— Kyoto wala Raizo (@_toxfire) July 23, 2018
— Kyoto wala Raizo (@_toxfire) J
A Hopeful Week for the Indian Market: From PNB’s recovery to IDBI’s redemption
By: Ankita Marwaha, Ashmita Mukherjee
This curation is a collection of stories that were prevalent yesterday in the Business world of news.
In a report by Deccan Chronicle, scam-hit Punjab National Bank has recovered over Rs 7,700 crore this quarter, with the help of the Insolvency and Bankruptcy Code (IBC) resolution process with the accounts of Bhushan Steel and Electrosteel. What was the scam?
Some Public Sector Banks (PSBs) including IDBI Bank and Bank of India, might get a relaxation on their norm of minimum 25% public shareholding. The finance ministry may approach market regulator SEBI for exemption of banks if they fail to meet their August deadline.
An upcoming deal between LIC and IDBI might help the minority shareholders in the bank. The LIC board will meet today to finalise the acquisition of 51 per cent stake in IDBI bank. The deal will ensure a capital support of Rs 10,000- 13,000 crore to the debt-ridden state-owned bank.
The market is also expected to become more fertile for the sprouting start-ups and MSMEs in India with the following news stories of Hyderabad and Chennai.
Hyderabad will be housing one of India’s first Defence incubators in the upcoming Phase 2 of the T-Hub, according to a BusinessLine report. Managed by Ministry’s Innovation for Defence Exellence (iDEX), the scheme will fund research in the fields of Aerospace and Defence, by MSMEs, start-ups, and research institutions.
Many start-ups in the IT industry are making a breakthrough after getting funding from the Chennai chapter of US-headquartered group of angel investors, Keiretsu Forum. In the first half of this year, the group has made three deals of over Rs. 1 crore each.
Meanwhile in Finland…
US President Donald Trump and his Russian counterpart Vladimir Putin met in Finland today, vowing to reset their troubled relations and work together. The summit covered areas of trade, military, missiles, nuclear and China. Read here for a detailed analysis of the summit.