DIRS.INFO The most relevant business & tech news

MUMBAI, Nov 30 (Reuters) - India's biggest companies should be investing much more than they are currently, Uday Kotak, chief executive of Kotak Mahindra Bank (KTKM.NS) said in an interview at the Reuters NEXT conference on Wednesday. Across India's banking sector, lending has been rising steadily - a sign of a new private investment cycle in the world's fifth largest economy. Kotak said he believes the gap between credit and deposit growth will narrow in the next three to six months, but did not elaborate. He also said it was critical for the government to follow through on plans to privatise most state-run companies. To view the Reuters NEXT conference live on Nov. 30 and Dec. 1, please click here.

MUMBAI, Nov 28 (Reuters) - Jet Airways' (JET.NS) creditors and its new owners are deadlocked over a resolution plan to lift the Indian airline out of bankruptcy, putting its future in limbo, four sources said. It was taken to bankruptcy court by creditors owed about 180 billion rupees ($2 billion). A spokesperson for Jet's owners said in a statement on Monday that the resolution plan was binding upon all involved parties and was approved by the bankruptcy court. "We are "working closely" with the erstwhile lenders of Jet to implement this plan, and remain "fully committed" to getting Jet Airways off the ground," it added. By not implementing the resolution plan, creditors are causing unnecessary delays, the source close to Jet said adding that the consortium has already invested more than 1 billion rupees in the airline.

☆ Morning Bid: Detente and dollars
▼ + stars: | 2022-11-15 | by ( Nupur Anand | ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike Dolan. As investors closely monitor shifting economic sands, signs of some easing of this year's tense geopolitics adds a tailwind to the yearend market bounce. The dollar's ongoing retreat, amid hopes of a downshift in U.S. interest rate rises next month that Federal Reserve Vice Chair Lael Brainard encouraged late Monday, also riffs off a defusing of at least some extreme political risks. JPMorgan cut its full-year 2022 China growth forecast to 2.9% from 3.1% previously and its 2023 forecast to 4% from 4.5%. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Reliance group, Adani bid for India's debt-ridden Future Retail
▼ + stars: | 2022-11-10 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

[1/2] Labourers rest in front of an advertisement for Reliance Industries at a construction site in Mumbai, India, March 2, 2016. April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group, Reliance Retail ventures as well as 13 other firms have submitted expressions of interest (EOIs) for Future Retail. Future Retail's court-appointed resolution professional (RP), Reliance Industries and Adani group did not immediately respond to emails seeking comment. The deadline for submission of EOIs ended earlier this month for Future Group's flagship retail unit, Future Retail, which was once the country's second-largest retailer. Other entities that have submitted EOIs include Shalimar Corporation Ltd, Nalwa Steel & Power, United Biotech, WHSmith Travel, Capri Global Holdings.

☆ Indian bank stocks' record rally to continue as balance sheets strengthen
▼ + stars: | 2022-11-10 | by ( Nupur Anand | ) www.reuters.com time to read: +3 min

[1/2] A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. This comes at a time when credit growth is at a multi-year high and bad loans across lenders have reduced significantly. The brokerage said private and state-owned lenders that remained better placed to grow include ICICI Bank Ltd (ICBK.NS), HDFC Bank Ltd (HDBK.NS), Axis Bank Ltd (AXBK.NS), IndusInd Bank Ltd (INBK.NS), Bank of Baroda Ltd (BOB.NS) and State Bank of India (SBI) (SBI.NS). Credit growth is at a multi-year high, with an uptick both in retail and corporate loans. "One key concern going ahead remains how the rising interest rate scenario will impact credit growth."

☆ India's SBI sees loan growth staying strong after record profit
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +2 min

The bank reported a 74% surge in quarterly net profit on Saturday, driven by higher loan growth and improving asset quality. Net profit rose to a record 132.64 billion Indian rupees ($1.62 billion) in June-September, beating analysts' forecast of 105.30 billion rupees, according to Refinitiv IBES data. Net interest income, the difference between interest earned and paid out, rose 13% to 351.82 billion rupees. "We should have credit growth of 14-16% in the current financial year," Chairman Dinesh Kumar Khara said in a press briefing. Total provisions declined to 30.39 billion rupees in June-September from 43.92 billion rupees the previous quarter.

☆ Atlantia's big investors tender shares in Benetton, Blackstone bid - sources
▼ + stars: | 2022-10-24 | by ( Tatiana Bautzer | Nupur Anand | ) www.reuters.com time to read: +1 min

A logo of the Atlantia Group is seen outside its headquarters in Rome, Italy August 31, 2018. REUTERS/Alessandro BianchiMILAN, Oct 24 (Reuters) - Atlantia's long-term investors, Singapore sovereign fund GIC and Italian banking foundation CRT, have tendered their shares in the takeover offer launched by the Benettons and U.S. investment fund Blackstone (BX.N), two sources close to the matter said on Monday. As of Friday, Italian bourse data showed the take-up had increased to 19.8% of the shares targeted by the offer, or around 13.2% of the group's capital. Atlantia's takeover bid will end on Nov. 11. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elisa Anzolin; editing by Agnieszka FlakOur Standards: The Thomson Reuters Trust Principles.

☆ Former Tinkoff execs raise $16 mln for fintech start-up
▼ + stars: | 2022-10-24 | by ( Tatiana Bautzer | Nupur Anand | ) www.reuters.com time to read: +1 min

LONDON, Oct 24 (Reuters) - Three former executives at Russian online bank Tinkoff have raised $16 million to launch a fintech start-up focused on Southeast Asia and initially targeting the Philippines, they said in a statement on Monday. The trio leading the venture all left Tinkoff in the second quarter, soon after Russia's invasion of Ukraine triggered Western sanctions against Russia and after an announcement that Tinkoff's London-listed owner TCS Group Holding (TCSq.L) was planning to expand in Asia. Among the men leading the fintech start-up is George Chesakov, who was a co-founder of Tinkoff and had announced a week before the Ukraine invasion that TCS would team up with Swiss payment specialist BPC in the Philippines as part of a $200 million expansion into Asia. The other two men leading the rival venture are Pavel Fedorov, joint Tinkoff CEO in 2021-22, and Raffy Montemayor, a Filipino who will head the new business in the Philippines. Register now for FREE unlimited access to Reuters.com RegisterWriting by Kevin Liffey Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Brazilian court allows Paper Excellence to conclude acquisition of Eldorado
▼ + stars: | 2022-10-22 | by ( Tatiana Bautzer | Nupur Anand | ) www.reuters.com time to read: +1 min

Judge J.B. Franco de Godoi, at an appeals court, voided a previous court injunction that prevented Paper Excellence from concluding the transfer of ownership of Brazilian pulp maker Eldorado. Paper Excellence won an arbitration against Eldorado's current controlling shareholder, J&F Investimentos, which also controls meatpacker JBS SA (JBSS3.SA). But J&F went to the courts and obtained an injunction preventing the transfer of 100% of Eldorado shares to Paper Excellence. Paper Excellence will then consider how soon it can build a second unit, with an estimated capital expenditure of 10 billion reais ($1.94 billion). The Eldorado deal has been on hold for five years.

☆ India's Kotak Mahindra Bank quarterly net profit jumps 27% y/y
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Oct 22 (Reuters) - India's Kotak Mahindra Bank (KTKM.NS) on Saturday reported a bigger-than-expected jump in net profit for the June-September quarter, lifted by strong loan growth. The private lender's standalone profit jumped 27% from the same period last year to 25.80 billion Indian rupees ($313 million) in its fiscal second quarter. Analysts were expecting a profit of 23.68 billion rupees, according to Refinitiv IBES data. India's banks were expected to report strong quarterly results as lending picked up despite a slew of central bank rate hikes. Kotak Mahindra Bank said in a regulatory filing this week that it would consider fund raising by issuing non-convertible debentures.

☆ India's Yes Bank quarterly profit falls 32% on provision set-asides
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Oct 22 (Reuters) - India's Yes Bank (YESB.NS) said on Saturday its profit fell in the July-September quarter as it set aside more provisions for bad loans recorded in previous quarters. The private lender's net profit declined 32% from a year ago to 1.53 billion rupees ($18.5 million). Analysts had expected a profit of 3.69 billion rupees, according to Refinitiv IBES data. Register now for FREE unlimited access to Reuters.com RegisterNet interest income, the difference between the interest income from lending and that out to depositors was at 19.91 billion rupees, up 31.7%Provisions rose to 5.83 billion rupees from 1.75 billion rupees the previous quarter. In September, Yes Bank approved the transfer of stressed assets worth 480 billion rupees to private equity firm J.C.

☆ India's ICICI Bank net profit jumps 37% as bad loan provisions drop
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Oct 22 (Reuters) - ICICI Bank (ICBK.NS), India's second-largest private-sector lender, reported a 37% rise in quarterly net profit on Saturday as loan growth inched up and provisions for bad loans fell. Net profit for the three-months ending Sept. 30 rose to 75.58 billion rupees ($916 million), broadly in line with analysts' estimate of 73.51 billion rupees, according to Refinitiv IBES data. Net interest income, which is the difference between interest earned and paid out, was 147.9 billion rupees, a rise of 26% on the year-earlier period, the bank said in a statement. Loans increased across segments, including large corporate, although the bank was focusing on higher rated corporate borrowers, it said. The lender is holding adequate liquidity and does not see deposit growth as constraint on the bank's overall growth, said executive director Sandeep Batra.

☆ Bid deadline for India's Future Retail extended due to low interest -sources
▼ + stars: | 2022-10-21 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 21 (Reuters) - The resolution professional for India's debt-laden Future Retail Ltd (FRTL.NS) has extended the deadline for potential buyers to submit their bids for the retailer, due to tepid interest, two banking sources said on Friday. The deadline had ended on Oct. 20, but has been extended to Nov. 3, according to an updated document released by the resolution professional (RP). Register now for FREE unlimited access to Reuters.com RegisterFuture Retail's RP did not immediately respond to an email seeking comment. Future Group's flagship retail unit, Future Retail was once the country's second-largest retailer but has been in bankruptcy proceedings after it defaulted on loans and its lenders rejected a $3.4 billion sale of its assets to market leader Reliance Industries (RELI.NS). The lead lenders include Bank of India (BOI.NS) and State Bank of India (SBI.NS).

☆ Greenlight's Einhorn optimistic Twitter deal with Musk will close
▼ + stars: | 2022-10-21 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

Einhorn told his investors in August that he had bought a stake in Twitter, and now said he believes the lawsuit in Delaware that could decide the fate of the deal "is going well for TWTR." Register now for FREE unlimited access to Reuters.com RegisterEarlier this month, Musk reversed course again and said he would proceed with the deal on original terms. A Delaware judge ordered a pause to Twitter's lawsuit against Musk, giving the billionaire until Oct. 28 to close the deal. "We expect that one way or another, the deal will close at or near the originally agreed upon price," Greenlight said, referring to the $54.20 price per share the deal was originally proposed. Greenlight's manager said the investment in Twitter is "inherently short-term," adding the hedge fund plans to exit its position upon resolution of the platform sale.

☆ India's largest private lender HDFC Bank reports profit up 20%
▼ + stars: | 2022-10-15 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 15 (Reuters) - India's largest private lender HDFC Bank (HDBK.NS) on Saturday reported a 20% rise in net profit in the September quarter of this financial year, buoyed by higher loan growth and rise in other income. Net profit rose to 106.05 billion rupees, beating estimates. Net interest income, the difference between interest earned and paid out, was at 210.21 billion rupees, a 18.9% jump. Within retail loans, two-wheeler advances saw a slight slip with total advances in the segment at 95.97 billion rupees compared to 97.13 billion rupees a year ago. Total provisions inched up slightly to 32.40 billion rupees in the September quarter compared to 31.87 billion rupees in the June quarter.

☆ India's massive card security deadline unlikely to be extended
▼ + stars: | 2022-09-28 | by ( Nupur Anand | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 28 (Reuters) - India's central bank is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants. The Reserve Bank of India (RBI) did not respond to an email request for comment. Three years ago, India embarked on a mammoth exercise to secure card data by requiring businesses to tokenise cards by Sept. 30. Merchant associations have also reached out to the central bank to see if they can be given more time. Fraud concerning card or internet transactions have been on a rise and made up 34.6% of total number of fraud cases in FY21, according to central bank data.

☆ Indian refiners pay dollars for Russian oil after dirham attempts fail
▼ + stars: | 2022-09-28 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

Traders supplying Russian oil in July had asked at least two Indian companies to settle in dirham. An invoice from one of the refiners seen by Reuters showed oil payments were calculated in dollars while payment was requested in dirhams. The three sources said the dirham payments did not go through because Mashreq declined to facilitate the trade. The U.S. Treasury, Mashreq Bank and Gazprombank did not immediately respond to requests for comment. That provided Indian refiners, which rarely bought Russian oil due to high freight costs, an opportunity to snap up exports at hefty discounts to Brent and Middle East staples.

REUTERS/Anindito Mukherjee/FilesMUMBAI, Sept 23 (Reuters) - Indian banks may be forced to compete harder to boost deposits amid tightening liquidity and rising credit demand ahead of the festive season, analysts warned. "We think the real challenge is the gap between deposit growth and loan growth, as deposit growth is weak, at 9.5% YoY – a good 600 bps below loan growth," said Suresh Ganapathy, head of financials research at Macquarie. "Borrowing from the market to fund credit growth is just one of the ways and after a while it isn't sustainable. Rates for bulk deposits, or deposits of over 20 million rupees, are rising more rapidly than retail, highlighting banks' focus on raising more funds quicker. The incremental credit deposit ratio has already crossed 100%, suggesting that banks have started lending more than the total deposits they hold.

☆ India's Yes Bank to exit reconstruction scheme after lock-in ends
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Yes Bank is pictured on the facade of its headquarters in Mumbai, India January 17, 2018. REUTERS/Danish SiddiquiBENGALURU, Sept 23 (Reuters) - India's Yes Bank Ltd (YESB.NS) said on Friday the Reserve Bank of India would allow it to exit a reconstruction scheme put in place more than two years ago only after the share lock-in period ends. The bank said in a regulatory filing the lock-in period for shares of existing shareholders would end in March next year. In March 2020, Yes Bank's financial position had seriously deteriorated, sparking contagion risk in the banking system from the then fifth largest bank in India. Earlier this week, it approved private equity firm JC Flowers ARC as the buyer for its $6 billion stressed loan portfolio.

The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. REUTERS/Andrew KellyMUMBAI, Sept 19 (Reuters) - Alphabet Inc's (GOOGL.O) Google has been asked by the Indian government and the central bank to introduce more stringent checks to help curb the use of illegal digital lending applications in India, according to sources. Indian regulators have already asked lenders to step up checks against illegal lending apps, which became popular during the pandemic. While India's central bank requires that any lending apps listed on app stores be backed by regulated entities, it is up to Google to enforce this and monitor compliance. The policy says that in order to show financial services ads in India, advertisers need to be verified in the country.

The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. Indian regulators have already asked lenders to step up checks against illegal lending apps, which became popular during the pandemic. While India's central bank requires that any lending apps listed on app stores be backed by regulated entities, it is up to Google to enforce this and monitor compliance. Starting from next month, Google will roll out a new advertising policy for financial services in India, a blog post on its website shows. The policy says that in order to show financial services ads in India, advertisers need to be verified in the country.

read moreAnd Pakistan's central bank reserves of $8.6 billion are sufficient for just about a month of imports. However, the Bangladesh central bank's executive director, Serajul Islam, told Reuters, "No such decision has been taken yet," in reference to trade in local currencies with India. Last week, the Bangladesh central bank freed up banks to do transactions in Chinese yuan, so as to enable trade with China. "SBI's circular is very alarming, as they have said not to take exposure on Bangladesh exports," the exporter added. "Bangladesh is a major trading partner and if a premier bank like SBI does not take exposure, how will the trade grow?

Search resuls for: "Nupur"

22 mentions found