lPG subsidy scheme to be in 54 districts
The modified direct cash subsidy transfer for lPG consumers will be launched in 54 districts from November 15 and all over the country from January 1. Oil Minister Dharmendra Pradhan has reviewed preparedness for the launch of the Direct Benefit Transfer for lPG (DBTl) scheme in four of the 54 districts, an official statement said. The review with district authorities was done through video conference. “During the conference, the officials of the oil marketing companies, nationalised banks were also present along with district authorities,” it said.
Gold futures decline on global cues
Gold prices edged marginally lower at Rs25,462 per 10 grams in futures trading at the Multi Commodity Exchange on Thursday as participants trimmed positions in line with a weak global trend. MCX opened for the evening session as it remained closed in the morning on account of ‘Guru Nanak Jayanti’. Gold for delivery in December contracts declined by Rs31, or 0.12 per cent to Rs25,462 per 10 gram in business turnover of 857 lots. Similarly, the metal for delivery in February contracts traded lower by Rs8, or 0.03 per cent to Rs25,663 per 10 gram in 9 lots.
Weak corp fin health affecting banks’ asset quality: Moody’s
The asset quality of State-owned banks will continue to be burdened by weak financial health of Indian corporates, credit rating agency Moody’s said on Thursday. It said although the asset quality of public sector banks may have hit a bottom, the recovery in corporate credit quality will take some time. The non-performing assets of banks will continue to act as a drag on the bank’s credit quality, Moody’s said. “We expect net new non-performing loan (NPl) formation rates for public-sector banks to be lower than those observed over the last three years, while the impaired loan ratio may stabilise at current levels,” Moody’s Vice President and Senior Analyst Srikanth Vadlamani said.
ONGC disinvestment roadshows from Nov 17
The Government will begin roadshows to attract investors to the planned 5 per cent stake sale in Oil and Natural Gas Corp (ONGC) from November 17. Roadshows will be held in Singapore, Hong Kong, london, New York and Boston, a top Govt official said.The Government has not yet firmed up a timeline for the stake sale that at current rate will fetch it over Rs17,200 crore.