Thursday, 21 June 2018

Doubling farm income by 2022: Modi government’s big budget boost to agriculture sector-The Total Investment & Insurance Solutions

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21 June 2018


Agri (The Total Investment & Insurance Solutions)


Reaching out to farmers, Prime Minister Narendra Modi today showcased his government’s “unprecedented” work in the agriculture sector, including doubling of the budget to Rs 2.12 lakh crore. Modi also reiterated that his government is working to double farm income by 2022. Continuing his outreach programme of direct interaction with beneficiaries of his pet schemes, Modi spoke to farmers from over 600 districts via video-conferencing, highlighting the government interventions right from seeds to market that is aimed at addressing farm distress. The government, through an extensive and balanced policy, is aiming to provide inputs like quality seeds, fertilisers, water and electricity as well as markets for increasing farmers’ income, he said.
“We have decided to double farmers income by 2022… When I talked about doubling of farmers income, there were many people who made fun that this is not possible and difficult. They created an atmosphere of doom. But we decided as I had full faith in farmers,” Modi said. To achieve this target, he said the four cornerstones of the government policy are cutting input cost, fair price for the crop, preventing post-harvest losses and creating alternate sources of income. Modi said in the Budget for 2018-19 fiscal, the government announced that the minimum support price (MSP) for all crops will be fixed at least 1.5 times the cost of production. He also listed out all the costs that will be included while fixing the MSP.

“The budget allocation for the agriculture sector in 5 years of the previous government was Rs 1.21 lakh crore. This has been increased to Rs 2.12 lakh crore during 2014-19, which is almost double. This clearly reflects our commitment to farmers welfare,” Modi said. Stating that there has been “unprecedented development” in the farm sector during the last four years, the Prime Minister highlighted that foodgrains production in the country touched an all-time high of 280 million tonnes during 2017-18 crop year as against an average production of 250 million tonnes during 2010-14.

There has also been bumper production of fruits, vegetables and milk, he said, adding that pulses production has increased by an average 10.5 per cent. Production of fish and milk grew by 26 per cent and 24 per cent, respectively. Egg output has risen by 25 per cent. “Our effort is to provide farmers assistance at all stage of agriculture — at the time of sowing, after sowing and at the time of harvesting,” he said, adding the policy interventions are being planned to help farmers right from seeds to markets. First, soil health cards are being provided to help farmers better understand soil nutrient status of his/her holding and advice them on the dosage of fertilisers.

Thereafter, loans are being made available to farmers to help them procure good quality seeds, he said, adding neem coating of urea has ensured that black-marketing of the crop nutrient is stopped and farmers get it without any problem. To ensure farmers get the right price for their crops, Modi said an online platform e-NAM has been started to eliminate middlemen. As many as 22,000 rural markets are also being linked to wholesale mandis. The government is also giving special attention to allied sectors like fisheries, dairy and bee-keeping to boost farmers income, he added. The Prime Minister said farmers should get full credit for ensuring the country’s food security but rued that “from the beginning, farmers were left to fend for themselves” which resulted in their shrinking prosperity.
Modi highlighted the various initiatives launched by the government in the last four years such as soil health cards, new crop insurance scheme, irrigation programme and e-NAM, among others. Under Prime Minister Krishi Sinchaee Yojna, Modi said about 100 projects are being completed so that water reaches all agriculture fields. The government is promoting drip irrigation to achieve “per drop more crop” and reduce input cost. Modi said farmers can increase their income by value-addition of farm produce.

The Prime Minister highlighted that more than 500 farmer producers organisations have been established in the last four years which help farmers in getting more sales realisation with lower input costs. These FPOs have been exempted from income tax. Talking about the new crop insurance scheme, Modi said farmers were not getting any claim under the previous scheme. “We have reduced premium and scope of insurance has been widened,” he said, adding that this has helped in increasing the insurance coverage by 60-65 per cent.

Modi said the government has provided soil health cards to 12.5 crore farmers in the last four years, helping farmers to boost yields and cut input cost. Interacting with farmers from the North-East, he said 21 lakh hectares have been brought under organic farming as against 7 lakh hectares in 2013-14.The Total Investment & Insurance Solutions


OPEC Enters Meeting That Could Set Direction Of Oil Prices-The Total Investment & Insurance Solutions


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21 June 2018

Officials from major oil-producing nations are expected to agree this week to boost output, but just how much they will open the spigot — and the effect on oil prices — remain wild cards.
Ministers from the Organization of the Petroleum Exporting Countries and non-OPEC nations led by Russia are meeting Friday and Saturday in Vienna, and it could be a difficult and uncomfortable gathering. The cartel's largest producer, Saudi Arabia, wants higher prices but hears President Donald Trump, leader of its most important ally, lobbying openly for lower prices.
Analysts expect the group will consider an increase of somewhere around 1 million barrels a day. That may seem insignificant in a global supply of 98 million barrels a day, but critically it would reverse reductions that the same countries approved in late 2016, helping push crude higher by more than 50 percent.
Benchmark U.S. crude hit its highest level in more than three years in May, but U.S. and international prices have eased since then in anticipation that OPEC will approve more drilling. On Wednesday, U.S. crude closed at $65.74 a barrel, down from a peak of nearly $73 last month, and Brent crude, the international standard, closed at $74.61, down from $80.
The U.S. average for gasoline stood at $2.87 a gallon on Thursday. Patrick DeHaan, an analyst for GasBuddy, a gasoline price tracking service, said a middling OPEC increase — more than 600,000 barrels per day — would make it less likely that Americans will pay an average of $3. A big OPEC deal— adding more than 1 million barrels — could cause prices to dip into the $2.60s or $2.70s this summer, he said.
Any production increase would help offset a decline in output by Venezuela, an OPEC member consumed by economic and political crisis, and the prospect of reduced exports from Iran — OPEC's third-biggest producer — now that the U.S. is in the process of re-imposing sanctions over that country's nuclear program.
Oil demand has been rising faster than expected, pushing prices higher despite a big increase in U.S. oil output. The International Energy Agency, which represents consuming nations, expects demand to grow more slowly in the second half of this year partly due to rising oil prices — but still 1.35 million barrels a day higher than the same period in 2017.
Some analysts believe that Saudi Arabia needs a Brent price closer to $90 to cover its domestic spending but is feeling pressure from the United States to head off rising prices by boosting output. Russia may be happy to pump more oil and settle for prices in the $60s, according to Tamar Essner, chief energy analyst for Nasdaq.
There are other considerations than dollars and rubles.
"This is not going to be a decision just based on market analysis and supply and demand," said Daniel Yergin, the vice chairman of research firm IHS Markit and author of several books on the energy industry. "The geopolitical factors will play in a lot."
Yergin said Saudi Arabia and the United Arab Emirates support the current, tougher U.S. policy toward Iran, Saudi Arabia's rival for influence in the region, and so will want to support Trump's call for lower prices. Trump has used Twitter to complain about high oil prices — and blame OPEC — twice since April.
Iran's oil minister, Bijan Namdar Zanganeh, questioned this week whether OPEC is united enough to reach any agreement, and said Trump had politicized the debate over oil prices. OPEC, he said, "is not an organization to receive the instruction from President Trump and follow it."
Other energy ministers, such as Iraq's Jabbar Ali Hussein Al-Luiebi, have expressed more optimism about an agreement.
If OPEC members and Russia agree to pump more oil, that will reduce global capacity for spare production — reserves of crude that can be brought online quickly. And that poses its own risks.
"If the volume of spare capacity goes down then the market gets much more vulnerable to supply shocks," said Essner, the Nasdaq analyst. "A host of geopolitical events around the world could really stoke prices higher."
Essner is betting that the Vienna meeting will yield an agreement to boost production by 500,000 to 800,000 barrels a day, far below the 1.5 million barrel figure floated recently by Russia's oil minister, Alexander Novak.
Phil Flynn, an oil analyst with The Price Futures Group, expects a deal for around an extra 1 million barrels a day. And he thinks prices will rise anyway.
"The market is going to say, 'That isn't enough,' and 'How quickly is it going to come online?' That's when we're really going to resume the price increases," Flynn said. He expects $80 crude by year end, $100 by 2020.The Total Investment & Insurance Solutions
OPEC(The Total Investment & Insurance Solutions)



Wednesday, 20 June 2018

Nifty, Sensex Rally Again – Wednesday closing report-The Total Investment & Insurance Solutions

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20 June 2018

I had mentioned in Tuesday’s closing report that Nifty, Sensex continued to be under pressure. The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. Broadly positive Asian cues lifted the key Indian equity indices on Wednesday, with the barometer Sensex of the BSE gaining over 250 points. According to analysts, banking, consumer durables and metal stocks witnessed buying activity. On the NSE, there were 864 advances, 843 declines and 345 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

Global software major Infosys said it has opened a digital centre of excellence at Marseille to provide expertise to its clients in the region, and hire and train local talent. "The centre will make digital offerings to companies in France as they navigate to the next state of their business journey," the IT major said in a statement here. Infosys shares closed at Rs1,241.45, down 0.01% on the NSE.

Textiles major Arvind Ltd is looking to take its B2C (business to consumer) segment which includes fabrics and ready-to-wear garments to Rs1,500 crore in the next five years from the current Rs700 crore, an official said on Wednesday. "Under B2C, only men's wear business stands now at Rs400 crore and we are looking at this to grow to Rs1,000 crore in five years. If you include the women's wear, the overall segment stands at Rs700 crore and is expected to be Rs1,500 crore," Susheel Kaul, CEO, Lifestyle Fabrics - Knits and Wovens, said here. The company's overall textiles business currently stands at Rs6,000 crore. Of this, the knits and woven segment contributes some Rs3,000 crore, he said on the sidelines of the launch of a festive collection. The company currently has presence in 10,000 retail touchpoints across India and has 200 exclusive stores. Rather than supplying fabrics, the company is focusing on "verticalisation" and would get into more manufacturing garments, Kaul said. "Today, 10% of fabrics that we produce are being converted into garments by ourselves. Over the next five years, we are looking at increasing this by 40-50 per cent," he said. Arvind, which sells about 300 million metres of fabrics and over 30 million pieces of ready to wear apparel, is also expecting its textiles business to grow to Rs10,000 crore and will be investing Rs1,500 crore over the next three years, he added. The company’s shares closed at Rs406.50, up 0.09% on the NSE.

Stocks of Indian airlines plunged on Wednesday after  data showed that the number of domestic air passengers registered a slower growth of 16.53% during May on account of rising fuel prices leading to increase in fares.  Indian carriers carried 11.9 million passengers during May, up from 10.17 million in May 2017, a Directorate General of Civil Aviation (DGCA) data showed. InterGlobe Aviation shares closed at Rs1,136.45, down 7.50% on the NSE. Jet Airways shares closed at Rs382.50, down 1.51% on the NSE. 

General Electric (G.E.), the last original member of the Dow Jones Industrial Average, was dropped from the blue-chip index for the first time in 110 years and replaced by the Walgreens Boots Alliance drugstore chain. Australia's biggest telecom operator Telstra is cutting 8,000 jobs in a dramatic bid to bring down costs, the company announced on Wednesday. There is a shake-up going on among large employers in the global stock markets.

Stock markets fell around the world on Wednesday in the wake of US President Donald Trump's latest tariffs threat to China. The Dow Jones was down 300 points after Asian and European markets fell sharply earlier. Trump has threatened to put tariffs on an extra $200bn of Chinese goods, sparking fears of a trade war. The US President said the tariffs would be imposed if China "refuses to change its practices". He condemned China's "unfair practices related to the acquisition of American intellectual property and technology" and added: "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong." China's Shanghai Composite fared the worst in Asia, ending the day down 3.8%. In Europe, Germany's Dax index was down 1.2% by the close and France's Cac 40 had lost 1.1%. Away from Trump's dispute with China, Russia said it would impose tariffs on certain American goods in response to the recent tariffs placed on steel and aluminium imports by the US. The Total Investment & Insurance Solutions

The top gainers and top losers of the major indices are given in the table below:

The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions
Major Indices (The Total Investment & Insurance Solutions)

India has potential to become a $10 tn economy by 2030: Official-The Total Investment & Insurance Solutions

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20 June 2018


Economy (The Total Investment & Insurance Solutions)



India has the potential to become a $10 trillion economy by 2030, a top government official said on Tuesday.


According to Subhash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance: "It is a plausible aspiration for India to become a $10 trillion economy by 2030." The Total Investment & Insurance Solutions


Garg who was addressing the "6th Growth Net Summit" organised by Ananta Centre, Confederation of Indian Industry (CII) and Smadja and Smadja in New Delhi said a "sustained" average growth of 8 per cent coupled with an assumed devaluation of Indian rupee vis-à-vis US dollar at Re one per year would likely take India to the stated target. The Total Investment & Insurance Solutions


On fiscal management, he said the fiscal situation will not be allowed to deteriorate even though this is an election year.
Besides, he said that India would shortly achieve the targeted three per cent fiscal deficit level and that it will be more permanent and sustainable in nature.

In terms of macros, Garg said that tax to GDP ratio has improved from 10 per cent to 11.6 per cent, and fresh private capital investment is likely as capacity utilisation has increased. The Total Investment & Insurance Solutions
 

Commenting on the banking sector, ha said that great level of financialisation of economy has happened since demonetisation where mutual funds have become a major non-banking investor. He predicted that going forward, the economy will rebalance from bank based to financial markets based lending.

Garg said that GST has changed the way corporates interact with the tax infrastructure. He expressed satisfaction on 'job creation' in the economy and highlighted that more needs to be done in infrastructure and manufacturing sector. The Total Investment & Insurance Solutions

Advancing gender parity could contribute $770 billion to India’s GDP by 2025: McKinsey report-The Total Investment & Insurance Solutions


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20 June 2018
 
Workforce (The Total Investment & Insurance Solutions)


Three years back, the McKinsey Global Institute (MGI) had said in a power of parity report that advancing women’s equality can add $12 trillion to worldwide growth. A new research from MGI now finds that India could add $770 billion to its GDP annually in 2025, or 18% above business-as-usualGDP by pursuing the goal of gender parity. The Total Investment & Insurance Solutions


This is the largest relative opportunity in Asia Pacific, an economically dynamic region in the world and an engine of growth.

The largest absolute GDP opportunity is in China at $2.6 trillion, a 13% increase over business-as-usual GDP. The Total Investment & Insurance Solutions


Anu Madgavkar, MGI partner in Mumbai, said, “India is moving in the right direction on empowering women, with the fastest progress on some dimensions of any country in Asia-Pacific over the past 10 years. Now India has an opportunity to build on this foundation by focusing not only on enabling more women to rise to leadership positions in the organised sector, but also enabling women in the informal sector — many of them in rural and urban micro-enterprises and in unpaid work — to fulfil more of their economic potential.”

But here’s the caveat: About 70% of the boost to growth, MGI said, would come from raising women’s participation in the labour market. MGI has calculated a gender parity score (GPS) for all Asia-Pacific countries. The GPS uses 15 indicators of gender equality in work and three in society — essential services & enablers of economic opportunity, legal protection & political voice; and physical security & autonomy. With a GPS of 0.3 on gender equality in work, below Asia-Pacific overall (0.44) and well behind the best in the region (0.7 in Philippines), India lags the rest of Asia-Pacific in work and in society.

While there is a significant opportunity to boost growth, raising women’s labour-force participation is not an easy task. According to McKinsey India, to seize the full economic opportunity available by advancing women’s equality, India would need to raise women’s labour-force participation by 10 percentage points, adding 68 million women to the workforce. Women today form 24% of the labour force, and account for 18% of India’s GDP. The quality of participation, too, is low with 120 million women (97% of all female workers) engaged in the informal sector, often in low-paying jobs. The female-to-male participation ratio has not shown an improvement either. It fell 0.11 points between 2005 and 2012.

Nevertheless, the report said although India is not as far advanced on tackling gender inequality as the average in Asia-Pacific, it has made the fastest progress (from a low base) of any country in the region. By focusing on increasing women’s access to digital technologies and financial products, and reducing the time women spend on unpaid care work by filling gaps in essential infrastructure, India could make progress on this count.

Vivek Pandit, senior partner at McKinsey & Company, said, “Worldwide, slightly less than four women hold leadership positions for every 10 men in business and politics. In Asia-Pacific, there is only one woman in leadership positions for every four men. This is due to cultural expectations that women should prioritise childcare over their careers, unconscious bias in the workplace and a lack of role models and sponsors. It is important to introduce inclusion programmes that challenge conscious and unconscious bias in the talent management processfrom recruitment to performance evaluation.”


For the entire region, MGI said if all countries across Asia-Pacific were to match the rate of improvement of the fastest improving country in the region, $4.5 trillion could be added to the region’s GDP annually by 2025, or 12% above business-as-usual GDP. This additional GDP would be equivalent to adding an economy that is the combined size of Germany and Austria each year.The Total Investment & Insurance Solutions

RBI enhances housing loan limits under priority sector lending-The Total Investment & Insurance Solutions


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20 June 2018

RBI (The Total Investment & Insurance Solutions)


The Reserve Bank of India (RBI) on Tuesday enhanced the housing loan limits under priority sector lending (PSL) to Rs 35 lakh in metropolitan centres under the affordable housing scheme. The Total Investment & Insurance Solutions

The RBI in its Second Bi-Monthly Monetary Policy Statement 2018-19 had decide to enhance the limit for eligibility for PSL under the scheme.

"With a view to bringing convergence of the Priority Sector Lending guidelines for housing loans with the Affordable Housing Scheme, and to give a filip to low-cost housing for the economically weaker sections and low income groups...," the RBI said in a notification. The Total Investment & Insurance Solutions


"... the housing loan limits for eligibility under priority sector lending will be revised to Rs 35 lakh in metropolitan centres (with population of ten lakh and above), and Rs 25 lakh in other centres, provided the overall cost of the dwelling unit in the metropolitan centre and at other centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively." The Total Investment & Insurance Solutions


Furthermore, the RBI said that existing family income limit of Rs 2 lakh per annum, for loans to housing projects exclusively for the purpose of construction of houses for EWS and LIG, has been revised to Rs 3 lakh per annum for EWS and Rs 6 lakh per annum for LIG, in alignment with the income criteria specified under the Pradhan Mantri Awas Yojana.

In addition, loans to individuals up to Rs 28 lakh in metropolitan centres and Rs 20 lakh in other centres, will be eligible to be classified under priority sector, "provided that the cost of dwelling unit does not exceed Rs 35 lakh and Rs 25 lakh, respectively".The Total Investment & Insurance Solutions

Global Stocks Rise, Unfazed By US-China Tensions-The Total Investment & Insurance Solutions

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20 June 2018
Financial markets (The Total Investment & Insurance Solutions)


Stock markets rose Wednesday as investors rallied around signs that the global economy was on track despite heated exchanges between the world's two largest economies over trade. The Total Investment & Insurance Solutions

KEEPING SCORE: Germany's DAX was up 0.1 percent to 12,692 and France's CAC 40 added 0.2 percent to 5,400. Britain's FTSE 100 gained 0.9 percent to 7,668. Wall Street was poised to open higher. Dow futures added 0.3 percent and the broader S&P 500's futures were up 0.2 percent.
ASIA'S DAY: Japan's benchmark Nikkei 225 index rebounded 1.2 percent to close at 22,555.43 and South Korea's Kospi gained 1.0 percent to 2,363.91. Hong Kong's Hang Seng rose 0.8 percent to 29,696.17 and the Shanghai Composite in mainland China increased 0.3 percent to 2,915.73. Australia's S&P/ASX 200 climbed 1.2 percent to 6,172.60. Taiwan's benchmark rose, but Southeast Asian indexes were mixed. The Total Investment & Insurance Solutions

U.S.-CHINA TARIFFS: A budding trade war between the U.S. and China is showing no signs of abating. On Tuesday, China's government called President Donald Trump's threat of new tariffs on $200 billion of Chinese goods blackmail and warned that it would retaliate with measures of its own. Trump has already announced a 25 percent tariff on up to $50 billion of Chinese products starting July 6. China retaliated by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey.
QUOTEWORTHY: "Trade tension is going to dominate market sentiment in the weeks to come. The market is waiting for Beijing to come out with counter measurements to offload more chips," said Margaret Yang, market analyst at CMC Markets Singapore. The Total Investment & Insurance Solutions

NEW EUROZONE BUDGET: German Chancellor Angela Merkel and French President Emmanuel Macron have agreed to create a eurozone budget. The new budget aims to boost investment and provide a safety mechanism for the 19 nations using the euro currency. That could bolster longer-term confidence in the currency union, which has been hobbled by a lack of a central pot of money to help investment in individual countries.
POSITIVE HOUSING DATA: The solid U.S. job market has helped to boost demand for new homes. The Commerce Department said housing starts rose to a seasonally adjusted annual rate of 1.35 million in May, the strongest pace since July 2007. All of May's construction gains came from a 62 percent jump in the Midwest, while building slumped in the Northeast, South and West.
ENERGY: Oil futures ticked up ahead of Friday's OPEC meeting. Saudi Arabia and Russia are seeking to raise production by 1.5 million barrels per day, but they may not get their way, experts say. Analysts expect the group to consider an increase in production of about 1 million barrels a day, ending the output cut agreed on in 2016. Benchmark U.S. crude rose 3 cents to $65.10 a barrel in electronic trading on the New York Mercantile Exchange. The contract settled at $64.90 per barrel on Tuesday. Brent crude, used to price international oils, fell 6 cents to $75.02 in London. The Total Investment & Insurance Solutions

CURRENCIES: The dollar edged down to 110.02 yen from 110.07 in late trading Tuesday. The euro dipped to $1.1572 from $1.1575.The Total Investment & Insurance Solutions

Tuesday, 19 June 2018

Nifty, Sensex Continue to be Under Pressure – Tuesday closing report-The Total Investment & Insurance Solutions


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19 June 2018

I had mentioned in Monday’s closing report that Nifty, Sensex were looking weak. The major indices of the Indian stock market suffered a correction on Tuesday and closed with losses over Monday’s close, as weak global markets suppressed the key Indian equity indices. Globally, key markets were weighed down by signs of a resurgent trade war after reports said that US President Donald Trump might consider imposing tariffs on additional $200 billion worth of Chinese goods. According to analysts, selling pressure was witnessed in auto, metal and banking stocks. On the NSE, there were 446 advances, 1,280 declines and 333 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below: The Total Investment & Insurance Solutions


US President Donald Trump has threatened to impose tariffs on an additional $200 billion worth of Chinese goods shipped to Washington unless Beijing agrees to a host of sweeping trade concessions, media reports said. In a statement on Monday, Trump said he had US Trade Representative Robert E. Lighthizer, to draw up a list of $200 billion in Chinese products that will be hit with tariffs of 10 per cent if China refuses his demands to narrow the yawning American trade deficit and change its industrial policies, reports The Washington Post. "The trade relationship between the US and China must be much more equitable. The US will no longer be taken advantage of on trade by China and other countries in the world," Trump said.  "Further action must be taken to encourage China to change its unfair practices, open its market to US goods, and accept a more balanced trade relationship with the US," he added. In a statement published shortly after Trump's announcement, China's Ministry of Commerce called the move "blackmail" and accused the US of "extreme pressure and extortionist behaviour". "If the US loses its senses and comes up with a new list, China will be forced to strike back hard and launch comprehensive measures that match the US move in quantity and quality," it said. The tariffs, which the US government says are punishment for intellectual property theft, will be enacted in two phases, reports CNN. The Total Investment & Insurance Solutions

A majority of government-owned banks and financial institutions continued to fund coal projects in India in 2017, an analysis of energy project lending said on Tuesday. It also reveals that comparatively, private financial companies are investing more in renewable energy projects compared to coal. The report 'Coal vs Renewables Finance Analysis' by the Delhi-based Centre for Financial Accountability (CFA) finds that coal received Rs60,767 crore ($9.35 billion) in lending whereas renewable energy received Rs22,913 crore ($3.50 billion). "It seems like the government and public financial institutions are living in a bubble devoid of market forces," CFA Executive Director Joe Athialy said in a statement. "The shift against coal and towards solar and wind is quite well established in the financial markets now and investing in coal has will expose public banks to further bad loans." The report identifies and reviews project finance lending to 72 energy projects, comprising of coal-fired power stations and renewable energy generation facilities in India that reached financial close in 2017.

These projects attracted total lending of Rs83,680 crore ($12.85 billion). Of the top 10 lenders to coal power projects, eight were majority government-owned banks that collectively gave close to Rs30,337 crore ($4.5 billion) in new and re-financed lending towards 12 coal power projects. These were Rural Electrification Corporation, the State Bank of India, India Infrastructure Finance Company, Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank and Power Finance Corporation. The Total Investment & Insurance Solutions

Nirav Modi, the prime accused in a Rs13,500 crore fraud at the Punjab National Bank (PNB), travelled multiple times to Britain, US, China, Cuba and France on a revoked Indian passport with additional booklets, despite his details shared on the "central database of Interpol internationally", according to inputs given by Britain to Indian agencies. PNB shares closed at Rs86.75, down 1.98% on the NSE. The Total Investment & Insurance Solutions

Truck owners and operators in different parts of the country launched an indefinite nationwide strike against high diesel prices, high toll rates and a sharp hike of third party insurance premium.

The top gainers and top losers of the major indices are given in the table below:


The closing values of the major Asian indices are given in the table below:

Major Indices (The Total Investment & Insurance Solutions)