Regulations
UBHL pleads for more time to post financial results
UB Group company United Breweries Holdings Limited (UBHL) requested additional time from the BSE and NSE to submit the audited financial results for 2015-16, due to uncertainties owing to cases running against its chairman Vijay Mallya in the Supreme Court and Debt Recovery Tribunal (DRT) Bengaluru.
 
Explaining the uncertainties in a letter to the bourses, UBHL said Mallya's offer to settle dues of nearly Rs.9,000 crores to a consortium of banks led by State Bank of India (SBI) is still under consideration, with the likelihood of DRT final order not being passed before July 15.
 
"As you may be aware, Kingfisher Airlines Limited, a group company of UBHL, is in debt to several banks. In this regard, Vijay Mallya, chairman of UBHL has made a settlement offer before the Supreme Court of India to the consortium of banks headed by the SBI.
 
"It may be noted that a part of the substantial settlement amount to be paid to the consortium of banks is to be met by monetising certain assets of the UBHL," said the letter.
 
According to the Listing Obligations and Disclosure Requirements (LODR) rules of the regulator Securities and Exchange Board of India (SEBI), audited standalone financial results for the year ending March 31, 2016 must be posted within 60 days of the financial year ending.
 
"Due to the uncertainties resulting from the background discussed above, UBHL is being hindered from complying with the requirements of finalizing the annual accounts and filing the financial results" the letter said.
 
UBHL noted that SEBI's LODR regulation 102 empowers the regulator to relax strict enforcement under some predefined criteria.
 
"These are extraordinary circumstances which are not in the hands of UBHL due to which it is practically impossible for UBHL to submit the financial results by May 31, 2016," the letter added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Public debt falls to Rs.55.73 lakh crore at fiscal-end
India's public debt declined marginally to Rs.55.73 lakh crore at the end of the last fiscal in March, registering a fall over the previous quarter of 0.04%, an official statement said on Monday.
 
Government debt (excluding liabilities under the Public Account) was at Rs 55.75 lakh crore at the end of December 2015, said the quarterly report on debt management released by the finance ministry.
 
Government's domestic borrowing for 2015-16 have been revised downwards, it said.
 
"Government issued dated securities worth Rs.84,000 crore to complete its gross borrowings of Rs.5,85,000 crore for FY 16.
 
"Gross and net market borrowing requirements of the government for FY16 were revised lower to Rs.5,85,000 crore and Rs.4,40,608 crore, which were lower by 1.18% and 2.75%, respectively, than Rs.5,92,000 crore and Rs.4,53,205 crore in FY15," it said.
 
"The cash position of the government during Q4 of FY16 was comfortable and remained in surplus mode during the quarter. The issuance amount under Treasury bills was also broadly as per calendar," it added.
 
The outstanding internal debt of the government at Rs.5,130,179 crore constituted 37.8% of GDP at end-March 2016, as compared to 38.7% of GDP at end-December 2015.
 
Central government dated securities continued to account for a dominant portion of total trading volumes in the fourth quarter of 2015-16, it said.
 
Net inflows in the form of foreign direct investment during the quarter in question were robust and more than sufficient to fund the external financing requirements, the report added.
 
During 2015-16, there has been an accretion of $18.54 billion to the foreign exchange reserves which touched $360.1762 billion at end-March 2016. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex weak; may make an effort to stabilise – Monday closing report
We had mentioned in Friday’s closing report that Sensex, Nifty were under pressure. The major indices of the Indian stock markets moved up during the day, but got slammed again the in the late afternoon session and closed with minor losses over Friday’s close. The trends of the major indices over Monday’s trading are given in the table below:
 
 
Key Indian equity market indices that opened in the green on Monday were trading flat in the afternoon session. Good buying was observed in fast moving consumer goods (FMCG) and telecom sectors, while selling pressure was seen in realty and energy sectors. There was no fresh macro-economic stimulus and the market is in a wait and watch mood until there is clarity in interest rates from the US Federal Reserve. Trading volumes were also on the lower side on the NSE.
 
Upcoming derivatives expiry, combined with March quarter results and position of foreign investors vis-a-vis India, will guide the domestic equity markets during the week ahead, feel market analysts. Besides, trends in global crude oil prices, movement of the Indian rupee and further announcements on the monsoon will influence investors' sentiments. On the domestic front, a key event to be watched is the results of some of the large companies in the capital goods sector. The expectation is negative, which is likely to put additional pressure on the markets. Major firms like ONGC, IOC, HPCL, Power Finance Corporation, Bajaj Auto, Ashok Leyland, Tata Steel, GAIL, India Cements, BHEL, Crompton Greaves, Cipla, Abbott India, GSK Pharma are expected to announce their Q4 results in the coming week.
 
Reserve Bank of India (RBI) Governor Raghuram Rajan on Saturday said despite two droughts and a weak international market scenario, the Indian economy has recorded 7.5% growth. He said India is largely protected from global volatility. "The Indian economy has recorded 7.5% growth, which suggests we have macro stability, which is desirable and need to continue to preserve it," Rajan said at the Mahtab memorial lecture.  "There is a lot of uncertainty as to what Japan will do or what China will do. But, the way to maintain our growth is really to start with a strong policy. Today, we are largely protected from the volatility," the RBI governor said. He, however, said India needs to be vigilant against the global market. "We need to grow. But, we need to grow with macro stability. We need to ensure we grow in a sustainable way. For that, we have to keep in mind the fiscal consolidation, control of inflation and clean-up of banks," Rajan said. He said the policy framework and macro stability would help gain the trust of outside investors and they would then be interested in lending to India. He batted for lighter regulation for small scale industries and easier business environment for start-ups in order to foster job creation. Overall, we can infer that RBI policy would be in favour of fiscal consolidation, inflation control and creation of jobs, rather than a policy to encourage a bull run in the stock market by making things attractive for FIIs (foreign institutional investors).
 
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:
 

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