Bad loans come in a pack of 50

Rs 113 crore

What is it? The funding online marketplace Snapdeal received from existing investors, Nexus Venture Partners and its two founders, Kunal Bahl and Rohit Bansal.

Why is it important? The beleaguered homegrown ecommerce company (parent: Jasper Infotech) is on the block and this funding round is being seen as an emergency measure. But the sale spearheaded by its largest investor, SoftBank Group to rival Flipkart is still on track, according to reports. Flipkart had made an informal offer of $1 billion.

Tell me more: In 13 rounds of funding, it has reportedly received more than $1.78 billion, with two rounds of undisclosed funds.

 

160

What is it? The number of applications for the appointment of GST Suvidha Providers (GSP).

Why is it important? GSPs will enable taxpayers as they migrate to the GST IT network ahead of its rollout on July 1. Thirty-four firms had been selected in December, 2016 by the GST Network, tasked with building the technological backbone for the new tax regime. These GSPs will enable registrations, upload  bills, and file e-return for taxpayers.

Tell me more: In the first round of GSP selection, TCS, EY, Deloitte Touche and Tally Solutions were among the applicants who made the cut. The GST Network will also take care of cyber threats besides user-interface.

 

8-9 lakh

What is it? The estimated number of chemists on strike on Tuesday to protest a host of measures by the government.

Why is it important? The day-long protest attempts to bring in focus the medical retailers’ concerns about threat from e-pharmacies, the government’s proposed e-portal to monitor and regulate stock-movements and sale, and drug retail margin fixed at 16%, which is considered being inadequate. The retailers contend the margins will be further threatened by discounts by online pharmacies.

Tell me more: A government intervention on Monday evening was rejected by the All India Organisation of Chemists and Druggists.

 

Rs 4-5 lakh crore

What is it? The value of bad loans from top 50 stressed accounts.

Why is it important? This is about 80% of total bad loans in India’s state run banks – estimated to be Rs 6 lakh crore as of 31 December 2016. The number also lends credence to Finance Minister Arun Jaitley’s assertion that bad loans problem in India is mostly confined to  30-50 accounts, and hence, can be resolved.

Tell me more: Saddled with bad loans, state owned banks have been struggling to maintain profitability and loan growth. The big borrowers, per the list, include Videocon Industries, Jindal Group, Punj Lloyd, Jaypee Group and Bhushan Steel.

 

$68 million

What is it? The amount British Airways will have to pay as compensation to customers after it cancelled 800 flights at Gatwick and Heathrow airports on Saturday and Sunday.

Why is it important? Over 75,000 passengers were stranded because of the cancelled flights. The operations came to a standstill after a power outage left IT systems unusable because of unsynchronised data, according to one explanation.

Tell me more: Some blamed BA’s cost cutting and outsourcing to India as a reason for the chaos. Chief Executive Alex Cruz denied the allegations.

Read More

News in numbers, Oct 15, 2015: Pharmacy stores’ protest, wholesale inflation of pulses…

~ 800,000

What is it? The estimated number of Pharmacy stores that closed their operations for a day protesting against online sale of drugs.

Why is it important? The All India Organization of Chemists and Druggists (AIOCD),which represents the offline pharmacy stores, claims their business is affected 50% since online sales of drugs. Snapdeal.com, Zigy and 1mg are among the several startups backed by investors like Intel Capital, Omidyar Network, and Sequoia Capital that sell drugs online.

Tell me more: The protests by AIOCD is a broad reflection of conflict between brick and mortar retailers and online portals. Last week, a traders body complained to the Commerce Ministry that online retailers like Flipkart, Snapdeal, and Amazon India are violating India’s foreign investment rules.

 

7%

What is it? Price cut on soaps and detergents sold by Hindustan Unilever Ltd (HUL), India’s largest fast moving consumer goods firm, to boost sales in three months ended September 2015.

Why is it important? HUL’s sales is a proxy of consumer demand, especially in rural market because of its extensive network. Price deflation because of poor rural demand and lower commodity prices is a validation of the Reserve Bank of India’s outlook that inflation has moderated.

Tell me more: Soaps and detergents account for nearly half of HUL’s revenue of Rs 30,791 crore. This is a better reflector of rural demand compared to personal products or beverages.

 

Rs 249 crore

What is it? The amount Corporate India donated to Swachh Bharat Kosh, a fund created to get contributions from individuals and companies, towards government’s pet project, ‘Swachh Bharat’ (Clean India).

Why is it important? Swachh Bharat had set an ambitious target of building 25 lakh individual toilets in urban areas, and achieve 100% collection of solid waste in 1,000 cities and towns in current fiscal. In the first year, this report says, only 25% of targets were met in urban areas.

Tell me more: Larsen & Toubro, a conglomerate with interests in engineering, construction and financial services, donated the maximum with Rs 60 crore.

 

38.56%

What is it? Wholesale inflation of pulses in September this year, as consecutive deficit monsoon rain has hit domestic production.

Why is it important? Pulses is a major source of protein for Indians. India consumes 22 million tonnes of pulses annually, and domestic output is not enough to meet the demand. A further fall in production will mean increased prices.

Tell me more: A fall in domestic production of pulses is a boon for Canadian farmers, who are getting 50% more prices for their red lentils and yellow peas.

 

8 years

What is it? The duration for which Nissan will be the global partner to cricket’s governing body. The Japanese car manufacturer will sponsor all multilateral events of the International Cricket Council, including the 2019 World Cup. The deal size was not announced.

Why is it important? While it has sponsored other sporting events, this is the first time Nissan, which is owned by French company Renault, is padding up for cricket. It’s part of its international push, especially India, where it started selling in 2010 and has managed a market share of 2% so far. It is now targeting 5% by 2020.

Tell me more: The previous global partner of ICC was South Korea’s Hyundai, one of the three global car manufacturers whose India ride has not been bumpy.

 

Read More