Finance

U.S. FDA warns Sun Pharma over standards at Halol plant

A logo of Sun Pharmaceutical Industries Ltd at its research and development center in Mumbai April 7, 2014. India’s largest drugmaker Sun Pharmaceutical Industries Ltd has been warned by U.S. health regulators for violating manufacturing standards at its Halol plant in India, even as it has been working on fixing issues at the plant for over a year. The U.S. ... Read More »

Currency Overload Caused ATM Malfunction at Sikar: Axis Bank

Axis Bank on Wednesday said the incident at an ATM in Rajasthan where more money was released than the amount entered by customers happened due to “erroneous loading of currency notes” by an outsourced agency. According to reports, one of the bank’s ATM located at Sikar in Rajasthan released much more money than entered by various customers. “The incident occurred ... Read More »

Sebi to Refund Disgorged Funds to Investors in IPO Irregularities

Capital markets regulator Sebi will distribute among eligible investors the funds it has collected through disgorgement orders in cases of IPO irregularities – a move that will benefit as many as 4.63 lakh investors. The total amount to be distributed is Rs 18.06 crore, which includes Rs 7.35 crore recovered by Sebi through exercise of its newly-conferred recovery powers. Wherever ... Read More »

RBI Announces New Methodology to Calculate Base Rate

EMIs on home and auto loans are likely to fall as the Reserve Bank has come out with a new methodology for determining base or minimum lending rates. Base rate is the minimum rate below which a bank can’t lend to customers. The new methodology will improve efficiency of monetary policy transmission and will come into effect from April 1,2016. ... Read More »

StanChart May See White Knight Takeover on Painful Recovery: CLSA

UK bank Standard Chartered (StanChart) could be acquired by a white knight as its recovery could prove to be “challenging”, according to broker CLSA, which upgraded shares of the Asia-focused lender on that possibility. Singapore’s biggest lender DBS Group would be the most likely buyer, added CLSA in a note to clients dated December 17. StanChart has seen its shares ... Read More »

Jet Airways CEO Cramer Ball Quits, To Join Alitalia

Jet Airways chief executive officer Cramer Ball has resigned and the airline’s whole-time director Gaurang Shetty will work as acting CEO in his place, Jet Airways announced on Thursday. Ball’s resignation will be effective from February 29 next year, it said.┬áJet Airways had appointed Ball as its CEO in May last year. Loss-making Italian airline Alitalia said on Thursday it ... Read More »

US Congress Decides to Lift 40-year Ban on Oil Export

The US is set to lift a four-decade ban on export of oil, a move that may benefit countries like India by giving them an option to purchase crude from non-Middle Eastern nations. The measure allowing oil exports is at the centre of a deal Congressional leaders announced yesterday on spending and tax legislation. Both the House and Senate still ... Read More »

RBI Deputy Governor Urjit Patel Set to Get Second Term: Report

Reserve Bank of India Deputy Governor Urjit Patel, who drafted historic changes to monetary policy in the country, is likely to get re-appointed after his three-year term ends next month, The Economic Times reported on Friday, citing a government official. “He will get an extension and continue his term,” Economic Times quoted the official as saying. The government will send ... Read More »

Edelweiss Mutual Fund Lists Second Exchange-Traded Fund on NSE

Edelweiss Mutual Fund on Friday said it has listed its second open-ended exchange traded fund (ETF), Edelweiss Exchange Traded Scheme-Banking (EBANK), on the NSE. The scheme is suitable for investors seeking long-term capital appreciation and investment in securities covered by the Nifty Bank Index, a company statement said. The investment objective of EBANK is to provide returns before expenses that ... Read More »

Dena Bank Ties Up With SBI Life for Group Life Insurance

Dena Bank on Friday said it has tied up with SBI Life Insurance Company to provide group life insurance coverage to its housing loan borrowers under the Dena Grihaswami Suraksha scheme. Under the memorandum of understanding (MoU), insurance cover will be given to all housing loan borrowers at a very low premium, Dena Bank said in a release issued here. ... Read More »