Is it time to buy the Indian midcaps – Update December 31, 2019
4th note in the series… the last one for calendar year 2019 !
Sector: Banks & FIs
RBI asks banks to trim stake in insurance companies to 30%
With an intention to reduce non-banks business risks and focus on boosting credit growth, Reserve Bank of India (RBI) has asked banks to reduce their stake in insurance companies to 30%. The limit is 50% for NBFCs holding stakes in the insurance companies. Banks may get 3-5 years to implement this rule As per the … Read more
Kotak Mahindra Bank best suited to acquire Yes Bank – says two top bankers
Mystery around Yes Bank’s future fails to die down… Over last few months everyone including investors, analysts, consumers and competitors are equally confused as to the future of Yes Bank. Lender’s capital raising plan is also passing through uncertainties and there are speculations on whether Yes Bank is an acquisition target, which has been denied … Read more
Gautam Thapar cites board approvals, rejects fund misuse allegations
Citing regular board approvals for various inter-corporate loans, former CG Power Industrial Solutions’ non-executive chairman Gautam Thapar has refuted allegations of fund misuse amid alleged governance lapses coming under the regulatory scanner, according to documents submitted by him to the government. In a 36-page submission to the corporate affairs ministry early November, Thapar, who was … Read more
SEBI rejects lenders claims in Karvy matter
Previously, on SEBI instructions the depositories had transferred back securities worth Rs 2000 crore to their rightful owners. The lenders (Bajaj Finance, ICICI Bank, HDFC Bank, IndusInd Bank) had then approached the Securities Appellate Tribunal (SAT) challenging the transfer as the subject securities were pledged with them by Karvy. SAT further directed the lenders to … Read more
AU Bank announces the completion of Temasek’s investment for 4.8% stake
AU Bank (AU) announced that Temasek, via its wholly-owned subsidiary Camas Investments Pte. Ltd, has invested Rs. 525 Crores towards conversion of their 1,01,04,364 warrants. Pursuant to this conversion Temasek has firmed up their stake at 4.8% in AU Bank. Though the said transaction is part of Temasek’s original commitment in Jun 2018 to invest … Read more
RBI further opens the Small Finance Bank route
Key announcements… why RBI is keen on small finance banks … and what can be some key questions/ concerns?
87% of impacted Karvy clients get back their pledged shares
This came as a huge relief to more than 82,000 clients of Karvy getting back shares estimated at Rs 2,000 crore. Over last few days, there has been a huge uncertainty around what would happen to the shares fraudulently pledged by Karvy (belonging to its clients) to banks and the finance companies to obtain funds … Read more
PMC and then Karvy – I am confused and concerned
The events continue to defy any logic. I continue to look for the answers !