Jubilant Pharmova Limited recommended a dividend of Rs. 5 per share:
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the Board of Directors of the Company has, at its meeting held today i.e. on 4th June 2021, recommended a dividend of Rs.5/- per equity share of Rs.1/- each for the year ended 31st March 31, 2021. If the same was approved by the shareholders at the companies Annual General Meeting, dividend will be paid on or before 20th October 2021.
For more details click the Source link : dividendRs.5/share
Q4 Results FY 2021 – June 4, 2021 : Jubilant Pharmova posts Rs 214 Cr profit in the Q4, 2021, Sales Rs 1,552 Crore for the 4th quarter while the same was at Rs 1,497 Crore in the same period of FY2020.
For more details click the Source link : Q4 Results FY 2021
events to know:
* Saffron Industries Ltd , Director of the company resigned on 4th June, 2021
* KPI Global Infrastructure Ltd, Resignation of Chief Financial Officer of the Company Resigned on 4th June, 2021
* Shilchar Technologies Ltd Non Executive Independent Director of the Company Resigned on 4th June, 2021
* K P Energy Ltd Independent Director of the Company Resigned on 4th June, 2021
* India Steel Works Ltd Director of the Company Resigned on 4th June, 2021
* Globe Commercials Ltd Managing Director of the Company Resigned on 4th June, 2021
* MIRC Electronics Ltd Chief Financial Officer of the Company Resigned on 4th June, 2021
stocks rise up & traded in high Average Trading volume:
Bank of Maharashtra : Volume: 115,224,195 , Open: 26.30, Day High: 29.75
Castrol India Ltd: Volume: 16,985,452 , Open: 139.30, Day High: 144.50
Sheela Foam Ltd: Volume: 593,848, Open: 2,058.90, Day High: 2,284.85
United Breweries Ltd Volume: 5,523,161, Open: 1,272.95, Day High: 1,378
What & why To Know:
Reserve Bank of India issues the Directions to all persons and agencies eligible to deal in Certificate of Deposit on June 4, 2021.
For more details click the Source link below: RBI–(CD)-Directions
What Is a Certificate of Deposit (CD)?
A certificate of deposit (CD) is a product offered by banks and credit unions that provides an interest rate premium in exchange for the customer accepting to leave a lump-sum amount deposit for a fixed period of time. Almost all consumer financial institutions offer CD. Certificate of Deposit is very similar to any standard bank deposit account. Interest rates are higher than the rates paid by many bank deposit accounts, and penalties are applicable for early withdrawals.
Reserve Bank of India issues the Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs) – Revision in the threshold for aggregate exposure.
The eligibility MSME accounts considered for restructuring which states that the aggregate exposure, including non-fund based facilities, of all lending institutions to the MSME borrower should not exceed ₹25 crore as on March 31, 2021. It has been decided to enhance the above limit from ₹25 crore to ₹50 crore. Provided the borrower’s account should not be restructured before.
For more details click the Source link below: RBI-Restructure-MSME-LOANS
Banks, asset managers want RBI to allow sale of fraud loans to ARC
Indian banks are saddled with frauds worth Rs 5 lakh crore, almost 4.5% of total bank credit, at the end of March 2021. The recent RBI annual report showed that banks reported frauds worth Rs 1.38 lakh crore in FY21.
What is restructuring?: Restructuring of loan accounts allows borrowers to opt for the six-month or more moratoriums to avoid any loan repayment default. Moratorium period are fixed by RBI.
What is Moratorium?: A moratorium is a temporary halt of repayment. Borrowers who had opted for the loan moratorium were not required to pay EMIs during that period. During the moratorium period, the interest is not waived off and will continue to accrue on the outstanding amount. Further, individuals have to pay additional interest on the months for which the EMI moratorium was taken.
What is ARC?: ARC stands for Asset Reconstruction Company. An Asset Reconstruction Company (ARC) is a company incorporated under the Companies Act and registered with Reserve Bank of India under section 3 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Which is India’s first ARC Asset Reconstruction Company in India?
The first ARC was established on 5 January 1966. The Administrative Reforms Commission was initially chaired by Morarji Desai, and later on K. Hanumanthaiah became its chairman when Desai became the Deputy Prime Minister of India.
How a ARC companies Works?
An asset reconstruction company is a special type of financial institution that buys the debtors of the bank at a mutually agreed value and attempts to recover the debts or associated securities by itself , Many times ARC’s do not directly buy debt from the banks. In such cases the debt remains on the banks books. However, the bank hires the ARC to perform debt recovery services. Revenues that are generated in this manner are split between the bank and the ARC according to a pre-determined percentage.
List of some Asset Reconstruction Companies (ARC) in India:
Reliance Asset Reconstruction Company Limited.
Alchemist Asset Reconstruction Company Limited
Pegasus Assets Reconstruction Private Limited
Banks can now sell Vijay Mallya’s Rs 5,646 cr properties to recover unpaid loans: State Bank of India can now sell some real estate properties and securities belonged to Vijay Mallya to recover his unpaid loans, the honourable court judge J C Jagdale of the Prevention of Money Laundering Act (PMLA) in the recent orders allowed restoration of Vijay Mallya’s property.
This is a positive aspect for the Bank. The assets including several floors of the UB City commercial tower in Bengaluru’s central business district and shares in United Breweries NSE 5.51 % and United Spirits NSE 2.47 % that Mallya had controlled are estimated to be valued at ₹5,646.54 crore.
HDFC Bank plans to become carbon neutral : Focusing the version of a product or service is better for the environment and the future of the World. HDFC Bank as its ESG (environmental, social, and corporate governance) strategy, on the World Environment Day on June 5, HDFC Bank plans to become carbon neutral by 2031-32,
For more details click the Source link: HDFC carbon neutral
What is Carbon Neutral ? Carbon Neutral is a term used to describe the state of an entity (such as a company, service, product or event), balancing emissions of carbon dioxide with its removal by eliminating emissions from society.
Gold prices: Gold prices fall for the second day to Rs 49,002/10 gm on the stronger rupee, ETF outflow; silver slips: Gold prices slid for the second day by Rs 216 to Rs.49,002 per 10 gram at Mumbai retail market on the firm rupee and weak global trend.
The rate of 10 gram 22-carat gold in Mumbai was Rs.44,886 plus 3 percent GST, while 24-carat 10 gram was Rs.49,202 plus GST. The 18-carat gold quoted at Rs.36,752 plus GST in the retail market. The yellow metal was pressured by an uptick in Treasury yield and dollar following Fed officials’ comment on tapering stimulus and ETF outflow.
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