63 Moons Technologies that has a claim of Rs 200 crore from Dewan Housing Finance, which is being taken over by the Piramal Group for as low as Rs 37,500 crore against a total claim of close to Rs 85,000 crore, on Tuesday said it will challenge the resolution at the NCLAT shortly. On Tuesday, making an about-turn, the Mumbai bench of the National Company Law Tribunal (NCLT) chaired by HP Chaturvedi and Ravikumar Duraisamy, allowed Piramal Group to take over DHFL under the bankruptcy code for as low as Rs 37,500 crore against a claim of close to Rs 85,000 crore. It had on May 25 asked the committee of creditors to consider the Wadhawans offer of paying back almost Rs 93,000 crore to the lenders and creditors, which was stayed by the NCLAT after the Pirmal group challenged it.
As the demand for a grand stimulus gathers steam, the government is targeting an investment of Rs 100,000 crore
Gaurav Mohta, chief marketing officer, Home First Finance Company will answer your home loan queries.
With prices unlikely to run up sharply, genuine buyers can start readying deals before the festival season starts.
From auto, refrigerator, and mobile handset makers to real estate firms, companies are tying up with banks to dole out attractive finance schemes and discounts to make buying more affordable.
Also build a contingency fund equal to 9 to 12 months of expenses.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
There is as yet no clarity on how the process of consulting with the RBI Governor, initiated under Section 7 of the RBI Act, would unfold in the coming days. The government is keen that its suggestions made in the public interest should be heeded by the central bank, says A K Bhattacharya.
Days after completing a $6.5 billion acquisition of Ambuja Cements and ACC, billionaire Gautam Adani said his group has planned to double cement manufacturing capacity and become the most profitable manufacturer in the country. He saw a multifold rise in cement demand in India on the back of record-breaking economic growth and the government's infrastructure creation push, which will give significant margin expansion. In a speech made at an event to mark the completion of the acquisition on September 17, the Adani Group founder and chairman said the ports-to-energy conglomerate has in a single stroke become the second largest cement manufacturer in the country.
Reliance Industries and ONGC were down 4-6% each contributing the most to the Sensex losses
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
The verdict, upholding Centre's November 15, 2019, notification bringing personal guarantors of corporate debtors under the net of the IBC, assumes significance in view of the fact that various high-profile industrialists may now face insolvency proceedings along with their debt-ridden firms under the IBC.
'It is almost four years since we've seen strong growth in earnings.' 'The markets have rallied about 20 per cent in the past year, which is ahead of earnings.' 'So, the stress now will be on earnings to catch up.'
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gained 0.5% and 0.4%, respectively.
The RBI also sought to know 'whether industrial and business houses could be allowed to promote banks.'
Lost your job? Why don't you start-up your own company instead of looking out for another job?
Pallon has already joined the boards of some of the unlisted companies such as Afcons
The move comes within months of a crisis at JPMorgan Asset Management Company.
'Loan approvals have increased at a much higher pace. And this growth has been driven by retail, not project finance,' says R R Nair, director and chief executive, LIC Housing Finance.
Coming down heavily on MF players who in recent past chose to use shareholder fund to buy out debt of bleeding invested companies, Sebi said MFs can't have standstill agreements with companies and will take action against fund houses for such deals.
Twenty-three of the 31 stocks in his publicly disclosed portfolio consist small-cap stocks. jhunjhunwala's portfolio rose 15.2% in Q3.
China's debt is dangerously high at close to three times its GDP, with the ratio having nearly doubled in recent years, observes T N Ninan.
The higher rate cut by RBI is positive for rate-sensitive sectors in the medium to long term.
GE Money India is looking for a strategic partner to drive scale just as it did with the State Bank of India (SBI) for its card business. It is trying to replicate its card model in its joint venture with Wizard Home Loans, a non-banking finance company from Australia.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
'Strong regulations are crucial for the orderly development of the market.'
'The no-rate cut policy and preference to wait for the Budget and clarity on the fiscal front demonstrate RBI Governor Shaktikanta Das is maturing in his new role,' notes Tamal Bandyopadhyay.
'I believe the modified scheme is much more beneficial and simpler.'
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
The Rajya Sabha is slated for a 12-hour discussion on the Motion of Thanks to the President's address to the joint session of the two Houses of Parliament, which also includes the reply by the prime minister, which is likely next Tuesday.
Here are three questions you must answer before you even start house hunting.
Tata Steel was the top gainer in the Sensex pack, zooming 7.57 per cent, followed by Sun Pharma, IndusInd Bank, L&T, ITC and HCL Tech.
The Centre has set a steep divestment target of Rs 80,000 crore for 2018-19. In the first six months, it has managed to mop up less than Rs 10,000 crore.
How much will the banks' bad assets grow in March? It could be anywhere between Rs 1.2 trillion and Rs 2 trillion, observes Tamal Bandyopadhyay.
Signaling a growing clout of Indian blue chip banking scrips among foreign investors, HDFC Bank has joined ICICI Bank in the top five Sensex scrips held by foreign institutional investors
'The banking sector appears to be on course to recovery,' declares the RBI governor.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
Housing finance major HDFC on Monday reported a 16 per cent growth in standalone net profit to Rs 3,700 crore for the January-March quarter, helped by record loan sales on the back of benign interest rates and the resultant fall in cost of funds along with the near-total repayments that culled provisions and credit costs. For the full year, the company, which is working on a reverse merger with its banking subsidiary, has booked a net profit of Rs 13,742 crore, up from Rs 12,027 crore in FY21, vice-chairman and chief executive Keki Mistry said on Monday in an earnings call with analysts. On a consolidated basis, net profit for the quarter surged 21.6 per cent to Rs 6,892 crore on-year and for the full year it jumped 21 per cent to Rs 22,595 crore, Mistry said and guided towards better days.
The founder of the e-commerce firm, which specialises in procurement of industrial products, believes if he plays his cards right, his company could become a unicorn with a valuation of $1 billion in 5 years.
Last month, the bank was placed under Prompt Corrective Action due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years.
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