PNB will be refinancing its stressed loans in Q2. In an interview to CNBC-TV18, executive director Ram Sangapure says the bank refinanced loans worth Rs 2500 crore in Q1 and will be refinancing more Rs 3000 crore worth loans in Q2. In an interview to CNBC-TV18, Sangpure says of the loans to be refinanced, 70 percent are from steel sector and 30 from power. Indian steel industry has faced a double whammy of weaker prices and higher imports dumped from China.
PNB, India's fourth-largest state lender by assets, could take control of some of the most heavily indebted steel companies and sell them on as part of a restructuring. About a quarter of the bank's USD 4 billion portfolio of steel loans is stressed. While Ananda Bhoumik, senior director, India Ratings believes rceoveries may not see a pick-up this year, Sangpure is optimistic that the incremental slippages will reduce as the downtrend has already begun.
The market continued to see marginal buying interest after four-day fall. The Sensex gained 93.40 points at 27552.63 and the Nifty rose 27.25 points to 8364.25. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising more than 0.8 percent. About 1319 shares have advanced against 543 shares declined on the Bombay Stock Exchange.
HDFC rebounded with 1.56 percent gain after falling more than 2.5 percent on Q1 earnings. Infosys, Tata Motors, Axis Bank, HUL, Wipro, Bajaj Auto, BHEL, Hindalco, Tata Steel and Vedanta gained 1-2 percent. However, ITC slipped ahead of its Q1 earnings scheduled to be announced on Thursday. ONGC and NTPC declined 1 percent.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
or visit http://www.ways2capital.com
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717
0 comments:
Post a Comment