Earlier today, Nvidia Corporation (NVDA – 16.33) and Rambus, Inc. (RMBS – 8.19) announced that all outstanding patent disputes have been settled between the two tech companies, thanks to a newly signed five-year licensing deal…(Read More)
The major market indexes danced around breakeven today, as Wall Street digested the latest reports out of cash-strapped Greece…(Read More)
With corporate earnings season in full swing, Ralph Lauren Corporation (RL – 172.78) stepped into the confessional and revealed its fiscal third-quarter results…(Read More)
Early this morning, Level 3 Communications (LVLT – 22.04) unveiled its fourth-quarter results, joining the jammed-packed corporate earnings season…(Read More)
MUMBAI: The Bank of Maharahstra will be the second bank after Dena Bank to raise capital from Life Insurance Corporation (LIC), in a move aimed at boosting their capital. The board of the bank will meet on February 10 to consider issuing shares on preferential basis to government or LIC, according to a statement issued to the stock exchange.
Widening fiscal deficit has prompted government to approach LIC to invest in government owned banks- a move which will help government to trim expenses and yet retain control over banks.
Government had targeted fiscal deficit- difference between income and expenses – at 4.6% of gross domestic product (GDP) for the current fiscal, but many fear it would cross 5% as government failed to raise money by divesting their stake in state run companies.
The board of Syndicate Bank too will meet on February 11 to discuss proposal of issuing shares to government or others, it said in a notice to the exchange. Till December end, LIC’s stake in Bank of Maharashtra stands at 6.68% while that in Syndicate Bank is 10.27%.
Dena Bank is among the first bank to announce decision to dilute equity in favour of LIC. The insurance company would be acquiring 5% stake for an investment of around Rs 125 crore and the transaction would be complete by end of this fiscal. LIC’s stake in Dena Bank will increase to little over 11% after it issues shares on preferential basis to them. However government’s stake would fall to 55% – which is below 58% threshold limit they prefers to hold in state run banks.
The current move of seeking capital support from LIC is mainly aimed at small to medium sized banks. The large banks like State Bank of India, Central Bank of India and Punjab National Bank has received capital directly from government.
Government has committed around Rs 18000 crore capital to PSU banks this fiscal. So far it has allotted Rs 7900 crore to SBI, Rs 1285 crore to PNB and Rs 700 crore for Central Bank of India. Union bank of India and Indian Overseas Bank too has received firm commitment about capital from government although the exact quantum is yet to be decided.
Outside of bond exchange-traded funds (ETFs), there are relatively few ETFs trading in oversold territory above the 200-day moving average ahead of Wednesday’s open…(Read More)
MUMBAI: Private sector lender, Axis Bank today said sales and usage volumes for its travel currency card used for international travel have crossed USD 2 billion.
In a statement issued here, the bank claimed it holds 48 percent market share in the segment currently and that this is the first time anywhere in the world that any bank has crossed USD 2 billion in sales for such a card.
The city-based bank said the product, launched in 2003 crossed, had surpassed the USD 1 billion mark in 2009.
The card allows users the ability to top-up money in 11 currencies by paying in rupee terms. The money is converted to the international currency of choice at the prevailing exchange rate and customers can use it for transactions abroad, the statement said.
NetSuite, Inc. (N – 47.19) took its turn in the earnings spotlight last night, and posted a fourth-quarter loss of %247.6 million, or 11 cents per share, down from a year-ago loss of %246.4 million, or 10 cents per share…(Read More)
With traders beginning to take profits in high-flying financials from Bank of America (BAC) to Wells Fargo (WFC), should we expect a similar sell-the-news reaction after UBS (UBS) reports quarterly earnings on Tuesday?Like most banks, UBS has been moving strongly higher in recent days and weeks…(Read More)
After the close last night, Amylin Pharmaceuticals, Inc. (AMLN – 17.61) took its turn in the earnings spotlight, unveiling a fourth-quarter loss of %24461.5 million, or %243.15 per share, down from a year-ago loss of %2419.2 million, or 13 cents per share…(Read More)
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