GAGA Share Market News

[hfe_template id='11223'] [ad_1] Sumant Kathpalia joins an inglorious list of private sector bank CEOs who had to resign in controversial circumstances due to mismanagement, corporate governance issues and regulatory problems. In the past five years, the CEOs of Yes Bank—the fourth largest private sector bank back then—and RBL Bank exited. The first instance was in March 2020, while the next was in December 2021. More recently, Bandhan Bank and Tamilnad Mercantile Bank (TMB) have seen CEO exits. Following is the list of private sector bank CEOs who had to quit under a regulatory glare. Rana Kapoor Kapoor had to leave the bank he co-founded after the RBI declined Yes Bank’s request for an extension because the lender had underreported NPAs for two consecutive years and the regulator found serious lapses in governance, compliance and credit culture. Deutsche Bank’s then India CEO Ravneet Gill joined the bank promising a clean-up and capital raise which never saw the light ...

[hfe_template id='11223'] [ad_1] The new expiry series began on a weak note, with markets slipping nearly two percent, weighed down by weak global cues. In today's trade, shares of M&M, Glenmark Pharma, Tata Motors, IOB, Sun Pharma among others will be in focus due to various news developments. M&M Mahindra & Mahindra is working to scale up some of its smaller businesses to match its portfolio of multiple large companies, the top executive at the tractor-to-technology group told ET. Glenmark Pharma Glenmark Pharma is recalling close to 1.5 million bottles of a generic medication used in the treatment of attention deficit hyperactivity disorder in the US market, according to the US health regulator. Maruti, Hyundai, Tata Motors Maruti Suzuki reported marginal growth while Hyundai and Tata Motors posted a decline in their sales in February as a slowdown in the market continued with demand remaining muted. Indian Overseas Bank Stock Trading Maximise Returns ...

[hfe_template id='11223'] [ad_1] Shares of PSU bank stocks like UCO Bank and Central Bank of India rallied up to 8% on Wednesday as a three-day meeting of the Reserve Bank of India (RBI)'s rate-setting panel began today in which brokerages expect Governor Shaktikanta Das to cut cash reserve ratio (CRR). Global brokerage firm Citi said that if the CRR is cut by 50 basis points, the biggest NII (net interest income) benefit would be for PSU banks like PNB, SBI and Bank of Baroda. Within private banks, it said lenders like Federal Bank, HDFC Bank, and Axis Bank will gain. Nifty PSU Bank index was up around 1% with UCO Bank leading the upside with an 8% rally. Central Bank, Indian Overseas Bank, and Punjab & Sind Bank were up about 5-6% each. Among private banks, HDFC Bank was up around 2% and was one of the biggest gainers in Nifty and Sensex. In the RBI MPC meeting, the decision of which would be announced on December 6, a rate cut is not expected but the central b...

[hfe_template id='11223'] [ad_1] With Q2FY25 earnings behind now, a performance analysis of PSU companies reveals 14 stocks which have not just shown a double-digit growth in their July-September quarter revenue and net profit but also posted double-digit returns from their respective 52 week lows. In this, five stocks are multibaggers viz. National Aluminium Company (NALCO), Housing & Urban Development Corporation(HUDCO), Mazagon Dock Shipbuilders, NBCC India and Bharat Electronics (BEL) between 185% and 104%. Others including Bank Of Maharashtra (BOM), Canara Bank, Central Bank Of India, Coal India, Hindustan Copper, Indian Overseas Bank (IOB), NMDC, State Bank of India (SBI) and Cochin Shipyard between 20% and 68%. All the 14 stocks had hit their 52 week lows in November 2023. Q2FY25 Review While NALCO tops the chart with highest July-September net profit growth of 415%, Coal India trumps its peers on topline growth at 730% on an year-on-year basis.The next highes...

[hfe_template id='11223'] [ad_1] Provisioning for bad loans by banks fell in the September quarter for the second consecutive period based on year-on-year comparison driven by the public sector banks (PSBs). For a sample of 29 publicly listed banks, provisioning for nonperforming assets (NPA) fell by 2.9% to ₹27,318.2 crore. For PSBs, it fell by 11.6% to ₹14,628.3 crore with half of them reporting a year-on-year drop in loan loss provisioning. PSBs, including Punjab National Bank, Central Bank of India and Indian Overseas Bank, recorded a 82-93% fall in the NPA provisioning. On the other hand, private sector banks showed 12.5% increase in NPA provisioning for the quarter to ₹12,690 crore, led by select banks including ICICI Bank, Axis bank, Kotak Bank, IDBI Bank and Federal bank. Three out of every four private sector banks reported a year-on-year increase in their NPA provisioning. As a result, their share in the quarterly NPA provisioning increased to 46.5% from 41.2% ...

[hfe_template id='11223'] [ad_1] NEW DELHI - The Indian government is considering selling minority stakes in four state-run banks to comply with public shareholding norms mandated by the country's markets regulator, a government source told Reuters. The finance ministry is likely to seek approval of the federal cabinet in the coming months to dilute the stake in Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank, the source said. The Indian government owns more than 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO Bank and 98.3% in Punjab and Sind Bank as of end-September, according to data on the BSE's website. The plan under consideration is to sell the stake through an offer for sale in the open market, the source said. The Securities and Exchange Board of India (SEBI) requires listed companies to maintain a 25% public shareholding, but has exempted government-owned firms from meeting these norms till Aug...

[hfe_template id='11223'] [ad_1] In a key step for its proposed demerger, Vedanta has received approval from 75% of its secured creditors to obtain a clearance from stock exchanges. The natural resources major will then file the demerger scheme with the National Company Law Tribunal. The company is also in talks with some of these lenders to prepay their loans. In May this year, the company had approvals pending from some key lenders including State Bank of India and Canara Bank. This was followed by approval from SBI in June, while the remaining lenders were also expected to give their approvals in a few weeks. Apart from SBI and Canara Bank, lenders to the company include Union Bank of India, ICICI Bank, HDFC Bank, Axis Bank and Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Punjab National Bank and Bank of Maharashtra. Of these, Bank of Baroda, Indian Overseas Bank, Punjab National Bank, Bank of Maharashtra and Union Bank of India have given their approval...