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 about why Invesco has written an open letter to Zee shareholders, also find out why the government is looking at tax hike on some goods, services. Busin ... Read more
In this episode, find out about why Invesco has written an open letter to Zee shareholders, also find out why the government is looking at tax hike on some goods, services. Business Term of the Day: Turnover Read more
In this episode, find out about why SEBI has put on hold Aadhar Housing Finance’s IPO, also find out why Yes bank plans to approach NCLT post Dish TV board meet Business Term of t ... Read more
In this episode, find out about why SEBI has put on hold Aadhar Housing Finance’s IPO, also find out why Yes bank plans to approach NCLT post Dish TV board meet Business Term of the Day: enterprise value Read more
In this episode, find out about why National Company Law Appellate Tribunal has granted relief to Zee, also find out why Piramal is looking to segregate its pharma business. Busin ... Read more
In this episode, find out about why National Company Law Appellate Tribunal has granted relief to Zee, also find out why Piramal is looking to segregate its pharma business. Business Term of the Day: Demerger Read more
In this episode, find out about why Srei Group promoters have contested RBI’s move in Bombay HC, also find out why Swiggy has unveiled $40 m ESOP buyback program Business Term of ... Read more
In this episode, find out about why Srei Group promoters have contested RBI’s move in Bombay HC, also find out why Swiggy has unveiled $40 m ESOP buyback program Business Term of the Day: Foreign direct investment Read more
In this episode, find out about why Essel Group chairman Subhash Chandra is questioning Invesco’s motive behind seeking change in Zee board, also find out why big tech firms are co ... Read more
In this episode, find out about why Essel Group chairman Subhash Chandra is questioning Invesco’s motive behind seeking change in Zee board, also find out why big tech firms are coming together to form an alliance Business Term of the Day: sovereign rating Read more
In this episode, find out about why France’s AXA group plans to sell entire shareholding in ICICI Lombarad, also find out why SBI is looking to raise another round of AT1 bonds Bu ... Read more
In this episode, find out about why France’s AXA group plans to sell entire shareholding in ICICI Lombarad, also find out why SBI is looking to raise another round of AT1 bonds Business Term of the Day: Additional Tier 1 bonds Read more
In this episode, find out about why IT depth has imposed a capital gains tax on Grasim Industries, also find out why Indian markets are set to open in trade today Business Term of ... Read more
In this episode, find out about why IT depth has imposed a capital gains tax on Grasim Industries, also find out why Indian markets are set to open in trade today Business Term of the Day: capital gains tax Read more
In this episode, find out about why RIL is defending the appointment of Saudi Aramco chairman on its board, also find out why Inveco has taken Zee to court Business Term of the Da ... Read more
In this episode, find out about why RIL is defending the appointment of Saudi Aramco chairman on its board, also find out why Inveco has taken Zee to court Business Term of the Day: unicorn Read more
In this episode, find out about why India is pitching for a revision in sovereign rating, also find out why Sebi has put Adani Wilmar IPO on track Business Term of the Day: Credit ... Read more
In this episode, find out about why India is pitching for a revision in sovereign rating, also find out why Sebi has put Adani Wilmar IPO on track Business Term of the Day: Credit ratings Read more
In this episode, find out about why BPCL is looking at divestment by March 2022, also find out why RIL is in talks to buy Glance InMobi. Business Term of the Day: Non-convertible ... Read more
In this episode, find out about why BPCL is looking at divestment by March 2022, also find out why RIL is in talks to buy Glance InMobi. Business Term of the Day: Non-convertible debentures Read more
