SBI reports loss of Rs 7,718 cr in Q4 on higher provisioning

Wednesday, 23 May 2018 | PTI | Mumbai

Country's largest lender State Bank of India on Tuesday reported a standalone net loss at Rs 7,718 crore in the March quarter, due to higher provisions for bad loans and gratuity, and lower trading income. The lender, which last year merged six banks into it, had reported a net loss of...

Govt may not sell AI if it does not get adequate pricing: Aviation Secy

Wednesday, 23 May 2018 | PTI | New Delhi

Civil Aviation Secretary RN Choubey on Tuesday said the Government could decide against selling state-run Air India if it does not get “adequate” price for it. “The Government has the right to sell or not to sell Air India if the bid price is found to be inadequate,” Choubey told reporters...

Equities eke out modest gains on value-buying

Wednesday, 23 May 2018 | PTI | Mumbai

Benchmarks halted their five-session rout on Tuesday as participants returned to buying mode, snapping up recently-battered auto, metal, banking and realty stocks. The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said. The 30-share BSE Sensex finished at 34,651.24, up just 35.11 points, while...

IOC Q4 net profit jumps 40% to Rs 5,218 cr

Wednesday, 23 May 2018 | PNS | New Delhi

With higher refining margin and inventory gains, country's biggest oil retailer Indian Oil Corp (IOC) on Tuesday reported 40% jump in the March quarter net profit of Rs 5,218 crore as compared to Rs 3,720.62 crore net profit in the same quarter of the preceding financial year, according to IOC...

CCI approves $66 billion Bayer-Monsanto deal

Wednesday, 23 May 2018 | PTI | New Delhi

Fair trade regulator CCI has approved the German giant Bayer's proposed USD 66 billion acquisition of US-based biotech firm Monsanto, subject to certain modifications to the long-pending deal. According to regulatory officials, the transaction will need to be modified by way of divestitures and behavioural remedies as required by the Competition...

Business Corner

Wednesday, 23 May 2018 | PNS

Delhi once again awarded as the favorite destination for shopping New Delhi has been awarded as the Best Destination for Shopping by Lonely Planet Magazine India Travel Awards 2018 at a glittering ceremony held at the St. Regis hotel in Mumbai on May 17. Sudhir Sobti, Chief Manager, PR & Publicity,...

RCom moves NCLAT challenging order allowing insolvency plea

Wednesday, 23 May 2018 | PTI | New Delhi

Reliance Communications on Tuesday said it has moved appellate tribunal NCLAT challenging the National Company Law Tribunal (NCLT) decision on beginning insolvency proceedings against it on a plea filed by Swedish telecom equipment major Ericsson. Anil Ambani-run RCom's plea is expected to be heard by the National Company Law Appellate Tribunal...

Tata Steel to raise Rs 16,500 cr debt to fund Bhushan acquisition

Wednesday, 23 May 2018 | PTI | New Delhi

Domestic giant Tata Steel on Tuesday said it will raise Rs 16,500 crore through debt instruments to fund Rs 32,500 crore acquisition of Bhushan Steel Ltd (BSL). The remaining amount will be raised through internal resources, it said. The banks, according to industry experts, are expected to take a whopping haircut of...

SBI biggest beneficiary of sale

Wednesday, 23 May 2018 | PTI | New Delhi

Country’s largest lender SBI will be the biggest beneficiary of resolution of debt-ridden Bhushan Steel as its bottomline will go up by as much Rs 1,300 crore. The other banks which will get major share of the sales proceeds include Punjab National Bank (Rs 700 crore), Canara Bank (Rs 600 crore)...

NCLAT declines Dalmia Bharat’s plea for status quo on Binani Cement bids

Wednesday, 23 May 2018 | PTI | New Delhi

The National Company Law Appellate Tribunal (NCLAT) on Tuesday declined to order a status quo on the bids to maximise the offer for debt-ridden Binani Cement by the two resolution applicants UltraTech Cement and Dalmia Bharat group. The appellate tribunal said the final outcome of the bids to maximise the...


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Court proceedings end in a lighter vein

20 May 2018 | PNS

New Delhi: “Now, let us enjoy our holidays,” this is how the Supreme Court concluded the hearing on the Karnataka power row on Saturday. The courtroom burst into a bout of laughter as Justice AK Sikri, who headed the three-judge Bench, made the jovial remark ...

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Sai Nath University: Shaping the future of Jharkhand

23 May 2018 | PNS | Ranchi

Established to facilitate higher quality education opportunities for the youth of Jharkhand to fulfill their hopes and aspirations in the year 2012, Sai Nath University Jharkhand has carved a niche in the academic sector of Jharkhand in a very short span of time. In an interview with the Pioneer, Pro Chancellor of the University Prof...

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