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9/4/2018 Bankruptcy: Bankruptcy route: Lenders find path ridden with thorns - The Economic Times

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Bankruptcy route: Lenders find path riddenwith thorns

The Reserve Bank of India's latest provisioning diktat mayforce banks to opt for deeper haircuts or sell loans to assetreconstruction companies at a discount instead of optingfor the insolvency route. The regulator last week demanded a steep increase inprovisioning requirements for loans being referred tobankruptcy courts. If an insolvency case gets admitted to

the National Company Law Tribunal, banks have to set aside 50% of the loan upfront. "NCLT is no longer a recovery mechanism for us if we are asked to provide for 50 per centof the loans upfront," said a banker miffed with the RBI directive and did not wish to beidentified. "While earlier it was felt that the bankruptcy route was ammunition for banks toreduce the NPA (non-performing asset) burden, it's now turning out to be a course that isfilled with thorns."

RBI has asked banks to set aside at east 50per cent of the loan amount as likely lossesfor all cases referred to the insolvencyprocess. The regulator said there should be100 per cent provisioning in cases that don'tget resolved and are forced into liquidation.

"The biggest deterrent now is that even if a corporate debtor or any operational creditorfiles an application, banks will have to set aside 50 per cent of loans as provisioning, onceadmitted," said Babu Sivaprakasam, partner at Economic Laws Practice. "Banks maydefer to go to NCLT, but this may not stop the corporate debtors or operational creditor toexercise insolvency and in turn, involuntarily bring the banks within the IBC (Insolvencyand Bankruptcy Code) ambit. "Rating agency Crisil NSE 0.12 % estimated that banks wouldneed an additional Rs 40,000 crore as bad loan provisioning for 12 large cases beingreferred to the NCLT. "With this step, the RBI has addressed the reluctance of banks to further mark down theasset values of these NPAs by having an oversight committee to provide guidance," Crisilsaid in a report."Additionally, it sends a strong signal to borrowers to adhere to creditdiscipline, and also encourages banks to break resolution deadlocks with definitetimelines."

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Crisil estimated that banks had provisioned 40 per cent, or Rs 80,000 crore, for these 12accounts with total debt of Rs 2 lakh crore. Lawyers said the RBI's latest move will forcebanks to settle for more realistic valuations for bad assets. "Till now, these banks were not taking meaningful hair cuts including on sale of NPAs toARCs," said Jayesh H, founding partner at Juris Corp."Now it doesn't matter who goes toNCLT, banks will have to bear 50 per cent and then 100 per cent provisioning cost. This will force PSU banks to become far more realistic and settle for greater haircutsupfront in restructuring schemes. Hopefully, most banks will now behave in aneconomically rational manner." The RBI reviewed the top 500 exposures of banks that are partly or wholly classified asNPAs and has given its recommendations, which include referral of the top 12 NPAs forresolution under the IBC. The regulator recommended that for other large NPAs, banks should figure out a resolutionwithin six months and if a viable resolution is not reached within six months, the banksmust begin liquidation proceedings.

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12.80 (1.04%)…

-0.80 (-4.56%)…

After Market: Infosys, TCS create records;realty stocks take big hit

NEW DELHI: Frontline equity index Sensex fell for the fifthconsecutive session on Tuesday on profit booking amid abuzz of capital outflow due to rupee’s poor health, Sebi’snew KYC norm for FPIs and uninspiring global cues. Rupee’s poor health hit market’s risk appetite as thedomestic currency hit a fresh record low of 71.54 againstthe greenback on Tuesday, raising speculations that RBImay go for another rate hike in October policy review. A rise in Indian bond yield and strengthening dollar alsolured investors away from Indian stocks. The Sensex fell for 155 points, or 0.40 per cent, to finish at

38,157, with just six stocks advancing and25 declining. NSE’s Nifty50 closed the day62 points, or 0.54 per cent, down at 11,520,leaving nine stocks in the green and 41 inthe red. Let’s walk you through the key highlights oftoday's session: Top Sensex gainers and losers

Only six index stocks – Infosys (up 2.64 per cent), TCS (1.86 per cent), Wipro (1.42 percent), Axis Bank (1.39 per cent), Reliance Industries (0.97 per cent) and HDFC (0.79 percent) – managed to settle with gains. Asian Paints (down 3.49 per cent), State Bank ofIndia (3.20 per cent), Adani Ports (2.95 per cent), Hindustan Unilever (2.80 per cent) andCoal India (2.61 per cent) were the top five losers in the Sensex pack.

Rupee's sustained fall The rupee now stands as Asia’s worst performing currency, falling over 10 per cent thisyear, mainly because of surging crude oil prices, trade war worries and precarious healthof emerging market currencies. The rupee hit a fresh record low of 71.54 against the USdollar. Investors are speculating that RBI may raise the repo rate for the third consecutive

Nishant Kumar

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Sensex Today Coal India Reliance Industries Nifty 50 Sensex

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time in October. IT stocks made merry on rupee's fall Shares of HCL Tech, Infosys, Tech Mahindra, TCS, Mindtree, Mphasis, Wipro and NIITclocked decent gains amid a fresh fall in the rupee. Infosys and TCS touched fresh 52-week highs at Rs 748.35 and Rs 2,100, respectively, on BSE. Infosys made a fresh recordon Tuesday after the scrip went ex-bonus in the ratio of 1:1. The board at its meeting onJuly 13 had recommended a bonus issue of one equity for every share held on the recorddate. The issue of bonus shares was to celebrate the 25th year of the company’s publiclisting in India. TCS hits Rs 8 lakh crore m-cap Tata Consultancy Services Tuesday became the second Indian company to attain Rs 8lakh crore market capitalisation (m-cap). The IT major's m-cap stood at Rs 8,01,397 croreon BSE, dethroning Reliance Industries as country’s valued firm in terms of m-cap. Sharesof the company closed the day at Rs 2,093.20, up by 1.86 per cent. Reliance Industries onAugust 23 became the first Indian company to cross the Rs 8 lakh crore marketcapitalisation mark. The m-cap of Reliance Industries stood at 7,87,357.93 crore on BSE. Oil on the boil Global crude oil prices saw an uptick on Tuesday on tight supply as oil rigs wereevacuated from the Gulf of Mexico due to a hurricane warning. Oil prices rose sharply onTuesday after the evacuation of two Gulf of Mexico oil platforms in preparation for ahurricane, Reuters reported. Benchmark Brent crude climbed by $1 per barrel. The oilmarket has been facing a shortage in supply after US imposed sanctions on Iran.Following this, shares of Indian oil marketing companies came under pressure and barringRIL, all stocks in the BSE Oil & Gas index plunged. Midcaps & smallcaps crumbled BSE Midcap and Smallcap indices suffered strong losses on Tuesday. The BSE Midcapindex ended the day at 16,367, down 437 points or 2.60 per cent. The BSE Smallcapindex suffered a loss of 349 points, or 2.04 per cent, to settle at 16,815. Realty majors suffer after SC ban Shares of DLF, Sunteck Realty, HDIL, Indiabulls Real Estate and Sobha fell up to 5.34 percent. The realty stocks have been falling in the wake of a Supreme Court order thatdirected a ban of all construction activities in the states of Maharashtra, Madhya Pradesh,Uttarakhand and Union Territory of Chandigarh unless a solid waste management policywas in place. 52-week highs & lows As many as 70 stocks, including IRB Infrastructure Developers, South Indian Bank,Supreme Petrochem, Tata Communications and Unitech, hit 52-week lows on NSE. Meanewhile, 18 stocks, including Infosys, Electrosteel Steels, Albert David, Cantabil RetailIndia, GKW and Greaves Cotton, hit 52-week highs on NSE, defying the bearish marketmood.

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Nifty blasts past 11,700, fedprovides yet another trigger

India shoots wrong guy inlost war on cash

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Some buying emerged at low levels, as

suggested by a long lower wick on the

daily chart.

RelatedF&O: Put unwinding rush, spike involatility signal bearish sentiments

NRIs can buy up to 5% in asecurity: DEA Secretary

TCS becomes 2nd firm to hit Rs 8lakh crore m-cap mark

Tech view: Nifty forms Bearish Belt Hold,signals broadbased weakness

NEW DELHI: The Nifty50 fell half-a-per cent on Tuesdayand formed a bearish candle on the daily chart. The candleresembled a Bearish Belt Hold pattern, as it had little-to-noupper wick, suggesting selling pressure on the index fromthe word go. That said, some buying emerged at low levels, assuggested by a long lower wick on the daily chart. Analysts believe the ongoing selling pressure maycontinue should the index break below the 11,480 level inthe short term. “A long negative candle signals the beginning ofbroadbased weakness. The short-term trend of Nifty50continues to be negative and there could be more declinein the near term. The key support to be watched is at the11,480 level,” said Nagaraj Shetti of HDFC Securities.

For the day, the index slipped 62.05 points, or 0.54 per cent, to close at 11,520. “The index formed a Bearish Belt Hold candle, as it slipped below the rising support trendline. It also engulfed the positive price movement of last two weeks and partially filled thegap area near the 11,499 mark. As long as it holds below 11,620, the Nifty50 may drifttowards its next support at 11,450. The upside hurdle is at 11,620 level,” said ChandanTaparia of Motilal Oswal Securities.

As long as the Nifty50 does not drift below 11 480 level some sort of relief can be

Amit Mudgill

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As long as the Nifty50 does not drift below 11,480 level, some sort of relief can beexpected for the bulls in the next couple of sessions, said Mazhar Mohammad ofChartviewindia.in. “A close below the 11,480 level shall further accentuate selling pressure, initially towardsthe 11,424 level, as the entire corrective phase is expected to last a couple of weeks.Traders are advised to make use of rallies, if any, to exit stuckup positions and wait forsigns of strength before creating fresh longs. On the upside, a close above 11,600 can beexpected to provide some relief to the bulls,” the expert said.

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F&O: Put unwinding rush, spike in volatilitysignal bearish sentiments

By Chandan Taparia

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Market Today Nifty 50 Dalal Street Godrej Group Mindtree

Infosys Dabur

As long as Nifty holds below 11,620,

Nifty may drift towards its next support

at 11,450.

17.40 (1.58%)

20.03 (2.79%)

-17.75 (-3.81%)

y p The Nifty50 index continued to decline amid profit bookingfor the second consecutive session on Tuesday andcorrected towards 11,500 level. The index witnessed arecovery from the lows midway through the session, onlyto see a selloff as many heavyweight witnessed profitbooking. The index formed a Bearish Belt Hold candle for the

second session in a row, as it slipped belowits rising support trend line. It also engulfedthe positive price movement of last twoweeks and partially filled the gap near the11,499 mark. As long as it holds below11,620, Nifty may drift towards its nextsupport at 11,450 while on the upside ahurdle is seen at 11,620 level.

On the options front, maximum Put open interest was at 11,500 followed by 11,400, whilemaximum Call OI was at 11,800 and then 12,000. Meaningful Call was writing seen at11,800 followed by 11,700 while Put unwinding was seen at all immediate strike prices. India VIX moved up 2.93 per cent to 13.78 and a sudden jump in volatility in last twosessions became a cause of concern on an immediate basis. Bank Nifty broke its crucial 19-session support at 27,750 and corrected sharply by around400 points to close the session near the 27,430 mark. It underperformed the benchmarkindex and formed a Bearish Candle on the daily scale, which suggests the bears arehaving a tight grip on the market. If it sustains below 27,750, Nifty may see weaknesstowards 27,250 and then 27,165 levels.

Nifty futures closed negative with a loss of 0.52 per cent at 11,580. Long buildup was seenin Infosys, Mindtree, TechM, TCS and HDFC while shorts were seen in BalkrishnaIndustries, Berger Paints, Dabur, CEAT, Godrej Consumers, Oriental Bank and Sun TV. (Chandan Taparia is Technical & Derivative Analyst at Motilal Oswal Securities. Investorsare advised to consult financial advisers before taking an investment calls based on theseobservations)

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed heredo not reflect the views of www.economictimes.com.)


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Indian currency slipped 33 paise today

to hit a fresh record low of 71.53

against the US dollar.

-2.90 (-7.66%)…

20.03 (2.79%)

10.00 (1.58%)

Sensex logs longest losing streak in 3months on FPI rule, rupee slide

NEW DELHI: The bears tightened their grip over DalalStreet on Tuesday, as benchmark Sensex logged itslongest losing streak since May on unabated fall in therupee, jump in crude oil prices and weakness in globalmarkets. Indian currency slipped 33 paise today to hit a fresh recordlow of 71.53 against the US dollar on strong demand forthe greenback.

Crude oil prices rose sharply after theevacuation of two Gulf of Mexico oilplatforms in preparation for a hurricane. USlight crude rose $1.31 a barrel from Friday'sclose to a peak of $71.11, its highest sincemid-July. The BSE Sensex closed the day at

38,157.92, down 154.60 points or 0.40 per cent. Only six constituents ended the day on apositive note. This was the fifth consecutive day of fall for the 30-share index. The NSE Nifty ended the session 62.05 points, or 0.54 per cent, down at 11,520.30. Asmany as nine stocks closed higher while the remaining 40 shut shop in the red. Nifty Bank index tanked 388.75 points, or 1.40 per cent, to 27,430. Only Axis Bankmanaged to close higher in the 10-share index. IDFC Bank was the worst hit with a fall of6.05 per cent to Rs 45.

"The persistent strengthening of crude oil prices and weak currency dampened investorsentiments. The broader market indices underperformed the benchmark with BSE Midcapand Smallcap ending the day with losses of 2.6 per cent and 2 per cent respectively", saidJayant Manglik, President, Religare Broking. "W i iti th I di iti di t l t h i th

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"We remain positive on the Indian equities over medium to long term, however in the nearterm one should remain cautious as further correction cannot be ruled out, considering asharp upmove witnessed over the last couple of weeks. Additionally, global developmentson trade war, movement of crude oil prices and currency movements (USD vs INR) will beon market radar. Any correction in fundamentally sound companies with strong growthprospects should be considered as a good buying opportunity for investors", Manglikadded. Among Sensex stocks Asian Paints emerged to be the top index loser with a loss of over 3per cent. However, IT major Infosys was the best index performer and soared nearly 3 per cent tosettle at Rs 735.65. Shares of the company rose after the scrip went ex-bonus in the ratioof 1:1. The BSE Midcap index underperformed Sensex with a fall of 2.60 per cent againstSensex's declien of 0.40 per cent. Reliance Power was the worst hit midcap stock with aloss of 7.54 per cent. Among sectoral indices, only IT stocks managed to end the session on a positive notebolstered by a sharp decline in rupee. The Nifty IT index jumped 2.06 per cent to16,048.70. Banking, media, FMCG, metals, auto and pharma stocks shed the most. The Nifty metalindex lost 1.94 per cent to settle at 3,585.60. The Nifty PSU bank index slid 116.50 points to 3,167.05 with all 9 constituents ending theday in the red. Elsewhere, European shares fell slightly in late morning trade on Tuesday, reversing apositive open as investors remained cautious due to worries the US could slap new tariffson imports from China.

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Reuters | Sep 04, 2018, 03.53 PM IST

Garg sais that companies majority-

owned by NRIs won't be allowed to

invest as well as manage foreign

funds.

RelatedDecoding the Sebi-FPI standoff:Will it hurt Indian fund managersoverseas?

Preposterous to claim $75 billionFPI funds will move out of India onregulatory move: Sebi

FPI body hits out at Sebi circular

NRIs can buy up to 5% in a security: DEASecretary

NEW DELHI: Overseas investors of Indian origin areallowed to buy up to 5 percent in any security undercurrent regulation, India's economic affairs secretarySubhash Chandra Garg said on Tuesday, in a bid to calmmarkets after recent regulatory changes. Indian markets fell for the second straight day as freshconcerns emerged over a April circular issued by theSecurities and E xchange Board of India that said foreigninvestment rules for companies of Indian origin had beentightened. The guidelines state that a company majority owned bynon-resident Indians (NRIs) or persons of Indian origin(PIOs) will not be allowed to invest as a foreign portfolioinvestor in the country, and SEBI has directed that suchfunds should either be closed or the ownership structurechanged by the end of December.

Garg reiterated that companies majority-owned by non-residents Indians won't be allowedto invest as well as manage foreign funds, indicating that the policymakers are unlikely torelax the SEBI guidelines.

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Rupee likely to hover around 68-70: DEA Secretary

Currency situation normal, ATMs functioning well: DEA Secretary

Rupee at 65-66 against dollar reflects 'fair valuation': DEA Secretary

No excise duty cut on petrol, diesel for now: DEA Secretary

Will include ibc panel inputs: Subhash Garg DEA Secretary

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