Companies and Markets

Companies & Markets

Nirav Modi left India with family in first week of January

Billionaire jewellery designer Nirav Modi had left the country on January 1 much before the CBI received a complaint from Punjab National Bank on January 29 about a Rs 280-crore fraud, officials said.

His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, the officials said.

The agency issued a look out circular against all the four after registering the first FIR against them, they said.

How PNB fell victim to India’s biggest bank fraud

Punjab National Bank, the second-biggest state-run lender, stunned the country's financial sector when it announced this week it had discovered fraudulent transactions worth $1.77 billion at a single branch in Mumbai.

The fraud, by far the biggest ever detected by an Indian bank, comes to light at a time when lenders – especially the state-run banks – are hobbled by $147 billion in soured loans on their books, a problem that has choked new lending and hurt the country's economic recovery.

PNB presents brave face amidst mounting criticism

India’s second-largest state-run lender, Punjab National Bank, on Thursday presented a brave front amidst mounting criticism over its failure to detect $1.77 billion banking fraud, suggesting that it has the requisite capability and capacity to come unscathed.

Bank stocks cower from twin blows

Banks stocks fell sharply on twin impacts of Punjab National Bank’s disclosure of Rs 11,300-crore fraud in one of its Mumbai branches and RBI’s new NPA resolution framework.

The BSE Bankex Index fell 1.62 per cent while the NSE’s Nifty Bank fell 1.40 per cent against Sensex and Nifty’s fall by 0.42 per cent and 0.37 per cent, respectively.

PSB house of horror continues; AllBank Q3 loss is Rs 1,263.79 cr

In a woeful earnings season for public sector banks recently recapitalised by the government, the news coming out of board rooms is perilous, the malaise of bad loans and treasury income erosion dominating the headlines. The malaise has left PSBs with red on their balance sheets.

Revenue & profit of auto firms get a boost in Q3

Commercial vehicles, two-wheelers and tractor sales boosted revenue and profit margins of auto companies during the third quarter of FY18.  Passenger car sales, however, proved to be a drag.

Tata Motors, Ashok Leyland, Bajaj Auto and TVS saw robust growth in revenue and profit margins, but for other top auto companies years of high growth are now leading to flatter revenue and profit realization, as seen in the October-December quarter.

Jet Airways Q3 profit nearly halves as fuel costs soar

Jet Airways (India) Ltd, the country’s second-largest airline, on Wednesday reported a 46 per cent drop in third-quarter profit, hurt by higher fuel expenses.

Net profit for the three months ended December 31 stood at Rs 165 crore ($25.74 million) versus Rs 305 crore in the year ago quarter.

Revenue from operations grew 10.4 per cent to Rs 6,086 crore.

Total expenses for the quarter jumped 10 per cent with aircraft fuel expenses rising around 29 per cent to Rs 1,840 crore.

What and when you buy is key to success in investing

Our outlook on markets for short to medium term is somewhat cautious, but medium to long term is reasonably bullish. India's fundamental story is intact and growth trajectory of corporate earnings can be felt in an upward movement.

Fortis to acquire Singapore listed RHT for Rs 4,650 crore

Fortis Healthcare India's second largest hospital chain operator, on Tuesday acquired entire portfolio of Singapore-listed RHT Health Trust (RHT) for an enterprise value of around Rs 4,650 crore.

Potentially, it is expected to enhance stakeholders’ value. The proposed transaction would be funded by Fortis with a combination of equity, quasi-equity and debt. The deal is part of a restructuring initiative aimed at consolidating the entire Indian asset portfolio comprising various clinical establishments and two operating hospitals of RHT Health Trust into Fortis.