From the Sensex pack, Tata Motors slumped over 7 per cent. Adani Ports, Tata Steel, SBI, Power Grid, JSW Steel and Maruti were the other big laggards. However, Hindustan Unilever and Nestle ended in positive territory.
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
With no rate cuts on the table, the other monetary policy alternative could be to reduce the width of the asymmetric policy corridor or increase in reverse repo rate when the pandemic subsides, they opined.
Private sector lender Yes Bank on Saturday reported a 46.7 per cent growth in net profit to Rs 502 crore for the June 2024 quarter, helped by a reduction in provisions. The city-headquartered bank's core net interest income rose 12.2 per cent to Rs 2,000 crore. Its net interest margin stayed flat at 2.4 per cent.
Congress general secretary in-charge communications Jairam Ramesh said "surprisingly" the prime minister is grounded in New Delhi on Wednesday and not travelling around the country for new "inaugurations", for rebranding, or for claiming credit for past work.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The bank will give 3.25 per cent interest on savings bank deposits with a balance exceeding Rs 100,000. At present, the interest rate is 3.5 per cent.
NBFCs are facing the heat of a crisis at IL&FS, which defaulted on repayment of its commercial paper dues, leading to a contagion effect in the sector.
With the State Bank of India moving the National Company Law Tribunal's Delhi bench to enforce the personal guarantees of Ambani, it will delay the recovery of dues by the Chinese banks which won a UK court order in May this year.
As per the assessment done by the RBI, the gross NPA of the SBI was 11,932 crore more at Rs 1,84,682 as against Rs 1,72,750 reported by the bank. As a result the bank has to make additional provisioning of Rs 12,036 crore in the balance sheet.
M&M was the biggest gainer in the Sensex chart, rising 6.51 per cent, followed by NTPC, PowerGrid, SBI, HDFC Bank, Asian Paints and Wipro. In contrast, Axis Bank, ITC, HUL, Nestle India and Sun Pharma were among the laggards.
From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and the number of equity shares at 2,400 crore having face value of Rs 2 each.
State Bank of India's house economists on Monday said the recent farm sector reforms reek of parochial thinking and promote lazy farming as they only cater to cereal-producing states. In the recently concluded monsoon session, the government rushed through three legislation to change the way agricultural produce is marketed, sold and stored by dismantling the decades-old APMC (Agricultural Produce Market Committee) mandis.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21, from Rs 70,653.23 crore in the same period a year ago.
The NBFCs, which filed for ECB in January with the Reserve of India (RBI), include REC (over $500 million), Tata Motors Finance ($200 million), L&T Finance Holdings ($125 million), and Shriram Finance ($750 million), according to the RBI data. A senior executive with State Bank of India (SBI) said overseas borrowing by Indian companies, including highly rated NBFCs, was likely to grow because hedging costs were low and there was a softening bias in global interest rates.
State-backed Life Insurance Corporation of India (LIC) recorded strong growth in the value of new business (VNB) margin in the third quarter of financial year 2023-24 (Q3FY24) while major listed private life insurers reported a weak performance. VNB refers to the profit that an insurer is likely to garner from new business, which comes from policies sold in a particular period. VNB margin is the profit margin of the insurer.
According to the complaint filed by SBI, the account had become non-performing asset on January 27, 2016.
So far this year, bankers have earned Rs 1,226 crore for handling 45 IPOs, which together mobilised Rs 48,363 crore.
In the Sensex pack, 20 stocks ended in the red while 37 of the Nifty constituents closed the session with losses. NTPC was the biggest loser among the Sensex constituents, ending with a loss of 2.71 per cent.
The country's largest lender State Bank of India (SBI) on Wednesday reported a 55 per cent increase in consolidated net profit at Rs 5,245.88 crore for the second quarter ended September 30 on account of decline in bad loans. The bank's net profit stood at Rs 3,375.40 crore in July-September quarter of the previous fiscal, SBI said in a regulatory filing.
Insurance companies reported nearly 23 per cent growth in first year premium in the first quarter of financial year 2024-25, when compared to the same period last year, with market leader LIC leading the charge with 28 per cent growth. According to the data released by the Life Insurance Council, the new business premium (NBP) increased by 22.91 per cent year-on-year (Y-o-Y) to ~89,726.7 crore in Q1FY25 from ~73,004.87 crore in Q1 FY24, reflecting a robust demand for insurance policies in the country.
In his letter to President Droupadi Murmu, SCBA President Adish C Aggarwala urged her to seek presidential reference of the apex court judgement in the electoral bonds scheme case.
The SBI report, however, said the economic growth rate will pick up pace in 2020-21 to 6.2 per cent.
The top court took note of the submissions of some aspirants that a question related to an "atom" and its characteristics had two correct answers and a set of examinees, who gave one particular answer out of the two correct ones, were awarded four marks.
Among the Sensex firms, IndusInd Bank was the biggest loser and fell 6.13 per cent, followed by SBI (3.99 pc), Hindustan Unilever (3.82 pc), Axis Bank (3.41 pc) and HDFC Bank (3.23 pc). In contrast, Sun Pharma, Bharti Airtel, ICICI Bank and PowerGrid defied the trend and closed with gains of up to 3.67 per cent. TCS and Bajaj Finserve were the other gainers.
Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks.
A consortium of lenders led by State Bank of India (SBI) has agreed to provide loans to Tata Group for the smooth operations of loss-making Air India. Tata Group, which won the bid to acquire the national carrier along with Air India Express and 50 per cent stake in AISATS in October last year, is expected to formally takeover the airline on Thursday. Sources said the SBI-led consortium has agreed to grant both term loans and working capital loans depending on the airline's requirements. All large lenders, including Punjab National Bank, Bank of Baroda, and Union Bank of India, are part of the consortium, they added.
Asia's richest man Mukesh Ambani drew nil salary from his oil-to-telecom-and-retail conglomerate Reliance Industries for the fourth straight year in a row while his children earned a sitting fee and a commission for being on the board of India's most valuable company. Ambani, 67, had capped his annual remuneration at Rs 15 crore from financial year 2008-09 (April 2008 to March 2009) to 2019-20 (FY20); and since FY21, he opted to forego his salary, due to COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential.
SBI might present the first result for the combined entity at the end of the first quarter of 2017-18
Pencilling in a GDP growth in third and fourth quarters, SBI Research on Wednesday revised its contraction forecast for the current fiscal year to 7 per cent. The agency had earlier forecast a 7.4 per cent contraction in 2020-21 GDP numbers. In April-September, the economy contracted 15.7 per cent but the second half may see a surprise 2.8 per cent growth, if the SBI analysis turns out to be correct.
Vimla Patil always stressed the importance of proving wrong the perception that women were women's worst enemies. And it iss a lesson I carried forward with me all through my career, learning empathy, understanding and ways to help as I went along. Sathya Saran, who succeeded Mrs Patil as Femina's editor, pays homage to the well-known journalist who passed into the ages on September 29, 2024.
The central bank is engaged with other financial institutions for investment as part of the scheme to resurrect Yes Bank under RBI imposed moratorium since March 5.
Under this service, SBI will give services in person or through remote mode.
To minimise risk, invest in a debt fund whose duration matches your investment timeframe.
The newly-appointed chairman of State Bank of India (SBI) Dinesh Khara on Wednesday said maintaining quality loan book, safety of employees and customers will remain his top most priorities. Khara, who took charge on Wednesday, said the bank will continue to strive for even better customer experience.
'Isn't it obvious? Do you have a doubt? There is so much data that shows that there is quid pro quo.' 'There are many instances of donations being given after the raids, donations being given before the award of a contract and many other permutations and combinations.'
'Corporates who donated to political parties were guaranteed by the electoral bond scheme that their names and to who they were donating funds will be not disclosed.'
SBI Life Insurance is in the process of seeking permission from foreign regulators to sell its products to Non-Resident Indians through the overseas branches of the State Bank of India.
