in domestic advances, driven by 15.7 percent growth in retail loans.Close Rai said that the bank disbursed Rs 12,000 crore of fresh loans under the government's credit outreach programme held in October. These include loans given to retail, MSME, agriculture and under the Mudra scheme. related news SAIL logs Rs 343 cr loss in Q2 Import-driven industries to get special financial package: Nitin Gadkari Exclusive | Canada's CPPIB, Brookfield eyeing more than $1 bn investment in … [Read more...] about Union Bank of India sees credit pick up in H2, pares credit growth target to 7-9%
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Anand RathiLiving up to this spirit, the Indian economy seems to be coming out of the cycle of low growth and subdued sentiments. We are heading towards a slow but steady recovery in the second half of the current year and greater prosperity in the next financial year. Buoyed by better economic performance and significant policy reforms, especially the cut in the corporate tax rate, Indian equities have bounced back.The recent steps taken by the government suggest that rather than taking shortcuts or populist measures, the government is taking administrative and structural measures, which would improve the long-term performance of the economy.Close Earnings have beaten expectations led by autos and financials with pre-tax profits up 13 percent YoY and 6 percent ahead of expectations. related news Brokerages remain bullish, Cadila Healthcare share price up 3% Children's Day special! These 9 stocks could give bumper returns in the next 10 years Top buy and sell ideas by … [Read more...] about ‘India’s long-term outlook is good; invest in these 5 stocks for double-digit returns’
Union Minister Nitin Gadkari on Thursday suggested the leather export industry to develop clusters in backward areas as they can get land and manpower at affordable prices, with a view to boost shipments.The road transport and highways and MSME minister said the government can think of giving incentives to such clusters, which will have all the facilities like labs and design centres, for the leather industry."You plan a policy for next 50 years. Develop clusters in backward areas because there, you will get land and manpower at cheap rates. We can give power, and logistics cost will be less there. We will try our level best for low taxation because the area is backward," he said.Close He was speaking at the CLE National Export Excellence Awards here. related news India has to be self-sufficient in high grade steel: Dharmendra Pradhan to industry You are liable for your actions, be compliant: India Inc tells employees 11th BRICS Summit opens in Brazil The minister suggested … [Read more...] about Nitin Gadkari suggests leather export industry to develop clusters in backward areas
Indian equity market looks fragile at this juncture as global and domestic headwinds have eroded investors' risk appetite.At first glance, it appears that the trend of 'sell-on-rise’ is dominant as every one or two sessions of gain in the market is succeeded by a fresh wave of selling.While the worries over the US-China trade war remain, deteriorating domestic microeconomic health, plunging auto sales—a major indicator of the country's economic health—and the budget proposal of tax surcharge on super-rich have shaken India's position as an attractive market.Close "Markets mostly have been a one-way street since the presentation of Union Budget on July 5 when the government proposed to increase tax on foreign portfolio investors (FPIs) up to 42 percent," said Standard Chartered (India). related news 'India's long-term outlook is good; invest in these 5 stocks for double-digit returns' In Focus with Udayan Mukherjee | Can the stock market rally despite … [Read more...] about These 9 mid & smallcap stocks look attractive in a fragile market; do you own any?
Smog resulting from raging farm fires and unfavourable weather conditions led to the air quality level in the Delhi-National Capital Region (NCR) moving towards the "emergency" zone on November 13.This prompted authorities to order closure of schools till November 15 (Friday). Such a closure has been ordered for the second time in two weeks.With the Central Pollution Control Board (CPFC) fearing a similar situation will prevail over the next two days, Chief Minister Arvind Kejriwal said the odd-even road rationing scheme can be extended if needed.Close The Environment Pollution (Prevention and Control) Authority (EPCA) also extended the restrictions on dirty-fuel based industries in Delhi-NCR, hot mix plants and stone crushers till the morning of November 15, as the meteorological department said strong winds are expected from November 15, which will bring down the air pollution levels to the very poor category. related news Rafale Verdict: Supreme Court dismisses review … [Read more...] about Delhi-NCR schools shut till tomorrow; air quality index moves towards ‘emergency’ zone again