Making a case for more concrete steps to strengthen internal control system in PSU banks, S&P Global Ratings said the banking sector could witness a turn around in FY20.
Bank stocks bounced back from early losses to end with gains of up to 10 percent.
The broader NSE Nifty ended on a flat note after a volatile trade amid sluggish global cues ahead of US inflation data due today.
The govt will pitch for a sovereign rating upgrade with Fitch, highlighting reform push in taxation and PSU banks and its plans to gradually lower govt debt.
Domestic market found its winning ways after three straight sessions of losses, with the BSE Sensex rebounding over 141 points on sustained buying.
NSE benchmark Nifty rebounded 85 points on robust buying in realty, energy, pharma and auto counters amid positive global cues.
The govt's plan to recapitalise PSBs is likely to focus on supporting lending growth, with large lenders being the main beneficiaries, Fitch said.
Moody's said that it signals improved access to the equity capital markets and will reduce PSBs' dependence on fund infusion from the govt.
With the latest inflow, total infusion in MF schemes reached Rs 3.8 lakh cr in the first 8 months (Apr-Nov) of the current fiscal, Amfi data showed.
The employees of Canara Bank requested the Centre not to consider cross merger of smaller public sector banks having high NPAs.
Acquires Cynosure Inc and Cynosure Interface Solutions for $31mn and Rs13cr respectively
To add platform capabilities in the insurance segment which contributes 15% of total business
The Acquisition is expected to close within the next 3 months
Sells Essar Steel loan to Deutsche Bank
Has sold its $385 mn Foreign currency loan extended to Essar Steel
Bank has taken a 38% haircut
Rs 1600 cr is expected earnings to the bank from the deal
Economic Times Reports
To Sell 50% stake in prime Mumbai office assets to Blackstone for $1.3bn
The co is also in discussions to sell its residential and commercial projects in Chennai
To convene shareholder’s meet on 23rd March in regard to the proposed divestment
Gets Order Worth Rs 230 Cr From NTPC
To perform the pressure part metallurgy upgradation for 3 660MW super critical steam generators
Will help NTPC commission the 3x 660MW plant started 12years
Declared L1 bidder for EPC Project in UP worth Rs 677cr from NHAI
The completion period for the project is 30 months