Nippon Life Insurance, one of the largest life insurers in the world, has agreed to increase its stake in Reliance Life Insurancem a part of Reliance Capital Ltd from the existing 26 per cent to 49 per cent. The Japanese company will be investing an aggregate value of Rs 2,265 crore (US$ 348 million) to […]
Hindustan Petroleum Corporation Limited, Indian Oil Corporation Ltd and Adani Ports and Special Economic Zone Limited are among the Indian companies that will benefit the most from the rupee’s depreciation against the dollar, while Power Grid Corporation of India Ltd, NTPC Limited, Bharti Airtel Limited and Lodha Developers Private Ltd will be among the biggest […]
Following a steep 0.5 percentage point cut in policy rates by the Reserve Bank of India, Axis Bank — one of India’s largest lenders — has cut its base interest rate to 9.50% from 9.85%. This will mean lower EMIs for hundreds of thousands of its floating loan customers. The cut is with effect from […]
L&T Infrastructure Finance Company Ltd – belonging to the engineering conglomerate Larsen & Toubro Ltd (L&T) – reduced its prime lending rate by 0.25% to 15.50% per year effective 15th Sept, the company said. “This revised PLR shall be applicable in respect of both existing loans and new disbursals, in accordance with the relevant clauses […]
Equity markets across the globe, including and particularly emerging markets, will see a relief rally if the US Federal Reserve puts off a rate hike today, said Rohit Gadia, Founder & CEO, CapitalVia Global Research. US Fed will conclude its policy meet today and give clarity on the much debated rate hike. Indian markets are […]
Federal Bank has joined a group of 11 other banks to offer instant money transfer facility using ATM cards. Customers of Federal Bank can transfer money to those of any of the other 11 banks (as well as to Federal Bank customers) by visiting Federal Bank ATMS. At present, money transfer requires a visit to […]
Central Depository Services (India) Limited, one of India’s two depositories, said the total number of active demat accounts opened with it as at the end of August, 2015 has crossed 1 crore, implying that the total in India would be over 2 crore (20 mln). On this occasion, Shri. N. Rangachary – Chairman, CDSL said […]
The current volatility in the stock market is a good opportunity to put money into shares, said Aashish Somaiyaa, CEO of Motilal Oswal Asset Management Company. He said India continued to be in a ‘long term bull’ market and the fundamentals of the economy continue to be robust. “Any extraneous development which gives an opportunity […]
Multi Commodity Exchange of India Ltd, India’s leading commodity exchange, said it will set up an electronic trading, clearing and settlement platform at GIFT City, Gandhinagar. The move is the biggest expansion by the commodity exchange company after it was taken out of the control of Financial Technologies, which was caught up in a scam […]
With the market showing extreme volatility, the Indian Oil Corporation’s offer for sale of 24.3 cr shares did not get adequate response from retail investors. Though 20% of the offer was exclusively reserved for retail investors, the company managed to get subscriptions for only about one-fifth of this quota. A 5% discount was also offered […]
The government of India will invest Rs 857 cr into Corporation Bank as part of its bank recapitalization efforts, the public sector bank said. Public sector banks, including the State Bank of India, are facing mounting NPAs or defaults as big debtors, such as corporations, refuse to, or are unable to make payments. The taxpayer […]
Indian stock markets saw the biggest absolute decline (in terms of index points) today, with the benchmark BSE Sensex declining 1624 points and the Nifty down 491 points, or about 6%. The sell-off was triggered by global capital shift away from equities, which have been going up more or less uninterrupted for nearly five years. […]
IDBI Federal Life Insurance, a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe, has reported a growth of 84% in Total Premium at the end of the Q1 FY16. “The growth of the company […]
The State Bank of India said it has fixed certain “control gaps” in its Hong Kong branch that led to a fine of Rs 6.17 cr by the local regulator. ‘”The control gaps related to the past and have since been remediated with appropriate enhancements in policies and procedures,” SBI said. “HKMA (Hong Kong Monetary […]
India came third in the number of candidates who took the CFA or Chartered Financial Analyst exam in June, organizers said. Of the 125,443 candidates who sat for the exams globally, 10,651 were from India, CFA Institute said. A total of 57,476 candidates passed the exams. Only the United States (30,715) and China (21,057) had […]
Indirect Tax Collections figures for the first four months of the financial year have pointed to an increase in the tax collection as compared to last year. Indirect tax collection for April-July 2015 registered increased by 37.6% over the same period last year, says the release published by CBEC. For July 2015, increase in indirect […]
IDBI Bank reported a net profit of Rs 135 Crore for the quarter ended June 30, 2015 and Rs 873 Crore for year ended March 31, 2015 as against Rs 106 Crore for the quarter ended June 30, 2014 registering a growth of 27%. Total business (deposits and advances) as of June 30, 2015 stood […]
IndusInd Bank said it has raised a total of Rs 5,081 cr by selling 6 cr (60 mln) shares to its promoters and qualified institutional investors. “The raised capital will be used to support the Bank’s growth and also augment total Capital Adequacy Ratio. The QIP issue addressed to foreign and domestic institutional investors was […]
QUAAditya Birla Nuvo, the diversified business company, reported a 10% increase in its first-quarter revenue to Rs 6,820 crore, while net profit rose 50% to Rs 397 crore. EBITDA rose 31% to Rs 1,671 crore. Financial Services Aditya Birla Financial Services (ABFS) assets under management (AUM) grew by 29% to USD 28.9 billion (Rs 173,170 […]
Federal Bank said customers can now avail loans against fixed deposits through its online platform, and that the first 3,000 customers will get interest rate concessions. “Fed-E-Credit is an online loan against deposit, and is the first in the series of online loan products planned by the Bank,” it said. Through Fed-E-Credit, customers can apply […]
