Awards Financial News

Centrum Group is likely to finalise the sale of its housing finance subsidiary by the end of this fiscal, with the odds evenly distributed between the possibility of a 100% sale and part monetisation. The group is in talks with five-six investors and the discussions have now boiled down to the valuation of the company, people aware of the matter said. According to market sources, Centrum is looking for a valuation of around Rs 1,300 crore for the housing finance subsidiary, which is a little below the current market cap of Centrum Capital, the operating holding company of the group.

Indian banks' loan growth moderated this September, compared with the same month a year ago, central bank data showed on Thursday, as the impact of the Reserve Bank of India's clampdown on «exuberance» in retail lending continued. Banks' credit grew at 14.4% year-on-year last month, slower than the 15.3% increase in September 2023, excluding the impact of HDFC Bank merging with parent Housing Development Finance Corp (HDFC), the RBI said. Including the impact of the merger, banks' loans grew 13% last month, compared with 20% a year ago.

DoT) has asked both Elon Musk-owned Starlink and Jeff Bezos’s Amazon to provide compliances regarding certain security parameters as it looks to process their applications for offering satellite communications services in the country. Officials aware of the details told ET that letters to both the US-based firms were sent recently and the department is awaiting their reply. “Their applications can be processed only after they submit the compliance. The firms have so far not replied,” said a person familiar with the details. Another official said the government will wait for some more time for their reply and may also send a reminder, but the applications won’t be processed till they agree to all the security conditions.

The Grammys will have a new broadcast home on ABC starting in 2027

Asset Reconstruction Company (ARC), a joint venture between Aditya Birla Capital and Varde Partners, is winding down its India operations, marking the latest in a series of fund-backed ARCs exiting the country. The move follows recent exits by Arcion Revitalization — a JV between Apollo Global and ICICI Bank — and Lone Star India, underscoring the increasing challenges in India's ARC sector as non-performing loans (NPLs) hit a 12-year low. This decline is largely credited to India's 2016 Insolvency and Bankruptcy Code (IBC) and the rise of the government-backed National Asset Reconstruction Company (NARCL).

liquidity coverage ratio (LCR) buffer in anticipation of tighter central bank norms kicking in next fiscal, with analysts anticipating a shrinkage in the buffer once the exact thresholds are known. Bankers expect that the higher buffer will decrease once the final circular is published by the Reserve Bank of India (RBI), most likely by December for implementation from next fiscal. Analysts expect a reduction in LCR by 7 to 10 percentage points from current levels. As of now, banks are mandated by the RBI to maintain 100% LCR, which is made up of high-quality liquid assets (HQLA), mainly consisting of government securities and publicly traded common stocks. Most banks have an LCR of about 120%, with some private banks maintaining this buffer over 130%.

Maharashtra, has been adjudged the best army aviation squadron in the country, an official said on Wednesday. The 257 Aviation Squadron, led by Colonel Vikas Magar (41), who hails from Ahilyanagr district, won the top honours. Col Magar is an alumnus of Sainik School Satara in Maharashtra.

Yatharth Hospital and Trauma Care Services on Wednesday said its board has approved the acquisition of 60 per cent stake in a Faridabad-based hospital, which is yet to commence operations, at an enterprise value of Rs 152 crore. The company's board has approved to enter into an agreement with MGS Infotech Research and Solutions Pvt Ltd and its shareholders to acquire 60 per cent stake, the healthcare provider said in a regulatory filing. The target company is yet to commence a 400-bed hospital in Faridabad, Haryana. The acquisition will strengthen the company's presence in Delhi-NCR, it said.

benchmark price of bauxite (source of aluminium and gallium) used for calculating value of estimated resources and premium payable in auctions. According to a Mines Ministry proposal, the current Average Sale Price (ASP) of Bauxite contains a conversion factor of 6.4%. The Mineral Concession Rules, 2016 provide a formula for calculating the ASP for metallurgical grade bauxite on the basis of London Metal Exchange (LME) price of Aluminium. This existing conversion factor was opposed by mining companies which claimed the price arrived by using this metric was too high and approached multiple courts of law, the Ministry said. It has now been proposed to lower the conversion factor for metallurgical grade bauxite to 4.90% after a committee constituted for ASP rationalising submitted its report.

Steel pipes maker JTL Industries Ltd on Wednesday announced increasing its annual manufacturing capacity to 2 lakh tonnes as part of its around Rs 350-crore expansion plan. With this addition, its cumulative pipe manufacturing capacity has reached a level of 6.86 lakh tonne per annum, the company said in an exchange filing. In a filing on Wednesday, JTL Industries said, «It announces successful expansion of its Raipur facility's capacity from 1,00,000 metric tonnes per annum (MTPA) (1 lakh tonne) to 200,000 MTPA». The company is aiming to complete its expansion plan of 4 lakh tonnes by the financial year 2026-27, taking its overall capacity to 10 lakh tonnes per annum, a company official had told PTI earlier.

democratic institutions, robust rule of law, and talented youth, Commerce and Industry Minister Piyush Goyal said on Wednesday. Speaking at the eighth Future Investment Initiative (PII) Plenary in Riyadh (Saudi Arabia), he said India offers huge opportunities and the world is building stronger ties with the emerging markets. «India does not look at the US-China tensions as a source of benefit. We believe we can stand on our own feet, on the strength of our democracy, the rule of law that we offer, the strength of our young population, and our demographic dividend works well. It is talented, spirited and aspirational,» the minister said. He was replying to a question about huge economic potential in the country and India is one of the major beneficiaries of the developments in the world like US-China trade tensions.

buffer onion arrived via rail at Delhi's Kishanganj railway station, as part of its multi-pronged strategy to control prices. This marks the second major rail delivery after 1,600 tonne reached Delhi on October 20 through 'Kanda Express', an official statement said. The shipment, procured by NAFED under the price stabilization fund, will primarily be released through Azadpur Mandi, with a portion earmarked for retail sale at Rs 35 per kg. Retail prices of onion are ruling at Rs 60-80 per kg in the national capital depending upon the quality and locality.

bankruptcy court has rejected Brihanmumbai Electric Supply and Transport (BEST) Undertaking’s application to direct the liquidator of Spark Green Energy (Satara) Ltd to categorise it as a secured financial creditor and also admit its claim of Rs 156 crore. The city-based public utility undertaking had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after the liquidator of Spark Green Energy (Satara) rejected the company’s claim to admit the amount. “The respondent (liquidator) was fully justified in categorizing the appellant as an unsecured financial creditor, given that the charge was not registered with the registrar of companies,” said the division bench of Kuldip Kumar Kareer and a technical member Anil Raj Chellan in its order of October 25. “Therefore, no fault can be found with the impugned order passed by the respondent. Consequently, we reject the appellant's prayer to be considered and classified as a secured financial creditor of the corporate debtor.”

BLive EZY on Wednesday said it has deployed 1,000 units of premium EVs to cater to the festive demand in the quick commerce segment. As the festive season drives a surge in online shopping, India's quick commerce market is set for exponential growth, Blive EZY said. Moreover, during peak times, consumers expect their orders in as little as 10-15 minutes, making ultra-fast delivery essential, it added. «With festive demand for quick commerce deliveries at an all-time high, BLive EZY has deployed 1,000 premium electric vehicles (EVs) tailored to meet the dynamic requirements of this growing industry,» it said.

The U.S. government has chosen winning bids to develop wind power off New England in the first commercial sale for floating offshore wind on the Atlantic coast

Trom Industries Ltd on Wednesday announced bagging solar projects worth Rs 33 crore from Gujarat Metro Rail Corporation (GMRC) and Corona Remedies. The company, in an exchange filing, stated that it has secured a Rs 20.70 crore work order from Gujarat Metro Rail Corporation (GMRC) Limited for five years. The company will install and maintain grid-connected rooftop solar power projects of 5MW for 15 metro stations of the Ahmedabad Metro Rail project, the filing stated. The supply will start this year in a phased manner. The company has also received a Rs 12.40 crore purchase order from Corona Remedies for commissioning a grid-connected ground-mounted solar PV plant.

«The production of Cement, Refinery Products, Coal, Fertilizers and Steel recorded positive growth in September 2024,» said Ministry of Commerce and Industry in its press release. The coal sector increased by 2.6 per cent in September, 2024 over September, 2023. Likewise, the crude oil sector witnessed a fall of 3.9 per cent against when compared to same month of last year.

fiscal deficit for the first half of this fiscal year through September stood at 4.75 lakh crore rupees, or 29.4% of annual estimates, government data showed today. The fiscal deficit widened from 39.3% reported in the comparable year-earlier period. Total receipts stood at 16.37 lakh crore rupees, while overall expenditure in April to September was at 21.11 lakh crore rupees. They were 51% and 43.8% of this fiscal year's budget target.

Hygiene and Health Care Ltd on Wednesday reported a marginal 0.57 per cent rise in profit after tax at Rs 211.90 crore for the first quarter ended September 2024. The company, which follows the July-June financial year, had reported a profit after tax of Rs 210.69 crore in the corresponding quarter of the previous fiscal. Its revenue from operations of Procter & Gamble Hygiene and Health Care Ltd (PGHH) marginally fell by 0.28 per cent to Rs 1,135.16 crore during the quarter under review. It was Rs 1,138.35 crore a year ago. «The volume growth in the industry continues to be muted. The company witnessed growth in the feminine care category and continued to make progress on improving the structural profitability of the business in the quarter,» said an earnings statement from PGHH.

Reserve Bank of India (RBI) are unlikely. According to Ind-Ra, the persistent pressure of elevated food prices continues to drive inflation, suggesting that any potential reduction in interest rates will hinge on evidence of stable inflation trends nearing the RBI's target of 4 percent. As such, market participants may need to brace for a prolonged period without rate cuts in the near future. While inflation and weak industrial activity weigh on the economy, there are positive signs in rural demand, driven by improved real wages for rural labourers in July and August 2024, and above-normal rainfall in most of the country. These factors are expected to boost consumption demand.

gold demand in 2024 is likely to fall to its lowest in four years as a rally in prices to a record high is seen denting purchases during the peak festival season in the December quarter, the World Gold Council (WGC) said on Wednesday. Gold demand in the world's second-biggest consumer of the precious metal could stand between 700 and 750 metric tons in 2024, the lowest since 2020 and down from last year's 761 tons, Sachin Jain, CEO of WGC's Indian operations, told Reuters. Demand for the precious metal usually spikes towards the end of the year in India, as buying gold for weddings and major festivals such as Diwali and Dussehra is considered auspicious.