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Tuesday,26-January-2021

Business

PSB loan disbursal picks up pace, rise to Rs 12K cr under ECLGS

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Rupees

Country’s largest banking institution State Bank of India leads the pack of public sector banks in disbursing emergency loans to the industry and help improve investment climate in the country amidst Covid-19 pandemic.

The bank has cumulatively disbursed loans to the tune of Rs 7,516.64 crore to 66,335 corporate accounts across the country upto June 9. The loans have been disbursed under the the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) announced by the government for meeting the liquidity needs of the MSME sector in the present crisis.

The SBI’s loan disbursal accounts for over 60 per cent of Rs 12,200.65 crore disbursed by 12 PSBs under the scheme upto June 9. The disbursals have picked up pace lately as the amount for MSMEs stood at Rs 599.12 crore just a day back on June 8.

In a tweet, the office of Finance Minister Nirmala Sitharaman said: “As of 9 June 2020, #PSBs have sanctioned loans worth Rs 24,260.65 crore under the 100% Emergency Credit Line Guarantee Scheme, out of which Rs 12,200.65 crore have been disbursed.”

As per the Finance Ministry data, loans have been disbursed to 2,80,926 accounts under ECLGS showing that a wide spectrum of industries are taking advantage of the scheme to meet their immediate liquidity needs.

Apart from SBI, Union Bank is India, Punjab National Bank, Bank of India and Canara Bank have sanctioned over Rs 500 crore worth of loans to the MSME segment. Though disbursal from Central Bank of India is relatively lower at around Rs 394 crore, it has distributed the money to large number of accounts at over 47,500.

Bulk of the loan sanctions have gone to industry in the southern states while industrial sectors in Maharashtra, Uttar Pradesh, Rajasthan and Gujarat have also received high quantum of loans from PSBs.

In all PSBs have sanctioned loan under ECLGS to over 5.5 lakh accounts so far while disbursals have been made in case of over 2.80 lakh accounts.

The ECLGS scheme is the biggest fiscal component of the Rs 20-lakh crore Self-Reliant India Mission package announced by Finance Minister Nirmala Sitharaman last month.

Business

Bullet Train Project: Tender for undersea tunnel yet to be floated

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Bullet-Train

The National High Speed Rail Corporation Limited (NHSRCL) is yet to float the tenders for the undersea tunnel for Mumbai-Ahmedabad Bullet train project. Seven Indian companies have shown interest for the construction of the underground station at BKC, Mumbai in the pre-bidding stage, officials said on Monday.

A NHSRCL official told IANS, “The tenders for the undersea tunnel is yet to be floated.”

The bullet train project will have a 21-km long underground corridor from BKC to Kalyan Shilphata in the state of Maharashtra, of which around 7 km will be underground corridor under the Thane creek. Of this, a 1.8 km long section will be developed under the sea bed, while the remaining part of the stretch is to be built under the mangroves marshland on either side of the creek.

The official said that for the tunnelling work, which includes testing as well as commissioning for double-line high speed railway for the project using tunnel boring machine (TBM) and a new Austrian tunnelling method (NATM) is yet to be floated.

A geo-technical investigation of the undersea tunnel area was carried out earlier by a team of engineers from NHSRCL, RITES and Japan’s Kawasaki Geological Engineering firm.

In order to study the sea bed structure, a static refraction technique (SRT) survey was carried out by the team, which involved firing a high energy sound wave towards the seabed from below the water surface as well as mapping the refracted sound wave in order to determine the density of the rock under the sea bed. The team had also submitted the final report with the NHSRCL.

The official further said seven Indian companies had participated in the pre-bid meeting for constructing the underground station at BKC.

The official said that the tender for the construction of the underground station at BKC has been floated and bids are invited till February 19, 2021.

The official said that the C1 tender for construction of the underground station, NIT was issued on November 20, 2019.

Last year, the NHSRCL awarded civil contracts for the construction of 64 per cent of MAHSR alignment which includes five HSR stations at Vapi, Billimora, Surat, Bharuch, Anand/Nadiad, train depot at Surat and one mountain tunnel of 350 metres.

The bullet trains are expected to run at 320 km per hour, covering the 508-km stretch in about two hours. Trains plying on the route take over seven hours and planes about an hour.

Prime Ministers Narendra Modi and then Japanese Prime Minister Shinzo Abe on September 14, 2017 had laid the foundation stone for the Rs 1.08 lakh crore ($17 billion) HSR project.

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Business

Sensex sheds gains amid volatile trade

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Bombay-Stock-Exchange

The key Indian equity indices pared initial gains on Monday morning and traded on a negative note.

Selling pressure was witnessed in oil and gas, energy and auto stocks. Buying in banking and finance stocks, however, curbed the losses.

Around 10 a.m., Sensex was trading at 48,791.59, lower by 86.95 points or 0.18 per cent from its previous close of 48,878.54.

It opened at 49,253.68 and has so far touched an intra-day high of 49,263.15 and a low of 48,512.02 points.

The Nifty50 on the National Stock Exchange was trading at 14,334.95, lower by 36.95 points or 0.26 per cent from its previous close.

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Business

Fuel prices rise hold for 2nd consecutive day

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Petrol

Petrol and diesel prices remain unchanged on Monday after reaching new all-time high levels as oil marketing companies decided to take a pause, and wait and watch the situation before taking a call on further revision of auto fuel prices to bridge the widening under recovery.

Accordingly, the pump price of petrol remained at Rs 85.70 a litre in Delhi while diesel prices in the capital was unchanged at Rs 75.88 a litre.

Across the country as well the fuel prices maintained the same price line. So, petrol is priced at Rs 92.28 a litre in Mumbai, Rs 88.29 a litre in Chennai and Rs 87.11 a litre in Kolkata.

Diesel on the other hand continues to be priced at Rs 82.66 a litre in Mumbai, Rs 81.14 a litre in Chennai and Rs 79.48 a litre in Kolkata.

The decision of holding the fuel prices came on a day when global crude prices showed some signs of softening declining by less than one per cent to close to $ 55 a barrel. Crude prices have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.

The petrol and diesel prices have increased eight times in January with the two auto fuels increasing by Rs 1.99 and Rs 2.01 per litre respectively this month.

The last few increases in the pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up $ 80 a barrel.

The current price rise is largely on account of steep increase in Central taxes of petrol and diesel and firm crude prices.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

Oil companies executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in line with the global developments to prevent OMCs from making losses on sale of auto fuels.

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