trade credit for imports


Scrapping of LoUs by RBI will raise cost of credit: CII

Mar 14 2018

Reacting to RBI's decision to scrap the system of issuing LoUs and LoC, industry body CII said it would have a disruptive impact on the buyers credit market.

RBI stops use of LoUs for trade credit for imports

Mar 13 2018

RBI banned banks from issuing LoUs instruments used allegedly Nirav Modi and Mehul Choksi to defraud PNB of Rs nearly 13,000 cr in connivance of bank officials.

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Stocks In News



Acquires Cynosure Inc and Cynosure Interface Solutions for $31mn and Rs13cr respectively

To add platform capabilities in the insurance segment which contributes 15% of total business

The Acquisition is expected to close within the next 3 months


Sells Essar Steel loan to Deutsche Bank

Has sold its $385 mn Foreign currency loan extended to Essar Steel

Bank has taken a 38% haircut

Rs 1600 cr is expected earnings to the bank from the deal

Economic Times Reports


To Sell 50% stake in prime Mumbai office assets to Blackstone for $1.3bn

The co is also in discussions to sell its residential and commercial projects in Chennai

To convene shareholder’s meet on 23rd March in regard to the proposed divestment

Mint Reports


Gets Order Worth Rs 230 Cr From NTPC

To perform the pressure part metallurgy upgradation for 3 660MW super critical steam generators

Will help NTPC commission the 3x 660MW plant started 12years


Declared L1 bidder for EPC Project in UP worth Rs 677cr from NHAI

The completion period for the project is 30 months

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