Kotak Mahindra seeks major fundraising amid deal speculation

MUMBAI- Kotak Mahindra Bank Ltd said on Thursday it planned to sell up to 62 million shares worth as much as 53.2 billion rupees ($819.4 million) at current market valuations, to fund potential acquisitions in the sector among other things.

India's fourth-biggest private sector lender by assets said its board had approved the sale through a rights issue, public is

Punjab National Bank raises Rs 250-cr via debentures

Punjab National Bank raised Rs 250 crore by issuing Basel III compliant perpetual debt instruments in the nature of debentures, reported PTI. "Bank raised Rs 250 crore on March 29, 2017 through unsecured, subordinated, fully paid-up, non-convertible, Basel III compliant, perpetual debt instruments (series X) in the nature of debentures for inclusion in additional tier I capital of face val

Punjab & Sind Bank to raise Rs 1,500 cr via bonds in FY18

Punjab and Sind Bank plans to raise up to Rs 1,500 crore by issuing Basel III compliant bonds in one or more tranches in next fiscal, reported PTI. The bonds will be issued on a private placement basis. "The bank proposes to raise funds through issue of Basel III compliant additional tier I up to Rs 1,000 crore and Basel III compliant tier II bonds up to Rs 500 crore during 2017-18 in one

Rating on Bharti Airtel unaffected despite stake sale in Infratel: Standard And Poor

S&P Global Ratings today said its rating on telecom operator Bharti Airtel is unaffected by the company's plan to sell 10.3 per cent stake in its subsidiary Bharti Infratel, but added the deal will help improve its financial ratios, reported PTI. The stake sale would help Bharti Airtel restore some "cushion" in financial leverage ratios that have been adversely affected due to

ADB approves $175 mn loan to Power Grid Corp

Asian Development Bank (ADB) has approved USD 175 million loan to Power Grid Corporation to expand its solar energy transmission network in the country, reported PTI. The project funding will improve the capacity and efficiency of interstate transmission networks, particularly in transmitting the electricity generated from new solar parks to the national grid, an ADB statement said. Apart from

GST Bills passage fails to cheer Indian equities

The passage of a major tax reform in the country failed to cheer the Indian equity markets on Thursday.

The key indices were jittery on the day of the March 2017 derivatives contract expiry and traded on a flat note during the mid-afternoon trade session.

The Lok Sabha on Wednesday passed the much-awaited Central Goods and Services Tax (CGST) Bill, Integrated GST Bill, Compe

RIL sells its 76% stake in Gulf Africa Petroleum to Total

Reliance Industries Ltd (RIL) on Wednesday announced completion of the sale process of its entire 76 per cent equity stake in Mauritius-based oil retailer Gulf Africa Petroleum Corp (GAPCO) to Total Marketing & Services, a subsidiary of French oil and gas firm Total SA.

The Mukesh Ambani-led RIL subsidiary Reliance Exploration & Production DMCC (REPDMCC), TOTAL and GAPCO have

Reliance Infra InvIT fund gets NHAI approval

Reliance Infrastructure InvIT Fund has got a crucial approval from National Highway Authority of India (NHAI), sources said. This is the first approval granted by NHAI for any InvIT fund.

The RInfra InvIT Fund, with a proposed issue size of Rs 3,000 crore and an option to retain over-subscription up to 25 per cent, will own 10 toll road assets connecting major urban centres, with an o

Kotak Mahindra aims to double customer base on new app

Kotak Mahindra Bank on Wednesday said it is planning to double its customer base through its new mobile banking app called 8-11.

"We plan to double customer base in the next 18 months through the unique new phenomenon in Indian banking named 8-11," Uday Kotak, executive vice-chairman and MD of Kotak Mahindra Bank told reporters here at the launch of the app.

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UCO Bank staff unions sign MoU to implement turnaround plan

UCO Bank employees and officers' unions signed a Memorandum of Understanding (MoU) with the management with some conditions for implementing its turnaround plan, an official said on Wednesday.

"The management of the bank, the employee unions and officers associations commit by this MoU that they take responsibility collectively for successful implementation of the turnaround

Hindustan Power commissions 50 MW solar plant in Punjab

 The clean energy arm of Hindustan Power has commissioned its second solar power plant of 50 MW capacity in Punjab at an investment cost of Rs 325 crore.

Hindustan Power said in a statement here that the high degree of solar insulation in Punjab is enabling this unit to "generate 2,20,000 units of clean energy per day." 

"The solar plant is

Moody's rates JSW Steel's proposed senior notes `Ba3`

Moody's Investors Service, a global rating agency, has assigned a Ba3 rating to the proposed senior unsecured notes to be issued by JSW Steel Limited. The ratings outlook is stable. Proceeds from the issuance will be used towards retiring some of the company's debt, funding capital expenditure and other purposes in accordance with the Reserve Bank of India's External Commercial Borr

Sensex ends higher as foreign inflows continue

Indian shares ended higher for a second consecutive session on Wednesday as strong foreign investments into the country continued, although broader gains were capped ahead of the earnings season.

The broader NSE Nifty ended 0.47 percent higher at 9,143.80 while the benchmark BSE Sensex closed 0.41 percent higher at 29,531.43.

(Reporting by Aby Jose Koilparambil in Bengaluru)

Fitch assigns 'BB(EXP)' rating to JSW Steel proposed USD Notes

Fitch Ratings has assigned a 'BB(EXP)' expected rating to India-based JSW Steel Limited's (JSWS, BB/Negative) proposed US dollar senior unsecured notes, which the company states will be used for repaying foreign-currency debt, capex or any other purpose in accordance with regulations.

“The final rating is subject to the receipt of final documentation conforming to in

UCO Bank may raise Rs 1000-cr from LIC via issuance of bonds

UCO Bank said it is considering a proposal to raise Rs 1,000 crore from LIC via issuance of bonds.

"Board of our Bank is considering a proposal for issue of tier II bonds for inclusion in Tier II Capital of face value of Rs 10 lakhs each aggregating to Rs 1,000 crore to LIC of India," UCO Bank said in a BSE filing. It further said: "We have this day placed above proposa

Idea Cellular flags-off 4G services in Jammu

Idea Cellular launched its 4G services in Jammu and plans to expand the high-speed services to 20 towns in the Jammu & Kashmir circle by June. "The company flagged off services from Jammu today, and will rapidly expand 4G network to cover 10 towns by month end," Idea Cellular said in a statement.

Idea 4G services will cover 20 towns, including the major cities of Jammu,

Private Indian internet companies raise $2 bn: Jefferies

Unlisted Indian internet companies raised $2 billion dollars through private funding during the first quarter of 2017 as compared to $2.7 billion raised by these companies in 2016, an analyst firm said on Wednesday.

Investment banking firm Jefferies also said there has been a "perceptible rise" in funding into fin-tech companies in the aftermath of demonetisation.

Stocks seen hitting record high by end-June on economic optimism: Reuters poll

By Kailash Bathija and Vivek Mishra

BENGALURU - India's benchmark BSE Sensex share index will scale a new record high by mid-year, according to strategists and brokers in a Reuters poll, who have upgraded their forecasts significantly from three months ago.

This more bullish view emerges from the poll despite widespread concern since the last Reuters pol

Dilip Buildcon bags road project in Karnataka

Dilip Buildcon has said that it has been declared as lowest -1 (L1) bidder for orders valued at Rs.503.10 Cr. by NHAI in Andhra Pradesh on EPC mode. Dilip Buildcon Limited (DBL) has been declared as the Lowest-1 (L-1) bidder for the project of 4 Laning, Rehabilitation and Upgradation of NH-4 from Nalagampalli to AP/Karnataka Border from Km 171.590 (Design km 172.00) to Km 216.912 (Design km 219

SBI to raise stake in SBI Card to 74% by June-end

State Bank of India (SBI) said it will increase its stake in SBI Card to 74 per cent by June end, reported PTI. "Stake will be increased by first quarter of next financial year...There are few regulatory issue that is being sorted out," SBI chairperson Arundhati Bhattacharya said at the launch of SBI Card Unnati.

The board of SBI has already given approval for hike of the ba

Equities rise on positive global cues, strong rupee

Indian equity markets traded in the positive territory during the mid-afternoon trade session on Wednesday as positive global cues, along with a strong rupee, buoyed investors' sentiments.

Besides, the market sentiments were lifted as Finance Minister Arun Jaitley moved the Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills for consideration of and

All merger approvals received except from RBI: Cairn-Vedanta

 Natural resources major Vedanta Ltd. said on Tuesday it has received all approvals for its merger with subsidiary energy firm Cairn India, except the RBI's permission for issuing redeemable preference shares to the non-resident shareholders of Cairn.

"The company has now received all the required approvals in relation to the Scheme of Arrangement between Vedanta Ltd. an

Coal India expects 2.5% production growth

After achieving a 9 per cent growth in coal production in the last financial year, Coal India expects to conclude this fiscal year with a 2.5 per cent growth in production and 2 per cent increase in coal off-take, an official said on Tuesday.

"We expect a production growth of 2.5 per cent by end of this fiscal and our off-take will have a 2 per cent growth," Coal India's

Sensex recovers on global cues; Trump anxiety subsides

 Indian shares ended higher on Tuesday as losses in the previous session were seen as overdone, with sentiment also improving as Asian markets recovered after some of the anxiety about U.S. President Donald Trump's ability to push his agenda subsided.

The broader NSE Nifty ended 0.61 percent higher at 9,100.80 while the benchmark BSE Sensex closed 0.59 percent higher at 29,40

Moody's assigns (P)Baa3 ratings to the MTN program of IREDA

Moody's Investors Service, a global rating agency, on Tuesday assigned a (P)Baa3 long-term senior unsecured rating and (P)P-3 short-term rating to the USD 300 million medium-term note (MTN) program that was established by the Indian Renewable Energy Development Agency Limited (IREDA, local and foreign currency issuer rating: Baa3, standalone credit profile: ba3). The rating outlook is stabl