Karnataka Bank has raised the interest rates on deposits of below Rs 2 crore to up to 5.50 per cent per annum to be effective from next month. The bank said it has increased the deposit rates by 10 basis points (0.10 per cent) for 1-2 years of deposits as well for above 2-5 years [...]
As the competition heats up between banks and the new-age fintech firms, large banks with healthy operational perfomances and strong balance sheet will continue to grow faster than the industry, Axis Bank MD&CEO Amitabh Chaudhry said in the annual report 2021-22 released on Wednesday. With a number of transformation driven initiatives like One Axis and [...]
Indian markets have witnessed a massive correction due to increasing inflation, interest rate hikes and an increase in oil prices. The Indian benchmark index Nifty50 has witnessed a correction of 12.2% since the beginning of April. Nifty50 has closed at 15875.10 points as of Tuesday. It has even impacted bluechip stocks which are currently trading [...]
Pharmaceutical company Innova Captab Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders, according to the [...]
Share buybacks happen when a company that has issued shares decides to buy them and reabsorb that portion of its ownership that was previously distributed among public and private investors. Companies do buybacks for various reasons like ownership consolidation, increasing the value of their equity, and improving their financial ratios. Sometimes companies prefer buybacks instead [...]
Sebi has imposed a penalty totalling Rs 44 crore on 18 entities, including National Stock Exchange (NSE), its business development officer Ravi Varanasi, former MD and CEO Chitra Ramkrishna and her adviser Subramanian Anand along with certain stock brokers in the 'dark fibre' case. Apart from NSE and its former officials, others penalised by Sebi [...]
Leading multiplex chain operator PVR expects the movie exhibition industry to bounce back "dynamically" in FY23 and plans to open as many as 125 screens during the year, its highest ever tally in a year. According to the company's latest annual report, PVR, which is merging with rival Inox Leisure, expects the process to be [...]
The shares of India's largest automotive suspension spring manufacturer, Jamna Auto Industries Ltd achieved a fresh all-time high on Wednesday. During the day, the stock reached an all-time high of ₹126.25 and is currently trading at ₹123.05, up by 4.33%, IST: 12:00. Since the crash of covid, the share has given a multibagger return of [...]
Tata Technologies Ltd on Wednesday said it has joined the Foxconn-initiated MIH Consortium to promote development of sustainable mobility solutions and encourage collaboration within the industry. The MIH (Mobility In Harmony Consortium) comprises more than 2,300 members in the field of software, hardware, and services. The goal of this open electric vehicle alliance is to [...]
Nithin Kamath, Zerodha’s Co-founder and CEO said that trading is one of the toughest ways to make money in a tweet. In a series of tweets, he added that the kind of volatility in the last few months is making it even tougher. "For most traders living in the social media bubble, it must seem [...]
Edible oil firm Ruchi Soya Industries Ltd on Tuesday said the name of the company has been changed to Patanjali Foods Ltd with effect from June 24. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. In a regulatory filing, Ruchi Soya informed that it has "received [...]
Moody's Investors Service has changed Tata Steel's outlook to positive from stable. The outlook change to positive shows the domestic steel giant's track record of delivering a solid operating performance while maintaining conservative financial policies and the likelihood that upward rating pressure will build over the next 12 months if the recent performance and credit [...]
Credit card spending has crossed Rs 1.13 lakh crore in May compared to Rs 1.05 lakh crore in the previous month according to official data. The month-on-month rise in spending through cards indicates a pick-up in economic activity. The latest data from the Reserve Bank of India (RBI) showed that 7.68 crore credit card holders [...]
Capital markets regulator Sebi has imposed a penalty of Rs 1 lakh on Bharti Infratel, now known as Indus Towers, for flouting rules pertaining to employee stock option schemes. In its order, Sebi found that Bharti Infratel violated the provisions of the SBEB (Share Based Employee Benefits) by not appropriating the excess 5,32,862 shares of the [...]
Shares of Indian multinational automotive corporation Mahindra & Mahindra which holds a 1.09% weightage in the Nifty50 Index achieved its all-time high on Tuesday. During the day, the stock reached an all-time high of ₹1121.45 and is currently trading at ₹1113, up by 2.80%, IST: 11:40. The shares of the company have given a multibagger [...]
Business Tycoon Pallonji Mistry, who was the chairman of the Shapoorji Pallonji group, passed away last night, mid-sleep, at his residence in South Mumbai. He was 93. “Pallonji Mistry, the end of an era. One of life’s greatest joys was to have witnessed his genius, his gentleness at work. My condolences to the family and [...]
The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers by commensurate reduction in prices post rollout of GST. Based on a case filed by a homebuyer that Indiabulls Real Estate has not passed on ITC benefits in project Sierra-Vizag, [...]
Penny stocks are the shares of the small-cap companies which usually quote at very low values and are mostly illiquid. These are also known as nano-cap stocks or micro-cap stocks. Penny stocks have unpredictable pricing because the value of their actively traded shares is small. Therefore, they are subject to wide fluctuations but also have [...]
Bajaj Auto Ltd on Monday said its board has approved a share buyback programme for an aggregate amount of up to Rs 2,500 crore. The board of directors of the company, at its meeting held on Monday, approved the proposal for buyback of the fully paid up equity shares of the company with a face [...]
ICICI Lombard General Insurance Company on Monday said it will settle the MSME clients' admissible claims of up to Rs 5 lakh within 10 days of completing the claims survey. This marks the International MSME Day observed on June 27 to recognize the contribution of these industries. The claims settlement process is a first-of-its-kind service [...]
