Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said. Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
However, in the last few sessions, the stock of Mukesh Ambani-controlled Reliance Industries Limited (RIL), hit its 52-week low level of Rs 2269.75, and has been one of the worst performers among the Sensex pack thus far in calendar year 2023 (CY23). Thus far in CY23, RIL has tanked nearly 11 per cent as compared to a fall of around 5 per cent in the S&P BSE Sensex. The fall in the stock, according to Gaurang Shah, senior vice-president at Geojit Financial Services is mostly due to the overall dip in the market sentiment, which in turn has impacted large-caps, including RIL.
SFIO is looking into the role of Grant Thornton LLP which had valued the brand.
'Like doctors, health workers, police, bankers are also COVID warriors,' notes Tamal Bandyopadhyay.
Grasim Industries Ltd said Industrial Development Bank of India withdrew its nominee V Venkateswarlu from the companys board.
Traders believe the RBI will step in more strongly, if the rupee starts falling towards 65
The sharp correction in equity markets has taken a toll on mid-and-small cap stocks that have underperformed their large-cap peers. Thus far in calendar year 2022 (CY22), the mid-and-small cap indexes on the BSE have slipped over 8 per cent and 7 per cent respectively, as compared to a fall of around 6 per cent in the S&P BSE Sensex. While investors dumped mid-and small-cap stocks as the markets remained choppy over the past few weeks, analysts still expect these two segments to see good investor interest from a medium-to-long term perspective.
To provide exporters/importers greater flexibility in risk management, RBI enhanced the limit available to exporters to 50 per cent
RBI's steps will prevent rupee from slipping, even if OMCs meet entire $ demand from market
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
The 12,350 sq mt Villa was once used by Mallya to host lavish parties in his 'good times'.
With huge liquidity in the money market, partly contributed by capital flows, the interest rates are expected to soften in the short term, according to Industrial Development Bank of India chairman V P Shetty.
Corporate ministry documents show that the Siva's firm kept taking loans from public sector banks like State Bank of India, Punjab National Bank which gradually turned to bad loans.
The leave to appeal to the Supreme Court is on a point of law of general public importance, which according to experts is a very high threshold that is not often met.
Mallya, mired in a controversy for leaving India in the middle of a massive loan default probe, on Monday appeared to distance himself from an interview that quoted him as having said that time was not 'right' to return to the country.
Enforcement Directorate is seeking to invoke the India-United Kingdom Mutual Legal Assistance Treaty to extradite Mallya from Britain
The Enforcement Directorate (ED) had also published in leading dailies the court-issued proclamation against Mallya for appearance before the special PMLA court.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Under Section 83 of the CrPC, ED may seek attachment of more of his property.
The rupee will largely remain stable but with a mild depreciating bias in the next one year
Green bonds refer to bonds issued mainly by power companies to finance energy efficient projects
'The correction could take two to three months and traders need to be careful.' 'For investors, this could be a good time to nibble in.'
Buyer actor-producer Sachiin Joshi, who owns Viiking Media, has reportedly bought the villa, spread over 12,350 sq ft or three acre at Candolim.
Rajiv Raj tells you about some easy financing options to deck up your home
Privatisation or consolidation into half a dozen large banks might not rescue public sector banks from the crisis they find themselves in.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
While weather forecasters remain divided on how the monsoons will play out in India over the next few months, analysts believe the news at the current juncture - at best - can trigger a knee-jerk reaction in the markets. They believe it is too early to say whether the sub-par monsoon on account of El Nino can seriously dent the market sentiment in the short-to-medium term. "These are just initial forecasts and we will have another round / status update from the weather forecasters a month down the line.
The government is set to carry out a performance review of companies that have opted for corporate debt restructuring (CDR).
'Today, three areas give banks a big headache -- steel, power, infrastructure.' 'Three Cs are very critical in lending -- character, capacity and collateral of the borrower.'
The assets mentioned in the Sebi order are already in possession of the ED for violation of an anti-money laundering law by Mallya and PMLA overrides all other laws, providing ED first right over the assets.
The S&P BSE Sensex closed 318 points at 24,455 and the Nifty50 shed 99 points to end at 7,438.
You can gift your sister a Women Special Credit Card, which is not only loaded with exciting rewards for women, but they are also your sister's first step towards a better credit management.
Tomorrow's review could also turn out be the last policy anchored by Rajan if the proposed Monetary Policy Committee (MPC) is put in place before the next review due on August 9.
Broader markers outperformed their larger peers.
Government is framing a rule that will make it compulsory for regulators like Sebi, Irdai and PFRDA to deposit a significant portion of their reserves into the Consolidated Fund of India.
Mallya in a tweet distanced himself from an interview that quoted him saying that time was not 'right' to return to the country
The agency is looking at alleged "diversion of funds and financial reporting frauds".
Metal stocks also had a good session, with JSW Steel zooming by 7%, and Tata Steel and Nalco gaining about 3% each.
Existing and new customers will find it easier to manage or raise loans as banks start cutting rates.
Banks have not cut rates yet as March is typically a busy season.
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