Moneycontrol Selects: Top stories this evening

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Here are the top stories this evening:

Axis Mutual Fund sacks 2nd fund manager under investigation for irregularities

After sacking its chief dealer - Viresh Joshi - who was also a fund manager, Axis Mutual Fund has now sacked a second fund manager, Deepak Agarwal, who was under investigation for irregularities. Deepak Agarwal was an equity research analyst and assistant fund manager of Axis Consumption ETF, Axis Quant Fund and Axis Value Fund.

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RBI board approves transfer of Rs 30,307 crore as dividend to government for FY22

The Reserve Bank of India's (RBI) Central Board of Directors on May 20 approved the transfer of Rs 30,307 crore as surplus to the Centre for FY22. As per the Budget, the government had expected to receive Rs 73,948 crore in dividend from the central bank and state-run lenders in FY23.

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Jet Airways gets air operator certificate from DGCA

The Directorate General of Civil Aviation DGCA chief said on May 20 that Jet Airways has been granted the air operator certificate. This will allow the airline to resume commercial flight operations.

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Taking Stock | Market bounces back; Sensex, Nifty gain 3%; metal, pharma, banks lead charge

The Indian benchmark made a smart recovery from the previous day’s battering, recouping the losses and ended nearly 3 percent higher supported by strong global cues and buying across the sectors.

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Merger of govt-owned lenders weakening banking system, says study

A study has found that the government's consolidation of public sector banks (PSBs) cannot be explained on efficiency grounds and that the merger of these banks was actually weakening the banking system.

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India’s steep yield curve is a concern for private capex, says Prof Jayanth Varma

India’s yield curve, which captures the long-term risk sentiment in the economy, is steep. In fact, it is at its steepest incline in history–the difference between the policy rate of 4.40% and 10-year G-Sec of 7.4% (approx) is 300 bps. There is a need to front-load rate hikes as higher long-term yields can affect private capex spend, feels Jayanth R Varma, member of India's rate-setting Monetary Policy Committee (MPC).

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HDFC, HDFC Bank FII shareholding shows lot of room

Updates from the two most valuable HDFC group companies, HDFC Ltd and HDFC Bank, about the status of foreign shareholding show there is plenty of room for investors to buy in. Foreign investors held 68.56 percent in Housing Finance Development Corporation Ltd and 66.55 percent in HDFC Bank as on May 13, stock exchange notices showed. Further, the foreign institutional investor (FII) shareholding in HDFC Bank included 20.98 percent owned by HDFC Ltd and its units.

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