SBI leads banks higher on holding company talks
Posted on 3rd June 2014 |
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| State Bank of India, the country’s largest lender by assets, led state-run banks higher in Mumbai trading after an official said the government is working on creating a holding company to infuse capital into them. The holding company will be a repository of government equity in all state-run banks, said the official, who wasn’t authorized to speak publicly. State Bank of India gained 4.02%, Canara Bank climbed 6.18% and Bank of India advanced 4.89%. The 12-member S&P BSE Bankex index rose 3.28%. State-controlled lenders, which account for more than 70% of India’s outstanding loans, have historically been less capitalized than privately owned peers as a 51% government ownership requirement limits their scope to sell shares. That in turn restricts their ability to boost lending or requires the government to inject cash into the banks. “A holding company structure will give banks better access to capital,” Hatim Broachwala, a Mumbai-based banking analyst at Karvy Stock Broking Ltd, said by phone. “While the government may hold more than a 51% stake in the holding firm, there is scope for cutting the holding company’s stake in the banks below 51% to raise capital from the market.” |
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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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