News In Numbers: SBI posts record Rs7,718 crore Q4 loss3 min read . Updated: 23 May 2018, 09:13 AM IST
In other news, Reliance Industrial Investments and Holdings will give Rs12.2 crore loan amount to Reliance Jio Infocomm to set up a unit in Estonia
What is it? The net loss posted by State Bank of India (SBI) in the three months ended March 2018, almost double of that reported (Rs3,442 crore) in the same period a year ago.
Why is it important? This is the bank’s highest loss ever and the second-largest quarterly loss reported across lenders (after Punjab National Bank). The losses were mainly due to a surge in bad loans and the provisions made against them (Rs28,096 crore in the March quarter, against Rs18,876 crore in the December quarter). Its net and gross NPA (non-performing assets) ratios rose to 5.73% (from 5.61%) and 10.91% in the March quarter (from 10.35%), respectively.
Tell me more: There have been divergences in terms of bad loans, gross NPAs and provisions between the numbers reported by SBI and those assessed by the Reserve Bank of India, the net impact of which is reflected in its current earnings.
What is it? The number of people killed after the police opened fire against a group of protesters who were demanding the closure of a copper smelting plant belonging to Sterlite in Tuticorin in Tamil Nadu on Tuesday.
Why is it important? Many local residents have been protesting against the plant and its reported expansion for over three months. Things took an ugly turn on Tuesday and the protestors allegedly began vandalising government property, throwing stones at policemen and torching their vehicles, defying Section 144 of the Criminal Procedure Code imposed in the town area. Tamil Nadu chief minister E Palaniswami said the police resorted to firing to protect public life and property.
Tell me more: Residents of the town are said to be angry due to the pollution caused by the plant. The chief minister has ordered a judicial inquiry into the incident and announced a compensation of Rs10 lakh and jobs to the kin of the deceased, and Rs3 lakh for the injured.
What is it? The number of years for which Tata Motors produced Indica. On Tuesday, the company announced it would no longer be manufacturing the Indica.
Why is it important? The Indica was a seminal moment in the Indian passenger car journey. It marked the maiden foray of Tata Motors, which was a leader in trucks and buses then, into cars, a diversification it has since widened and deepened. While its diesel roots made it popular in the taxi segment, consumers didn’t warm up to it in the same way.
Tell me more: Tata Motors manufactured 19,042 units of Indica in 2016-17, but this plummeted to 1,686 units in 2017-18.
What is it? The loan amount that Reliance Industrial Investments and Holdings, an investment holding company and a wholly-owned subsidiary of Reliance Industries, will reportedly give to Reliance Jio Infocomm to set up a unit in Estonia.
Why is it important? This suggests that Reliance Jio, after disrupting the Indian telecom market with its aggressive pricing, has global ambitions. With its Estonian entry, Reliance Jio would get access to the unified European Union telecom market. Estonia is the first country to offer e-Residency, a government-issued digital ID that gives the freedom to start and run a global business while working from anywhere in the world.
Tell me more: Amidst its global ambitions and going beyond mobile services to enter areas such as the Internet of Things, many senior executives have reportedly quit Reliance Jio recently.
What is it? The number of matches played by Faf du Plessis for Chennai Super Kings, out of a potential 15, in the 2018 Indian Premier League.
Why is it important? Despite not being a regular in this year’s team, the experienced South African batsman anchored the Chennai chase in the first match of the playoffs yesterday against Sunrisers Hyderabad. With 43 runs needed of 18 balls, du Plessis cut loose to register the win for Chennai.
Tell me more: This is Chennai’s seventh appearance in the IPL finals, which is three more than the next best (Mumbai Indians). Delhi Daredevils is the only side to have never made the IPL finals.
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