The CBI has filed a fresh affidavit in the coal allocation case that has left the government red-faced. The affidavit has admitted that a number of changes were made in the meeting held on March 5 between the CBI, law minister and key law officials.
After cutting rates by 25bps and releasing macro-economic policy, RBI Governor D. Subbarao talks about how the central bank’s forecast of the macro situation is based on objective assessments, which signal risks of capital outflows and high CAD. The RBI view on capital flows reflects realism as against the recent euphoria, with factors 'pushing’ money being overwhelmingly influential.
Reserve Bank of India Governor D. Subbarao speaks about the investment climate in India, saying that corporate sentiment is quite low at the moment. With the investment pipeline drying up and low capacity utilisation, investment optimism is quite muted, he said. However, co-operative action by the centre and the states can turn corporate sentiment.
Speaking about the new bank licenses and financial inclusion, RBI Governor D. Subbarao says the central bank will ensure a realistic number of new banks come in. RBI will first sift through applications for eligibility and will appoint a committee to review the applications after July 1. The applicants will need clearances from enforcement and tax authorities.
Atsi Sheth, VP - Sovereign Risk Group at Moody's Investors, spoke to Bloomberg TV India about the RBI’s take on the fiscal deficit and Indian economic growth. She said that the risk of inflation leaves little space for more rate cuts and fiscal deficit tends to feed into it. Food inflation is high and a risky monsoon is also a concern, she added.
In the assembly polls held yesterday, Karnataka saw a 70.23% voter turnout for 223 of 224 constituencies of the state. The counting, which will decide who takes over as the next government of the state, is scheduled for the 8th of this month.
The Supreme Court lashes out strongly against the government's role in the CBI investigation into coal block allocations. The apex court has said that political interference in CBI's work has caused a "massive breach of trust".
Chanda Kochhar, MD and CEO at ICICI Bank discusses the volatile waves of the economy in this segment of Big Story. Tune in to hear her views on banking opportunities as well as new bank licenses versus consolidation.
Chanda Kochhar, MD and CEO at ICICI Bank talks about the road to recovery and the importance of solving the power crisis in this segment of Big Story. Tune in to hear her views on loan approvals, India Inc's default and changing portfolio strategy.
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