Axis-Kotak merger buzz has no govt backing
Posted on 6th April 2017 |
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| NEW DELHI: Senior government officers told TOI that neither bank has approached the Centre with a plan and in any case the plan being discussed at length in the analyst community does not make sense. The government is the largest shareholder in private sector lender Axis Bank through the Specified Undertakings of the erstwhile Unit Trust of India (SUUTI), which holds a 12% stake. SUUTI is part of the promoter group comprising the five government-owned general insurance companies and the Life Insurance Corporation of India. “There is no plan before us and we are not considering any such move,“ said a high-ranking officer. Sources said the government was looking at various options to offload its shares but would prefer to do so in the market. At current market value, Axis shares would fetch the government Rs 13,920 crore. Axis Bank had termed the reports as “baseless speculation“. In the past, the government has discussed options to sell the stake to Life Insurance Corporation but the move was thumbed down by the RBI. In an interview to TOI on Tuesday , Kotak Mahindra vicechairman and MD Uday Kotak had told that his bank was open to various options for expansion, provided it made sense to the board. When asked specifically about the SUUTI stake, he had said: “I cannot answer that question because first SUUTI has to decide to offer. If SUUTI decides to offer, our board will look at the merits and evaluate it. Where is SUUTI's offer today? It's like an imagination.“ |
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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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