NEW DELHI: Shares of PSU banks were trading with losses in Friday's session. Shares of J & K Bank (down 2.76 per cent) , Indian Bank (down 1.66 per cent) , Union Bank of India (down 1.51 per cent) , Indian Overseas Bank (down 1.36 per cent) , Punjab & Sind Bank (down 1.15 per cent) , Punjab National Bank (down 1.11 per cent) , Central Bank of India (down 1.09 per cent) , UCO Bank (down 0.9 per cent) , Canara Bank (down 0.84 per cent) , State Bank of India (down 0.79 per cent) , Bank of Maharashtra (down 0.58 per cent) , Bank of Baroda (down 0.53 per cent) and Bank of India (down 0.47 per cent) were the top losers in the index. The Nifty PSU Bank index was trading 0.93 per cent down at 1089.4 around 02:00PM. Benchmark NSE Nifty50 index was down 95.55 points at 9010.7, while the BSE Sensex was down 334.56 points at 30598.34. Among the 50 stocks in the Nifty index, 19 were trading in the green, while 31 were in the red. Shares of Vodafone Idea, SBI, ICICI Bank, Bank of … [Read more...] about Share market update: PSU bank shares fall; PNB dips 1%
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In a setback to the ailing media house Deccan Chronicle Holdings Ltd (DCHL) pertaining to legal proceedings against it by lenders, the Andhra Pradesh High Court on Thursday suspended the orders of Company Law Board that stayed proceedings against DCHL. At a time when several lenders, who had together extended over Rs 4,000 crore of loans, initiated recovery proceedings against it, DCHL moved the Southern region CLB at Chennai and obtained stay orders on July 4 all the proceedings. Perturbed over the orders of CLB, India Bulls, one of the lenders to DCHL with a loan of Rs 100 crore, moved the AP High Court challenging the jurisdiction of CLB to stay the proceedings, that too through ex-parte orders. India Bulls took to the notice of company court of AP High Court headed by Justice Ramesh Ranganathan that the court had earlier refused to entertain similar plea by the DCHL promoters on staying recovery proceedings by various lenders. India Bulls submitted to the court that CLB has no … [Read more...] about Andhra Pradesh High Court suspends CLB relief to Deccan Chronicle
MUMBAI: Sajjan Jindal’s JSW Group has emerged as the highest bidder for Binani Cement, exceeding submissions from billionaire Rakesh Jhunjhunwala and UltraTech, said three people familiar with the development. JSW’s bid is worth about Rs 5,900 crore, they said. While the bids were revealed to the committee of creditors two days ago, banks will take a final call on the winner in the coming days. The lenders have appointed consulting firm Alvarez & Marsal to evaluate bids. Bankers are confident Binani is one asset that they won’t lose money on. ET reported on January 16 that cement makers such as UltraTech, Heidelberg, JSW Group, Dalmia Bharat and Ramco Cements besides Jhunjhunwala had made proposals to acquire assets of the debtridden company. Dalmia Bharat partnered billionaire Ajay Piramal to bid, while JSW submitted its proposal jointly with a private equity firm and Ramco Cement tied up with PE fund True North. ‘No Haircut’ “We have … [Read more...] about JSW highest bidder for Binani Cement
An appellate tribunal upheld NCLT order prohibiting appointment of a former bank official as a resolution professional (RP) of a bankrupt company due to the possibility of bias, in a judgement that experts say could have wide ramifications on ongoing and future corporate insolvency resolution process. The National Company Law Appellate Tribunal (NCLAT) upheld an order passed by Delhi-NCLT over appointment of a former State Bank of India (SBI) official as resolution professional or RP in CIRP of Metenere Ltd. According to experts, the ruling could have an impact on the resolutions of several companies including the Rs 40,000 crore Videocon Industries case where former bank employees are working as RPs. The financial creditor, in this case SBI, had appointed Shailesh Verma as the interim RP while initiating CIRP against the corporate debtor, Metenere Ltd. As Verma had been associated with SBI for 39 years, retiring as chief general manager in 2016, the corporate debtor felt he was … [Read more...] about NCLAT upholds order passed by NCLT on appointment of RP for Metenere Ltd.
Non banking finance companies (NBFCs) may have got a moratorium from banks on their loan payments but over Rs 76,000 crore of repayments in the debt market in the next three months could well be the litmus test amidst an economic crisis. Many of these companies are facing liquidity issues and could find it difficult to make payments on their bond liabilities. Data from PrimeDatabase shows that more than 100 NBFCs will have to repay Rs 76,093 crore collectively in June, July and August as their bonds are coming up for maturities. A majority of these NBFCs are top rated but some of them could face a challenge in paying back. Moreover, the moratorium offered by banks also is not a blanket one as banks will assess NBFCs on a case to case basis. "The moratorium is available for NBFCs but we will take a call on a case to case basis. It will depend on their cash flows and other factors. Some NBFCs have started collections in April and May and to that extent they have enough headroom and … [Read more...] about NBFCs face a litmus test on their bond liabilities
Market reaction has a different voice to say after FM package announcements; the overall announced measures are below market expectations and this has led to profit booking attempts in the markets. Market was cautiously watching what is on the table to offer by the government to kick start the ailing economy and which would cheer only if there is something to drive growth in the economy, propel consumption or investment but it clearly shows Govt failed to cheer market momentum as they have focused more on supply and liquidity challenges rather pushing support in reviving demand. … [Read more...] about ‘Volatility to stay as virus yet to go away; add these 18 stocks to lockdown portfolio’