Bank of India has posted a 26.4 percent increase in its net profit on year-on-year basis to Rs 786 crore against Rs 621.77 crore led by fall in provisions and higher net interest income.
The exercise will cost around Rs 30 crore and will have a payback of two years. The one time impact will be reflected in the company's Q2 results, it said.
The bank has seen atleast four CDR cases- Bharti Shipyard, Hotel Leela, Electrotherm, SBQ Steel- failing in the first five years of FY15.
KK Mohanty, MD, Gammon Infra says the share transfer is a part of a restructuring exercise. He says all asset-based investments are being transferred into a single entity, while Gammon India will remain the EPC arm of Gammon Group.
The myriad articles accusing RBI governor Raghuram Rajan of bringing his school fellow and friend Nachiket Mor into the RBI as its Deputy governor or COO are outright lies.
With the slowdown of the Indian economy, a number of companies/projects are under stress. As a result, the Indian banking system has seen increase in NPAs and restructured accounts during the recent years.
The recommendations, when approved by the finance minister, may offer some respite to struggling infrastructure companies that had been requesting for easier payments terms in the face of the economic slowdown and high interest rates.
A CNBC-TV18 poll of analysts expects the company to notch up operating profits to rise 5.7 percent to Rs 2,393 crore compared to Rs 2,264 crore in the previous quarter. Revenues are expected to go up to Rs 10,332 crore versus Rs 10,068 crore, an increase of 2.6 percent.
In an interview with CNBC-TV18, V Srinivasan, ED - Corporate Banking, Axis Bank, spoke about how the bank does not see the need to raise additional capital, why it is too soon to say â€œworst is overâ€ for non-performing assets and how much restructuring he sees for infrastructure loans.
After media reports suggested that the UP State Electricity Board (SEB) had recast its loans, CNBC-TV18 spoke with Oriental Bank of Commerce Chairman SL Bansal -- one of the bankers who is part of the consortium -- who confirmed the news.
A company executive was quoted as saying the approval of the debt restructuring would ease liquidity and help restart its stalled engineering, procurement and construction business.
Government sources say that the board of Financial Technologies will be restructured as it suspects something fishy in its activities.
Tata Steel India and South East Asia MD HM Nerurkar stepped down from the board of Tata Steel. TV Narendran will succeed him and will be effective from November 1, 2013.
Ambuja Cements managing director Onne Van Der Weijde, in an interview to CNBC-TV18, explains that a restructuring of operations is more cost-effective and offers more synergies. He adds that deployment of cash does not deplete Ambuja‘s cash reserves significantly and would still allow for acquistions and expansion.
Our top story this week is about a complex restructuring scheme that could put minority shareholders at a disadvantage. I‘m talking the Ambuja scheme!
Find out the faces in Microsoft Corporation after the company went a reorganisation on Thursday. This is one of the most sweeping restructuring in a corporate firm since 2008.
The board of drug maker Elder Pharmaceuticals approved the restructuring of the company's business by raising capital, hiving off assets or through strategic options to reduce debt.
The government says American has the equivalent of 5,500 fewer full-time workers than a year ago.
RBI increased the provision on new restructured standard loans to 5 percent with effect from June 1, 2013 as against the existing 2.75 percent. For the stock of same accounts as on March 31, 2013; it will be in a phased manner by March 31, 2016. Standard loan accounts cannot retain its standard status after restructuring from April 1, 2015.
The Reserve Bank of India has tightened rules for restructuring of most types of assets to bring them in line with global practices, saying that existing "regulatory forbearance" will be removed from April 1, 2015.
Bank of Baroda will refocus growth in 2013-14. In the last few quarters, it concentrated on credit quality. The lender plans to grow its loans and deposits by 2 - 4 percent higher than the industry average in FY14.
Devesh Kumar of CIMB feels that there could be some policy action from the government now that the Parliament has been adjourned. He feels most of the key policy decisions were taken when the Parliament was not in session. He also believes that the current rally in the market is due to the foreign fund flows.
Worried over the rising instances of loan restructuring, which hit a record high last fiscal, the Reserve Bank of India (RBI) on Friday said it will issue final guidelines on the prudential norms on restructuring of advances by lenders by the end of the month.
Retailer Shoppers Stop will reduce the store size of its Crossword bookstore chain and now focus more on stationery and toys as sale of books and music and movie cds and dvds slows. It will also review its non-profitable stores.
India‘s largest private sector bank, ICICI Bank Q4 net jumps 21 percent to Rs 2304 cr , yet stock saw a surprise fall of about 3 percent. Rajiv Mehta, banking analyst, IIFL feels that a slightly increase in restructuring of assets led to the stock correction.