'It will dictate the flow of funds into the index. We will maintain caution on mid/smallcaps.'
Lenders have thrown their hat into the Haldia Petrochemicals Limited case with Industrial Development Bank of India moving the Calcutta high court against the Company Law Board order on share transfer to the TCG firm.
IDBI found itself in favour on reports that a parliamentary committee will meet the RBI governor to consider converting the financial institution into a universal bank.
The government has been waiting for the expansion by the private sector, Finance Minister Nirmala Sitharaman said while reminding India Inc of various measures including corporate tax rate cut, policy consistency, ease of doing business, among others to facilitate investment.
Eleven companies have launched their initial public offerings (IPOs) in December 2023, making this month the second-best December for public offerings since 1996. Collectively, they are raising Rs 8,182.7 crore this month. In December 2021, 11 companies raised Rs 9,534 crore. However, excluding December 2021, this month marks the best December for IPOs since 1996.
Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.
While the COVID-19 pandemic has completely halted production and new orders, exporters say that payments have also been delayed for the shipments sent before the lockdown. Exporters say some customers are not taking delivery of the shipments because they have shut shop. Ready-made garment players had been hoping for a revival in demand in China but with the virus spreading to Europe, the US and other major markets, there are no orders coming from the major retailers.
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
Could the MPCE survey results be used as a basis of reconstructing the Consumer Price Index with new weights, asks Madan Sabnavis.
In India, economic activity slowed substantially in 2019, with the deceleration most pronounced in the manufacturing and agriculture sectors, whereas government-related services sub-sectors received significant support from public spending, the Bank said.
Industrial Development Bank of India has posted a net profit of Rs 621.30 million (Rs 62.1 crore) for the quarter ended December 31, 2004 whereas the same was Rs 465.50 million (Rs 46.5 crore) for the quarter ended December 31, 2003.
UltraTech Cement was the top loser in the Sensex pack, shedding around 3 per cent, followed by M&M, HDFC Bank, IndusInd Bank, Axis Bank and Reliance Industries. NSE Nifty fell 50.80 points or 0.38 per cent to 13,478.30.
I feel it is utterly silly to disproportionately celebrate academic achievements in school and college when there is so much life and transformation by life yet to happen, states Shyam G Menon.
A Cabinet note of the much-awaited legislation is ready and is likely to be put before the state Cabinet in the next 15 days.
Uday Kotak has resigned as the managing director and chief executive officer of Kotak Mahindra Bank, the bank said in a stock exchange filing on Saturday.
Domestic equity markets, which are at record high levels, will be driven by quarterly earnings, global trends and foreign fund movement, analysts said. The movement of rupee and global oil benchmark Brent crude will also be tracked by investors. "The direction of global stock markets, fluctuations in the rupee-to-dollar exchange rate, and movement in crude oil prices will all play a crucial role in influencing the overall market trend.
Global trends and trading activity of foreign investors would largely dictate terms in the equity markets this week amid a lack of major domestic triggers, analysts said. Markets may face near-term consolidation due to elevated valuations, they noted. "While the previous week was predominantly shaped by developments in the US Federal Reserve policy, attention will now shift to the Bank of Japan's policy decision on December 19," Santosh Meena, Head of Research, Swastika Investmart Ltd, said.
From steel tycoon Lakshmi Mittal to billionaire Sunil Bharti Mittal's Airtel, Anil Agarwal's Vedanta, ITC, Mahindra and Mahindra, and a lesser-known Future Gaming and Hotel Services were among the prominent buyers of the now-scrapped electoral bonds for making political donations.
Billionaire Mukesh Ambani's Reliance Industries Ltd is the most valuable private company in the country, as per Hurun India's 2022 Burgundy Private Hurun India 500 list. The list, which was released on Tuesday, stated that with a value of Rs 16.4 lakh crore, Reliance is India's most valuable company, followed by Tata Consultancy Services (TCS) with Rs 11.8 lakh crore and HDFC Bank with Rs 9.4 lakh crore. Reliance is also the highest taxpayer with a payout of Rs 16,297 crore and the most profitable company with a bottomline of Rs 67,845 crore in 2022-23.
The practice of granting corporate governance (CG) rating and bestowing CG awards should be kept "on hold" till a large number of Indian corporates imbibe these norms in substance, IDBI chairman M Damodaran said on Wednesday.
Urging India Inc to participate in the growth story, Sitharaman said they should participate in the divestment programme by becoming the first bidders.
Even as the World Bank has revised India's growth figures by 0.4 percentage points as compared to its January forecast, India remains the fastest growing major economy in the world, the World Bank officials said.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
GE and Bechtel have put forward a three-pronged strategy to the Indian lenders, led by the Industrial Development Bank of India, to restart Phase I and complete Phase II of the $3 billion Dabhol project.
Chairman of Industrial Development Bank of India, V P Shetty, was on Friday arrested for allegedly making casteist remarks against IDBI General Manager B W Ramteke.
M Damodaran, chairman and managing director of UTI Asset Management Company, and administrator of UTI's specified undertaking, on Wednesday assumed the office of the CMD of Industrial Development Bank of India as a temporary measure.
The Industrial Development Bank of India is all set to foray into insurance business as a corporate agent.
Privatisation or consolidation into half a dozen large banks might not rescue public sector banks from the crisis they find themselves in.
The Small Industries Development Bank of India will shortly launch a Rs 500 crore venture capital fund for small companies
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