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No Takers For Air India, RCom Q4 Results et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
May 31, 2018 1:27 PM 1 min read
Editorial

End of Day Wrap-up (Thursday / May 31, 2018) #AirIndia #RCom #ICICI #ChandaKochar #Moodys #GDP #India #Trump #steel #aluminium #Transfin

Editor's comment: Govt does not receive any bids for Air India. Deadline ended today after extension given earlier this month post zero initial appetite.

 

RCom reports widened losses on INR6,883cr in Q4 due to significant impairment charges. Year end loss at INR9,867cr vs. INR1,797cr loss in the prior year.

 

Branch-level operations, including cheque clearance and cash deposits hit due to ongoing bank employee strike. ATM functions not affected much with 80% machines being operational. 1m employees on strike till Thursday.

 

ICICI Bank orders independent enquiry, including forensic audit, into new whistle blower allegations against CEO Chanda Kochhar. Terms of reference and scope of investigations are not set with decision to be taken within a week, as per reports.

 

Moody's cuts India's GDP growth forecast to 7.3% in 2018, from previous forecast of 7.5% due to higher oil prices and challenging macros. Growth expectation for 2019 remains unchanged at 7.5%. Growth to benefit from increase in rural consumption, supported by higher minimum support prices and a normal season. NPAs continue to be a headwind.

 

Trump plans to impose tariffs on European steel and aluminium. EU expected to retaliate with its own tariffs on American products such as motorcycles, jeans, and bourbon.