Public sector banks could see higher pressure on their net interest margins in the coming months as they have mopped up large amounts of deposits at higher rates and have also effected steep cuts in lending rates between November 2008 and January 2009.
Chevron CEO David O'Reilly told analysts the company has pulled out of some unprofitable refining markets, and will continue to do so. However, he had said that Chevron is continuing talks with its refining joint venture partner RIL that would determine whether it keeps a foothold in Indian refining. Chevron has not yet signed a crude supply and product off-take agreement with RIL to take forward its plans to increase its stake in RPL beyond the existing 5 per cent.
With real estate prices moving southwards, several banks and financial institutions are buying their own properties and shifting from rented and leased premises.
The country's largest life insurer has been inundated with applications from companies, including heavyweights such as Reliance, as the deepening credit crisis forces India Inc to look for new sources of funds. Many companies are issuing NCDs largely to meet their working capital requirements as well as long-term capital expenditure plans.
Standard Chartered CEO-Asia Jaspal Bindra spoke to Anirudh Laskar and Sidhartha about the bank's plans and his assessment of the situation.
Making cash payments at bank counters to settle your credit card dues is getting expensive. Credit card issuers led by ICICI Bank and HDFC Bank have started levying a fee on such payments.
This follows a letter written by eight US Congressmen to that country's Export-Import Bank (Exim Bank) asking it to immediately suspend all financial assistance to RIL until the company agrees to stop selling gasoline to Iran.
Tata Power Company, the largest private sector power player in the country, plans to divest part of its stake in group companies Tata Teleservices and Tata Teleservices (Maharashtra) to raise about Rs 2,000 crore for funding its ongoing projects, said informed sources.
But their plea for fresh measures to boost their liquidity has not found favour with the National Housing Bank, which assessed their fund requirement in the last week of December. Sources at NHB said the measures initiated by the Reserve Bank of India appeared sufficient for the requirements.
Banks led by State Bank of India are set to lower deposit rates by over 50 basis points by the middle of the month, followed by a reduction in lending rates.
While Barclaycard, the card arm of the Barclays group, has informed some of the credit card holders that the cash limit has been reduced to zero 'to help manage the credit situation'. The new entrant to the cards business in India has sent text messages to card holders informing them about the change. A customer care executive said that the limit has been lowered for all card holders.
The Wadia group is looking to renegotiate the price of Groupe Danone's stake in Britannia Industries following the market slump and the credit squeeze in the global markets.
Sterlite's revised offer to acquire Asarco may see fresh rival bids as the valuation of the bankrupt US copper miner fell in line with the commodity prices.
At the start of 2008, Manoj Singh headed Tranzact Consolidated India, among the largest direct sales agents in Mumbai with about 200 employees.
Tata Steel's $5 billion steel project in Vietnam has hit a roadblock, thanks to a delay in land allocation.
Sending money overseas instantly could soon become a reality with the Reserve Bank of India considering proposals to allow non-banking entities like online money transfer portals to undertake wire transfers for outward remittances from India.At the moment the facility is limited to inward remittances, while only banks are permitted to carry out outward remittance orders.
Gone are the days when banks would treat payment delays as part of life. Instead, they are taking measures to minimise chances of any kind of payment default by doing rigorous background checks.
The MD and CEO of ICICI speaks on how life will change and the bank's strategy going forward.
HDFC, the country's largest housing finance company, is planning to raise up to Rs 1,000 crore (Rs 10 billion) through non-convertible debentures with a green-shoe option next week. Sources close to the development said the company would issue NCDs worth Rs 200 crore (Rs 2 billion), while keeping an option to raise another Rs 800 crore (Rs 8 billion) through the green-shoe option.
The Foreign Investment Promotion Board has cleared a proposal by German plastic moulding major Ralf Schneider to set up a wholly-owned subsidiary in India, setting aside objections raised by its former Indian partner Larsen & Toubro under Press Note 1 of the Foreign Direct Investment policy.
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