RBI special liquidity scheme, Axis Bank to raise ₹15,000 Cr & More | Top Headlines
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Top Headlines today: 1. The market opened to a comfortable start with nifty well above 10,400, after closing in at 170 point gain in trade yesterday. SENSEX opened the day at a comfortable above 36,600 mark, after a slow start yesterday. Reliance Industries has started off marginally higher than the day before and will remain in focus through the day. The top winners at the opening are HDFC Bank, Idea, M&M Finance and Airtel. While pharma companies like Glenmark, Lupin and Cipla disappoint with their initial numbers. Indusind Bank, Nestle and TATA Steel also hold up in the market, with no sudden surprises. Axis Bank has pushed up even further than yesterday, in the banking sector. Coal India under pressure and has started out in the red. 2. Axis Bank announced it would raise Rs 15,000 crore, through the issue of equity shares through qualified institutions placement (QIP)s, preferential allotment, or such other permissible mode. In a regulatory filing, Axis Bank said the board at its meeting, has approved the proposal relating to raising of funds not exceeding Rs 15,000 crore. The fundraising proposal will be subject to the approval of shareholders at the ensuing 26th Annual General Meeting (AGM) of the bank. Shares of Axis BankNSE -1.60 % dropped 2 percent in today's trade. Kotak Mahindra Bank last month raised Rs 7,442 crore through a QIP issue. 3. In a first for the Indian Railways passengers train network, private players are now being rope in by the Railways to operate passenger train networks. The railway ministry has been talking about privatisation of the routes and has formed 109 original routes in 12 separate clusters, with minimum 16 coaches. The Railway sector is said to get a new lease of life with the move, by creating job opportunities and ramping up of existing services. The ministry has invited qualification proposals from private entities adding up to investment worth nearly 30,000 crores in the sector. The move is set to bring in modern technology into the sector and reduce maintenance cost and time. 4. The Reserve Bank of India (RBI) announced that the government has approved a special liquidity scheme for non-banking finance companies (NBFCs) and housing finance companies (HFCs) to improve their liquidity position in order to avoid any potential systemic risks to the financial sector. These companies should have made a net profit in at least one of the last two preceding financial years - 2017-18 and 2018-19. The government will provide a 100% guarantee for securities to RBI. SPV to buy investment-grade CPs/NCDs with residual maturity of three months. SPV will issue securities worth ₹30000 Cr which will be subscribed by the RBI. Watch for more details! Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
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