Sebi mulls tighter norms to ensure full disclosure on loan defaults with rating agencies
NEW DELHI: Amid concerns over banks citing ‘client confidentiality’ to resist sharing of information on delayed loan repayments and possible defaults by their borrowers, capital market regulator Securities and Exchange Board of India (SEBI) is planning to tighten its norms to make it mandatory for companies to provide these details to credit rating agencies. Amid […]
State Bank of India cuts lending rates by 15 bps
BENGALURU: State Bank of India (SBI), the country’s largest lender by assets, on Wednesday cut its benchmark lending rates by 15 basis points across all tenors, shortly after the central bank slashed interest rates by a larger-than-expected 35 bps to boost the economy. SBI’s one-year marginal cost of fund-based lending rate, or the MCLR, will […]
Indiabulls expect RBI nod for merger with Lakshmi Vilas Bank by October
MUMBAI: Exuding confidence of getting the regulatory nod for merger with Lakshmi Vilas Bank in two months and the merged entity to be operational by next March, Indiabulls Housing Finance Tuesday said it will turn itself into an SME-focused bank if the merger goes through. The promoters exiting the real estate business or at least […]
HDFC Bank cuts MCLR by 0.10% across tenors
NEW DELHI: Largest private sector lender HDFC Bank on Tuesday has cut its lending rates by 0.10 percent across all tenors, effective Wednesday, sources said. The move comes a day ahead of the policy review by the Reserve Bank, which is reportedly peeved at lenders for not passing on its three consecutive rate cuts of […]
Berger Paints scouts acquisition in Russia, West Bengal gets colourant unit
KOLKATA: Country’s second largest paint maker Berger Paints India Ltd Monday said it aims to grow in Russia and was also evaluating inorganic growth in the country while continues to pump in capital in the domestic market. The company had earmarked Rs 200 crore in the current fiscal toward modernisation in the existing units and […]
BlackRock and CLSA Capital Partner invest Rs 375 crore in GoWork
NEW DELHI: Coworking operator GoWork on Tuesday said it has raised USD 53 million (around Rs 375 crore) debt funding from US-based BlackRock and CLSA Capital Partner to expand its business. GoWork currently has two coworking centres at Gurugram in Haryana, spread over 8 lakh square feet with a capacity of 12,000 seats. “GoWork has […]
Berger Paints’ net profit up 31.7% to Rs 176.41 crore in Q1 FY20
NEW DELHI: Berger Paints India Ltd on Monday reported a 31.76 per cent increase in consolidated net profit to Rs 176.41 crore for the first quarter ended June 2019. The company had posted a net profit of Rs 133.88 crore in the April-June quarter a year ago, Berger Paints said in a BSE filing. Its […]
CFL manufacturers ought not to be forced to collect discarded bulbs: Delhi High Court
NEW DELHI: The Delhi High Court on Monday said popular compact fluorescent lamp (CFL) manufacturers should be allowed to go ahead with their production and not be forced to collect the discarded bulbs as mandated under the Centre’s e-waste management rules of 2016. A bench of Chief Justice D N Patel and Justice C Hari […]
DHFL’s bondholders get three-week deadline to be on board with rescue plan
BY: Nupur Anand and Abhirup Roy MUMBAI: Bondholders of troubled shadow lender Dewan Housing Finance Ltd (DHFL) have been given a three-week deadline to decide if they are on board with a rescue plan being evaluated by banks, according to a letter sent by a custodian of DHFL bonds, seen by Reuters. The banks have […]
RBI Monetary Policy: NBFCs can now on-lend to the priority sector through banks
NEW DELHI: “The fourth straight cut in the benchmark repo rate is a welcome step which will make borrowings cheaper and would help boost in demand in several sectors like real estate and auto which has been sagging since last several quarters,” said Niranjan Hiranandani, President NAREDCO. “It would also help in bringing about some balance between […]
UChicago teams up with Tata Memorial Centre to beat oral cancer
NEW DELHI: Taking a decisive step towards validating a non-invasive diagnostic test that is capable of identifying oral cancer at an early stage, the Tata Centre for Development (TCD) at UChicago announces its collaboration with the Tata Memorial Centre (TMC), one of the oldest and largest cancer centres in the world. UChicago Medicine and Strand […]
Celebrate Raksha Bandhan with the FedEx Rakhi Offer
NEW DELHI: FedEx Express, a subsidiary of FedEx Corp has announced the launch of the FedEx Rakhi Offer. Priced at a flat rate of Rs 199 for domestic shipments and Rs 1999 for international shipments of up to 500 grams, sisters can share their love by sending their Rakhi bracelets via the FedEx Express network […]
RBI cuts key rate by 35 bps to boost economic activity, lowest since April 2010
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday cut key interest rate for the fourth consecutive time, as it reduces repo rate by 35 basis points to 5.40 per cent to boost the slowing economy. The repo rate is lowest since April 2010. The six-member monetary policy committee (MPC) also maintained the accommodative […]
Congress top leaders meet in Delhi to discuss stand on Jammu and Kashmir
NEW DELHI:The Congress Working Committee met late Tuesday with top leaders deliberating on the party’s strategy on Jammu and Kashmir going forward after the government revoked its special status and bifurcated the border state into two Union Territories. The meeting, attended by Congress parliamentary party leader Sonia Gandhi, Rahul Gandhi, former prime minister Manmohan Singh, […]
Tough times for real estate sector, need to find solution: HDFC MD
NEW DELHI: Real estate sector is passing through ‘tough times’ because of liquidity crunch and solution has be found to address the issue, HDFC Managing Director Renu Sood Karnad said on Tuesday. However, addressing realtors’ body CREDAI conference here, she said it is a ‘passing phase’ and the sector will only improve from the current […]
PNB Housing Finance raises Rs 522 crore via ECB from Sumitomo Mitsui Banking
NEW DELHI: PNB Housing Finance on Tuesday said it has raised fresh equity of Rs 522 crore ($75 million) as external commercial borrowing (ECB) from Sumitomo Mitsui Banking Corporation (SMBC) of Singapore. The ECB is under the Reserve Bank of India’s automatic route of approval and the proceeds will be used by the company as […]