Fitch Ratings on Wednesday said the recent search by the enforcement directorate at gold-backed lender Manappuram Finance highlights corporate governance challenges that can arise in emerging markets like India. "Such searches need not lead to further regulatory action, but investigations raise reputational risk that could tarnish a lender's business prospects and constrict funding access due to reduced market confidence - potentially affecting an issuer's credit profile - even if no wrongdoing is identified," Fitch added. The rating agency said Manappuram Finance Ltd has disclosed that the Enforcement Directorate's search at its premises pertained to legacy non-compliant activities at its branches up until 2012.
Independent directors of Raymond Ltd on Friday said they are monitoring the situation arising out of the matrimonial dispute of company's Chairman and Managing Director Gautam Singhania to ensure it does not affect his capacity to manage the affairs and business of the firm. In a joint communication shared on BSE by the company, the independent directors also said they have decided to retain Berjis Desai, a senior independent legal counsel, who has no links with promoters or the company, for advising them.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
A good business card should feel like a good handshake -- flexible but firm.
Mahindra & Mahindra Ltd, India's largest sports utility vehicle and tractor maker, is bullish on its latest acquisition of REVA Electric Car Company.
The company on Wednesday said P V Ramprasad Reddy would resign as executive chairman, while Nithyananda would also step down from his post.
Shareholders of the six listed Future Group companies voted on Wednesday. Bankers said all the large lenders had rejected the proposal.
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The Chinese government has accused e-commerce titan Alibaba Group Holding Ltd of not paying enough attention to illegal business conducted on its platforms and failing to take effective steps to snuff it out.
India's biotechnology major Biocon Ltd, is all set to make its way to Pakistan's pharmaceutical market by 2008 with its oncology drug BIOMAb EGFR.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Between March 2022 and September 2023, HDFC Bank added 56,310 employees.
A merger between state-run telecom firms Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd is the best option because it would create the country's largest telecom company, said Kuldeep Goyal, chairman and managing director of BSNL.
GVK group Vice-Chairman Sanjay Reddy said the launch of a new integrated terminal would not make flying out of Mumbai expensive.
RGPPL has signed a power purchase agreement with the government of Daman and Diu for selling about 98 Mw of power from July.
The Tiruchi unit of Bharat Heavy Electricals Ltd (BHEL) is considering four-five companies as candidates for acquisitions, its executive director, A V Krishnan, told Business Standard.
INS Sindhukirti's refit took so long that many defence experts believed the vessel would never return to operational service.
In an interview with Business Standard, CIL Chairman Singayapally Narsing Rao attributes the performance to volume growth but adds a decision on price hike will be taken at an appropriate time.
The project, with total generation capacity of 1,967 Mw, has been shut since Thursday, owing to shortage of gas.
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With projects ranging from affordable to premium, Tata Housing Development Co Ltd says it expects to be among the top three real estate entities in the next five years.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
The move comes at a time when consumers are shunning high-quality coal, which has become costlier than prevailing market rates globally.
Tamil Nadu, claiming to be the Detroit of India, has labour unrest in the automobile industry, among others.
From what the crisis is all about to who all are affected, here are 10 FAQs.
The company, which has liquid detergent brands like Ezee and liquid cleaning agent brands like Godrej Dish Wash Liquid and Kiwi Kleen, is looking at companies that have good brands and distribution networks, largely in household care (detergents, cleaning agents segment) and haircare, with focus on colours and hair dyes. "Given the right opportunity, the company will spend around $100 million (Rs 5 billion)," said a source close to the development.
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
Burdened with loans of over Rs 12,000 crore, GSPC has made an investment of Rs 7,000 cr in E&P at the block in the KG basin.
According to an internal communication signed by KSL's company secretary, a copy of which is available with Business Standard, the changes will come into effect from June 1.
In all, Reliance has a stake in 34 exploration blocks in the country.
The cumulative rise this financial year will be 6-6.5 per cent.
Bajaj Auto, the king of the market for CNG-powered passenger three-wheelers, now wants to replicate this dominance in two-wheelers. The difference is that while the former is zooming - registrations for CNG-powered passenger three-wheelers nearly doubled during January-December 2023 - the latter, meaning a market for CNG-powered two-wheelers, does not exist.
Former India cricket captain, Kapil Dev Nikanj,on Monday entered into a marketing agreement with South Africa-based Enviro-Light Technologies, promoted by former South African captain Clive Rice to launch eco-friendly street lights in India.
The intrigue surrounding how the Vijay Mallya-led UB Group will address the spiralling debt problem of its companies took a fresh turn on Tuesday, with one senior official saying there was a possibility of group firm United Spirits Ltd totally selling out its flagship subsidiary Whyte and Mackay (W&M), the scotch major based in Scotland.
India needs to create 220 million jobs in the next 15 years and this is only possible by implementing the National Manufacturing Policy, launched recently by the government, says Arindam Bhattacharya, managing director, The Boston Consulting Group (BCG) India Pvt Ltd.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
