The Chennai Bench of the National Company Law Tribunal (NCLT) has ordered initiation of the corporate insolvency and resolution process (CIRP) against Chennai-based infrastructure company Marg, the original promoter of the Karaikal Port.

The insolvency proceeding was ordered against the company, which was into a number infra projects including airport and metro in its hey days, on a petition filed by ICICI Bank, alleging a default of `71.69 crore.

State-owned power generator NTPC gained from improved coal supply to its power plants in the pre-election season, as it was able to reduce its traditional under-recoveries stemming from fuel shortages. The company’s fixed cost under-recoveries, which increases with fuel-related uncertainties, were at Rs 800 crore in FY19, 43% lower than FY18, as it received more fuel from Coal India and increased production from its own captive mines.

Punjab National Bank has tagged the current financial year as one of ‘growth and profitability’, though the bank continues to remain troubled on the asset quality front with a projection of Rs 12,000 crore as incremental slippages for FY20.

The bank’s total fresh slippages stood at Rs 16,616 crore in FY19 against Rs 40,672 crore in FY18. As for Q4FY19, the bank’s slippages stood at Rs 5,130 crore. One large account that slipped during the last quarter was the bank’s Rs 1,600 crore exposure to IL&FS.

State Bank of India (SBI) chairman Rajnish Kumar expects fiscal 2020 to be a turning point for India’s biggest lender. The bank will direct its efforts to achieve a more sustainable mix of business both in its domestic and overseas operations, Kumar wrote to the bank’s shareholders in SBI’s FY19 annual report.

Mahindra & Mahindra (M&M), which on Wednesday reported a 19.85% decline in its standalone profit after tax (PAT) to Rs 848.81 crore for the fourth quarter, has earmarked an investment of around Rs 18,000 crore for the next three years. This includes Rs 12,000 crore in capital expenditure and another Rs 6,000 crore in investment towards product development and newer technologies, among others.

Engineering major Larsen & Toubro (L&T) is behind schedule in the launch of its open offer for the shareholders of information technology company Mindtree.

It has already exceeded the timeline fixed under Securities and Exchange Board of India (Sebi) regulations in this regard. That rule says a company should launch an open offer within 55 days from the date of a public announcement.

The Reserve Bank of India (RBI) on Wednesday constituted a task force on the development of secondary market for corporate loans.

In India, banks sell their stressed loans to the asset reconstruction companies, but has practically no other alternatives. However, globally, there is a healthy corporate loan market where banks can offload their stressed assets and those get traded. Credit Default Swaps (CDS) against these loans also get developed as a result.

Growth momentum in India may turn out to be a “jobless growth scenario” in the next 3 years, if the manufacturing sector fails to pick up, said brokerage house Kotak Securities.

According to Kamlesh Rao, MD and CEO of the firm, job op­portunities in the services se­c­tor — a key contributor of em­p­loyment — are expected to re­d­uce in the current economic scenario. “The services sector, which fuels job growth, will definitely go down.

San Francisco/New York: Sundar Pichai was, for years, one of the world’s highest-paid corporate executives. Now he’s facing the opposite reality: No big paychecks at all.

The Google chief executive officer hasn’t received an equity award in more than two years. A key reason is that Pichai turned down a big new grant of restricted stock in 2018 because he felt he was already paid generously, according to a person familiar with the decision.

New India: Disinvestment-bound Air India has sought the government's approval to borrow ₹2,400 crore from National Small Savings Fund (NSSF), a pool of small savings from households, to meet its working capital requirements.

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