Axis Bank has loans to 12 companies on RBI’s list of defaulters
Posted on 1st September 2017 |
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| Mumbai: Axis Bank on Friday said the Reserve Bank of India (RBI) has identified an additional list of defaulter companies that lenders must now focus on, potentially sending the firms to bankruptcy court should they fail to resolve the troubled loans by 13 December. Axis did not disclose which companies were on the list, but said it had loans to 12 of the names provided to banks by the RBI earlier this week. Reuters had reported on Wednesday that the RBI has asked banks to send at least 20 companies that defaulted on their debts to bankruptcy court if their problems are not resolved by about mid-December, citing a senior banker with direct knowledge of the matter. The list of companies identified by the RBI was drafted after the central bank in June asked banks to take 12 of India’s biggest defaulters to bankruptcy court under new powers given to it. Axis Bank said it had outstanding loans of Rs1,843 crore ($288 million) as of end-June to the 12 companies in the latest RBI list, and non-fund based outstanding loans of Rs649 crore. The bank said about three quarters of the outstanding was secured, adding it has Rs862 crore in provisions on those loans. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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