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1. RIL pips TCS to become most-valued Indian company
Chief of Reliance Industries
The Mukesh Ambani-led Reliance Industries today regained its status as India’s most valued firm by market capitalisation, overtaking Tata Group’s crown jewel TCS.
TCS had replaced RIL as the most valued firm more than four years ago but a sharp rally in the shares of the Mukesh Ambani-led firm in the recent past has helped the company close the gap.
2. One in two public sector banks may require ‘prompt corrective action’: Fitch
Prompt corrective action
More than half the country’s state-owned banks would breach at least one of the four thresholds specified by the Reserve Bank of India under its revised “prompt corrective action” (PCA) framework, mainly owing to high non-performing loans (NPLs), according to Fitch Ratings. “It is possible that intervention could involve forcing banks to conserve capital, if other actions do not address problems. The risk of non-performance on bank capital instruments may therefore have risen,” said Fitch.
3. Mechanism soon to fix banking bad loan issue: Mundra
S S Mundra
RBI Deputy Governor S S Mundra today said a mechanism will be worked out soon in consultation with the government to deal with the problem of mounting bad loans in the banking sector.
Last month, Finance Minister Arun Jaitley had said a resolution was being worked out with the Reserve Bank that would put enough pressure on borrowers to settle dues.
4. IOB may face sanctions from central bank
Chennai-based Indian Overseas Bank (IOB) may face sanctions from Reserve Bank of India (RBI) after the lender breached the risk threshold on asset quality and is on course to violate the one on profitability.
IOB suffered a ₹2,770-crore loss in the first nine months of 2016-17 and it doesn’t have a full-time CEO.
5. Apple plans recycled material for its products
With an aim to help put an end to mining on earth, Apple has said it is planning to use 100 per cent recycled material to manufacture its products.
Citing concern for the planet’s future, the tech titan made this announcement on Wednesday, just ahead of the annual Earth Day celebration in its “2017 Environment Responsibility Report”.
All the electricity that Apple uses to power its data centres and 96 per cent used by its facilities worldwide comes from energy sources like solar, hydro and wind power, the company said.
6. Corporation Bank bags two awards
Corporation Bank has bagged two awards for 2016 instituted by the Chamber of Indian Micro Small and Medium Enterprises. Bank Managing Director and CEO Jai Kumar Garg received the awards in New Delhi on Thursday.
It emerged the winner in Eco-Technology Savvy Bank and Runner-up in Best MSME Bank under mid-sized banks category, said a release from the bank.
The bank has designated 177 branches across the country as “Specialised MSME Branches”.