SEBI bans ARSS Infrastructure, 6 persons from market; collects fines

New Delhi: SEBI has banned Ltd. and six persons from capital markets for up to one year and imposed a total fine of Rs 47.5 lakh on them for misrepresenting the financial position of the company. These six persons (Directors, Chief Executive Officer and Chief Investment Officer of the company) have been barred from the … Read more

We need more triggers; Reform is not over: Raj Bhatt

“We need one or two more triggers – maybe inflation will be a trigger, maybe the Fed will have to start reducing sharply, that could be any reason. The market is looking for a reason to correct and the new version There was a good reason to correct. I’m sure some more improvements are overdue,” … Read more

India needs a national disaster pool to protect against natural disaster risks, says SBI report

With the incidence and severity of natural disasters increasing over the years, a report called for the creation of a national disaster pool, as the country is one of the most disaster-prone countries in the world. India ranks third after the US and China in the number of natural disasters since 1900, with 756 natural … Read more

Adani prepares SBI funding of ₹15,000 cr for Navi Mumbai airport

The construction of a second airport in India’s commercial capital is finally taking shape with Adani Airport Holdings framing up to ₹15,000 crore from State Bank of India for a proposed airport in Navi Mumbai. The group is said to have secured one of the largest project financing loans from India’s largest lender, State Bank … Read more

Bank loan fraud: ED attaches assets worth Rs 42 cr of Kolkata-based company

The Enforcement Directorate (ED) on Monday said assets worth over Rs 42 crore of a Kolkata-based company have been attached in connection with a money laundering probe related to an alleged bank fraud case. A provisional order has been issued to attach 11 properties of Shree Mahalaxmi Corporation Pvt Ltd under the Prevention of Money … Read more

SBI Research upgrades India’s GDP estimate for FY22 to 9.3-9.6% range

SBI Research has revised India’s GDP growth forecast to 9.3%-9.6% for FY22 as the country reported only 11% growth in COVID cases during the period July-September (Q3) 2021 recorded, which is the second lowest among the top 15 most affected countries. The research arm of the country’s largest lender had earlier pegged India’s GDP growth … Read more

GDP likely to grow at 10% in FY12: Bibek Debroy

India’s economy is heading towards a high growth trajectory and is likely to grow at around 10 per cent in 2021-22, Economic Advisory Council to Prime Minister (EAC-PM) Chairman Bibek Debroy said on Wednesday. “I am confident that we are on our way to a higher growth trajectory, higher poverty reduction, higher employment and a … Read more

People holding cash for emergencies rather than for transactions: SBI report

People can have up to Rs. Rs 3.3 lakh crore cash for emergency purposes due to the Covid-related dislocation in their income expectations, estimates SBI. This factor can cause the increase in cash to GDP ratio to be misleading. If one adjusts for emergencies, the cash-to-GDP ratio may be lower than the pre-demonetisation level. “Our … Read more

Arcil acquires 26% equity in Jaiswal Neco unit

Asset Reconstruction Company of India Limited (Arquil) has acquired 26% equity in NSSL Pvt. Ltd., an unlisted subsidiary of the group, as a part of its broader strategy to revive the distressed company outside the Insolvency and Bankruptcy Code, people aware of the development said. Avenue Capital-backed Archil has provided Rs 90-95 crore to NSSL … Read more