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“I think we’ve done a pretty damn good job. People’s savings are secure,” Biden said during a press conference on Friday in Ottawa alongside Canadian Prime Minister Justin Trudeau. “I think it’s going to take a little while for things to just calm down, but I don’t see anything that’s on the horizon that’s about to explode.”
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VRL is seeking funds to meet its upcoming debt obligations and has been engaged in talks with banks as well as private funds. VRL has $400 million of dollar bonds due in April and $500 million dollar bonds in May. It has another $1 billion bond maturing in January 2024.
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The lenders, however, are unlikely to hold a Swiss auction since this would not lead to value maximisation, people in the know said. A closed envelope bid – wherein both parties submit a proposal in a closed envelop – is an alternative option given by the administrator.
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From the Sensex stocks, Bajaj Finserv, Bajaj Finance, Mahindra & Mahindra, Reliance Industries, Titan, Asian Paints, Nestle and Tata Steel were the major laggards.Infosys, Tata Consultancy Services, Wipro, Kotak Mahindra Bank, IndusInd Bank, Tech Mahindra, HCL Technologies and Larsen & Toubro were the gainers.
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"As per our analysis, if the losses are fully realised which is unlikely in our view on the held-to-maturity book, the range of impact on net worth could be 2-10% for Indian banks," said Suresh Ganapathy, associate director, Macquarie Capital. "However, this remains a theoretical exercise and unlikely to crystallise."
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The proposed transaction relates to the proposed investment by Qatar Investment Authority in BTS1, which is raising capital from various investors for its investment in Viacom18, CCI said. Last year in February, Murdoch and Shankar announced the formation of the firm, Bodhi Tree Systems (BTS) raising up to USD 1.5 billion from QIA.
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Banks want that a restructured MSME account under the Covid package be considered NPA from the latest date and not from the date prior to restructuring. This will give some relief to banks as it would lessen their provisioning burden. This comes after, in certain cases, banks were told to treat such accounts as bad loans starting from when they were restructured and accordingly make provisions.
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The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two US banks.
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Most crucial decisions we can make in the market is how to allocate our assets across different asset classes.
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The rally in stocks on Wall Street comes a day before a crucial interest-rate decision from the US Federal Reserve, which is hoping to balance high inflation with ongoing concerns about the banking sector, after the dramatic decline of Silicon Valley Bank.
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ACRE, an ARC, has given a revised offer of ₹243 crore as against its previous offer of ₹230 crore, the people said. ACRE was the sole bidder at an auction held by SBI on February 10 for ₹697.2 crore Visa Steel loans, as reported by ET on February 24. The binding offer by ACRE at that auction would have triggered a Swiss challenge auction, as per the sale document issued by SBI.
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Banks have been increasing fixed deposit or FD rates after a series of rate hikes by the RBI. Now, the central bank has signalled that deposit rates could go up further amid competition between banks for share of deposits.
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The stock market rose on Monday after Swiss bank UBS agreed to a takeover of troubled rival Credit Suisse. The Federal Reserve and other major central banks unveiled a coordinated effort to improve banks' access to liquidity - with the special drive being launched on Monday. The Dow Jones Industrial Average jumped 1.2 percent to end at 32,244.58, while the broad-based S&P 500 Index rose 0.9 percent to 3,951.57.
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NARCL's ₹222.5 crore binding offer had triggered a Swiss Challenge auction which was scheduled on March 17. Lenders did not receive any counter offer for the ₹619-crore creditors' claim that was auctioned last week. The offer from NARCL equates to a 36% recovery, and lenders would receive 15% of consideration as cash and the balance would be security receipts (SR) payable on recovery of loans.
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The plea has also sought direction that foreign exchange transactions through Indian banks and foreign bank branches in India must have information like the name and mobile number of the depositor, International Money Transfer (IMT) and not RTGS/NEFT/IMPS and name of currency.
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UBS was up against the clock Sunday in talks to finalise a mammoth takeover of its troubled rival Swiss bank Credit Suisse and reassure investors before the markets reopen.Switzerland's biggest bank UBS is being urged by the authorities to get a deal over the line, in a bid to avoid a wave of contagious panic on the markets Monday.
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Bank of Baroda on Friday increased interest rates on domestic retail term deposits, including NRO and NRE term deposits, by 25 basis points on select tenors.
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Experion Developers offered Rs 450 crore for the real estate developer Dignity Buildcon - a company engaged in developing commercial towers on Golf Course Extension Road of Gurgaon.The offer would imply 50% recovery for lenders.
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