Nearly 400 stocks hit their 52-week low on BSE on Thursday.
Three financial institutions--IDBI Bank, ICICI Bank and IL&FS Ltd--that have lent money to Maytas Infra informed the Company Law Board on Friday that they are not interested in board membership in the Hyderabad-based firm.
Infrastructure development firm Maytas Infra on Thursday said it has bagged an order worth Rs 790 crore (Rs 7.9 billion) from IL&FS Transportation Networks Ltd (ITNL) for road construction work.
Wrestlers Ravinder Khatri and Babita Kumari have secured spots at the upcoming Rio Olympics after their rivals failed a dope test, taking the total number of quota places from India to eight. Khatri was awarded the berth in the Greco-Roman 85 kg after Kenzheev Zhanarbek of Kyrgystan tested positive at the Asian Olympic qualifier. Babita gets a shot at competing in Rio with Mongolian wrestler Sumiya Erdenechimeg failing the dope test in 53 kg freestyle, also at the Asian qualifier. Last week, Vinesh Phogat clinched a gold as she and Sakshi Malik secured Rio berths in 48 and 58kg respectively at the second World Olympic Qualifying tournament in a historic feat of two Indian women wrestlers qualifying for Olympics for the first time.
'The banking sector appears to be on course to recovery,' declares the RBI governor.
The CLB principal bench, headed by chairman S Balasubramanian, has suggested the Maytas' board should retain its current board and also have government-nominated independent directors. The bench also hinted giving board representation to its lenders, IDBI Bank and ICICI Bank. However, it was against giving a board seat to IL&FS, as the financial institution had given loans to the promoters against pledging of shares.
Sources familiar with the project said the SPV's promoters were looking at raising the additional capital to acquire up to 250 acres at Thane to complete the first phase of the SEZ project, for which IL&FS is an advisor. Inox Infrastructure Private Limited, a wholly-owned subsidiary of Gujarat Fluorochemicals Ltd, holds 50 per cent stake in Megnasolace.
This is the second project in the country in which a metro rail project is being undertaken through a PPP model after the 71-kilometre Hyderabad metro project was won by Maytas Infrastructure. According to industry sources, infrastructure major Larsen & Toubro had also initially shown interest for the project, but backed out finally.
The growing use of mobile phones for storing personal data has become a security concern, says Ashish Narsale/Rediff.com.
Market players said a big upmove by the market will depend on policy action by the government to revive economic growth and corporate earnings revival.
Nomura analysts said the Reserve Bank of India and the government would need to segregate the potential solvency issue at DHFL from liquidity issues at other larger wholesale NBFCs and HFCs.
According to ICRA, even in a high-growth scenario, wherein the second half of FY20 sees the incremental bank credit rise to Rs 6.5-7 trn, there will still be a 40-45% year-on-year decline.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
Taking credit risks in shorter-tenure funds can help jack up returns considerably, boosting sales.
Automobile company Tata Motors, metals and mining major Vedanta, oil marketing firm Bharat Petroleum Corporation (BPCL), private sector IndusInd Bank, and two-wheeler major Bajaj Auto have witnessed their market cap slip below the Rs 1-trillion mark this year.
Leading logistics and transport companies are willing to operate Blueline buses on certain lustre routes in Delhi. As many as 11 players have submitted their bids for operating 200 private carriage buses in the capital at an estimated cost of Rs 57 crore
The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006.
She made it clear that she would not delete the reference to the prime minister.
IL&FS, which, along with IFCI and Sicom, had extended loans to the Raju family against shares of Maytas Infra, has asked the government to supersede the board of the Hyderabad-based company.
The sites selected for commercial development in the first phase are in Delhi, Kanpur, Gwalior, Vishakhapatnam, Kolkata and Bangalore.There are about 700 acres of railway land in 107 sites across the country, which have been shortlisted for commercial development on public private partnership (PPP) basis.
As share of cash volumes in trading mix sees decline, it will result in moderation of profitability from core broking operations.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
A glance back at some of the important ups and down Indian Inc faced in 2018.
Major shareholders to buy workers' shares in northern gardens.
The Nagpur Municipal Corporation has cleared a proposal to award the work of collecting trash from the doorsteps of citizens to Infrastructure Leasing & Finance Services (IL&FS), New Delhi, and the Centre for Development Communication, Nagpur, for a period of ten years.
Observing that the economic recovery was not yet fully entrenched, the RBI Governor said recovery is likely to be gradual.
'Investors need to find out how the FMP's assets are distributed and ensure the investments are in high-quality names.'
Another product for high net worth individuals. However, the expense, in some options, is high.
The Securities and Exchange Board of India (Sebi) is looking at reducing the fees of all mutual fund schemes - equity funds (open- and close-ended), debt funds, index funds and even funds of funds (or FoFs, mutual funds that invest in mutual funds).
North America's confectionery major Hershey Company on Tuesday agreed to form a joint venture with Godrej Beverages and Foods Ltd, in which it would acquire 51 per cent stake, to manufacture and distribute confectionery and beverages in India.
Monday saw the Sensex post its weakest closing since July 11 when it settled at 36,265.93. In the previous four sessions the index had lost 1,249.04 points.
Fund managers's compensation is largely tied to the assets they manage and scheme performance.
This payment of Rs 962 crore is inclusive of the Rs 500 crore DHFL received from exiting its entire stake in subsidiary firm Aadhar Housing Finance Ltd.
Though he loves gambling, he cautions against undue risks and says non-professional investors like the salaried class should invest through the mutual funds route and keep aside not more than 10 per cent for self-investing.
Car maker Fiat India has sold its property in Kurla (Mumbai suburb) to IKG Associates for Rs 608 crore (Rs 6.08 billion). IKG is an affiliate of the financial services company IL&FS. The Italian car maker had received bids for the 53 acre plot from leading developers over the past few months.
The infrastructure pack has been running up. Examining the fundamentals and technicals, Vibhav Kapoor of IL&FS and technical analyst Rajat Bose discuss the infrastructure space.\n
India Infrastructure Finance Company has joined hands with Infrastructure Leasing and Financial Services to develop and finance 10,000 MW of power generation and transmission, entailing an investment of upto Rs 35,000 crore (Rs 350 billion).
The tunnel would provide all-weather connectivity between Srinagar and Leh-Ladakh
Chocolate and confectionery maker, The Hershey Company, is finally set to enter the Indian market by acquiring the stakes in Mumbai-based Godrej Beverages and Foods.
During the fourth quarter (January-March), banks step up the activity to meet annual targets. This leads to a race to raise funds from markets often by jacking up deposit rates. This time around, the market has not seen such trend yet.
