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.
WhatsApp Business hits 50 million users globally, 15mn in India
WhatsApp Business app.
With the Covid-19 disruptions bringing more businesses online, WhatsApp Business has reached a new milestone of 50 million monthly users globally with almost a third of them being in India, the Facebook-owned platform said on Thursday.
In India, there are more than 15 million monthly WhatsApp Business app users.
The platform on Thursday also introduced new features to start a chat with a business on WhatsApp like starting a chat with a business using QR codes.
Scanning a QR code will open a chat with an optional pre-populated message created by the business to start the conversation, WhatsApp Business said in a blog post.
With the app’s messaging tools, businesses can quickly send information such as their catalog to get the conversation going.
QR codes are available for businesses around the world using the WhatsApp Business app or WhatsApp Business API starting Thursday, the company said.
WhatsApp Business said that more than 40 million people view a business catalog on the platform each month, while more than three million users in India do so each month.
“To make it easier for people to discover products, we’re making catalogs and individual items available to be shared as links on websites, Facebook, Instagram and elsewhere,” said the blog post.
“If people want to share a catalog or item they find with friends or family, they can simply copy the link and send it on WhatsApp or other places as well,” it added.
Additionally, WhatsApp also launched new “Open for Business” sticker packs to help people and businesses stay connected, say thanks and get business done.
WhatsApp which has over 400 million users in India said these sticker packs will be available to all of its more than two billion users worldwide as well as the 50 million users of the WhatsApp Business app.
Oil and Gas: OMCs set to start FY21 with a bang in Q1
Petrol. (File Photo: IANS)
The Covid-19 demand suppression in early part of the year is likely to abate for oil marketing companies, now with state-run companies — IOC, HPCL and BPCL making a strong beginning to FY21 returning high levels of earnings per share between 37 and 266 per cent in three months, ICICI Securities has said in a report.
The report on refining and marketing has said that the companies shares would be flying on stock exchanges on the back of record auto fuel marketing margin, inventory gain and in case of BPCL and HPCL, surge in GRM (gross refining margin) on a low base.
Net auto fuel marketing margin (on sale of petrol and diesel) is estimated at Rs 6.1 per litre in Q1FY21 and Rs 2 per litre in Q2FY21. The higher margin is on account of upwards revision of fuel prices that started on June 7 and continued for 22 continuous days raising petrol and diesel prices by about Rs 9.17 and 11.39 per litre respectively.
According to the brokerage report, in FY21 margin may be higher than earlier estimate of Rs 2.5 litre. This would provide higher earnings for the companies as auto fuel sales is a major component of revenue for OMCs.
The main earning driver for OMCs is not only higher margins but also inventory gain that they will make this year. In Q1 the inventory gains for companies are estimated at Rs 550-850 crore against loss or smaller gain in Q1FY20. BPCL and HPCL’s GRM is estimated to be up between two and nine times YoY at $5.9-6.9 per barrel boosted by discounts on crude ($3.4-3.6/bbl) but that of IOC at $4.3/bbl to be down 9 per cent YoY.
OMCs’ Q1 GRM is estimated at $4.3-6.9/bbl including gain from crude at discount to Dubai of $3.4-3.6/bbl. However, GRM in Q2 is weak at $3.0-3.8/bbl (including inventory gain of $0.7-0.8/bbl) due to shrinking of crude discounts. Core GRM may be weak in Q2 and FY21, but that including inventory gain would be higher, the ICICI Securities said.
OMCs’ FY21 product inventory gain is estimated at Rs 1100-2300 crore.
Flipkart Group invests Rs 260 crore in Arvind Fashions’ arm
The Flipkart Group on Thursday announced it has invested Rs 260 crore to purchase a significant minority stake in Arvind Youth Brands, a subsidiary of Arvind Fashions (AFL).
Arvind Youth Brands owns the popular Flying Machine denim brand that has been retailing on Flipkart and Myntra for more than six years.
With this investment, the Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points, the ecommerce platform said in a statement.
“We look forward to partnering with the team at Arvind Youth Brands to continue to grow the market for its portfolio of products and enhance the strong brand equity that has been built over the last few decades,” said Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group.
Arvind Fashions Ltd has a portfolio of renowned brands, both international and indigenous, like US Polo Assn., Arrow, GAP, Tommy Hilfiger, Calvin Klein, Flying Machine, Aeropostale, The Children’s Place and Ed Hardy.
It is also India’s leading beauty retailer in partnership with Sephora and owns and runs the value fashion retail chain, Unlimited.
“Given the strong existing relationship with the Flipkart Group, and their presence in online fashion, it was an obvious choice for us to enter into this engagement through which Flipkart and Myntra will be our preferred online partner for the Flying Machine brand,” said J. Suresh, Managing Director and Chief Executive Officer of Arvind Fashions.
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