The performance of subsidiaries abroad played a stellar role in India Inc's performance for the second quarter ended September. The consolidated results of companies that take into account the results of both foreign and domestic subsidiaries showed their net sales grew 22.2 per cent, while net profit grew a robust 70.4 per cent.
Stung by the public criticism of teaser rates, SBI Chairman O P Bhatt told RBI officials in a post-monetary policy meeting on Friday that only eligible persons are given these loans and the norms are not diluted while extending such loans.
Deposit rates have increased over 100 basis points (bps) in the last ten days, as banks are getting aggressive to mobilise resources to fund the growing demand for loans in the busy season. In the last ten days, at least five government banks have increased deposit rates and more are expected to follow suit.
Reserve Bank of India has stepped up checks on the use of funds borrowed from its liquidity window. The Central bank is keen to see that such funds are not diverted for lending purposes. Net borrowing by banks rose to a record Rs 1,48,490 crore (Rs 1484.90 billion) on Tuesday.
The plan of action ranges from drawdown of loans to seeking additional guarantees, to even recalling some of the loans, if the situation so warrants.
Banks are starting to fall in line with the Reserve Bank of India's position on so-called teaser home loans. Even as the country's largest lender State Bank of India stood its ground, several other banks have said they could go slow on teaser loans -- home loans bearing an introductory lower interest rate for a stipulated period of time.
Order inflows during the quarter-ended September declined 31.5 per cent compared to the level a year ago. Companies are still not committing fresh capital expansion.
Stung by the controversy over the sudden sacking of the Managing Director at India's largest microfinance institution, SKS Microfinance, lenders have decided to raise corporate governance issues at board meetings of other MFIs.
Mapping of spreads means effective rates in the base rate system are lower.
In an effort to grab a share of the hefty Diwali bonus to employees in government and corporate sector, country's largest lender State Bank of India may raise the interest rate on term deposit rates in next few days.
Customers can meet in the Sapphire conference room, put away their valuables in the Topaz locker room and freshen up in the Opal dressing room.
Piramal Healthcare acquired 4.36 million shares from the open markets through its two promoter companies, PHL Holding Pvt Ltd and Swastik Safe Deposit & Investment.
The rupee's appreciation of 6.4 per cent against the dollar and 12 per cent against the euro is likely to hurt the first-quarter performance of the pharmaceutical sector, indicate a results' preview by broking houses.
Capex plans for the next six months imply a 20 per cent increase in calendar 2010.
A senior bank official said the preliminary report would come in three months.
The payout rise was higher than that in net profit, which was 21.5 per cent. As a proportion of net profit, the payout was 25.15 per cent, compared to 24.1 per cent in March 2009 and 21.8 per cent in March 2008.
In 2001-02, demand recession had clipped the sales growth rate of corporate India to 2.6 per cent from the double-digit one of the earlier years.
The firm is looking to raise as much as Rs 1,000 crore through short-term commercial paper.
The scaling down of the branch expansion plan is part of SBI's overall game plan to check costs.
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