The bank increased its corporate loans by more than 10% year-on-year in the April-June quarter to about Rs 3.15 lakh crore. The majority of wholesale-banking advances comprise working capital loans. About four years ago, the book size was at about Rs 1 lakh crore for credit extended to corporates.
What added to the cracks in Mr Market this week was the lack of confidence from IMF, which lowered India’s economic GDP forecast from 12.5% to 9.5% for FY22, drawing attention to a sluggish revival of the economy from the ravening second wave and a slower-than-expected inoculation drive.
“Last year, due to the internal cash flows and tight management, we were able to reduce the debt by over 7,500 crores. And we are very much on our path and stay committed to meet our target of FY24,” Chandrasekaran said at Tata Motors’ 76th AGM.
Shares of Tech Mahindra hit a record high on Friday after the company surpassed consensus estimate on both revenue and margins despite seasonal headwinds. Brokerages raising target price also lifted the stock.Shares of Tech Mahindra ended up 7.24% at `1,209.
The Securities and Exchange Board of India (Sebi) on Friday said mutual funds can offer instant access facility in overnight schemes. This arrangement provides investors access to their money within few hours of placing their redemption request.
The slide for pulses is -10.1%, while it has so far been -15.5% for cereals and -10.4% for oilseeds. The area sown under paddy has dipped by 6.9%, while it is -7.7% for cotton.
The index was up 1.1% in June over May but down from levels obtained before the second pandemic wave in April 2021 and 4.7% lower than that in June 2019, indicating key infrastructure sectors are yet to recover to pre-Covid levels.
The trade row has been on since November 2020 when China placed phytosanitary restrictions on Indian shrimps, which has taken up with relevant committees of the World Trade Organisation.
The government introduced the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, which aims to enable bank customers to access their deposits in a time-bound manner even when restrictions are imposed on a bank, in the Rajya Sabha on Friday.
Speaking at the webinar of the Trade Promotion Council of India (TPCI) on ‘India- UK Free Trade Agreement-linking markets with deepening of the ties’, NITI Aayog Adviser (Industry-I) Ishtiyaque Ahmed said India can explore an FTA with the UK and it should try and leverage this agreement to grow and diversify its exports and attract investment.