The circular says even a day's delay in servicing loans would be now taken as a 'default'. And once in default, for loans above Rs 2,000 crore, the banks will have to arrive at a resolution within 180 days, else lenders will have to file an application under the IBC within 15 days.
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ITC, Infosys, Wipro and HDFC Bank among the major losers.
'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 higher rate cut by RBI is positive for rate-sensitive sectors in the medium to long term.
The 30-share Sensex ended down 245 points at 28,799 and the 50-share Nifty closed down 81 points at 8,750
Tamal Bandyopadhyay details HDFC Bank's digital journey.
With a sole mandate of inflation targeting, RBI wears many hats.
Tracking the strong momentum in the broader market, as many as 99 stocks touched their one-year high level on the BSE on Monday.
BJP loss could trigger a correction
The rally followed the govt's plan to bolster state-owned lenders.
'Else they will form a growing 'hospital sector' -- and the taxpayer will be asked to pick up a mounting bill,' warns T N Ninan.
Infosys, Bharti Airtel and ICICI Bank are the only companies who have managed to score 100% on a Composite Disclosure Index
'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.
Indian companies will have to repay overseas debt worth $7.5 billion in the June quarter.
Banking services are likely to be affected for the next four days as employees of PSU banks plan to go on a zone-wise relay strike beginning with Southern region from Tuesday, after wage revision talks failed.
Amendment to the Act, sovereign guarantees, investment portfolio, realty holdings, and governance issues to shape valuation.
Indices reversed all its losses during late trades.
Sensex, Nifty end lower on global concerns.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
'Macro headwinds are rising for Indian equities in the form of rising commodity prices, especially oil, depreciating rupee, fiscal challenges, election-related uncertainty and upside risks to inflation'
There have been two changes announced so far as MF taxation is concerned.
Will Arundhati Bhattacharya be the RBI's first woman governor? Or will Urjit Patel succeed Raghuram Rajanas RBI governor when his term ends on September 4?
The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up an insurance business in a bid to facilitate the entry of multiple players such as standalone micro insurers and niche players. Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players, depending on the size of the business and operations. According to the current norms, insurers are required to have a minimum paid-up capital of Rs 100 crore.
Even as the gaming industry battles multiple regulations in different Indian states, it has received more than double the amount of investment this year compared to 2020. Industry watchers attribute this to the growing popularity of gaming, spurred by the pandemic, and the innovative business models gaming firms have built. According to data from industry tracker Venture Intelligence, investment in India's gaming sector in 2021 has more than doubled to $794 million, as against a total investment of $339 million last year. In 2019, this number was $176 million. Marquee investors such as Tiger Global (Dream11), Sequoia Capital India (Mobile Premier League), WinZO (Griffin Capital Partners), Tencent (Dream11) and Matrix Partners (Zupee) have pumped money into the sector.
The dollar bond market has been a favourite for Indian firms in 2014.
Experts feel select companies in banking, automobiles, financial services & real estate will gain from lower interest rates
Russia has been grappling with sanctions slapped by the US and its allies over Moscow's invasion of Crimea.
The further expansion and upgrade of the Chinese military does not augur well for India, which continues to confront an increasingly belligerent China on its borders, notes former foreign secretary Shyam Saran.
'At the first board meeting I chaired, I sensed that corporate governance is an issue in this company.' 'I started taking steps that may have aggrieved a few.' 'This has now become a mission I intend to accomplish before I step down.'
The recapitalisation, the finance minister said, will enhance the lending capacity of state-owned banks and help them come out of RBI's Prompt Corrective Action framework.
The UK government has promised to put in place measures worth hundreds of millions of pounds to support any rescue deal for the Indian group's UK business.
Re-rating of Bharat Petroleum Corporation, Container Corporation, Shipping Corporation, SAIL, and Hindustan Copper, for which the government has already shown intent to divest its stake, possible now, say analysts.
The Centre has announced an extension for two more weeks in the nationwide lockdown. However, several relaxations will be allowed as per zones.
The current sub-prime crisis, in the medium-to-long term period, will accelerate global sourcing adoption as financial institutions are exercising the option to cut costs. The institute predicts that outsourcing from the financial services sector have the potential to increase 40-45 times the current market size over the next five years, with key drivers of growth coming from cost pressures and the timely advent of more vertical-specific offerings by offshore suppliers.
'This encourages escapism through the politics and economics of nationalism, made worse by tribalism or nativism, the package accompanied inevitably by the erosion of institutional bulwarks and therefore State capture by powerful businessmen,' notes T N Ninan.
'At present Metaverse is a hype cycle.' 'If it succeeds, then I would like to see TCS there, too.'
For the second straight week, the Sensex rose, notching up a significant gain of 528.34 points, or 1.59 per cent. The Nifty was up 129.45 points, or 1.25 per cent, during the week.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
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