The rally in the equity markets in the second half of 2023 has led to a sharp surge in the cutoff for stocks to qualify as largecaps and midcaps. On the latest list put out by the Association of Mutual Funds in India (Amfi), the smallest largecap stock now has a market capitalisation (m-cap) of Rs 67,000 crore, 35 per cent higher than in July 2023. In the case of midcaps, the cutoff has surged 26 per cent to Rs 22,000 crore.
Beleaguered businessman Vijay Mallya on Thursday told the Supreme Court that banks have no right over the information of his overseas movable and immovable assets as he was an NRI since 1988.
The financial position of India's public sector banks (PSBs) has deteriorated sharply over the past financial year.
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
The Reserve Bank of India has permitted banks to give loans and non-funded credits to wholly-owned entities of overseas subsidiaries floated by Indian companies
Mutual fund (MF) houses have started realigning their overseas product offerings after the Securities and Exchange Board of India (Sebi) advised them to stop subscriptions. PPFAS Asset Management has decided to suspend transactions in Parag Parikh Flexi Cap Fund with effect from February 2, 2022. Though new lump-sum and systematic investment plans (SIPs) will not be accepted, existing SIPs and systematic transfer plans (STPs) will continue.
'We will infuse the next tranche of recapitalisation by mid-December. Close to Rs 42,000 crore remain to be infused as capital in public sector banks in the current financial year,' a senior finance ministry official said.
The syndicate used "stooge" bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said.
'Growth for some companies has been hard to come by and this is a smart way to get there.'
Not all public sector banks are back in the black, but their collective net profit for the year is Rs 32,346 crore against a Rs 9,013 crore loss in the previous year, points out Tamal Bandyopadhyay.
A series of failed loan recast programmes continues to haunt banks.
Foreign currency loans raised by Indian companies nosedived to $210 million in the September quarter (Q2), 93.3 per cent less than the year-ago period when five firms raised $3.1 billion. The Q2 amount is the lowest since December 2003 quarter when India Inc raised $191 million. Companies cited volatility in the currency markets, sharp rise in interest rates in the United States, and fund availability in India as the main reasons behind the sharp fall.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
Indian Overseas Bank said plans to increase the paid up capital through a public issue of equity shares for Rs 1000 million.
Loans make money for the lender in the initial years but losses come later when they turn bad.
As a young management trainee with SAIL, Pallav Mohapatra was spoilt for choice. He had offers from Allahabad Bank, Bank of Baroda, Indian Bank, Indian Overseas Bank and State Bank of India. He chose SBI only because the bank offered him a posting in Lucknow.
In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
The inaugural edition's winner Mumbai Indians will bank on their core group of players while two-time finalists Delhi Capitals will expect fireworks from Shafali Verma when they face-off in the second game of the Women's Premier League here on Saturday. The finalists of the first WPL in 2023, both Mumbai Indians and Delhi Capitals made it to the knockouts in the second edition last year but lost to the eventual champions Royal Challengers Bengaluru in the eliminator and the final respectively. Those defeats were certainly not reflective of how well MI and DC had fared until the knockouts stage, with Harmanpreet Kaur's side finishing second in the points table with five wins in eight matches and Meg Lanning's team topping it with six wins in as many outings. The winners of WPL 2023, Mumbai Indians tend to lean on their core group of players both overseas and Indian and a similar approach can be expected this year, with only a few changes taking place in terms of squad composition. India pacer Pooja Vastrakar, who was grappling with an unspecified injury, was ruled out of the competition and has been replaced by slow left-arm orthodox bowler Parunika Sisodia, who was one of the main performers in India's title-winning campaign in the U-19 Women's T20 World Cup recently. Mumbai Indians have let go of England's Issy Wong, who took the first-ever WPL hat-trick in 2023, after the player lost form and the franchise found the leader of their attack in South Africa's Shabnim Ismail. Among domestic talents, another member of the U-19 T20 World Cup winning squad G Kamalini would be one to watch out for, having finished as the third highest scorer in the competition with 143 runs in seven matches. Apart from a strong leader in Harmanpreet, MI have strong figures from other international sides such as Nat Sciver-Brunt (England), Hayley Matthews (West Indies), Amelia Kerr (New Zealand), as well as South Africans Nadine de Klerk, Shabnim Ismail and Chloe Tryon. While Yastika Bhatia is MI's No 1 wicketkeeper-batter, other Indian players in Saika Ishaque, Sajana Sajeevan, uncapped Akshita Maheshwari and Amanjot Kaur will be expected to play their roles to perfection. On their part, Delhi Capitals will be keen to do one better after finishing as runner-up for two times in a row ever since the competition began. One of the most consistent teams in the competition, the Lanning-led Delhi have strong talent base across departments but the key will be to deliver in crucial matches. All eyes will be on the explosive Indian batter Shafali who has responded to her exclusion from the Indian side with runs in domestic cricket. She forms a lethal opening pair with Lanning at the top, while the likes of Australia's Annabel Sutherland, England's Alice Capsey and India's Jemimah Rodrigues form the core of their middle order. All-rounder Sutherland will hope to draw inspiration from her recent success of having struck 163 in the only Test of the women's Ashes followed by winning the highest individual honour in Australian cricket. While Delhi boasts of three wicketkeeper-batters in India's Taniyaa Bhatia, Nandini Kashyap and Scotland's Sarah Bryce, their bowling looks settled with Marizanne Kapp as the leader of the attack, backed by Australia's Jess Jonassen, India's Radha Yadav and Shikha Pandey as well as Titas Sadhu.
Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent.
Banks and builders are offering lower rates and freebies, but there is also a case for price correction in the future. Wait, if you are not desperate.
Low admissions, loan-funded capital expenditure pull down creditworthiness of many, with banks wary of lending.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
As public sector bank employees started a two-day strike on Monday seeking higher wages, Finance Minister P Chidambaram said the profit of banks cannot be used only to enhance salaries because there are other obligations.
If the earnings in the first quarter of the current financial year are an indication, most banks, particularly those majority-owned by the government, have fared well, reveals Tamal Bandyopadhyay.
Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs 9,086 crore of funding, followed by Allahabad Bank with Rs 6,896 crore.
After the latest rout, the American depositary receipt (ADR) premium of HDFC Bank to its local shares has shrunk to nearly zero. Shares of HDFC Bank on Thursday fell 3.1 per cent to Rs 1,490, extending its two-day decline to 11 per cent. Meanwhile, the ADR has slumped over 15 per cent in the past two trading sessions.
From the 30-share blue-chip pack, Zomato cracked nearly 7 per cent. Power Grid, Adani Ports, Tata Steel, NTPC, Tata Motors, Tech Mahindra, Mahindra & Mahindra, Asian Paints, Sun Pharma and UltraTech Cement were the other major laggards. In contrast, Axis Bank, Hindustan Unilever, Tata Consultancy Services and IndusInd Bank were the gainers.
The post of chairman and managing director has been split and the government has appointed managing directors and chief executive officers in four banks -- Indian Overseas Bank, United Bank of India, Oriental Bank of Commerce and Vijaya Bank.
The country's most valuable lender HDFC Bank can perhaps no longer claim to be a favourite of foreign portfolio investors (FPIs). Two data indicators, both somewhat interconnected, point to this - the diminishing premium of HDFC Bank's American depositary receipts (ADRs) compared to local shares, and the ample investment opportunities available to FPIs in the domestic market. The ADR premium has shrunk to below 5 per cent, down from over 30 per cent in March 2021, and even lower than recent levels.
The Reserve Bank on Thursday relaxed norms for overseas investment by Indian corporates by raising their borrowing limit.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
Most lenders to the airline have already classified the account as an NPA.
Home prices are unlikely to see any fall, with property developers saying they plan to pass on the increase in cost of borrowing to home buyers following the recent raising of bank interest rates.
Are you repenting not covering valuables you purchased using credit card? Fret not!
Investors lost Rs 24.69 lakh crore in market valuation in the last four days of severe drubbing in the equity market. Spike in global crude prices, unabated foreign fund outflows, a strong US jobs data diminishing early rate cut expectations, and the rupee logging its steepest single-day fall in nearly two years dampened investors' sentiment.
Army XI made a stunning comeback in the second-half, pumping in four goals, to hold Air India 4-4 and keep their semi-final hopes alive in the 117th Beighton Cup hockey tournament in Kolkata on Wednesday.
Hardik Pandya is touted as a possible captaincy option for Mumbai Indians in the future.
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
