L&T Fin exits from City Union Bank
Posted on 14th June 2014 |
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| L&T Finance Holdings, through its subsidiary, has sold all its shares, worth Rs 183.4 crore, in City Union Bank (CUB). CUB has its head office at Kumbakonam in east-central Tamil Nadu. L&T Vrindavan had 4.55 per cent stake in it, about 24.7 million shares. These were all sold, at Rs 74.25 a share. The CUB stock closed 1.5 per cent lower on Friday, at Rs 71.5 per share on the BSE. Other institutional investors in CUB with over one per cent were Life Insurance Corporation of India at 3.99 per cent and Morgan Stanley Asia Singapore at 1.01 per cent, according to the filing with BSE. According to rating agency CARE Ratings, L&T Unnati Finance Limited was incorporated in June 2011 and subsequently its name was changed to L&T Vrindavan Properties Limited (L&TVPL). The company (L&T VPL) is a 100 per cent subsidiary of L&T Finance Holdings Limited. L&T Finance Holdings was one of the entities which applied to Reserve Bank of India to set up a private bank. However, its bid was not accepted. CUB's net profit grew eight per cent in 2013-14 to Rs 347 crore from Rs 322 crore in 2012-13. The total income for FY14 grew 16 per cent to Rs 2,847 crore from Rs 2,462 crore in FY13. Total advances grew six per cent from Rs 15,343 crore in FY13 to Rs 16,224 crore. Total deposits increased by eight per cent from Rs 20,305 crore at the end of March 2013 to Rs 22,017 crore as on March 31, 2014. |
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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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