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Markets: The worst could be behind or…
The government and the Reserve Bank of India (RBI) may have to step in to avoid an unprecedented event in Indian banking. Close to Rs 1,000 crore of Union Bank of India’s exposure on account of letters of undertakings (LoUs) issued by Punjab National Bank is due in the next few days.
If the state-owned PNB does not pay back the amount by March 31, Union Bank (another government owned lender) will have to treat PNB as a defaulter in its books, provide for the loan, and even classify the amount as non-performing asset (NPA) if auditors insist.
“It would be a peculiar situation because for the first time a bank would be technically described as defaulter,” a senior banker told ET. In the event of fraud, banks are required to make full and immediate provisioning against outstanding as well as categorise the loan as NPA.
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Linkfest: 26 March, 2018
Some stuff I am reading today morning:
A letter that is spooking ICICI Bank shareholders (Arvind Gupta)
Trade wars will lead to economic crisis (Robert Shiller)
IPO Review: Lemon Tree Hotels (Quint)
Stock Talk: Advanced Enzymes (Dhruva Pandey)
Hiranandanis to invest 3500 Cr in oil & gas sector (Mint)
Mutual Fund advisers are leeches (Mystic Wealth)
How Chinese trade secret theft nearly killed my company (CNN)
The last days of Whitney Tilson’s Kase Capital (IIAlpha)
What could you build with just $10,000? (Hacker Noon)
The Market Generals are dead (Zero Hedge)
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Top Clicks on Alpha Ideas This Week
Here are the most clicked items on Alpha Ideas this week:
Indian Hotel Industry at Inflection Point (AI)
Karda Constructions: Your money can hurt us (AI)
Which stocks to invest when Nifty breaks 10,000 (MC)
23,000 dollar millionaires have fled India since 2014 (ET)
ICICI Securities: Nailing the Cyclical High (AI)
Lemon Tree Hotels: Employees check out faster (AI)
Taylormade Renewables: Mind boggling assets (AI)
The Mystery that can shake the markets (AI)
When Mutual Fund CEOs get over-smart (Mint)
Stock Talk: Sintex Plastics (Dolly)
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Weekend Mega Linkfest: 23 March, 2018
Some off beat reads for the weekend:
How organised crime took over Russia (Guardian)
The Great British Tea Heist (Smithsonian)
Why the Rohingya can’t return (HP)
The Kurds keep remaking the Middle East (Atlantic)
Trump rolls the dice on China trade (ATimes)
The road out of Gwadar (Dawn)
Cutting ‘old heads’ at IBM (Pro Publica)
A moral reckoning in Silicon Valley (New Yorker)
The farmer’s long march to Mumbai (Rural India)
Road Trip: Prague & Germany (Team BHP)
Spoof: Saudi Prince & Jared Kushner (The Onion)
A Marathi Food movie with a caste problem (Arre)
Average intelligence on Earth has come down by 10 points (J Mathrubootham)
Stephen Hawking Diary (Outlook)
See if you can pass the FBI Special Agent test (Brightside)