ET: Banks seek RBI nod to recast Rs 3 lakh crore loans minus downgrade

3 June 2020: Indian lenders have asked the central bank to allow them to restructure loans worth about Rs 3 lakh crore given to hospitality, aviation and commercial property companies without downgrading these assets on their books. These sectors are among the worst-hit by the Covid-19 pandemic and subsequent lockdown.

At the end of April, banks had an exposure of Rs 2.3 lakh crore to commercial realty, Rs 45,862 crore to hospitality businesses, and over Rs 30,000 crore to aviation firms. Banks have told the Reserve Bank of India (RBI) that without the restructuring relief, nonperforming assets (NPA) on their balance sheets will surge.

A similar request was made by the heads of state-run lenders during their meeting with the finance minister two weeks ago.

“We are in talks with RBI to extend help to worst-hit sectors. We see huge slippages in aviation, hospitality and commercial realty if restructuring benefits are not extended to past loans,” said a banker aware of the talks between banks and RBI.

Indian carriers are currently facing their worst crisis in history and have been in a no-revenue situation for two months due to the lockdown. With only a limited resumption of domestic operations late last month, bankers believe that airlines will not be able to service debt, leading to high slippages.

Rating agency ICRA has estimated that the aviation industry will need funding of nearly Rs 35,000 crore in the next three years.

In the hospitality industry, several hotels might shut permanently. The commercial real estate sector is also facing demand destruction, with experts projecting a 25 per cent fall in space rentals or purchases.

Rating agency Crisil has predicted India’s growth will contract 5 per cent in fiscal 2021 because of the pandemic and lockdown with a contraction of 25 per cent in the first quarter. According to Crisil, NPAs are set to swell to nearly 11.5 per cent of the total credit in the banking system from 9 per cent now. The rise in bad loans could bring with it capital requirements of $25-50 billion over two years for lenders, a large part of which is expected to fund provisions, as per a Fitch Ratings estimate.

Source: Economic Times

CNBC-TV18: Bids invited from 4 little known suitors shortlisted for Jet Airways

3 June 2020: Only four out of twelve suitors that came forward to submit an Expression of Interest to acquire grounded airline Jet Airways have made the eligibility cut, as per people in the know.

CNBC-TV18 had earlier reported that Jet Airways received twelve Expressions of Interest (EOIs) in the latest round of bidding. However, most of them did not meet the eligibility criteria set out by the committee of creditors, said people in the know.

Four players have now been shortlisted to submit bids for the airline, and have been asked to submit binding bids by July 11, CNBC-TV18 has learned. These include UK-based Kalrock Capital Partners along with an individual by the name of Murari Lal Jalan who is a resident of Dubai, people familiar with the matter told CNBC-TV18.

The second shortlisted player is another consortium comprising of Abu Dhabi based Imperial Capital Investments LLC (ICIL), Haryana-based Flight Simulation Technique Centre Pvt Ltd (FSTCPL) and Mumbai-based Big Charter Pvt Ltd (BCPL).

The third shortlisted player is a Canadian entrepreneur by the name of Sivakumar Rasiah, and the fourth player is Kolkatta based Alpha Airways, said sources who did not wish to be quoted.

Little is known about these four suitors that now remain in the fray for the airline. Banks CNBC_TV18 spoke to are not very confident of these EOIs getting converted into real bids, and say liquidation is a very real possibility.

This is the fourth round of bidding for Jet Airways, which was grounded over a year back and subsequently referred to the National Company Law Tribunal in June 2019 by its lenders.

The eight who did not make the eligibility cut included individuals Brijesh Singhla, Gladson Sabu Varghese, Jason Unsworth, Pramod Srivastav, Claude Bothello, as per sources. A consortium of Jet Airways employees also submitted an EOI, as did UK-based AdiGro Aviation and Turbo Aviation, said people in the know. Synergy Group was disqualified under Section 29A of the Insolvency and Bankruptcy Code, CNBC-TV18 has learned.

“The revised timeline for completion of the CIRP of Jet is now August 21, 2020, subject to any further extension of the lockdown by the state government of Maharashtra or the Central Government, as the case may be,” Ashish Chhawchharia, the Resolution Professional for Jet Airways said in an exchange notification earlier this month.

The airline has received claims of over Rs 37,300 crores under NCLT from various creditors. Of these, the resolution professional has admitted claims of over Rs 15,900 crores. This also includes claims of over Rs 8,000 crores from a clutch of banks led by State Bank of India, Yes Bank, Punjab National Bank and others.

Source: CNBC-TV18

LM: Future group likely to sell in-house brands in bid to repay lenders

2 June 2020: Kishore Biyani’s Future group plans to sell some of its in-house brands as the retail-focused group faces pressure from lenders to reduce debt, two people aware of the development said.

Some of the prominent in-house brands of the cash-strapped group include Cover Story under its apparel retail business Future Lifestyle Fashion Ltd and Tasty Treat under its snacks unit Future Consumer Ltd. The group is planning to unlock value in some of these in-house brands, the people cited above said on condition of anonymity.

“A lot of their in-house brands generate strong revenues and have great brand recall. So these are assets that the group thinks can be leveraged to help it reduce debt of group companies,” one of the two people cited above said, adding that the group is in the process of hiring investment banks to manage the sale of these brands.

In a recent report, credit rating agency Care Ratings also said Future Lifestyle Fashion is exploring various options to tide over debt issues, including selling some of its brands.

“Future Lifestyle has availed moratorium on payments as allowed by RBI, sought additional working capital limits, undertaken initiatives to rationalize costs, including but not limiting to closure of non-profitable stores, migrate from fixed rental model to a revenue sharing one and plans to divest one of its investee brands to augment its cash flows in the near to medium term,” the rating agency said.

An email sent to a spokesperson at Future group remained unanswered.

The plan to sell some in-house brands is part of a larger effort to resolve the group’s balance sheet stress.

The Future group is also seeking buyers for its stake in an insurance joint venture, and several investors have shown interest in the group’s flagship Future Retail, which houses the BigBazaar chain of stores.

Recently, Future Retail said it will raise as much as ₹650 crore by selling non-convertible debentures to replace high-cost debt. The group’s stake in its supply chain business has also been put on the block as part of these efforts.

Biyani’s debt-related woes surfaced in March when shares of his listed firms crashed, triggering a rating downgrade of the promoter holding company and invocation of pledged shares by lenders.

On 4 May, Icra downgraded Future Corporate Resources, a promoter group entity, to D, after it defaulted on coupon payments. “The firms informed it has sought a moratorium on payments from investors; however, the same has not been approved,” Icra said. “Despite monetisation of investments, total group debt has increased as on 31 December 2019…total debt at the group’s listed firms rose to ₹12,778 crore as on 30 September 2019 from ₹10,951 crore as on 31 March 2019.”

Source: LiveMint

LM: Moody’s downgrades SBI, HDFC Bank amid bleak outlook for Indian banks

2 June 2020: A day after downgrading the country’s sovereign rating to the lowest level, US-headquartered research and rating agency Moody’s Investor Service, on Tuesday, downgraded both the country’s largest private sector lender HDFC Bank Ltd and the state-owned State Bank of India, citing economic disruption caused by covid-19 outbreak, asset price declines creating severe credit shock across sectors and weakening borrowers’ credit profiles.

Seven other domestic banks saw either their rating or their outlook being negatively revised by Moody’s on Tuesday.

The rating agency announced a rating action on 11 banks. Apart from SBI and HDFC Bank, the nine other banks whose ratings faced an action by Moody’s include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Export-Import Bank of India (EXIM India), Indian Overseas Bank, IndusInd Bank Ltd., Punjab National Bank and Union Bank of India.

“The rapid and widening spread of the coronavirus outbreak, volatile oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The Indian banking sector has been affected given the disruptions to India’s economic activity from the coronavirus outbreak, which is weakening borrowers’ credit profiles,” said Moody’s.

On Monday, India’s sovereign credit rating was cut by a notch to the lowest investment grade with negative outlook by Moody’s Investors Service, which cited growing risks that Asia’s third-largest economy will face a prolonged period of slower growth amid rising debt and persistent stress in parts of the financial system.

The country’s credit rating was downgraded to Baa3 from Baa2, according to a statement.

On Tuesday, Moody’s said disruptions from the coronavirus outbreak will worsen the economic slowdown in India that has been underway in the past year and will accelerate a deterioration in the banks’ asset quality and profitability.

The rating agency stated that the stimulus measures announced by the Indian government and the RBI will only help mitigate some of the credit pressures.

“The longer and broader the economic slowdown, the more these banks will face asset quality and profitability issues. At the same time, heightened liquidity stress at non-bank financial institutions will pose a risk to the stability of the broad financial system, given banks’ large direct exposures to these entities,” said Moody’s, adding that it expects the standalone credit profiles of most state-run banks to deteriorate.

Also, in the absence of external capital support from the Indian government, Moody’s expects the capitalization of the PSBs to deteriorate.

In Moody’s opinion, the state-run banks’ asset quality and profitability will also deteriorate due to rising loan delinquencies and defaults due to the coronavirus outbreak, which will result in an increase in credit costs.

However, most private sector banks have better loss absorbing capacity than their state-run peers because of stronger capitalization and loan loss reserves.

Moody’s has downgraded the long-term local and foreign currency deposit ratings of HDFC Bank and SBI to Baa3 from Baa2. EXIM’s long-term issuer rating has been downgraded to Baa3 from Baa2.

Moody’s maintains the rating outlooks of the three banks as negative.

Moody’s said the downgrades of HDFC Bank and SBI echo the sovereign rating of India since the rating agency assumes that the two banks will receive government support in times of need.

HDFC Bank reported total assets of Rs.15.3 trillion at 31 March 2020, while State Bank of India had total assets of Rs. 37.5 trillion at 31 December 2019.

“HDFC Bank and SBI’s ratings are unlikely to be upgraded in the next 12-18 months. Nevertheless, the rating outlook could be changed to stable if India’s rating outlook is stabilized,” said Moody’s.

Alongside, Moody’s has placed the “Baa3″ long-term local and foreign currency deposit ratings of Bank of Baroda, BOI, Canara Bank and UBI and their baseline credit assessment rating of “Ba3″ under a review for downgrade.

The review for downgrade reflects Moody’s expectation that the forward-looking improvements to these three bank’s credit profiles will be more difficult in the current environment, said the rating agency.

Bank of Baroda, headquartered in Mumbai, reported total assets of Rs.10.9 trillion at 31 December 2019. Bank of India had total assets of Rs.6.3 trillion, Canara Bank had assets of Rs.7.2 trillion and Central Bank of India reported total assets of Rs.3.5 trillion at 31 December 2019. Mumbai-headquartered Union Bank of India had assets of Rs.5.3 trillion at 31 December 2019.

Private lender IndusInd Bank’s long-term local and foreign currency deposit ratings too have been downgraded to “Ba1″ from Baa3 and its baseline credit assessment rating to ba2 from ba1.

Moody’s has also put its rating outlook as negative for IndusInd Bank.

The bank’s downgrade incorporates the risks to bank’s asset quality and profitability, said Moody’s.

The rating outlook of Punjab National Bank too has been downwardly revised to stable from positive by Moody’s, while the state-run lender’s long-term local and foreign currency deposit ratings at Ba1 has been affirmed.

Only in the case of Central Bank of India and Indian Overseas Bank, the rating agency has affirmed their long-term local and foreign currency deposit ratings at Ba2, while maintaining their rating outlook as stable.

In the case of CBI and IOB, Moody’s expects the asset quality and profitability pressures due to the coronavirus outbreak will be largely mitigated by the improvements in the banks’ credit profile over the past year.

The rating agency has downgraded the counterparty risk rating and counterparty risk assessment of HDFC Bank, PNB, CBI and IOB.

Source: LiveMint

ET: No IBC and Covid NPAs coming, PSBs may sell Rs 20k-cr bad loans

2 June 2020: An estimated Rs 20,000 crore worth of bad loans from state-run banks are up for sale to asset reconstruction companies as banks prepare for a fire sale due to suspension of the bankruptcy law which has blurred the recovery horizon, said bankers familiar with the development. Many banks are looking to sell large exposures to Reliance Communications, Reliance Naval, Videocon Industries, and Amtek Auto that have been a drag for more than two years, they said asking not to be identified.

Banks are looking to sell these loans to avoid higher provisioning requirements on NCLT accounts as resolution dates get longer due to the government’s decision to suspend the bankruptcy law. These banks are yet to come out with a formal list of loans on sale as back channel talks with asset reconstruction companies are ongoing.

“We are talking to ARCs regarding some of our large exposures, depending on the feedback and interest for these loans we will prepare a final list of bad loans on sale,” said a PSU banker. Finance minister Nirmala Sitharaman last month suspended the application of bankruptcy law for any defaults associated with Covid-19 inflicted pain. The Reserve Bank of India has provided a six-month repayment moratorium, in two stages, that is available till August 31.

Another CEO said that with Covid set to increase their NPA burden, they were looking at selling past bad loans to avoid higher provisioning. “We have made adequate provisions for these loans, depending on the response from ARCs we hope we can take write-back provisions in the upcoming quarters,” he said. In the past too, several banks have sold defaulter loans such as Essar Steel and Bhushan Power and Steel due to delays in bankruptcy proceedings. Axis BankNSE -1.18 % too put up loans worth Rs 435 crore on the block, a big chunk of which was to small and medium enterprises.

Indian banks have been saddled with bad loans of over Rs 9 lakh crore, nearly 9.5% of the banking system loans. This is estimated to rise to 11.5% due to shutdown of businesses. The Covid-19 pandemic has also worsened the backlog of cases at bankruptcy tribunals across the country. At the end of March, the National Company Law Tribunal had admitted 3,774 companies to be tried under the bankruptcy law. Of them, 738 cases had exceeded the 270-day resolution timeline while another 494 cases were being heard for more than 180 days.

Source: The Economic Times

LM: Lenders weigh changes in ICA for speedy resolution

1 June 2020: Consortium lenders are planning to accord greater rights to the lead lender by amending their inter-creditor agreements (ICA), two people aware of the matter said, aimed to speed up decision-making in debt resolution as they brace for a surge in bad loans.

Under ICA, lenders jointly appoint a lead bank which functions on behalf of the entire group, and crafts a resolution plan to be approved by two-thirds of the members. According to the persons cited above, who spoke on condition of anonymity, the Indian Banks’ Association (IBA) is discussing the changes, which will take effect once approved by its members.

“Instead of the earlier norm of getting majority lenders to approve all decisions, some will be left to the lead lender. We are trying to make the minimum voting requirement dynamic, depending on the requirement,” said the first of the two bankers quoted above.

For instance, when new lenders want to join an existing ICA, existing ones have to approve it, a lengthy process. The new ICA will allow the lead lender to unilaterally approve it. This essentially means that State Bank of India (SBI), the lead lender in most lending consortia, will be able to sidestep other dissenting lenders in some matters, quickening decision-making.

“If major lenders take a decision, then the smaller lenders should not be holding it back. There are cases where just because one lender has not given a no objection certificate (NOC), the entire process has stalled and that is what we want to change in the new ICA,” said the second banker cited above.

The second banker said that in large consortia with more than 20 lenders, it becomes difficult to get everyone on board. “We are fixing the voting as per the nature of the requirement. Suppose it is a simple NOC, the lead lender can be empowered to approve it without putting it to vote. Then, there will be certain requirements where we would need approval of 60% lenders by number and 75% by value,” the second banker said.

However, in cases where there is a resolution to change the existing management of a company, it would require approval of all lenders as it affects everyone.

“A lot of sectors may require restructuring and additional loans, but if the time taken in these decisions is too long, then it will simply kill the asset. Otherwise, it takes a lot of time to get a go-ahead from every lender,” said the second banker quoted above.

Source: Livemint

TOI: Moody’s downgrades India’s rating to ‘Baa3

1 June 2020: Moody’s Investors Service on Monday downgraded India’s sovereign rating to ‘Baa3’ from ‘Baa2’, saying there will be challenges in implementation of policies to mitigate risks of a sustained period of low growth and deteriorating fiscal position.

“Moody’s has today downgraded the government of India’s foreign currency and local-currency long-term issuer ratings to Baa3 from Baa2. It has also downgraded India’s local-currency senior unsecured rating to Baa3 from Baa2, and its short-term local-currency rating to P-3 from P-2. The outlook remains negative,” the agency said in a statement.

The negative outlook reflects dominant, mutually-reinforcing, downside risks from deeper stresses in the economy and financial system that could lead to a more severe and prolonged erosion in fiscal strength than Moody’s currently projects, it added.

“The decision to downgrade India’s ratings reflects Moody’s view that the country’s policy-making institutions will be challenged in enacting and implementing policies which effectively mitigate the risks of a sustained period of relatively low growth, significant further deterioration in the general government fiscal position and stress in the financial sector,” the statement said.

 ‘Baa3’ is the lowest investment grade – just a notch above junk status.

Moody’s had in November 2017, after a gap of 13 years, upgraded India’s sovereign credit rating by a notch to Baa2 from Baa3.

Source: The Times of India

BQ:Lenders Put Up Reliance Naval For Sale Under Insolvency Process

1 June 2020: Lenders of Reliance Naval and Engineering Ltd., part of Anil Ambani’s Reliance Group, have sought expressions of interest from buyers for the sale of the private shipbuilder under the Insolvency and Bankruptcy Code.

The company is currently facing insolvency proceedings at the Ahmedabad bench of the National Company Law Tribunal.

The last date for submission of EoIs is June 27, while final list of prospective resolution applicants will be issued on July 17, according to an offer notice issued by the firm’s resolution professional.

Companies with a minimum net worth of Rs 600 crore and a consolidated group turnover of at least Rs 2,000 crore can bid for the company. The eligibility for financial institutions and private equity investors is Rs 1,000 crore of minimum assets under management.

The last date for submission of resolution plan for Reliance Naval is Aug. 6. The plan is expected to be submitted to NCLT Ahmedabad for approval on Sept. 5, the offer document said.

The company is being sold to recover outstanding loans of Rs 43,587 crore. Of this, the resolution professional has admitted Rs 10,878 crore of dues of financial creditors and another Rs 32,693 crore is under verification.

Operational creditors have claimed another Rs 1,922 crore from Reliance Naval, of which only Rs 485 crore has so far been admitted by the resolution professional, the offer document stated.

Severe Headwinds

Despite having a state-of-the-art facility at Pipavav, Gujarat, Reliance Naval was facing severe headwinds since 2013 due to a lack of orders from the defence ministry. The shipyard has been in a lot of stress leading to a significant reduction in operations as compared to its capacity.

According to an analyst, Reliance Naval’s bankruptcy process will have no impact on its promoter company Reliance Infrastructure Ltd. In its audited accounts for March 2019, the company had provided for its investment in Reliance Naval.

When contacted, a Reliance Naval spokesperson declined to comment.

As per an industry expert, finding a buyer for Reliance Naval will be tough as in the past, two private shipbuilders had failed to attract any buyer under the bankruptcy process.

In the absence of any buyer, ABG shipyard with a total debt of Rs 20,000 crore and Bharti Shipyard with its Rs 13,000 crore debt had to go for liquidation.

This low interest in private shipbuilders is due to lack of orders from the government, the expert said. Lack of orders also forced Larsen & Toubro Ltd. to merge L&T Shipbuilding, including Kattupalli Shipyard, with itself last year.

Source: BloombergQuint

ICRA: Mantra Buildcrafts LLP: Moved to Non Cooperating category, Rating downgraded based on best available information

1 June 2020: The rating assigned to the Mantra Group entities remained constrained in the past due to high external debt, moderate cash flow cover and sizeable reliance on new sales. The rating downgrade factors in ICRA’s expectation of moderation in the credit risk profile of the Mantra Group due to Covid-19.

The impact of the outbreak of Covid-19 pandemic, with the ongoing pan India lockdown, contagion fears, and economic uncertainties, are likely to affect the operations, bookings and cash flows of real estate developers.

Demand is expected to witness moderation and committed receivables from
already booked sales are also expected to get impacted, given that mile-stone based payments may get deferred and some buyers may delay payments on account of economic/income uncertainties. Consequently, cash flows for Mantra Group are expected to witness a sharp reduction in FY2021.

Further, based on the best available information, considering the modest liquidity position, the group may remain more susceptible to the possible cashflow mismatches that might arise during the year due to disruption in operations, leading to increased dependence on refinancing.

As per the last available information and ICRA estimates, the Group has around Rs. 20 crore of interest expenses and Rs. 35 crore principal repayment obligations during FY2021, to be serviced post the RBI forbearance period, from September 2020 onwards.

The rating is based on limited information on the Group’s performance since the time it was last rated in July 2019. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement with Mantra Buildcrafts LLP, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity’s management has remained non-cooperative.

In the absence of requisite information and in line with SEBI’s Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01 2016, ICRA’s Rating Committee has taken a rating view based on
the best available information.

About the company:

The Mantra Group is promoted by the family of Late Mr. Puranchand Kishorilal Gupta. The Group entered into the realestate business in 2006 and over the last decade has completed development of around 1.9 mn sqft of area. It has around 4.7 mn sqft of area under development at present. The Group is now developing 11 residential real-estate projects in Pune, with each project being developed through a separate SPV.

Mantra Buildcrafts LLP (MBL), incorporated in 2013, is the SPV executing the ‘Mantra 7 Hills’ project at Kirkatwadi, Pune. Phase-I of the project has a total saleable area of 0.26 mn sqft, out of which 81% share belongs to MBL as a developer. The project was launched in July 2016.

Source: ICRA

BS: Covid-19 related provisioning knocks off 45% of top private banks’ profits

31 May 2020: A look at Q4FY20 numbers of top private-sector banks such as HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and IndusInd Bank, shows that Covid-19 related provisioning has dented their profits.

On a cumulative basis, Covid-19-related provisioning at Rs 8,678 crore has shaved off 45 per cent of their pre-tax profit. In other words, had these banks not made the provisions, their combined reported pre-tax profit of Rs 10,792 crore would have stood at Rs 19,740 crore.

Due to a likely deterioration in borrowers’ credit profile, banks were mandated to make provisions in Q4. The Reserve Bank of India (RBI) had earlier announced a 3-month moratorium for repayments due between March to May (now extended to August) and had asked banks to provide at least 10 per cent for such accounts, which were overdue as of March 1, 2020 and have availed moratorium.

Many of these banks have made a higher provisioning based on their own assessment of the impact due to the moratorium following the Covid-19 outbreak and subsequent lockdown. According to data, Axis Bank and ICICI Bank consumed 37-59 per cent of their operating profit for Covid-19 provisioning, while the figure is 24 per cent in case of Kotak Mahindra Bank and 10-12 per cent for IndusInd Bank and HDFC Bank. As a proportion of advances, the Covid-19 provisioning of these lenders stood at 14-61 basis points in Q4.

“Banks have taken prudent step by making provisioning towards Covid-19, which had sharp impact on their bottom-line,” said Anil Gupta, head of financial sector ratings at ICRA. He, however, believes that the provisioning pain would remain elevated in the coming quarters and its impact on banks’ earnings could widen. This is due to uncertainty on the stress that could emerge because of the lockdown’s impact on borrowers’ ability to repay loans as well as the moratorium by the regulator. Banks’ loan book under the moratorium is expected to grow in the coming quarters, as borrowers may choose to conserve liquidity (cash) amid rising uncertainties.

Prakash Aggarwal, head-financial sector ratings, at India Ratings, shares a similar view. According to him, “While the proactive provisioning by banks is in the right direction, more will be needed given the way the pandemic is moving and the extension of the moratorium.”

Analysts at Edelweiss estimate that banks like Axis Bank, Kotak Mahindra Bank and ICICI Bank have 25-30 per cent of their loan book under the moratorium.

In the present situation, when income levels of individuals are getting impacted, either through salary cuts, or job losses, and a rating downgrade of key industries/companies is likely, concerns on asset quality are justifiable.

Credit Suisse also recently increased its credit cost estimates by 20-60 per cent for banks, due to lockdown and moratorium extension.

The silver lining, however, is that private banks have higher and relatively better provision coverage ratio, say experts. The foreign brokerage estimates that Indian banks would need to raise $20 billion in the next 12 months, of which $13 billion would be required by public-sector banks.

Against this backdrop, the position of public-sector banks’ moratorium book, provisioning for Covid-19 stress and management commentary would be critical.

Source: Business Standard