News digest: Battle for Essar Steel, TCS Q4 results, cash crunch, and more

In the March quarter, TCS net profit stood at Rs 69 billion, a 4.7 per cent year-on-year growth rate and 5.71 per cent sequential growth

Race for Essar Steel: NCLT directs lenders to review Arcelor, Numetal bids 

In a major twist, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Thursday asked the resolution professional (RP) and the committee of creditors (CoC) of Essar Steel to reconsider the first round of bids and review offers from ArcelorMittal and Numetal.

The NCLT order rendered invalid the second round of bidding held on April 2. While Russia’s VTB-backed Numetal Mauritius and ArcelorMittal India were the only two bidders in the first round held on February 12, Vedanta, which had joined the race in the second round, will be out of the bidding process now.
 

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Personal loans account for 96% of new bank loans during FY18: RBI data

In a first, personal loans are set to account for most of incremental growth in non-food bank credit during 2017-18. 

According to the Reserve Bank of India (RBI) data on sectoral deployment of bank credit, personal loans, which include home, vehicle and education loans, accounted for a record 96 per cent of incremental non-food credit in the last financial year till February 16. This is more than double their share in incremental bank credit growth in the previous two years.
 

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As part of $4.2-bn global deal, P&G to acquire Merck India for Rs 12.9 bn 

Procter & Gamble, the world’s largest consumer goods company, is taking over Merck Ltd, the listed Indian arm of the German drug maker, as part of its $4.2 billion global acquisition of Merck’s consumer health business.

According to the transaction announced on Thursday, P&G will acquire 51.8 per cent in Merck Ltd for about Rs 12.9 billion, triggering an open offer for an additional 26 per cent stake. 

The deal is expected to enhance P&G’s consumer health play in the domestic market, with the company gaining access to vitamin brands such as Seven Seas and Neurobion from Merck’s portfolio apart from nasal decongestant Nasivion. 
 

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After 12 quarters, TCS sees double-digit growth in dollar revenue in Q4 

Tata Consultancy Services (TCS) on Thursday announced a strong set of numbers in the March quarter (Q4) as well as for 2017-18, backed by all-round growth in key verticals and geographies, and digital services and solutions. 

The company’s net profit and revenue in the quarter beat Street estimates, while margin growth was slightly below the industry’s expectations, owing to cross-currency volatility. In the March quarter, the company’s net profit stood at Rs 69 billion, a 4.7 per cent year-on-year growth rate and 5.71 per cent sequential growth.
 

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Cash withdrawal still high across the country, more ATMs functioning

Cash withdrawal continued to remain higher than usual in the past three days across the country even as more automated teller machines (ATMs) started dispensing cash.
 

On Wednesday, citizens withdrew Rs 98.1 billion from all the ATMs in the country – a 16 per cent jump from the Rs 84.7 billion withdrawn on Tuesday — a day when the Union government and the RBI said the cash crunch situation would be eased by printing more notes. 
 

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