The amount is almost double the Rs 220 crore (Rs 2.2 billion) that a consortium of Bank of Baroda and Andhra Bank earned for its life insurance tie-up with the UK-based wealth and investment company, Legal & General Group (see table). The entry premium is a result of regulations that require foreign insurers to tie up with Indian partners. SBI will hold 74 per cent in the non-life insurance company and IAG the remaining 26 per cent.
And will sell its 50 per cent stake to State Bank of India in Russia as part of rationalisation of overseas branch network.
Yes Bank was the biggest gainer in the Sensex pack, rallying 11.48 per cent amid reports that private equity firms have showed interest in buying a major stake in the private sector lender.
By registering the fresh case, ED wants to strengthen its probe against the beleagured liquor baron and expedite a slew of actions it has initiated against him
Sources said Unsworth had submitted a one-page letter indicating his interest in Jet but without any accompanying documents.
The agency said that since all the applicants, except one, were public banks, the money sought to be recovered was public money, restoration of assets in their favour was in public interest.
Top ten banks of the world includes 4 from the USA, 4 from China and one each from the UK and Australia
Although the pricing for the IPO is yet to be finalised, people in the know said the band could be Rs 275-300
Sustained foreign fund inflows and strengthening rupee are among the main reasons behind the market rally.
Mallya is separately fighting extradition to India on fraud and money laundering charges worth an estimated Rs 9,000 crore
The Hongkong and Shanghai Banking Corporation has announced that its open offer for acquiring additional 20 per cent in UTI Bank at Rs 90 per share.
As part of their deal Diageo agreed to pay Mallya, $75 million for stepping down as chairman of United Spirits and for entering into a non-compete pact
The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China
HDFC MF has had a history of stock options and gave additional ESOPs to key staff a few months ago
A recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet
Sharp fall in capital goods production and manufacturing activity also dented sentiments.
Indian names that figure on the list, but lower down the pecking order include Tatat (101). Airtel (rank: 252), Infosys (287), Life Insurance Corporation of India (292), State Bank of India (334), HCL (390), Indian Oil (427), Reliance (445) and Larsen & Toubro (464).
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
Following the October 24 Supreme Court order, the department of telecom estimated that the total liability of 15 telecom companies, including penalties and interest, would be Rs 1.47 lakh crore.
The 2019 list shows a 37 per cent jump in brand value for the Tata group, to $19.55 billion for 2019, the highest in the top 25.
Nearly 700 of the 1,500 employees, who still claim to be on the payroll of the defunct airline, are women.
The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
The government is likely to name a successor to Rajan sometime this month
The 50-issue Nifty fell 29.60 points or 0.34 per cent to close at 8,642.55
BSE Sensex on Monday closed nearly 34 points higher at 26,350.17 with gains in realty, power, FMCG and oil & gas stocks amid sustained buying by domestic institutional investors.
The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15.
The company contented before the tribunal that the amount was paid outside India.
The objections were filed after Airbus failed to repay Rs 196 crore, availed by the aircraft-making company on behalf of Mallya-controlled Kingfisher Airlines
The agency is looking at alleged "diversion of funds and financial reporting frauds".
FII stance, progress of monsoon, crude oil and rupee movement are likely to dictate the trend.
The S&P BSE Sensex dropped 1 points to end at 26,396 and the Nifty50 slipped 2 points to end at 8,109.
The broader NSE Nifty too dived by 101.65 points, or 0.97 per cent, to close at 10,350.15.
IndusInd Bank was down nearly 1% even after it reported a 21% rise in its fourth-quarter profit
Equity benchmarks erased early gains after realty, capital goods, teck, auto, PSU, IT, power and bankex counters came under selling pressure, falling up to 1.28 per cent.
In January 2017, the growth in total premium was Rs 13,138 crore, against Rs 10,284 crore in January 2016, a growth of 28 per cent.
The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
Out of the 30-share Sensex pack, 21 ended lower and one remained unchanged
Rebound in IT majors TCS and Infosys in late trades helped markets end higher.
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