Both parties will discuss the issues and there will be a meeting again on May 28, he said.
HDFC Bank's January-March quarter result, which came in-line with expectations, failed to enthuse investors. The reason? The management's decision to abstain from providing any specific growth guidance, and analysts' expectations of an arduous road to recovery. Analysts believe the path to normalisation of several growth metrics is unlikely to be a straightforward one, and the road to balance sheet realignment may be long.
Facing disruptions due to non-availability of crew, Vistara on Sunday announced reducing 10 per cent of its capacity or 25-30 flights daily and most of the cancellations are in the domestic network as the Tata Group airline strives to stabilise operations. The full-service carrier is to operate over 300 flights daily in the ongoing summer schedule and witnessed significant disruptions earlier this week as many pilots reported sick, resulting in cancellations of flights. "We are carefully scaling back our operations by around 25-30 flights per day, i.e. roughly 10 per cent of the capacity we were operating.
The proposal for merger of State Bank of Saurashtra (SBS) with SBI will go before the Union cabinet, which is expected to give its nod soon.
The Bombay high court has sanctioned the scheme of amalgamation of RPL with Reliance Industries, Mukesh Ambani-led company said in a filing to the Bombay Stock Exchange.
The government is examining a proposal for the merger of IDBI with the IDBI Bank, Union Minister of State for Finance Anandrao Adsul said in Jaipur on Friday.
The Reserve Bank of India (RBI) has given HDFC Bank six months to migrate HDFC's home loan customers to external benchmark linked lending rate (EBLR), top sources in the bank told Business Standard. Almost half of HDFC's 5.4 million customers are home loan customers. It is mandatory for banks to link retail loans and loans to micro, medium and small enterprises to an external benchmark. Non-banking financial companies do not have such a mandate.
Private life insurers experienced reasonable growth in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24), and the October data is also encouraging. The individual weighted received premium (WRP) for private players grew by 19.8 per cent year-on-year (Y-o-Y) in October. However, Life Insurance Corporation (LIC) of India had slower growth, pulling the industry growth rate down to 13 per cent Y-o-Y.
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
A high-level committee on oil PSU recast has advised against merger of any state-run firms and recommended a national shareholding trust to hold government stake in them.
AIBEA General Secretary C H Venkatachalam said the SBI management has made it clear it would expedite the merger process. The association had chalked out the strike plan in view of this immediate threat, Venkatachalam added. The merger of the banks would lead to the closure of a large number of bank branches, thereby curtailing banking services for the masses. The closure of branches would also jeopardise the jobs of bank employees, he said.
Telangana Rashtra Samithi chief K Chandrashekhar Rao along with a delegation met Prime Minister Manmohan Singh to thank him for getting the Telangana Bill passed in Parliament and also discussed issues related to the new state.
Telangana Rashtra Samiti chief K Chandrashekhar Rao along with a delegation met Prime Minister Manmohan Singh to thank him for getting the Telangana Bill passed in Parliament and also discussed issues related to the new state.
The merger of Air India and Indian will move from the boardroom to the skies on August 1, with the launch of first non-stop flight of the combined entity to the US.
Valuations of projects dated, says valuer. Also, angry shareholders could come together to oppose the proposed reverse merger.
In August, Google said it will buy Motorola Mobility for $12.5 billion -- making it the biggest ever takeover by the Internet giant so far.
Shares of Hindustan Lever Chemicals and Tata Chemicals declined last week after the announcement of the share swap ratio for the merger of the former with the latter.
The merger has fortified Sun Pharma's position.
TVS Electronics Ltd board approved a merger with TVS eTechnology Ltd. One TVS Electronics share will be swapped for each eTech share.
Former Karnataka Chief Minister B S Yeddyurappa has told the state executive meeting of his newly-floated Karnataka Janata Paksha that the merger with Bharatiya Janata Party has not materialised.
In two separate filings, both the companies said a meeting of the board of directors will be held on March 2, to consider and recommend the amalgamation of Reliance Petroleum and Reliance Industries, the country's most valued firm in terms of market capitalisation.
Meet the CEOs for South Africa's MTN and India's Bharti Airtel. They're the men behind what would be India Inc's largest-ever overseas transaction, at $23 billion.
The apex auditor is busy preparing a report on the Air India-Indian Airlines merger and modernisation of airports through public-private-partnerships, both carried out during the previous term of the United Progressive Alliance government.
Net foreign direct investment (FDI) in India, inflows minus outflows, declined sharply in April-August this year to $2.99 billion from $18.03 billion in the same period last year on moderation in global activities and a rise in repatriation. The Reserve Bank of India's data (October 2023 bulletin) said FDI in India was $7.28 billion and FDI by India, that is money invested abroad from the country, was $4.28 billion in April-August 2023. As for 2022, FDI in India was $22.79 billion and FDI by India was $4.76 billion in April-August.
Re-rating of Axis Bank's stock may continue in the near-future, believe analysts, as the risk-reward on the stock remains favourable amid healthy financials. The bullish stance comes after the Mumbai-based lender delivered a strong outperformance in the March quarter of fiscal year 2023-24 (Q4FY24) on core pre-provision profit and net profit, with improving asset quality. Axis Bank's net interest margin (NIM) expanded, against expectations, even in a tough market.
The government on Thursday said it will encourage mergers of public sector banks to create strong entities, which can compete with other world-class banks.
Following the Reserve Bank of India's (RBI's) action against Paytm Payments Bank, participants in the fintech ecosystem have turned their attention to giving priority to compliance with regulatory norms. Fintech industry players say the episode will ensure adherence to such measures. Executives Business Standard spoke to said companies should have clarity on their requirements.
Communist Party of India-Marxist leader Sitaram Yechury's stand that CPI-M and CPI should merge evoked a mixed response in the two Left parties even as he stressed that the merger would have a 'positive' impact on national politics
Based on a petition filed by two individual investors, the court on April 25, issued interim 'status quo' orders on the merger process.
Move to strengthen market share and become more profitable.
Nikkei 225 index hit the 40,000 mark for the first time ever on Monday, continuing its bull-run that saw the index reclaim its 1989 peak of 34,000 levels in February. as global investors latched on to Japan's biggest companies on improving shareholder returns, the weaker yen and booming corporate profits. Analysts remain bullish on Japan, mostly aided by gains in technology shares. Adoption of artificial intelligence (AI), according to a note by Morgan Stanley, is likely to benefit Japanese companies, which is almost at par with the US-based companies.
Sending a clear directive to Global Trust Bank employees to triple their business, its acquirer Oriental Bank of Commerce has set a growth target of 30 per cent for the combined entity at about Rs 80,000 crore (Rs 800 billion) this fiscal.
'We are focused on playing on our strengths, which are technology, and building a large profitable business by working with banks as well as non-banks and NBFCs for loans.'
