Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as "untrue and baseless." This comes in the wake of news report which said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option and is examining the possibility of selling less than 5 per cent of the company. According to company's spokesperson, "Any talk of stake sale in Vedanta Ltd is untrue and baseless."
While the BJP said it has only portrayed some incidents, which happened during the previous Congress regime through the cartoons which are not meant to hurt anyone, the grand old party accused it of releasing such illustrations out of frustration.
The delay will increase the provisioning burden on lenders and will also postpone the benefit of reversal of money set aside as provisions.
The agency noted that the reviews of these banks' sub-debt ratings were not indication of any change in the affected banks' fundamental credit quality.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
Sensex eneded 374 points higher on rate cut expectation from the RBI.
Chidambaram first met bankers and industrialists in Mumbai to seek ways to revive slowing economic growth.
ICICI Bank, the country's second largest bank, is planning a $1 billion overseas syndicated loan. This is the third time in four months that the bank will tap the overseas market for funds.
Traditionally, most PSUs have been cash-rich, which added to their value. However, the government has been tapping regularly into their cash resources to boost revenue for the exchequer
Both banks intend to tap German investors focused on emerging markets.
Having raised $100 million in syndicated loan last month, Corporation Bank is contemplating to tap the overseas markets again for borrowing $30-40 million sometime this year.
IBoard defends MD on nepotism charges, quashes allegations; it also reviewed its internal processes and exposure to the Videocon group
The BJP had not filed till May the expenses statement for the Karnataka Assembly elections held last year in July.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
Of the six-member rate-setting monetary policy committee, five members voted for a 25 bps cut while one by 40 bps, the RBI said.
The maximum number of banks are from the US (74), followed by China (29) and South Korea (26).
Fugitive diamantaire Nirav Modi's sister and brother-in-law have "turned approvers" in the over $2 billion PNB fraud case against him and they will help the Enforcement Directorate confiscate assets worth Rs 579 crore, including Swiss bank deposits, the agency said on Thursday. Forty-nine-year-old Nirav Modi, who is currently lodged in a London jail, his uncle Mehul Choksi and others are being probed by the Enforcement Directorate (ED) in the Punjab National Bank (PNB) money laundering case since 2018. The diamond merchant's younger sister Purvi Modi (47) is a Belgian national while her husband Maiank Mehta is a British citizen. They are stated to be based abroad and have never joined the probe.
Kolkata-based LSI Financial Services has obtained Securities and Exchange Board of India (Sebi) licence for merchant banking operations.
Banking sources said IDBI Bank, along with another banks, was syndicating the loan. The move came after Air India failed to get funding interest from European commercial banks despite the loan carrying sovereign guarantees. The European banks' reluctance reflects how lenders have turned risk averse when it comes to aviation funding.
The case pertains to alleged financial irregularities in supply of high-altitude tents worth Rs 22 crore to intelligence agency Research and Analysis Wing during 2009-13.
The market breadth, indicating the overall health of the market, turned negative from positive
Addressing a big rally in Kolkata to launch the Bharatiya Janata Party's Lok Sabha campaign, Shah launched a blistering attack on Chief Minister Mamata Banerjee on the issues of appeasement, infiltration, corruption and political violence, alleging she has "destroyed" the state.
Insurer has also made fresh investments since December 2015 quarter when RBI told banks to recognise bad loans
Wedding.con is a watchable show, if only to caution people about the latest scams, notes Deepa Gahlot.
In the broader market, the S&P BSE Midcap ended 0.1% down, while the S&P BSE Smallcap index gained 0.3%.
A series of failed loan recast programmes continues to haunt banks.
Rediff readers tell us how they spent their first salaries.
As industrialist Vijay Mallya fights his wilful defaulter tag, former CAG Vinod Rai has said Kingfisher Airlines' loan default is just a "trickle" and the overall problem of huge bad loans at public sector banks can be blamed on 'cronies' using connections to borrow money.
Govt sets up task force to monitor circulation of fake currency; suspicious Jan Dhan accounts under scanner.
Vedanta investors were jittery on Tuesday as its share price fell and bond yields of its parent firm rose following concerns raised by a rating agency on its capability to repay debt maturing later this year. Shares of the mining and metals major were down by 7 per cent on Tuesday to Rs 268 a piece on the BSE. The company has lost market valuation of 30 per cent in the last one year and 13 per cent since January 1 this year. Yields on the bonds of Vedanta Resources, the parent firm of the BSE-listed Vedanta, shot up to 39.8 per cent - showing investors' rising concern over the group's debt situation
Next set of Q4 FY16 earnings, progress of monsoon along with election poll outcome will dictate market trend this week
Government to infuse funds in cash-strapped banks.
Associated Journals Ltd (AJL), which runs the National Herald newspaper, on Wednesday told the Delhi high court that the Enforcement Directorate's (ED) May 2020 provisional attachment order attaching its nine-storey building in Mumbai was 'non executable' as the agency has not identified which portions have been attached.
The S&P BSE Midcap and the S&P BSE Smallcap indices under-performed to lose 0.8% and 1.6%
All listed firms were required to have at least one woman director on their boards from April 1, 2015, as per a Sebi directive.
On the sectoral map, consumer durables stayed in the lead by surging 2.39 per cent, followed by realty index, oil and gas and infra.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
