Infosys has emerged as the fastest growing IT services brand following 52 per cent brand value growth since last year and 80 per cent since 2020 to $12.8 billion, earning it third spot, the brand valuation consultancy said in its latest Global 500 IT Services Ranking report. TCS and Infosys have pushed IBM to fourth spot from second. IBM's brand value now stands at $10.6 billion, a decline of 34 per cent from last year and 50 per cent since 2020.
On the Sensex chart, IndusInd Bank was the top gainer, rallying over 11 per cent, followed by ICICI Bank, SBI, HDFC, M&M and Axis Bank. On the other hand, Dr Reddy's, Tech Mahindra and TCS were among the laggards.
The country's largest life insurer has been inundated with applications from companies, including heavyweights such as Reliance, as the deepening credit crisis forces India Inc to look for new sources of funds. Many companies are issuing NCDs largely to meet their working capital requirements as well as long-term capital expenditure plans.
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
The Life Insurance Corporation of India, the country's largest insurer, is pulling out all stops to mop up Rs 25,000 crore (Rs 250 billion) through Jeevan Aastha, a single-premium product which offers at least 9 per cent guaranteed returns, in an attempt to reverse the trend of falling sales.
At a time when financial institutions are in the process of cutting costs through retrenchment, the country's largest insurer, Life Insurance Corporation of India, has drawn up plans to hire over 10,000 employees and around 250,000 insurance agents across the country.
Similarly, the state-owned corporation has subscribed to NCDs worth around Rs 20,000 crore (Rs 200 billion) this year, with nearly Rs 12,000 crore (Rs 120 billion) flowing into these instruments over the last three months when the global credit crisis intensified.
An accident insurance cover of Rs 1 lakh is also given to all individuals who open a bank account under the Jan-Dhan Yojana.
The listing day gain-to-loss ratio for FY21 was 71 per cent, the highest since FY17, when it was 85 per cent.
The Central Bureau of Investigation on Thursday questioned Himachal Pradesh Chief Minister Virbhadra Singh in connection with its probe into allegations of disproportionate assets amassed by him during his tenure as Union minister.
Prime Minister Narendra Modi will on Friday launch two schemes of the Reserve Bank of India (RBI) that may go a long way in changing how the household sector invests, and complains if anything goes wrong with their savings. These schemes - retail direct and an integrated ombudsman - will be launched by the Prime Minister virtually, in the presence of Finance Minister Nirmala Sitharaman. With the introduction of retail direct, a common man can directly take a position in government securities (G-Sec), considered to be the safest asset class a sovereign can offer.
Using buyback as a divestment tool is not new, the amount raised this year is phenomenally high.
Debt-ridden firm Reliance Capital on Monday objected to the proposed 33.12 per cent stake sale of Prime Focus Ltd (PFL) by Credit Suisse to PFL's promoter group at Rs 44.15 per share. Anil Ambani's Reliance Group company Reliance Capital in a statement termed the proposed transaction as a blatant abuse of the purported rights by Credit Suisse under certain lending agreements with the RCAP Group. However, Reliance Capital did not share the details of the "blatant abuse of the purported rights".
Notwithstanding the challenges posed by the pandemic, the deal street remained buoyant pushing the overall deal value to a three-year high of $90.4 billion during the first nine months of 2021, a 35.1 per cent increase in value over the same period last year, according to an industry report. During the third quarter ending September, total deals grew by a tepid 3.8 per cent, according to the leading provider of financial markets data and infrastructure globally Refinitiv, an LSEG Business. The report also noted that IPOs alone grabbed as much as $9.1 billion of the deal value during the year.
Life Insurance Corporation of India on Thursday said it has crossed the 1-crore (10-million) mark in sales of new policies for the current fiscal on November 15.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The agreement came in after the Ruias agreed to clear most of the Rs 26,000-crore dues to the lenders on completion of the transaction.
To ensure the property right is not contested, one has to take various steps, including getting a bank NoC.
The FPI holding in India's top 100 companies, which are part of the Nifty 100 index, declined to 24.23 per cent on average at the end of March this year, from a high of 27.5 per cent at the end of March 2021. This is the lowest FPI holdings in India's top listed companies in at least three years. A general sell-off by FPIs has weighed on stock prices and the benchmark S&P BSE Sensex is down 8.5 per cent, from its 52-week high made in October 2021. Most analysts expect FPI flows to remain weak in FY23 as well, given rising bond yields in the US and an expected earnings slowdown in India due to high inflation and commodity prices.
The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore, she said.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
Congress's chief spokesperson Randeep Surjewala also said all Indians should ask the government this Independence Day what it was doing to protect the country and push China back.
Seven public sector entities including the Life Insurance Corporation and State Bank of India on Friday submitted expressions of interest to the Pension Fund Regulatory and Development Authority
Rogue lending under political influence was rife in the Congress-led regime and is not happening in the Modi regime, certainly not on that scale. But if PSBs cannot lend as indiscriminately as they did last time in the name of 'credit expansion', how well will these banks do, asks Debashis Basu.
Himachal Pradesh Chief Minister Virbhadra Singh was on Friday questioned for the second consecutive day in connection with an alleged disproportionate assets case against him.
This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.
Tatas' brand value grows 12% in the past year, far ahead of Reliance and Airtel.
As many as 10 public sector banks could be out of the infusion plan because of Sebi's minimum public shareholding norms.
Niti Aayog will prepare the next list of central public sector companies for disinvestment in the next few weeks, its vice chairman Rajiv Kumar said on Thursday and expressed hope that the proposed asset reconstruction and management companies to address banks' bad loan woes will do a good job like the UTI. Days after Finance Minister Nirmala Sitharaman announced the Union Budget for 2021-22 laying out various measures (including disinvestment proposals) to bolster the pandemic-hit economy, Kumar also emphasised that the Modi government has shown consistent commitment for the welfare of farmers and for the improvement of the agriculture sector. "Now the process has begun... We will complete preparation of the next list in the next few weeks, we have got the marching order," Kumar said about the list of public sector companies for the next round of stake sales.
It has Rs 20,500 crore of standard stressed pool outstanding as of June 2018. Thus, the entire stressed book (net NPAs and standard stressed pool) is nearly two times its net worth.
Very gradual fiscal consolidation glide path with looser-than-expected fiscal policy; good quality spending mix and reasonable assumption on fiscal math; and focus on privatisation, asset monetisation and long-term funding for infrastructure investments, according to Morgan Stanley, are the three key themes from the Budget 2021.
Investor wealth zoomed over Rs 10.48 lakh crore in two days as the Budget-driven market euphoria continued to charge bulls on Tuesday.
The government has decided to spend big on infrastructure across a wide variety of sectors to give a greater impetus to the economy which is recovering from the impact of Covid-19, Finance Minister Nirmala Sitharaman said on Monday.
The government on Monday budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one general insurance company, in the next fiscal year beginning April 1. The amount is lower than the record Rs 2.10 lakh crore which was budgeted to be raised from CPSE disinvestment in the current fiscal year. However, the COVID-19 pandemic impacted the government's CPSE stake sale programme, and the target has been lowered to Rs 32,000 crore in the Revised Estimates.
Budget has already bombed at the box office and passing it without a revisit will be a mockery of the exercise though any modification may be short lived and perfunctory, observes V Ranganathan.
Life Insurance Corporation of India is recruiting Apprentice Development Officers.
Regulator fears the insurer may get away without making an open offer.
