Bharti Airtel raises Rs 9,050 cr via bonds ahead of auctions

Telecom operator Bharti Airtel has raised $1.25 billion (Rs 9,050 cr) via dollar-denominated bonds from a clutch of international investors, tying up funds ahead of impending auctions of 5G spectrum. The debt was raised at considerably low interest rates, though they carry the risk of the US currency appreciating in value against the Indian rupee. […]

V-Guard founder to enter venture debt, set up NBFC

Kochouseph Chittilappilly, the founder of V-Guard industries, said he has set up a company called K Chittilappilly Capital Pvt Ltd with the purpose of providing venture funding to entrepreneurs. In a letter to V-Guard industries, Chittalappilly — who founded V-Guard Industries as a voltage stabilizer maker four decades ago — said the new NBFC is […]

Equitas Small Finance Bank offers 7% interest on zero-balance savings account

Chennai-based Equitas Small Finance Bank, which listed on stock exchanges earlier this month, unveiled a new type of zero-balance savings bank account with a whopping 7% interest rate. At present, almost no bank offers an interest rate of 7% on savings bank deposits, and many banks offer less than 7% even for fixed deposits. However, […]

Stock markets likely to find near-term bottom on Tuesday

Stock market indices, including India’s Sensex and Nifty 50, are likely to find their short-term bottom today, after a savage correction on Monday in both the Indian markets as well as US markets. The Dow Jones Industrial Average suffered another massive setback on Monday, dropping by a massive 13% to 20,188. With this, 30-stock US […]

MARKET CORRECTION: Good time to invest?

Major Indian stock market indices fell by 8-9% today in the biggest single-day fall since the global financial crisis of 2008. The Sensex fell 2,919 points (8.2%), while the Nifty 50 fell 868 points (8.3%) — by far the biggest single-day points correction in the history of these two indices. GOOD TIME TO INVEST? The […]

Liquidity crunch continues to hurt NBFCs, GDP growth – Fitch

Operating conditions for Indian non-banking financial companies/institutions (NBFCs or NBFIs) have improved slightly in the first two months of 2020, however, uncertainty levels continue to be high for certain segments within the sector such as housing finance and wholesale lending, global ratings agency Fitch said in a note today. “The recent fundraising by a number […]

Blackstone invests Rs 1,750 cr into Future Lifestyle Fashions

Kishore Biyani owned Future Group announced that US-based private equity firm Blackstone will take a 6% stake in its fashion/garments unit, Future Lifestyle Fashions, by investing ₹1,750cr ($250 mln) into Ryka Commercial Ventures Pvt Ltd, the holding company of FLFL, and directly into FLFL. Blackstone joins other groups such as L Catterton, Premji Invest and […]

Cadila Healthcare gets US FDA warning letter for Moraiya facility

Cadila Healthcare, one of India’s biggest pharmaceutical companies, said it has received a ‘warning letter’ from the US Food and Drug Administration relating to its Moraiya formulations facility in Gujarat. The Moraiya facility is the company’s largest plant that makes tablets and injectables and is estimated to contribute about 40-50% of its U.S. exports. Shares […]

COLUMN: Why we should welcome a recession

Subramanian Swamy is often accused of propagating outlandish ideas and suggestions, but at least on the issue of addressing a slowdown in India’s GDP growth, he seems to be closer to the truth than India’s ruling establishment. Both Sitharaman and Swamy are united in recognizing the need for a ‘stimulus’ to nudge the economy from […]

United Bank of India to raise up to Rs 3,000 cr ahead of PNB merger

United Bank of India said its board of directors has approved in principle a plan to raise ‘up to Rs 3,000’ cr via a preferential sales of shares ahead of its merger with two other banks. A preferential sale of shares, as distinct from a private placement, is a quicker form of selling shares to […]

ICICI Bank tops in banking fraud hits; SBI, HDFC Bank follow

ICICI Bank, one of India’s top three lenders, has emerged as the No.1 target of bank fraudsters last year in terms of the sheer number of such incidents, overtaking bigger rival State Bank of India. ICICI Bank reported 374 medium and large sized incidents of fraud, beating back SBI, which came in with 338 such […]

‘We’re cleaning up the banks’ – FinMin gives the numbers

Finance ministry on Thursday gave detailed numbers to detail the efforts that the Narendra Modi government has been making to overcome the problems created by corruption and bad loans in India’s public sector banks. Finance Minister Nirmala Seetharaman pointed out that a review in 2015 found that a huge chunk of loans issued in previous […]