The bank has filed a complaint with the CBI against jeweler Nirav Modi and companies linked to him for defrauding the bank in connivance with bank officials in a Mumbai branch.
Companies and Markets
Companies & Markets
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 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.
Fortis Healthcare on Tuesday said its board has accepted the resignations of promoters Malvinder Mohan Singh and Shivinder Mohan Singh.
The board of directors of the company accepted the resignations of Malvinder, Executive Chairman and Shivinder, Non-Executive Vice Chairman, with effect from February 8, 2018, the company said in BSE filing.
Turnaround specialist and the world’s largest steel maker ArcelorMittal on Monday entered the race to take control of debt-laden Essar Steel, which is facing insolvency proceedings that allow for auction of the company’s assets.
If you thought the worst was over, think again. A fresh round of bloodletting has begun in the boardrooms of public sector banks (PSBs), a mirror image of the nation's economic health.
ArcelorMittal and a consortium led by Russia's VTB Group on Monday submitted bids to takeover Essar Steel under an insolvency process, but Vedanta Resources, JSW and Tata Steel shunned the bidding that may have touched Rs 35,000-40,000 crore.
While ArcerlorMittal may take along Nippon Steel & Sumitomo Metal Corp for the takeover, VTB used a Mauritius- based investment vehicle Numetal, where Rewant Ruia – Essar Group promoter Ravi Ruia's son - held 25 per cent stake.
VTB has 40 per cent interest in Numetal while the reamining is with private equity funds.
Ford Motor Co on Monday said it will boost production targets for two large sport utility vehicles by 25 per cent this year to challenge rival General Motors Co’s hegemony in a highly profitable US market segment and boost its own anemic profit margins.
The Bank of Baroda, which counts the Guptas as clients, has pulled the plug on its South African business, citing a strategic shake-up to slim down in international markets.
The Bank of Baroda’s South African division was thrust into the spotlight two years ago when it agreed to take on the Guptas after corporate South Africa, including all four major banks, turned its back on the family’s businesses due to reputational risks.
The Indian market appears more resilient compared to the meltdown in global equities past week as the losses suffered by benchmark Sensex was the least
The selloff that roiled the market across the globe saw equity indices in Asia, Europe and the US falling in the range of 5-9 per cent as investors got edgy over hardening bond yields.
Data shows the Asian markets were the worst hit, with Shanghai down 9.6 per cent, Hong Kong (9.5 per cent) and Japan (8.2 per cent). Dow Jones was down 5.4 per cent and European indices FTSE 100, DAX and CAC 40 were down 4-5 per cent.