BackOpening Bell | Financial Technologies, Religare in focus
A final decision on the proposed merger between NSEL and its parent FTIL is likely to be further delayed
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Markets open on a positive note
US markets closed with gains. S&P 500 gained 0.69% to 2,077 points on hopes of a possible deal between Greece and its creditors. Asian markets opened on a positive note.
Monsoon concerns dampens car sales
Car sales showed signs of weakening in June after zipping ahead month-on-month since May last year, according to monthly sales data released by a handful of auto makers on Wednesday, reports Mint. Executives at car firms attributed it to buying sentiment being undermined by the possibility of below-normal monsoon.
Govt working on package for state-run banks
The government is working on a comprehensive package for state-run banks and is committed to meet their capital requirements, minister of state for finance Jayant Sinha said, reports Mint.
Crisil warns of risks in loan against property business
Big-ticket loans, higher loan-to-value ratios and rising delinquency rates have increased risks in the loan against property (LAP) business, warns rating agency Crisil Ltd. Read more.
SBI plans branch overhaul
State Bank of India Ltd is undertaking a major change in branch formats and new branches will be opened based purely on customer needs, reports PTI. The new initiative would focus on more digital branches to target young customers.
Private equity firms in race to buy Religare Enterprises
Keep an eye on Religare Enterprises Ltd. According to The Economic Times, two private equity firms are in race to buy promoters’ stake in the company.
Nestle plans to relaunch Maggi noodles
Nestle India Ltd is preparing a blueprint for a possible relaunch of the Maggi instant noodles brand, reports Business Standard.
Delay likely in NSEL and Financial Technologies merger
A final decision on the proposed merger between National Spot Exchange Ltd (NSEL) and its parent Financial Technologies (India) Ltd (FTIL) is likely to be further delayed, reports Mint. The ministry of corporate affairs had granted personal hearing to both FTIL and NSEL next week. But FTIL’s hearing has been postponed by four weeks.
Meanwhile, the Central Electricity Regulatory Commission has asked FTIL to sell its stake in Indian Energy Exchange by 20 July, reports Business Standard.
Godrej, APG buy land for Bengaluru housing project
Godrej Properties Ltd and Dutch pension services provider APG, through their joint investment and development venture, have bought 18 acres of land from realty firm Puravankara Projects Ltd, off Kanakpura Road in Bengaluru. Read more.
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