Bank of Maharashtra gets approval to raise Rs 2K-cr via equity dilution

Bank of Maharashtra said it has obtained approval of shareholders to raise Rs 2,000 crore through equity dilution. At the annual general meeting (AGM) held today, the resolution was passed for raising of equity capital, the bank said in a regulatory filing.

The money can be raised by follow-on public offer/rights issue/qualified institutional placement/preferential issue etc aggregati

Ramco Systems bags Payroll Software Supplier of the Year award

Ramco Systems, the global HCM and Payroll software provider on Cloud and Mobile has said that it has won the highly recommended Payroll Software Supplier of the Year 2017 award at the Global Payroll Association’s Payroll Awards. “Ramco was awarded for providing innovative, fully integrated Payroll solutions to clients. Presented by the Global Payroll Association,

The Payro

Indian shares rise; banks up as RBI cracks down on bad debt

By Jessica Kuruthukulangara

Indian shares rose on Monday as lenders such as State Bank of India gained after the central bank asked banks to start banktruptcy process against 12 large loan defaulters, raising hopes that reduction of bad debt will start to quicken.

The Reserve Bank of India urged lenders to initiate bankruptcy proceedings against a dozen companies, including

GST rates, rains to chart equity market movements

Further clarity on GST sub-rates and rules, along with developments regarding the monsoon's progress and global cues are expected to influence investors' sentiments in the equity segment during the week commencing June 19, market observers have opined.

According to analysts, the outcome of the GST Council's meet, slated to be held on June 18 in New Delhi, will set the

Equity markets bearish on US Fed rate hike, fund outflows

Breaking the five-week streak of gains, the Indian equity markets slipped into the negative territory during the week ended Friday on the back of global cues such as the rate hike by the US Federal Reserve.

Besides, prolonged outflow of foreign funds and profit bookings dented the overall investment sentiment.

On Friday, the 30-scrip Sensitive Index (Sensex) of the BSE close

Tata Sons to buy Tata Steel stake in Tata Motors on or after June 23

MUMBAI - Tata Sons Ltd, the holding company of India's salt-to-software Tata conglomerate, plans to buy out Tata Steel Ltd's stake in Tata Motors Ltd on or after June 23, it said in a regulatory filing on Saturday.

Tata Sons will buy about 83.6 million shares in Tata Motors at or around the prevailing price of the stock on the date of the planned acquisition,

HDFC opts for early redemption of NCDs

Housing Development Finance Corporation (HDFC), an Indian financial conglomerate based in Mumbai, on Friday said that it has redeemed certain secured redeemable non-convertible debentures (NCDs) prior to its stated date of redemption. “The company has redeemed 197 NCDs of face value of Rs 1 crore each as on June 16, 2017,” HDFC said in a filing to the Bombay Stock Exchange.

Bhushan, Essar Steel among 12 firms being moved to insolvency courts - sources

By Devidutta Tripathy

MUMBAI  - The Reserve Bank of India (RBI) has asked lenders to initiate bankruptcy proceedings against a dozen companies, including Essar Steel, Bhushan Steel Ltd, Monnet Ispat and Energy Ltd, sources with direct knowledge of the matter said.

This follows a change enacted in laws last month that gives the Reserve Bank of India grea

United Bank of India cuts 6-month MCLR to 8.55%

United Bank of India said that it has revised its Marginal Cost of Funds based Lending Rate (MCLR) with immediate effect. "The bank has reduced its six month Marginal Cost of Funds based Lending Rate (MCLR) to 8.55 per cent per annum (p.a.), with immediate effect, United Bank of India said in a filing to the Bombay Stock Exchange. Meanwhile, shares of the bank were trading at Rs 19.85 apie

Nifty posts first weekly loss in six

The NSE Nifty gained 0.1 percent on Friday, but posted its first weekly loss in six, as a fall in information technology and pharmaceutical shares on worries over their earnings outlook offset a bounceback in bank stocks.

The broader Nifty gained 0.1 percent to end at 9,588.05 points, but fell 0.76 percent for the week. It ended each o

Tata Motors mulls raising Rs 500 cr via NCDs

Tata Motors said that it is planning to raise Rs 500 crore through non-convertible debentures (NCDs). "The company is desirous of offering the eighth series of its rated, listed, unsecured, redeemable NCDs aggregating to Rs 500 crore," the Mumbai-based auto major said in a regulatory filing.

In this regard, a duly constituted committee of the board would meet on June 21, it

Edelweiss Financial gets credit rating from CRISIL

Financial services company Edelweiss Financial Services Ltd on Friday said the credit rating agency, CRISIL Ltd, has assigned ‘CRISIL A1+' rating to the two proposed short term debt issues having issue size of Rs 4,000 each and one issue of Rs 5,000.

CRISIL Limited has assigned the rating of ‘CRISIL A1+' to the two proposed short term debt issue(s) having issue siz

Warburg Pincus to buy 43% stake in Tata Technologies

Private equity firm Warburg Pincus will acquire a 43 per cent stake in Singapore- based Tata Technologies for USD 360 million (around Rs 2,320 crore). An affiliate of Warburg Pincus will purchase around 30 per cent from Tata Motors and its subsidiary Sheba Properties as well as Tata Capitals’ entire 13 per cent stake, Tata Motors said in a filing to the Bombay Stock Exchange.


Axis Bank gets board`s nod to raise Rs 5000 cr via debentures

Private sector lender, Axis Bank said that it will raise Rs 5,000 crore by issuing bonds on a private placement basis. "The board of directors of the bank has approved the allotment of 50,000 unsecured, redeemable non-convertible subordinated debentures, Basel III compliant tier II debentures aggregating to Rs 5,000 crore on a private placement basis," Axis Bank said in a filing to th

HDFC to raise Rs 2000 cr on private placement basis

Housing Development Finance Corporation Ltd said that it will raise Rs 2,000 crore by issuing bonds through a private placement offer to augment its long term resources. "The object of the issue is to augment the long-term resources of the corporation.

The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the co

Canara Bank to raise Rs 6,300 cr through securities

Public-sector lender, Canara Bank said that it has received approval to raise Rs 6,300 crore through various routes, including qualified institutional placement (QIP), rights issue or follow on public offer. “The board of directors at the meeting held today approved the proposal to raise equity capital up to Rs 3,500 crore, inclusive of premium to be decided, by way of qualified instituti

Sensex flat; Nifty headed for first weekly loss in five

By Vishal Sridhar

The NSE Nifty swung between gains and losses on Friday and was headed for its first weekly loss in six, as a fall in information technology and pharmaceutical shares on worries over their earnings outlook offset a bounceback in bank stocks.

The index was trading 0.11 percent higher a

Dena Bank slashes home loan interest rates

Dena Bank has cut interest rates on home loans above Rs 30 lakh to Rs 75 lakh by 5 basis points, reported PTI. Th ebank has reduced the interest rate by 10 basis points for loans above Rs 75 lakh. Last week, India's largest lender State Bank of India had lowered interest rates by 10 basis points on home loans above Rs 75 lakh.

The reduction in rates follows reduction in risk weigh

ICICI Bank looks to raise fund via bonds

ICICI Bank is planning to raise funds by issuing long-term bonds. The Committee of Executive Directors of the bank will meet on June 20 to consider the proposal, ICICI Bank said in a regulatory filing. However, the bank did not mention the quantum of fund it wants to raise.

The bank said the committee will consider on "fund raising by way of issuance of senior unsecured long-term

BP, Reliance to invest in Indian gas block, cooperate downstream

By Neha Dasgupta and Nidhi Verma

NEW DELHI  - BP and Reliance Industries said on Thursday they would invest $6 billion to boost India's gas output from an east coast block and expanded their tie-up to feed the South Asian nation's rising fuel and renewable energy demand.

India is replacing China as the driver of fuel demand growth globally. The

Warburg Pincus to buy 43 percent in Tata Tech for $360 million

MUMBAI - An affiliate of private equity firm Warburg Pincus will buy an about 43 percent stake in Indian engineering outsourcing provider Tata Technologies Ltd for $360 million.

Warburg will buy an about 30 percent stake from Tata Motors and its subsidiary, Sheba Properties Ltd, and another 13 percent held by Tata Capital in Tata Technologies, Tata Motors said in a st

India invites BP and Reliance to invest in fuel retailing

NEW DELHI - India's oil minister invited BP and Reliance Industries Ltd (RIL) on Thursday to invest in fuel retailing after they jointly pumped billions of dollars into a gasfield off the country's east coast.

BP Chief Executive Bob Dudley and Reliance Chairman Mukesh Ambani, who met India's oil minister Dharmendra Pradhan in New Delhi on Thursday, will ho

Sensex, Nifty end lower; financials hit by profit-taking

REUTERS - Indian shares fell on Thursday as investors booked profits in recent outperformers, while soft U.S. economic data, a relatively hawkish Federal Reserve and worries of political turmoil in the world's largest economy hurt sentiment.

The BSE Sensex ended 0.26 percent down at 31,075.73

The broader NSE Nifty, which posted losses in two of the last

Aarti Industries bags Rs 4,000 cr agro-chemical supply contract

Aarti Industries Ltd (AIL), a speciality chemicals company, today said it has entered into a Rs 4,000 crore multi-year contract with a global agriculture company for supply of high value agro-chemical intermediary. The project will entail an investment of about Rs 400 crore by the company, AIL said in a BSE filing. As per the contract, the company will supply high value agro-chemical intermedia

Jindal Steel and Power Ltd may diversify into ammonia, urea production: CEO

Jindal Steel and Power Ltd (JSPL) may wade into ammonia and urea production as it is keen to use the spare gas from its coal gasification plant, a top company official said as per the PTI report. "The gas that we are producing is about 225 thousand cubic metres per hour for which we set up this gas-based coal generation plant... We have 75-90 thousand cubic metres of gas we can spare for s