Staying Illiterate

Have the government, regulators and financial services providers become willing partners in keeping the masses financially illiterate?

Invest 12,000 every year for three years. After five years, get 72,000. Get gold coin free. Please contact 98xxxxxxxx.” I still keep getting such spam messages. This one was from an insurance agent selling unit-linked insurance plans (ULIPs). In the above...

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  • Fitch cuts Bajaj Eco-Tech’s NLR to ‘BB’ from ‘BBB-’; outlook negative

    The downgrade reflects the significant deterioration in BEPL's credit profile on the back of delays in the stabilisation of its particle board and medium-density fibreboard manufacturing facility, which has resulted in cash losses and has had a severe impact on FY09 liquidity

    Fitch Ratings has said that it has cut Bajaj Eco-Tech Products Ltd’s (BEPL) national long term (NLR) rating to ‘BB' from 'BBB-', due to deterioration in the company’s credit profile following delays at BEPL’s manufacturing facilities.
    The ratings agency also revised BEPL’s outlook to ‘negative’ from ‘stable’ on Fitch's expectations that the company's credit profile and liquidity would remain under pressure in the short- to-medium-term, due to lower revenue and profitability.

    Fitch said that the downgrade reflects the significant deterioration in BEPL's credit profile on the back of delays in the stabilisation of its particle board and medium-density fibreboard manufacturing facility which resulted in cash losses and had a severe impact on FY09 liquidity.

    While liquidity continues to remain stretched, Fitch said that the company has shown some improvement in its profitability over the past six months, with liquidity being aided by continuous equity infusion from BEPL’s parent, Bajaj Hindusthan Ltd, and the downgraded ratings continue to factor in parental support.
     

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    Sleep Well, Guv

    Governors can be quite demanding of state governments. It is well known that Balram Jakhar, governor of Madhya Pradesh, had wanted a special seven-foot bed made for his use in Raj Bhawan. That is understandable considering the Rajasthan farmer has a big six-foot-plus frame. But what do you think explains Haryana governor Jagannath Pahadia’s strange request to the state government? Mr Pahadia...

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