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The appellate tribunal on Friday declined to stay the merger of Zee and Sony Pictures (renamed Culver Max Entertainment) while hearing a petition filed by two lenders. The National Company Law Appellate Tribunal (NCLAT) directed Zee to file its response to IDBI Bank and Axis Finance's pleas and listed the case for hearing on January 8. IDBI and Axis had filed loan recovery petitions against Zee and its promoters, the Goenka family. According to IDBI, Siti Networks, a company promoted by the Goenkas, defaulted on a Rs 149-crore loan, for which Zee stood as a guarantor.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Lc0KI5d
AU Small Finance Bank expects to close the year with Rs 1 lakh crore of deposits should the announced merger with Fincare Small Finance Bank go through. The Jaipur-based lender expects to achieve deposits of Rs 2 lakh crore by March 2027 - its 10th year of operations, founder, MD & CEO Sanjay Agarwal said. Agarwal told TOI that while the model continues to be lending to retail, the bank may apply for a universal bank licence as this recognition would help bring down the cost of funds.
The sensex capped a strong winning week with a 970-point rally on Friday to close above the 71,000-mark for the first time in history. It closed at 71,484 points as software exporters led the rally. The US central bank's announcement late Wednesday that it could start cutting interest rates in 2024 in the world's largest market led to a global rally which continued Friday. In the domestic market, foreign funds remained net buyers with a Rs 9,239-crore net inflow Friday that took the month's tally to about Rs 52,000cr.
The State Bank of India (SBI) has announced an increase in its marginal cost of funds-based lending rate (MCLR) and base rate. The new rates, which came into effect on December 15, 2023.
Oil prices rose as bullish forecast on oil demand for next year from the International Energy Agency (IEA) and a weaker dollar boosted prices. Brent futures reached USD 76.70 per barrel while US West Texas Intermediate (WTI) crude climbed to USD 71.68. The US Federal Reserve's mid-week announcement of likely borrowing cost cuts next year further lifted prices. The dollar fell to a four-month low after indications that interest rate hikes have likely ended. The European Central Bank reaffirmed record high borrowing costs despite lower inflation expectations.
