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 […]
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 […]
India’s banking regulator has lifted a restriction it placed in September 2018 under which Bandhan Bank would have to seek its approval before opening any new branch. The restriction was put in place after the company failed to comply with a rule that requires banks to reduce their promoter shareholding to 40% or less within […]
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 […]
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, 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 […]
ECL Finance Ltd, the NBFC arm of Edelweiss Group, said investors can subscribe to its new series of debentures — a type of debt instrument — from Monday, Nov 4. The bonds will carry interest of 9.9%-10.41%, depending on the tenure. The base issue will comprise 10 lakh debentures of Rs 1,000 each, amounting to […]
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 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 […]
Even as banks remain reluctant to lend money to non-banking institutions after the default of IL&FS, State Bank of India has tied up with Edelweiss Group to leverage the NBFC’s sales and marketing network to extend loans to small and medium businesses. The move comes in the wake of the RBI laying down clear guidelines […]
Sanjay Kumar is a Delhi-based professional who does not consider himself very tech-savvy. But when he wanted to put up a refrigerator for sale, he turned to a classifieds site advertises heavily on TV, urging people to get rid of their superfluous goods. Within hours of putting up the ad, he was contacted by an […]
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 […]
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 […]
‘How to get a job’ may be the most pressing question for youngsters in India today, and going by PMKVY data, the best courses for getting a job today are electronics and hardware, apparel, retail, telecom and logistics. This insight is based on the placement and salary data collected by National Skill Development Corporation, the […]
The ministry of agriculture and farmers’ welfare has clarified that no decision has been taken to make the Pradhan Mantri Fasal Bima Yojana or the PM Crop Insurance Scheme voluntary. At present, any and all farmers who take agricultural loans have to compulsorily take crop insurance. The scheme is reported to be a big money […]
Maruti Suzuki, which controls about half of India’s car market, said it has signed an agreement under which Bank of Baroda will provide loans to its dealers and customers. Under the agreement, Maruti Suzuki dealers will be able to get loans from Bank of Baroda by giving their inventory or stock as collateral. The move […]
Singapore-based investment management company Manulife has bought a 49% stake in the asset management arm of Mahindra Finance, marking yet another collaboration between an Indian financial company and a foreign asset management company for operations in India. The transaction has been structured as an investment of $34.9 million, or about Rs 2,000 cr, into the […]
HDFC said it has agreed to buy a 51% of Apollo Munich Health Insurance Company Ltd for around Rs 1,347 cr. Apollo Munich will be merged with HDFC’s general insurance subsidiary, HDFC ERGO General Insurance Company Limited, even as Munich Re continues to remain invested in the new, merged entity. HDFC already has a joint […]
lnduslnd Bank said it will give effect to its take over of Bharat Financial Inclusion Limited — formerly known as SKS Microfinance Limited — on July 4. The private sector bank said it received the approval of National Companies Law Tribunal or NCLT last Thursday. With the merger, “all the assets and liabilities of Bharat […]
Edelweiss Financial Services said its unit ECL Finance has signed an agreement with Bank of Baroda to explore co-lending or co-origination of loans to small businesses. The two will offer loans and expertise to MSME (micro, small and medium enterprises), self-employed persons as well as “priority sector groups”. “Under the arrangement, both partners can widen […]
