Private sector Karnataka Bank has declared accounts of Reliance Home Finance and Reliance Commercial Finance a fraud with combined loan outstanding of over ₹160 crore to the lender. The bank has reported to the Reserve Bank regarding frauds in the credit facilities extended earlier, Reliance Home Finance with loan outstanding of ₹21.94 crore and Reliance Commercial Finance ₹138.41 crore as fraud.
Srei Equipment Finance Ltd (SEFL) has received investment interest of ₹2,000 crore from US-based Arena Investors LP (Arena) led consortium. The strategic coordination committee has received a term sheet from Arena Investors, USA and its consortium and their affiliates indicating interest for investment of an aggregate amount of ₹2,000 crore subject to terms and conditions contained in the term sheet.
India-based jewellery manufacturers units are seeing a glimmer of hope from overseas markets, which have opened for business. Over the past 3 months, several of these businesses have seen an appreciable increase in orders from retailers in China, the Gulf countries and some Western nations. The gems and jewellery sector shipped consignments worth ₹25,266 crore in April and ₹21,188 crore in May.
IT company Infosys is eyeing 12-14% revenue growth in constant currency terms in FY 2021-22, while it sees margin at 22-24%. The company registered a 5% revenue growth in constant currency terms in FY21, while its operating margin stood at 24.5%. The IT giant's large deal wins rose to $14 billion in FY21 from $9 billion in FY20.
HDFC Bank on Saturday said it will buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over ₹1,906 crore from the parent company Housing Development Finance Corporation (HDFC). The board of directors of HDFC Bank at its meeting held on June 18, 2021 has approved the purchase of 3,55,67,724 equity shares of ₹10 each.
Ending nearly two anxious years for depositors, RBI on Friday cleared the decks for the takeover of Punjab and Maharashtra Cooperative Bank (PMC Bank) by a consortium of non-bank lender Centrum Financial Services and fintech startup BharatPe. The RBI said it has decided to grant in-principle approval to Centrum to set up a small finance bank under on-tap licensing norms.
Maruti Suzuki India on Friday said it has reduced prices of ambulance version of its van Eeco by ₹88,000 to ₹6,16,875 (ex-showroom Delhi), in line with the cut in the GST rate on such kind of vehicles. The GST rate on Eeco ambulance has come down to 12% from the earlier rate of 28%.
State-run telecoms BSNL and MTNL are in the soup as they face staff shortages and operational losses, more than a year after nearly 93,000 opted for voluntary retirement scheme (VRS) of the central government. Nearly a half of BSNL employees (78,569 of 153,000) and 80% of MTNL employees (14,400 of 18,000) took the VRS option.
Adani Power has emerged as the successful bidder for Essar Power's 1,200 MW thermal power project in Mahan, Madhya Pradesh. The Adani Power bid for the project has been approved by a committee of creditors. Now, it will have to seek the NCLT approval to acquire the project, which is undergoing insolvency proceedings.
National carrier Air India Ltd is offering to sell properties, including offices, flats, and staff quarters at major metropolises as the cash-strapped airline makes a renewed attempt for such divestments this fiscal. The airline has put up several properties in cities such as New Delhi, Mumbai, Kolkata, Ahmedabad, Bengaluru, Mengaluru, Nashik, and Nagpur. The airline plans to raise ₹200 crore to ₹300 crore from them.
Billionaire Gautam Adani was knocked back to the No.3 position among Asia’s richest people within a few weeks of grabbing the second spot, as the Indian business tycoon lost $13 billion in four days following a massive sell-off in shares of Adani group companies. Adani currently has a net worth of $63.5 billion, sharply lower than $76.7 billion at the start of this week.
Banks and other financial creditors recovered ₹13,706.32 crore from 6 of the large assets referred for resolution under the Insolvency and Bankruptcy Code (IBC) between June 2020 and June 2021. One of these assets is Videocon Industries consolidated with its 12 related entities from which lenders are expected to recover ₹2,962 crore.
Reliance Jio trumped Airtel in net subscriber addition in March, and Vodafone Idea also showed a positive net addition for the second straight month, the Telecom Regulatory Authority of India (Trai) data released on Friday showed. While Jio added 7.92 million wireless users in March, Airtel followed with 4.06 million net subscriber addition. Vi recorded a net addition of 1.09 million net subscribers.
Google Meet's Hand Raise feature is getting a lot of updates. The search giant said that the new update would make it easier for people to notice the raised hand and address the person. The people tile of people who have raised hands will be made more visible in the video grid and an audio notification will be sent to the participants during a video call.
The Khadi and Village Industries Commission (KVIC) registered a turnover of more than ₹95,000 crore in the previous fiscal year, its highest ever. Turnover stood at ₹95,741.74 crore, a growth of 7.71% over FY20, when turnover was ₹88,887 crore. The numbers are up despite production coming to a halt for nearly 3 months due to the outbreak of Covid-19.