The BSE Sensex was down 326 points at 23,277 and the Nifty was down 107 points at 7,056.
Was told that account will be closed if it did not stop providing insurance cover to ships ferrying oil from Iran.
Reliance Industries Limited was leading the chart of the top-10 valued domestic companies, followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Kotak Mahindra Bank, State Bank of India and Bajaj Finance Limited.
According to sources close to the developments, major PSU banks -- State Bank of India, Bank of Baroda, Bank of India, and Union Bank of India -- were likely to review the deposit rates for a possible upward move.
Among the assets in question include the Force India and Indian Empress super-yacht - which was fitted with an Elton John piano around 2015, a fleet of high-value cars and some artwork from Mallya's Ladywalk property in the English village of Tewin in Hertfordshire.
The Sena faction alleged corruption cases against BJP leaders are being suppressed.
YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks, Jefferies says, are most prune to "high risk" emanating from ADAG, Cox & Kings, CG Power, DHFL and Essar Shipping.
Highlights of the RBI monetary policy.
While stocks are at cheap valuations, the volatility can be unnerving.
UV Asset Reconstruction Company Ltd has made the highest bid of Rs 16,000 crore to buy Anil Ambani group's Reliance Communications and Reliance Telecom, which are in the National Company Law Tribunal (NCLT). Last year it was the highest bidder for taking over Aircel's assets for an upfront payment of Rs 150 crore. Surajeet Das Gupta and Dev Chatterjee dig deeper to find out more about this little known company.
The S&P BSE Sensex dropped 1 points to end at 26,396 and the Nifty50 slipped 2 points to end at 8,109.
Dr Reddy's was the top loser in the Sensex pack, shedding around 2 per cent, followed by Reliance Industries, Sun Pharma, HDFC twins, Infosys, M&M and PowerGrid. NSE Nifty slumped 137.65 points to 14,496.50.
Moody's listed six agenda on the list of pending reforms -- land acquisition Bill, labour law reforms, significant infrastructure investment, tangible benefit from Make in India initiative, tax administration and PSU bank reforms
The department of investment and public asset management is racing against time to launch the LIC IPO, which could become the largest-ever listing on the Indian bourses. This would lead to some delay in the strategic divestment of IDBI Bank.
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
Despite a strong start to trade today, key benchmark indices retreated sharply from their higher levels following bouts of profit-taking amid fresh weakness in the rupee against the dollar.
The draft guidelines on loan recovery do little to protect borrowers' interests.
Nifty PSU Bank index gained 1% led by Allahabad Bank, Andhra Bank, Syndicate Bank and IDBI Bank
The meeting between Cabinet secretary K M Chandrasekhar and heads of banks along with representatives of chambers will be held at a time when almost 50 per cent of PSU banks have reduced their benchmark lending rates effective from Thursday. Prime Minister Manmohan Singh had said there is scope for further cuts in interest rates in his meeting with industrialists last week.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Banking stocks dipped with Nifty PSU Bank index falling 1.7% after the government notified the ordinance that seeks to tackle non-performing loans in the sector.
Public sector banks, including the country's largest lender State Bank of India (SBI), have come out with a templated approach for restructuring retail and small business loans of up to Rs 25 crore under the Reserve Bank of India's (RBI) Covid restructuring package 2.0. They have also come out with standardised products to make funds available to business entities for improving healthcare infrastructure and to individuals for meeting Covid treatment expenses. Business loans have been divided into three categories.
The state-owned carrier Indian has finally made its way into the e-ticketing club.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
'By not letting bankrupt banks fail, we have discouraged ordinary folk from taking precautions while choosing their bank or at least when they hear bad news about their bank,'says S Muralidharan, former MD, BNP Paribas.
M&M was the top loser in the Sensex pack, shedding over 2 per cent, followed by Dr Reddy's Bharti Airtel, Tech Mahindra, HUL, ICICI Bank and Infosys. NSE Nifty dropped 64.80 points to 14,341.35.
'It really doesn't matter that investors getting allotments sell their IPO stock holdings on listing day because a new set of investors are entering.' 'This explains the continued rise in stock prices even after the first day of listing.'
The benchmark BSE Sensex reclaimed the 28,000 mark, spurting by 409 points or 1.4% at 28,114 and Nifty settled above the 8,500 mark at 8,532, gains of 111 points.
Buoyed by better than expected economic growth last fiscal, Finance Minister Pranab Mukherjee on Wednesday expressed hope that the economy, spurred by fiscal and monetary stimulus packages, would turn around soon.
Most brokerages have maintained their Sensex and Nifty targets as they believe there is little room for further re-rating in the backdrop of weak earnings.
Non-performing assets of banks have been on the rise for past several months due to slowdown in the economy.
HCL Tech was the top loser in the Sensex pack, skidding over 4 per cent, followed by Tech Mahindra Dr Reddy's, Wipro, TCS, Titan and Infosys. NSE Nifty plunged 167.80 points to 17,110.15.
'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.
Equity benchmarks Sensex and Nifty ended marginally lower on Tuesday as investors booked profits at higher levels amid a mixed trend in global markets.
'The correction could take two to three months and traders need to be careful.' 'For investors, this could be a good time to nibble in.'
'Today, three areas give banks a big headache -- steel, power, infrastructure.' 'Three Cs are very critical in lending -- character, capacity and collateral of the borrower.'
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
The business intelligence applications in India is poised to grow to $70 million by 2007, registering a compounded annual growth of 29.4 per cent, a report by Frost and Sullivan, a global growth consulting company said.
In the last two months, these stocks have lost nearly a quarter of their market cap.
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