Businesses
Securitisation volumes in India reach Rs 45,000 crore in Q1 FY25: Report
New Delhi, July 5 (IANS) The overall securitisation volumes stood at Rs 45,000 crore in the first quarter of the current fiscal (FY25), down 20 per cent from the same period last year, largely due to the exit of a large housing finance company (HFC) in 2023, a report showed on Friday.
Excluding the HFC, the securitisation volumes remained largely flat on a year-on-year (YoY) basis, according to the ICRA.
It estimated securitisation volumes to pick up in the subsequent quarters and cross Rs 2 trillion for FY2025.
Securitisation is a process whereby one lender bunches up a loan or a set of loans and passes on the future receivables to another financier against an upfront payment.
“The securitisation market volumes have not seen a major uptick in Q1 as overall disbursement growth in the NBFC sector has moderated, especially in the unsecured lending space, following the cautionary advice of the Reserve Bank of India,” said Abhishek Dafria, SVP and Group Head, Structured Finance Ratings, at ICRA.
However, the securitisation market continues to widen with new originators, even from the banking sector, raising funds through this route in the quarter, which bodes well for the industry’s long-term growth.
“We expect securitisation volumes to pick up in subsequent quarters boosting annual volumes above Rs 2 trillion in FY2025,” Dafria added.
An increase in participation by banks as originators is likely to boost volumes in the coming quarters, said the report.
–IANS
na/rad
Businesses
TV distribution platforms given relief in amended tariff by TRAI
New Delhi, July 8 (IANS) The Telecom Regulatory Authority of India (TRAI) on Monday issued tariff orders and regulations to reduce the regulatory burden on distribution platform operators (DPOs) amid the migration of pay-TV customers to other platforms.
The notified amendments said that ceilings of Rs 130 for 200 channels and Rs 160 on more than 200 channels have been removed on Network Capacity Fee (NCF) and “is kept under forbearance to make it market driven as well as equitable”.
Service provider may now charge different NCF based on number of channels, different regions, different customer classes or any combination thereof.
“DPOs have now been permitted to offer discount up to 45 per cent while forming their bouquets to enable flexibility for them in forming bouquets and to offer attractive deals to the consumers. Earlier this discount was permitted only up to 15 per cent,” said TRAI.
With the proliferation of HD television sets and to encourage transmission of high-definition content, “distinction between HD and SD channels has been removed for the purpose of carriage fee”.
According to TRAI, a pay channel available at no subscription fee on the DTH platform of the public service broadcaster has to be declared free-to-air by the broadcaster of the channel for all the addressable distribution platforms also so as to have a level-playing field.
“DPOs have been mandated to declare tariff of their platform services,” the regulatory body said.
The key objectives of these amendments is to facilitate growth of the broadcasting sector by reducing regulatory mandates and compliance requirements and provide flexibility to the service providers to adopt a market-driven approach while safeguarding the interest of the consumers and small players through transparency, accountability and equitability.
These amendments, except for few clauses, will come into force after 90 days from the date of its publication in the official gazette, said TRAI.
In 2017, TRAI had notified the Regulatory Framework for Broadcasting and Cable services.
The framework was further tuned to the need of the broadcasting ecosystem and to address the concerns of stakeholders through amendments issued in 2020 and 2022.
The stakeholders — broadcasters, MSOs, DTH operators and LCOs — had taken up further issues for the consideration of the Authority from time to time.
To address such issues, the Authority issued a consultation paper in 2023 for seeking stakeholders’ comments.
–IANS
na/
Businesses
Rakesh Ramanlal Shah appointed Honorary Consul of Sri Lanka in Gujarat, receives Commission of Appointment
New Delhi, July 8 (IANS) Rakesh Ramanlal Shah, Chairman & Managing Director of GSEC Ltd, who was appointed as the Honorary Consul for Sri Lanka in Ahmedabad by the Sri Lankan government, received his Commission of Appointment on Monday from High Commissioner Kshenuka Senewiratne.
His consular jurisdiction extends over the state of Gujarat.
The creation of this post aims to bolster Sri Lanka’s ties with Gujarat, focusing on enhancing trade, investment, and tourism opportunities.
Gujarat is renowned for its significant industries in India, including port development, infrastructure, renewable energy, ICT, chemical and petrochemical sectors, agro-food industries, startups, pharmaceuticals, and textiles.
Congratulating the new Honorary Consul on his appointment, High Commissioner Senewiratne highlighted the importance of elevating Sri Lanka’s engagements with the state of Gujarat in all related sectors.
Considering his business credentials, he is best placed to assist the High Commission in pursuing this objective to fruition, she noted.
Honorary Consul Shah pledged his support in working towards this end, by formulating an action-oriented roadmap to chart out the trajectory for this purpose.
They discussed possible immediate areas of cooperation, especially connectivity-focused, to enhance tourism.
The Indo-Sri Lanka Chamber of Commerce and Industry was identified as a framework to facilitate economic linkages with the state.
Honorary Consul Shah was accompanied by a business delegation representing a spectrum of areas, including automobile, aviation, start-ups, luxury tourism, education, infrastructure development and water supply. He is the first to be appointed by the Government of Sri Lanka in that capacity for the state of Gujarat.
–IANS
brt/vd
Businesses
MGL hikes CNG-PNG prices for Mumbai consumers
Mumbai, July 8 (IANS) The Mahanagar Gas Ltd has hiked the prices of CNG by Rs 1.50/kg and domestic PNG by Rs 1/SCM in Mumbai and its surrounding areas with effect from midnight (July 8-9) on Monday, an official said.
Accordingly, the price of CNG will go up from Rs 73.50/kg to Rs 75/kg, and the rate of domestic PNG will increase from Rs 47/SCM to Rs 48/SCM, inclusive of all taxes for Mumbai and surrounding regions.
The latest hike is attributed to meeting the increasing volumes of CNG-PNG demand and owing to a shortfall in domestic gas allocation, the MGL is sourcing additional requirements from the market-priced natural gas.
The fresh revision will hit over a million vehicle owners who use CNG, and around 25 lakh households who get PNG supply to their homes.
Ahead of the Lok Sabha elections on March 6, the price of CNG was slashed by Rs 2.50/kg and on October 2, 2023, the PNG prices were also slashed by Rs 2/SCM.
The MGL claimed that despite the latest increase, its CNG offers a saving of 50 per cent and 17 per cent, compared with petrol and diesel prices respectively, and its rates for both CNG-PNG remain among the lowest in the country.
–IANS
qn/vd
Businesses
Air India takes key step on ops for Vistara merger
New Delhi, July 8 (IANS) Air India said on Monday that it has completed harmonising operating procedures across key functions for the four Tata Group airlines as a crucial step towards the merger.
Vistara, a joint venture between Tata Group (51 per cent) and Singapore Airlines (49 per cent), is being merged into Air India to create a single full-service carrier.
At the same time Air India’s subsidiaries, AIX Connect (formerly Air Asia) and Air India Express, are merging to form a single low-budget airline.
“Over the past 18 months, a team of over 100 members has collaborated to align best practices and adopt common operating procedures. This effort will culminate in the creation of two distinct manuals: one for the full-service carrier Air India and another for the low-cost carrier Air India Express,” said Campbell Wilson, Chief Executive Officer & Managing Director, Air India.
Previously, each of the four airlines had its own separate operating manual.
“This is an important milestone in the merger of the Tata Group airlines and we are grateful for the support received from the Ministry of Civil Aviation in terms of timely clearances for the merger process,” the Air India MD added.
“The live tracker created by the flight standards directorate of DGCA with a dedicated team for continuous monitoring of the progress of the harmonisation process has been instrumental in achieving the challenging task in a time-bound manner,” Campbell further stated.
Air India and its group companies are now initiating the necessary crew training to act on the harmonised processes, which will be another step in the direction of building the new Air India and Air India Express, he added.
–IANS
sps/dan
Businesses
India will achieve greatest medal haul ever: Gautam Adani wishes athletes for Paris Olympics
New Delhi, July 8 (IANS) Gautam Adani, the Chairman of Adani Group, on Monday wished the athletes for the 2024 Paris Olympics, saying that this year India will achieve the “greatest medal haul ever”.
“As we get ready for the 2024 Paris Olympics, I wish the very best to the exceptional athletes who will represent our nation on the world’s grandest sporting stage,” he wrote in a post on X.
“Their relentless riyaaz and unwavering dedication truly embody the new indomitable spirit of India. I am confident that this year, we will achieve our greatest medal haul ever,” he added.
The Adani Group is “honoured to support Team India on this remarkable journey”.
“Together, we shall cheer for our champions and eagerly await the echoes of #DeshKaGeetAtOlympics. Jai Hind,” the Adani Group Chairman said.
India will be sending a contingent of close to 120 athletes to the Olympics, including an Athletics team led by the defending champion in the men’s javelin Neeraj Chopra, a 21-member Shooting team and a 16-member men’s Hockey team.
Last week, members of the Indian contingent met Prime Minister Narendra Modi as the PM interacted with them and guided them with encouraging words as they got ready to leave for France.
–IANS
shs/vd
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