The ED is contemplating a special audit of the account in the backdrop of rating agencies downgrading various debt papers of IL&FS.
The country's largest lender SBI on Thursday reported a 4.20 per cent decline in consolidated December quarter net at Rs 6,257.55 crore, largely because of a higher base in the year-ago period where it had benefitted from a Rs 4,500 crore one-off income. On a standalone basis, the city-headquartered lender's net profit came in at Rs 5,196.22 crore as against Rs 5,583.36 crore in the year-ago period and Rs 4,574.16 crore in the preceding September quarter. SBI chairman Dinesh Kumar Khara told reporters that the year-ago period had seen the resolution of the Essar Steel loans, resulting in an over Rs 4,000 crore interest income and Rs 500 crore other income benefit.
While office and mall properties enjoyed revival and saw some big PE deals, residential real estate was hit by double whammy - stagnating prices and demonetisation
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
'Everyone is still trying to understand the quantum of impact demonetisation will have on the economy.'
'Public sector banks are like an extended arm of the government.' 'They rush to rescue certain sectors or they rush to invest in certain sectors to prop up the economy which the private banks don't.'
The 30-share Sensex provisionally ended up 366 points at 27,275 and the 50-share Nifty ended up 132 points at 8,235.
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
The $306-million investment in Ola Electric Mobility by SoftBank Corp, Arun Sarin Family, Ratan Tata and Matrix has been the biggest funding in this space in value terms this year.
An analysis of the National Housing Bank's Residex shows from 2007 to now, almost all tier-II cities have seen their residential property prices appreciate by 45-120 per cent.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
Demand among several pre-Budget representation by BSE Brokers' forum
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
The lockdown that crippled the entire logistics, delivery and supply chain network to near zero, was enough to deal a body blow to India's fastest growing unicorn whose very business model saw a severe disruption, like several other firms and sectors.
The Lodha Group has bought land parcels worth Rs 12,000 crore in Mumbai
Single window clearances for realty must.
Inviting private sector in Indian Railways is a good idea.
We dance on every small achievement and forget the long-term objectives: Ajit Gulabchand, MD, Hindustan Construction Company.
Aiming to enhance quality of life while conserving the planet, Fourth Partner has ventured into the disruptive sector of solar power
Key relaxations traced in final regulations.
The three promoters - Anil Kumar Sharma, Ajay Kumar and Shiv Priya - had diverted Rs 1,500-1,600 crore through bogus methods like loans and advances between group firms at inflated rates.
Arun Jaitley presented the Budget in Parliament on Saturday.
Downplaying concerns of delay, Amitabh Kant, managing director of Delhi-Mumbai Industrial Corridor Development Corporation (DMIC), says the project will be delivered on time.
Fifteen months after taking power, Modi's credibility as an economic manager is on the line.
Most top industrialists rate PM's first 100 days in office as 'good', primarily due to his intentions, not concrete policy measures.
This is the second extension for the bids since June 18.
Petrol attracts a total excise duty of Rs 17.46 per litre.
Besides a minority stake, the UK and Welsh governments are considering additional grant funding
The first quarter of 2018 saw infrastructure and real estate drive investment worth close to $8 billion across 180 deals
With a team of 20-odd people, Snafu tries to unearth the rough diamonds from millions of songs. Can AI help look for a needle in a haystack? Ritwik Sharma finds out.
Did men and women of redoubtable experience and public service, upholders of the country's steel frame and paragons of corporate governance, never smell a rat?
Cyrus Mistry had put in place a strategy that would have pulled most of the Tata group's 'legacy hotspots' out of the financial mess from legacy issues and helped turn around the group's finances.
Corporates understand that the PMO drives all key decisions in this government.
India Inc has few leaders who are likely to grab headlines in 2015.
The Budget has evoked mixed reactions from Silicon Valley investors.
The problem can be met, according to Shubhashis Gangopadhyay, research director of India Development Foundation, by the government tapping into its own land holdings.
N Sundaresha Subramanian, Karan Choudhury and Shreya Jai report on the sorry condition of homebuyers who invested in Jaypee Infratech and the Amrapali group's Noida-based projects.
Tight liquidity will hit over-leveraged and cash-hungry companies, spare conservative ones
'There is no difference between the earlier government and the present government.' 'They are all following the economic policy based on the Chicago School of thought.' 'This school of thought says the government should have very little role in governing the country and the majority of the work should be handed over to the private sector.' 'This has not succeeded in the US.' 'Yet, it is being tried here by people like Arvind Subramaniam, Arvind Panagariya, Urjit Patel and Raghuram Rajan.'
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
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