DHFL raises over Rs 10,000 crore on day 1

High interest-bearing non-convertible debentures (NCDs) of Dewan Housing Finance Corporation (DHFL) was lapped up by the market, signalling good latent demand for such debt issues.

DHFL’s NCD issue, having a base issue size of Rs 3,000 crore with a green shoe option of Rs 9,000 crore, got subscriptions for Rs 10,234.47 crore on the first day of the issue on Tuesday. The AAA-rated NCDs offer coupon rates between 8.9 and 9.10 per cent.

IBC report card: Moving beyond haircuts & litigation

It has been close to 16 months since the introduction of the Insolvency and Bankruptcy Code(IBC) which was introduced to get lakhs of crores of bank funds stuck in debt-laden companies through asset sales. Value maximization and time bound resolution were the two things that the government had intended to achieve through the Insolvency law. But of the 12 large corporate defaulters identified by the central bank on June 13, 2017 to initiate IBC, only two cases have met with some success. According to government data, these 12 defaulters

SBI reports Rs 7,718 cr loss in Q4; analysts say worst is over

State Bank of India (SBI) on Tuesday reported a net loss of Rs 7,718 crore for the January-March period of the last financial year due to higher provisions for bad loans. The good news, however, is that the bank projected a recovery over the next two years.

“Last year was a year of despair. This year is a year of hope, and next year will be a year of happiness,” SBI chairman Rajnish Kumar told reporters.

SBI shares ended at Rs 254.15, up 3.69 per cent, on the BSE.

Tabu joins Bharat

Tabu is the latest star to join the growing cast of Salman Khan-led “Bharat.” The character details are still under the wraps but director Ali Abbas Zafar has promised that Tabu will play an important role in the period drama, which also features Priyanka Chopra, Disha Patani and Sunil Grover.

“I’ve been a huge fan of Tabu’s work and always wished to work with her. After several meetings with her, I’m happy it is finally happening with Bharat and am looking forward to the shoot,” the “Sultan” director said.

Top executives at fraud-hit PNB misled RBI, CBI alleges

Senior executives at Punjab National Bank misled the Reserve Bank of India (RBI) in late 2016 over the lender’s handling of the financial messaging system and credit guarantees that were at the centre of a more than $2 billion fraud, the Central Bureau of Investigation (CBI) alleged in a charge sheet filed in court.

Sensex opens in green on value-buying, up 83 points

The BSE Sensex rebounded over 83 points in opening trade today, breaking its five-session losing streak on value-buying in select blue-chips amid a strengthening rupee.

Overseas, most Asian shares were trading higher, tracking strong closing in the US market overnight as investors applauded easing of trade tensions between the US and China, traders said.

The 30-share BSE index jumped 83.74 points, or 0.24 per cent, to 34,699.87 in early trade.

The NSE Nifty too rose by 24.25 points, or 0.23 per cent, to 10,540.95.

Banks have tapped just a third of credit-worthy consumers: Report

Even after the increased focus on retail lending for a decade, banks and other lending institutions have been able to tap into only a third of the estimated 220 million credit-eligible consumers, a report said. This leaves financiers with 150 million consumers who are eligible for credit untapped, credit information company Transunion Cibil said in its report on Monday.

Of the eligible population of 220 million, only a third, or 72 million, are "credit active" having a live account with a bank or lending body.

Looking ahead to likely rate hike

The rise in oil prices is likely to lead to inflationary trends in the country, forcing the Reserve Bank of India (RBI) to hike rates by 0.25 per cent in the August policy review, according to foreign brokerages.

However, it could opt for a status quo in rates at the forthcoming review in June. “We now expect the RBI to embark on an earlier than expected rate hike cycle and expect the first hike in August of 0.25 per cent versus our earlier expectation of hikes to come in the first quarter of 2019,” Australian brokerage Macquarie said, according to a PTI report.

Bhushan deal lifts PSU bank stocks

Stocks of public sector banks rallied on Monday buoyed by Tata Steel’s acquisition of debt-laden Bhushan Steel last week for Rs 35,200 crore. The Nifty PSU Bank Index gained 2.66 per cent, as all PSU bank shares forming the index gained between 1.72 and 4.23 per cent.

Private banks present a mixed bag

With the Reserve Bank of India scrapping restructuring schemes in a February 12 circular, private banks have reported a decline in net profit for the March quarter, as they had to provide more amounts towards bad loans. The Q4 results of private banks were a mix bag with some big names and smaller private banks disappointing while a few reporting better numbers.