State Bank of India (SBI) has raised loan rates for corporates and some retail borrowers by 10 basis points, setting the stage for a wave of rate hikes across the banking sector. The rate hike, the first from India’s largest lender in more than three years, indicates the turn in the interest rate cycle, as rising inflation prompts central banks to exit easy money policies.
the Reserve Bank of India (RBI) has imposed a fine of over Rs 17 lakh on the Manappuram Fiannce for violating KYC guidelines as well as norms related to prepaid payment instruments.
holesale inflation, which has remained in double digits for a year now, quickened to a four-month high in March amid a relentless rise in commodity prices following the Russian invasion of Ukraine. The Wholesale Price Index (WPI) rose 14.55% in March from 13.11% in February, according to data released by the commerce ministry on Monday. Meanwhile, food inflation accelerated to 8.7% in March from 8.5% in February, led by a jump in foodgrain, fruits, and milk prices.
Sanofi India: The company has appointed Rodolfo Hrosz as the Additional Director and the Managing Director of the company, with effect from June 1 for a period of three years.
Mindtree: The mid-cap IT company recorded a 8.1 percent QoQ growth in profit at Rs 473 crore with revenue rising 5.4 percent to Rs 2,897.4 crore. Revenue in dollar terms grew by 4.8 percent QoQ to $383.8 million and the growth in constant currency terms was 5.2 percent for Q4FY22, but EBIT margin contracted to 18.9 percent, down from 19.2 percent in previous quarter. The company has recommended a final dividend of Rs 27 per equity share for full year.
Larsen and Toubro Ltd is weighing a merger between two of its publicly traded software firms, as the Indian conglomerate seeks scale to compete with global digital giants. The boards of Mindtree Ltd and Larsen and Toubro Infotech Ltd could consider share swap ratios for the merger by next week. Larsen acquired control of Mindtree in 2019. The conglomerate holds about a 61% stake in the firm, which has a market value of $8.3 billion, and has around 74% of L&T Infotech, which has a market capitalization of $13.6 billion.
Moving on to markets
The key benchmark indices may start Tuesday’s session on a muted note as per trends indicated by the SGX Nifty futures, which were quoting 17,250 levels at 7:45 am, 20-odd points up from their previous close. The Sensex and Nifty shed up to 2 per cent on Monday, dragged by weak Q4 results of Infosys and HDFC Bank, and subdued sentiment.
Business Term of the day
The MCLR is the lowest interest rate that a bank or lender can offer. MCLR is closely linked with the repo rate and fund costs of the banks. Thus, if there is a change in the repo rate, it will have an impact on your home loan’s floating rate of interest. The MCLR method was introduced in the Indian financial system by the Reserve Bank of India in the year 2016. The MCLR system has replaced the base rate system that was introduced in the year 2010.
In this episode, find out why Amazon has written to Sebi against Future Retail, also find out about Adani Wilmar’s acquisition of Kohinoor brand from McCormick Switzerland GMBH Bu ... Read more
In this episode, find out why Amazon has written to Sebi against Future Retail, also find out about Adani Wilmar’s acquisition of Kohinoor brand from McCormick Switzerland GMBH Business Term of the Day: Grey Market Premium Read more
In this episode, find out why Axis bank reported a 54% rise in net profit in Q4FY23, also find out about Tata Power looking to install 5000 EV charging points Business Term of the ... Read more
In this episode, find out why Axis bank reported a 54% rise in net profit in Q4FY23, also find out about Tata Power looking to install 5000 EV charging points Business Term of the Day: Hostile takeover Read more
In this episode, find out about HUL becoming Rs 50,000 crore turnover company, also find out why Bajaj Auto saw a drop in Q4 results. Business Term of the Day: Poison Pill Read more
In this episode, find out about HUL becoming Rs 50,000 crore turnover company, also find out why Bajaj Auto saw a drop in Q4 results. Business Term of the Day: Poison Pill Read more
In this episode, find out about Bank of India’s plans to raise Rs 2500 crore by issuing fresh equity shares, also find why Yes bank has initiated insolvency proceedings against Zee ... Read more
In this episode, find out about Bank of India’s plans to raise Rs 2500 crore by issuing fresh equity shares, also find why Yes bank has initiated insolvency proceedings against Zee Learn. Business Term of the Day: Short selling Read more
In this episode, find out about HDFC bank’s dividend to its shareholders for FY22, also find out why Indian markets will have a negative opening. Business Term of the Day: Index Read more
In this episode, find out about HDFC bank’s dividend to its shareholders for FY22, also find out why Indian markets will have a negative opening. Business Term of the Day: Index Read more
In this episode, find out about MuSigma Dhiraj Rajaram’s plans to raise debt to buy out Sequioa, also find out why Indian markets are likely to remain weak on global cues. Busines ... Read more
In this episode, find out about MuSigma Dhiraj Rajaram’s plans to raise debt to buy out Sequioa, also find out why Indian markets are likely to remain weak on global cues. Business Term of the Day: Net interest margins (NIM) Read more
In this episode, find out about Future group shareholders' vote on the deal with RIL, also find out about Tata Steel's plans to exit Russia. Business Term of the Day: ESOPs Read more
In this episode, find out about Future group shareholders' vote on the deal with RIL, also find out about Tata Steel's plans to exit Russia. Business Term of the Day: ESOPs Read more
In this episode, find out about Punjab and Sind Bank classifies SREI group of cos as fraud, also find out about VRL Logistics to sell wind power undertaking to Ratna Cement Busine ... Read more
In this episode, find out about Punjab and Sind Bank classifies SREI group of cos as fraud, also find out about VRL Logistics to sell wind power undertaking to Ratna Cement Business Term of the Day: Slump Sale Read more
In this episode, find out about Mahindra Holidays & Resorts’ plans to increase stake in Rocksport Pvt Ltd, also find out Ultra Tech’s plans to invest in UAE based RAK Cement B ... Read more
In this episode, find out about Mahindra Holidays & Resorts’ plans to increase stake in Rocksport Pvt Ltd, also find out Ultra Tech’s plans to invest in UAE based RAK Cement Business Term of the Day: Restricted Stock Units Read more
In this episode, find out about Holcim Group’s plans to exit the India cement business, also find out why auto output fell to levels seen 5 years ago Business Term of the Day: Do ... Read more
In this episode, find out about Holcim Group’s plans to exit the India cement business, also find out why auto output fell to levels seen 5 years ago Business Term of the Day: Downtrading Read more
