Bank stocks will be in focus. Finance Minister Arun Jaitley will meet heads of public sector banks (PSU banks) today, 12 June 2017 to discuss the issue of non-performing assets (NPAs) and the steps being taken by them to expedite the recovery of bad loans. Major issues on the agenda of the meeting include issues and solutions relating to NPAs of the PSU banks, status of MSE Credit, Stand-up India and Mudra Yojana among others.
Oriental Bank of Commerce (OBC) said it has revised the marginal cost of funds based lending rate (MCLR) for different tenors with effect from 12 June 2017. The bank's MCLR for overnight loans will be 8.1%, the rate for one month will be 8.2% and for three months it will be 8.25%. The MCLR on 6-month loans will be 8.35% and for one-year loans the rate will be 8.5%, the bank said. The announcement was made after market hours on Friday, 9 June 2017.
Tata Motors said that its global wholesales including Jaguar Land Rover (JLR) declined by 1% to 86,385 units in May 2017 over May 2016. The announcement was made after market hours on Friday, 9 June 2017.
Coal India (CIL) issued clarification to the stock exchanges with regard to media news item titled "CIL to shut 37 mines ignoring unions threat. The company said that every year, subsidiaries of CIL generally undertake an exercise to determine profit/loss making operating mines for comparative study of the performance of such mines over previous years as well as for opening of new mines.
Government of India (Ministry of Coal) during the review meeting with CIL & its subsidiaries noted that substantial number of mines which are not been able to recover salary of the workers and directed that all subsidiaries of CIL to conduct a detailed study of such mines and report the action taken to list out the unviable mines, the company said.
In view of above, an action plan has been prepared by subsidiaries in which 37 unviable UG mines has been envisaged to be closed in 2017-18. The identified surplus manpower from these mines would be gainfully redeployed in nearby mines of areas to reduce further loss in these mines, CIL said. The announcement was made after market hours on Friday, 9 June 2017.
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Shriram Transport Finance Company said that the allotment committee at a meeting held on 9 June 2017, allotted 3,500 non-convertible debentures (NCDs) aggregating to Rs 350 crore on private placement basis. The announcement was made after market hours on Friday, 9 June 2017.
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