Companies and Markets

Companies & Markets

Banks have tapped just a third of credit-worthy consumers: Report

Even after the increased focus on retail lending for a decade, banks and other lending institutions have been able to tap into only a third of the estimated 220 million credit-eligible consumers, a report said. This leaves financiers with 150 million consumers who are eligible for credit untapped, credit information company Transunion Cibil said in its report on Monday.

Of the eligible population of 220 million, only a third, or 72 million, are "credit active" having a live account with a bank or lending body.

Bhushan deal lifts PSU bank stocks

Stocks of public sector banks rallied on Monday buoyed by Tata Steel’s acquisition of debt-laden Bhushan Steel last week for Rs 35,200 crore. The Nifty PSU Bank Index gained 2.66 per cent, as all PSU bank shares forming the index gained between 1.72 and 4.23 per cent.

Private banks present a mixed bag

With the Reserve Bank of India scrapping restructuring schemes in a February 12 circular, private banks have reported a decline in net profit for the March quarter, as they had to provide more amounts towards bad loans. The Q4 results of private banks were a mix bag with some big names and smaller private banks disappointing while a few reporting better numbers.

Ather Energy installs charging points for e-vehicles in Bangalore

Bangalore-startup Ather Energy has launched charging infrastructure for electric vehicles (EVs), AtherGrid. The company, known for its intelligent, electric scooter S340, will set up 60 charging stations in the city by end of this year.

With this, there will be a charging station within 4 km driving distance from any point in the city.  The company said it would scale up across the country starting with Pune and Chennai.

2 more Fortis directors quit on the eve of crucial EGM

Fortis Healthcare on Monday said that two more its directors, Harpal Singh and Sabina Vaisoha, have resigned — a day ahead of a crucial meeting of shareholders called to vote on the removal of four directors of the cash-strapped healthcare chain.

Moody’s, India Ratings slash PNB ratings

Global rating agency Moody’s Investors Service on Monday downgraded Punjab National Bank’s (PNB) local and foreign currency deposit rating pointing out the bank’s deteriorating asset quality, especially after the big Nirav Modi fraud unearthed in February, its weak capital position and weak internal controls and processes. Another rating agency-India Ratings too has given a negative outlook to the lender.

Surge in crude oil spooks foreign funds

Foreign funds are on a selling spree in India, pulling out close to Rs 6,500 crore worth of shares so far this month. Rising crude prices and political uncertainty have made FPI flows negative on the domestic market.

Over the past two months, foreign portfolio investors (FPIs) have been net sellers to the tune of Rs 16,000 crore causing Indian market underperform its emerging market peers.

Century Textiles to merge cement biz with UltraTech

In a long-awaited deal, Century Textiles and Industries, owned by Birla patriarch Basant Kumar Birla, will carve out its cement business and merge it with UltraTech Cement, owned by grandson Kumar Mangalam Birla, in an all-stock deal, the two companies said.

The board of UltraTech on Sunday approved a scheme of arrangement amongst Century Textiles and its respective shareholders and creditors, the Aditya Birla Group firm said in a statement.

Govt shelves plan to bring FDI into ageing fields of ONGC and OIL

The government has shelved the plan to privatise several old and ageing fields of ONGC and OIL. It has been decided to give one more opportunity to the public sector oil and gas exploration companies to increase production from these depleting fields by bringing in modern technology and stepping up investments.