SBI divests 2.0% stake in SBI Life; SC opposes full interest waiver | Top Headlines
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Top Headlines of the Day 1. Overnight the cues were extremely weak post the FED's weak commentary. Dow Jones, S&P 500 cracking as much as 4%. Nifty has cracked way below the 10,000 mark. Sensex is below the 34,000 mark. Across the companies, the losses seem to be witnessed. Bharti Infratel is doing a lot of promise with 4.5%, Vedanta by 2.5%. Telecom looks strong but ZEE, Tata Motors, ONGC & Induslnd Bank shaping that gaining momentum. The trends seem downward for almost all major names with Vodafone India being one of the biggest losers with a drop of 9.5%. 2. SC to hear Moratorium interest waiver case on the 17 of June. The apex court also directs the RBI and Finance Minister India to together mull a decision on interest waiver. Apex Court on Moratorium interest - Not considering full interest waiver - will hear the case on June 177 - Concerned that interest postponement shouldn't accrue interest - Finance Minister, RBI to hold joint meeting in 3 days on interest waiver - Finance Minister, RBI to decide on interest levy for deferred EMIs during the lockdown. 3. The GST council slated to meet for the first time post the COVID lockdown. The 40th meeting of the GST Council will be headed by Finance Minister Nirmala Sitharaman and comprising state counterparts via video conferencing. It will discuss waiver of late fees for non-filing of GST returns for the period August 2017 to January 2020. According to the sources, The meeting would discuss the impact of the pandemic on revenues of the Centre and states and ways to breach the revenue gap. 4. SBI has approved divesting small stake in SBI Life. SBI will divest 21 mn equity shares or 2.1% stake in SBI Life. The divestment is being done in order to achieve minimum public shareholding of 25 per cent in SBI Life. Let me clarify that this has not been done just with an intention of shoring up capital with the bank. It is more from the point of view of meeting the MPS requirement in SBINSE 1.38 % Life where we are under commitment to offload another 2.1% by the end of September. So that is why we had started the process. So that is something which has a purpose. The purpose is to meet the minimum public shareholding (MPS) requirements and not to shore up the capital, says SBI MD Dinesh Kumar Khara Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
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