UNITED BANK OF INDIA
Polycab, United Spirits among 38 companies with dividend bonus, stock split this week. Do you own any?
Polycab, United Spirits, Mahindra Logistics are in focus for dividends, bonuses, and stock splits. Key stocks include Clara Industries (4:1 bonus July 8), Deep Industries (Rs 2.44 dividend July 9), JSW Steel (Rs 7.3 dividend July 9), Mphasis (Rs 55 dividend July 10), Mahindra Lifespace Developers (Rs 2.65 dividend July 12), and Vantage Knowledge Academy (stock split July 12).
Acre ARC sells Nagarjuna Fertilizers and Chemicals debt to AM Green for ₹1,685 cr
Nagarjuna Fertilizers has successfully cleared its massive debt, positioning itself for a potential merger with AM Green to optimize brand and distribution synergies. The unresolved sale issues of its plant and business loom large, impacting the transfer of government subsidies.
Mitsubishi UFJ's talks for stake in HDFC Bank said to hit snag
Mitsubishi UFJ Financial Group Inc. (MUFG) is facing hurdles in its negotiations to acquire a minority stake in HDFC Bank Ltd.'s consumer lending unit, HDB Financial Services Ltd. The main point of contention is the extent of control MUFG would have over HDBF's business strategy. While MUFG remains interested in the deal, talks are at risk of further delays or possibly collapsing altogether due to these disagreements.
Adani-Hindenburg Row: What are the allegations against US-based short-seller? What's the link with Kotak Mahindra?
Hindenburg Research rebuts Sebi's allegations of collusion with Kingdon Capital Management in shorting Adani Group stocks. Sebi's 46-page notice claims Hindenburg's actions facilitated significant gains for Kingdon Capital, but Hindenburg dismisses these as baseless and accuses Sebi of neglecting investor protection. Kotak Mahindra Bank's alleged involvement adds to the controversy, with Sebi and Kotak yet to comment.
Niva Bupa files for Rs 3,000-cr IPO
Niva Bupa Health Insurance files a ₹3,000 crore IPO, aiming to enhance solvency ratio and operating expenses. British United Provident Fund Bupa is an existing shareholder. TrueNorth-managed Fettle Tone LLP and Bupa Group play key roles in the IPO process.
From spirits to simplification: Diageo India to slim down Mallya-era overseas subsidiaries for a better high
Diageo first bought a stake in USL in 2012, taking its holding to a majority by the following year. Mallya stepped down from USL in 2016 and left India that year amid loan repayment troubles at Kingfisher Airlines. At the time, USL had nearly two dozen subsidiaries, joint ventures and associate companies, half of them in the UK, where Mallya has currently exiled himself.
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A Taliban delegation attends a UN-led meeting in Qatar on Afghanistan, with women excluded
The Taliban were not invited to the first meeting, and U.N. Secretary-General Antonio Guterres said they set unacceptable conditions for attending the second one in February, including demands that Afghan civil society members be excluded from the talks and that the Taliban be treated as the country's legitimate rulers. The Taliban seized power in August 2021 as U.S. and NATO forces were in the final weeks of their pullout from the country following two decades of war.
Future Enterprises' creditors scrap simultaneous vote for its assets
Creditors had divided FEL's assets into three clusters - insurance, textile businesses, and other residual stakes including its investments in a manufacturing unit each at Tarapur-Palghar in Maharashtra and Mahadevapura-Bengaluru in Karnataka. Central Bank had emerged the highest bidder for the insurance business, while metals company Orissa Metaliks had pipped Mumbai-based financial services firm Uniworth Finlease with a ₹75 crore offer for the manufacturing units.
Quant Mutual Fund added 27 stocks to its portfolio in May. Do you own any?
Quant Mutual Fund is under Sebi inquiry for suspected front-running, leading to search and seizure operations in Mumbai and Hyderabad.
RBI urges banks to address credit gaps for underserved sectors
Despite India's progress in banking access, micro and small business units, marginal farmers, and self-help group members still lack institutional credit and comprehensive financial services, as highlighted by the Reserve Bank of India.
NBFC lobby group demands dedicated refinance bank, more level playing field with banks
The Finance Industry Development Council (FIDC) has urged for a dedicated refinance window through Small Industries Development Bank of India (Sidbi) to reduce NBFCs' reliance on banks and address liquidity challenges. FIDC also seeks harmonisation of regulations with banks for tax benefits and recovery processes. RBI has raised concerns about NBFCs' heavy reliance on bank funding, prompting calls for regulatory alignment and improved access to funds for NBFCs.
Amazon announces expansion of its grocery service unit to over 130 cities
Amazon India announced on Tuesday that it is expanding Amazon Fresh, its comprehensive grocery service. This service includes both wet and dry groceries such as fruits, vegetables, chilled products, and a range of personal care items.
India's non-banking financial sector grew by 10%; declined globally by 3 %
India's non-banking financial sector grew by 10% as per an SBI report, while the global sector saw a 3% decline. NBFI entities focus on lending and financing without public deposits. The report noted India as the third-largest in the sector, highlighting the banking system's resilience, improved asset quality, macroeconomic fundamentals, and government initiatives for a level playing field. RBI's proactive measures ensured stability, growth, innovation, and advancements in digital banking.
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
SBI to use IT, GST data for quick sanction of MSME loans
State Bank of India (SBI) has introduced SME Digital Business Loans, using data from income tax, GST returns, and bank statements for rapid credit assessment of MSMEs, enabling loan sanctions within ten seconds without human intervention. For loans up to Rs 50 lakhs, financial statements are waived in favor of transaction history and GST returns. This initiative aims to streamline MSME lending, reducing manual processes and enhancing efficiency.
Citi's new banking head Viswas Raghavan begins as CEO hails his 'intensity'
Raghavan previously served as JPMorgan's CEO in the Europe, Middle East and Africa (EMEA) region, while also leading its investment and corporate banking and treasury services in the region. After joining JPMorgan in 2000, he held senior roles in debt and equity capital markets.
RBI moves 1 lakh kg of gold from UK back to India, first such move of this quantum since 1991
India's central bank has moved around 100 tonnes of gold from the UK to its domestic vaults, with plans to relocate more soon, according to a TOI report. This significant transfer, the first since 1991, addresses logistical and storage diversity concerns. The RBI, which held 822.1 tonnes of gold as of March, coordinated closely with various government bodies and used special aircraft for secure transport
US court says Riju Ravindran’s testimony “lacks credibility”, imposes penalty: Byju’s lender group
An Indian tech firm, Think & Learn Pvt, faces penalties for concealing $533 million from lenders. Riju Ravindran, a director, failed to locate the funds, prompting US Bankruptcy Judge Dorsey to call his testimony dishonest. Despite no extradition treaty, fines loom. The dispute centers on creditors versus Think & Learn, embroiled in US courts.
HNI investors in offshore ‘blank cheque’ companies receive income tax notices
Many resident Indians who bought SPAC shares haven’t disclosed such investments in ITRs. SPACs are established solely to raise capital through a pre-listing offering, aiming to acquire a stake in an existing, primarily unlisted, operating company. Subsequently, the target company can merge with the publicly traded SPAC, thereby becoming a listed entity on major stock exchange
Paytm market cap nears $2.5 billion; state-run banks turn to GenAI
Paytm’s market capitalisation is down to nearly $2.5 billion after a ninth straight session of declines on the BSE.
Ambani’s Jio Financial plans to tap StanChart executive as unit CEO
Billionaire Mukesh Ambani's new financial services firm is set to appoint Kusal Roy, the India country manager of Standard Chartered Plc, as the CEO of one of its units, Jio Finance Ltd. Roy will join the firm in the coming weeks, pending regulatory approval. Jio Financial is expanding its services and talent pool, including hiring KV Kamath as non-executive chairman and Charanjit Attra as chief operating officer.
Kotak Bank reveals how Indian banks fail to keep up with Modi's ambitions
Kotak Mahindra Bank Credit Card & Mobile Banking Curbs: Prime Minister Narendra Modi aims to export India's digital payments system worldwide, but faces obstacles as Indian banks struggle with outdated technology. Despite massive investments in tech to boost financial inclusion, banks are grappling with system glitches and cyber threats. The government urges modernization to safeguard the financial system and customer data.
RBI directs payment aggregators to undertake due diligence of merchants on boarded
The Delhi High Court has ordered a consortium of 13 lenders, including Punjab National Bank, to upgrade Jindal India Thermal Power's non-performing asset status to standard. The order was passed after Jindal India filed a complaint with the court, claiming that lenders had refused to release its pledged shares.
Thai ties in mind, currency deal may help popularise the Rupee
How about leaving a tip in rupees at a beach bar in Pattaya or a spa in Bangkok? Well, that could be a reality if India can pull off a currency deal with Thailand, which has emerged as one of the preferred destinations for holidays, conferences and corporate offsites, especially since the visa relaxation last year.
ET Exclusive: Japan’s MUFG set to pick 20% stake in HDFC Bank arm HDB Financial for $2 bn
Bank of Tokyo-Mitsubishi UFJ (MUFG) is set to buy a 20% stake in HDB Financial Services, a non-banking subsidiary of HDFC Bank, at a valuation of $9-10 billion. The decision is expected to take place next week at the HDFC Bank board meeting. The deal is expected to be among the largest deals in the shadow banking space in India. HDFC Bank owns 95% of the shadow bank, while employees own 5% as ESOPs.
Bank of India receives Rs 1,128 cr tax demand order
According to the exchange filing the Bank is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) against the said order within the prescribed timelines.
Indian banks halt silver imports as duty differential spurs private trade
India's banks have stopped silver imports after private traders bought large volumes of the precious metal from the United Arab Emirates to benefit from a lower duty. The Comprehensive Economic Partnership Agreement signed between India and the UAE in 2022 allows private traders to import silver through the India International Bullion Exchange (IIBX) at a 9% duty and an extra 3% tax for value addition.
Bank unions push for 5-day week ahead of IBA settlement. What is the alternative proposed?
The United Forum of Bank Unions has urged Finance Minister Nirmala Sitharaman for a five-day workweek in a letter. They promise no reduction in total banking hours for customers or employees if implemented, aligning with an agreement with the Indian Banks' Association. The union highlights existing five-day weeks in RBI and LIC. This comes ahead of final settlement with IBA.
ED has not yet found forex breaches at Paytm unit, source says
India's Enforcement Directorate has not found any foreign exchange management act violations at Patym Payments bank, a unit of One 97 Communications. The bank's shares have plunged over 50% since the Reserve Bank of India announced it could no longer accept new funds into its accounts or wallet. The investigation found some lapses related to know-your-customer rules that verify user profiles. The Enforcement Directorate is still ascertaining whether to bring charges for any potential violations.
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