Union Bank of India, Kotak Mahindra Bank cut MCLRs
Posted on 4th February 2017 |
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| State-owned Union Bank of India and private-sector lender Kotak Mahindra Bank have reduced their marginal cost of funds-based lending rates (MCLR), effective February 1. While Union Bank’s one-year MCLR now stands 15 basis points (bps) lower at 8.5%, the corresponding figure for Kotak Mahindra Bank came down 15 bps to 8.85%. Union Bank’s overnight MCLR now stands at 8% and those on tenures between one month and three years range between 8.2% and 8.6%. Rates are down 15 bps across tenures. Kotak slashed MCLRs by 15 to 24 bps, with the overnight rate now standing at 8.05%, and those on tenures between one month and three years range between 8.1% and 8.85%. Public-sector lender Dena Bank, on the other hand, raised MCLRs by 5 to 15 bps across tenures. Its one-year MCLR is now at 8.6%, up from 8.55%. The overnight MCLR was raised 10 bps to 8.5%, the one-month rate by 15 bps to 8.55%, the three-month rate by 10 bps to 8.55% and the six-month rate by 10 bps to 8.6%. In January, Dena Bank had slashed its one-year MCLR by 75 bps. Most major banks had lowered their MCLRs last month in reaction to a demonetisation-induced deluge of deposits and a resultant drop in their marginal cost of funds. As per the MCLR regime, which replaced the base rate regime in April 2016, banks review their benchmark lending rates every month on the basis of their incremental cost of funds. SBI, ICICI Bank and PNB have left their MCLRs unchanged for February. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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