Bank of Baroda slips 3% on surprise June quarter loss of Rs 864 crore

Bank of Baroda slips 3% on surprise June quarter loss of Rs 864 crore


Shares of state-owned declined 3 per cent to Rs 47 apiece in the early morning deals on the BSE on Tuesday after the lender reported a surprise net loss of Rs 864 crore for April-June quarter of FY21 due to rise in provisions for standard assets, including those under moratorium and government-guaranteed loans. It had reported a net profit of Rs 710 crore in the corresponding quarter a year ago.


Besides, the lender posted pre-tax loss of Rs 1,308 crore compared to profit before tax (PBT) of Rs 991 crore in Q1FY20.



Analysts at Motilal Oswal Financial had pegged the bank’s pre-tax profit at Rs 717 crore. With a tax expense of Rs 180.7 crore, MOFSL had estimated the net profit at Rs 536.3 crore. Meanwhile, those at Elara Capital saw the profit growing 47 per cent sequentially

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Centre may allow cooperative banks to lend under Emergency Credit Line

Centre may allow cooperative banks to lend under Emergency Credit Line


As the Emergency Credit Line Guarantee Scheme, specially formed for MSMEs, progresses, the government is considering allowing to lend under it too.


Addressing a webinar at the ‘FICCI-SBI Atmanirbhar MSME Virtual Conclave’, Micro, Small and Medium Industries Minister said that the government is discussing the matter with the Reserve Bank of India (RBI).



that are not included as a member lending institutions under the Emergency Credit Line Guarantee Scheme (ECLGS) will be included as lenders for MSMEs, under a scheme being discussed in consultation with the RBI,” a FICCI statement quoted Gadkari as saying.


He also urged the states to release payments due to within 45 days, as “this will help bring liquidity, which will accelerate the economic growth of the country”.


Gadkari emphasised that special focus towards export

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What’s the Qualified Business Income Deduction and Can You Claim It?

What’s the Qualified Business Income Deduction and Can You Claim It?

The Tax Cuts and Jobs Act passed in December of 2017. It drastically cut the corporate tax rate, but it also introduced the Qualified Business Income (QBI) deduction.

The QBI deduction offers a way to lower the effective tax rate on the profits of owners of pass-through entities — trade or business where the income “passes through” to the owner’s individual tax return. These include the sole proprietorship (including independent contractors), partnerships, limited liability companies, and S corporations. Some trusts and estates may also be eligible to take the deduction. Income earned through a C corporation or services provided as an employee are not eligible, however.

The qualified business income (QBI) deduction can prove to be a significant tax reduction for those business owners who qualify. But because it remains a deduction and not a tax rate reduction, its effectiveness depends on an owner’s tax bracket. It represents

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Reserve Bank’s silence on record India bond sales leaves traders baffled

Reserve Bank’s silence on record India bond sales leaves traders baffled


The Reserve Bank of India’s monetary policy review has come and gone but it’s done little to calm traders’ nerves over an unprecedented government bond supply.


Their patience is running thin as the RBI refrained from taking steps to ease the market’s debt burden at a policy review last week, even as the government plans to sell Rs 12 trillion ($160 billion) of this fiscal year.


“The big question for the market is how this massive borrowing is going to be facilitated when are already full to the limit,” said Naveen Singh, head of fixed-income trading at ICICI Securities Primary Dealership Ltd. in Mumbai. “If the RBI doesn’t intervene, we could see yields resetting upwards at every auction,” he said.


The market has so far been able to withstand the heavy government debt supply thanks to the central bank’s 115

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PM Narendra Modi launches Rs 1-trillion fund for agri infrastructure

PM Narendra Modi launches Rs 1-trillion fund for agri infrastructure


infrastructure projects worth almost Rs 1,300 crore, to be executed through 2,282 primary cooperative societies, were launched on Sunday.


This is part of the Modi government’s ambitious programme to extend financing facility of around Rs 1 trillion over the next few years to farmer groups and individuals. The financing will be extended to create viable post-harvest infrastructure in villages and generate jobs.



Launching, the infrastructure fund, Prime Minister said on Sunday that the country does not face problems in farm production but in post-harvest losses. Therefore, efforts are being made to strengthen post-harvest infrastructure facilities and ensure better income for farmers.


Legal hurdles are being removed and major push for agri-reforms are being given to encourage investment in rural India for creating post-harvest linkages, he added.


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71% of Consumers More Likely to Shop at Stores Requiring Face Masks

71% of Consumers More Likely to Shop at Stores Requiring Face Masks

According to research by GatherUp, 71% of customers are more likely to do business in stores that require face masks. The latest research points to a growing health concern among patrons over possibly contracting COVID-19 as businesses open up.

The research analyzed by some 40,000 reviews by shoppers points to the need for businesses to heed customers’ health concerns. Because more than half (54.4%) of shoppers say they are more likely to shop at a business with strict mask policies.



GatherUp Survey on Customer Face Mask Requirements

In contrast, 27% say a strict mask policy would not impact their willingness to shop there. Surprisingly 18% of those shoppers would be less inclined to shop at a business that enforces the wearing of masks. According to GatherUp, the small minority of those who abhor wearing a mask do so for political reasons.

The research also notes a drop

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