The IL&FS management is also talking to its second-largest shareholder, Orix Corporation of Japan, to infuse more funds into the company - in case any shareholder backs out during the rights issue.
Most large fund houses, such as HDFC MF, ICICI Prudential AMC, Reliance MF, Reliance MF, Birla SunLife MF and SBI MF, have the backing of large banks or financial institutions, giving them reach and understanding, they say.
The ED case follows the police complaint for alleged criminal conspiracy and defrauding investors.
SMCF aims to invest in scrips and sectors that are currently out-of-fashion, but hold potential
The time is ripe for a merger of eight fund houses indirectly owned and controlled by the central government, says N Sundaresha Subramanian.
'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.'
SBI managing director PK Gupta told reporters that the rupee has been faring better than many of its peers, including the Turkish, Argentinean, and Indonesian currencies.
The central bank is engaged with other financial institutions for investment as part of the scheme to resurrect Yes Bank under RBI imposed moratorium since March 5.
The number of applications has nearly doubled in the home and auto loan segments after the recent reduction in interest rates in these segments.
When billionaire Warren Buffet started his first fund in 1956 with eleven investors, he invested a token amount of $100 of his own money as "skin in the game". Buffet denies it but he is credited with coming up with the term describing those running a fund risk some of their own money in it. The mutual fund (MF) industry has more than Rs 81,200 crore riding on its schemes, shows a Business Standard analysis of data on sponsor and associate contributions from the Association of Mutual Funds in India (Amfi).
SBI and other public sector banks have decided to lend Rs 4,000 crore to Patanjali Ayurved for the acquisition of Ruchi Soya, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code. The money lent by banks will help the PSBs to settle their exposure to Ruchi Soya with a haircut of 65 per cent. Banks led by SBI and others had earlier made claims of over Rs 12,146 crore against Ruchi Soya after the company failed to repay its loans.
MFs have benefited from a shift to financial assets from physical assets like real estate and gold.
According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.
State-run lenders will take a lead in creation of the bad bank, but the sick asset resolution platform needs the support of private banks and other lenders to be successful, State Bank of India managing director Swaminathan J said on Thursday. If all lenders come on board, the National Asset Reconstruction Company (NARC) announced in the budget will be able to aggregate 100 per cent of a sick company's outstanding loans, which shall ultimately lead to better resolution of the asset quality stress for all. The government is yet to announce the specific contours of the NARC or the bad bank and has also only said that it is willing to provide some sovereign guarantee to help the platform.
Asset managers are betting big on ETFs these days.
The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL). The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.
'It could tempt investors to pick stocks that are not fundamentally sound.'
In an effort to grab a share of the hefty Diwali bonus to employees in government and corporate sector, country's largest lender State Bank of India may raise the interest rate on term deposit rates in next few days.
PCR is the ratio of provisioning to gross non-performing assets and indicates the extent of funds a bank has kept aside to cover loan losses. In December 2009, RBI had told all banks to maintain a PCR of at least 70 per cent by September 2010, to enhance their soundness.
Global investment firm Blackstone on Wednesday sold its entire 23.5 per cent stake in Embassy Office Parks REIT for around Rs 7,100 crore, according to sources. Embassy Office Parks REIT is India's first Real Estate Investment Trust (REIT) sponsored by Blackstone and Bengaluru-based realty firm Embassy group. Blackstone sold its stake in the entity at around Rs 316 per share through open market transactions and at this price, the deal is valued at about Rs 7,100 crore, the sources said.
A remarkable story which helped in transforming a bureaucratic organization, to a customer centric organization. This experience may inspire several government / private organizations to modify or adopt digitisation to transform their business, notes Professor N Ravichandran (retd).
Balanced funds may be a good option for first-time investors.
Investors' wealth tumbled over Rs 5.78 lakh crore in two days of market fall amid a weak trend in global markets after a host of central banks hiked interest rates and gave hawkish commentary. The 30-share BSE Sensex declined 461.22 points or 0.75 per cent to settle at 61,337.81 on Friday. In the previous trade, the BSE benchmark had tanked 878.88 points or 1.40 per cent to settle at 61,799.03.
Investors who issued units in liquid and overnight funds, as well as those with a short-term holding of less than 30 days, are likely to be impacted the most, say experts.
Money managers have turned cautious about the technology space.
Do not keep a large portion of your long-term portfolio in FDs.
The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
SBI offers reward points for various types of banking transactions.
UTI, SBI, Reliance MF promote SIPs with low threshold. However, there are several hurdles. Mutual fund investments require the investor to have a PAN -- a big deterrent when it comes to tapping small and marginal investors. A big fear is that given the fickle nature of the stock market, rural investors might easily get scared when there is a downturn in the market.
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.
The airline has struggled to pay salaries and vendors on time and its Rs 10,963 crore fund and non fund based facilities have now been assigned 'D' rating by ICRA - the seventh rating downgrade since March 2017.
The draft scheme, seen by PTI, said it will provide an option and a respectable exit route to employees who have reached a level of saturation in their career, may not be at the peak of their performance, have some personal issue or want to pursue their professional or personal life outside the bank.
The Enforcement Directorate on Wednesday said it has attached in London, Dubai and India assets worth Rs 538 crore of Jet Airways founder Naresh Goyal, his family members and companies as part of a money laundering investigation linked to an alleged bank loan fraud. The attached properties include 17 residential flats, bungalows and commercial premises. Located in London, Dubai and various cities in India, these properties are in the name of various companies like Jetair Private Limited and Jet Enterprises Private Limited, Goyal, his wife Anita, and son Nivaan, the central agency said in a statement.
State Bank of India has revised lending rates based on marginal cost of funds, a new methodology that will take effect from April 1.
Mop-up misses target as big FIIs skip issue.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
rediffGURU Samkit Maniar answers readers' personal income tax queries
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
Higher provisioning drags net profit down by 7.8 per cent.
