Senior officials of scam-hit Punjab & Maharashtra Cooperative (PMC) Bank used special codes to hide hundreds of dummy loan accounts of HDIL, to which the bank had over 73 percent of loan exposure, the Reserve Bank of India (RBI) said.Out of PMC Bank's 1,800 employees, only about 25 of them could access the loans accounts of the now bankrupt real estate developer HDIL and its group entities, the RBI told the Bombay High Court.These few employees used an access code to hide and restrict the visibility of these dummy accounts of the realty developer, RBI said n an affidavit.Close Also read: PMC Bank case: Depositors can approach RBI administrator for emergency withdrawals of up to Rs 1 lakh related news RBI plans to set up college of supervisors: Shaktikanta Das PMC Bank scam: RBI, others move closer to selling HDIL land to return depositor money The RBI is closely monitoring the situation at the bank and a forensic audit is underway, governor Shaktikanta … [Read more...] about Top PMC Bank officials hid HDIL accounts from system, says RBI
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“Stock prices are salves to earnings in the long run,” goes the saying and true it is. The intrinsic value of a stock is equal to price/earnings ratio multiplied by earnings per share (EPS).EPS plays a vital role in deciding whether to hold or exit a stock but it should not be the only reason to buy or sell.There are 26 stocks in the BSE-100 index, including Ashok Leyland, Mahindra & Mahindra, ICICI Bank, Maruti Suzuki, IndusInd Bank, TVS Motor, TCS and Yes Bank, that saw consistent downward FY20E earnings revision (past four quarters), according to a Elara Securities report dated November 15.Close So, should investors book profits in the stocks that have recorded earnings downgrade? related news Market Headstart | Nifty may open flat over fears of delay in 'Phase one' US-China trade deal Trade Setup for Friday: Top 13 things to know before Opening Bell What should be your strategy, buy largecaps or chose from mid & smallcaps? Most of the businesses or … [Read more...] about These 26 stocks saw EPS downgrades in 4 quarters: time to book out?
The promoter group of Zee Entertainment Enterprises (ZEEL) sold more than 14 crore shares in bulk deals on November 21.Promoters Cyquator Media Services sold 61,626,543 shares, ESSEL Corporate LLP sold 11,838,350 shares, and ESSEL Media Ventures sold 69,403,106 shares in the company via bulk deals at an average price of Rs 304 per share.The big buyers were Government of Singapore which bought 28,500,000 shares and Societe Generale bought 16,690,000 shares of the company.Close Other buyers were JNL Invesco Global Real Estate Fund (8,250,000 shares), Key Square Master Fund II LP (6,000,000 shares), Norges Bank On Account Of The Government Pension Fund Global (7,000,000 shares) and Smallcap World Fund INC (7,673,492 shares). related news KIOCL share price rises 7% on govt approval for Mangalore project SCI, BPCL shares fall up to 5% after Cabinet's nod for their sale Reliance Comm share price locked in upper circuit on CFO appointment ZEEL share price ended … [Read more...] about ZEE promoter group sells 14.28 crore of company shares
Saudi Aramco's initial public offering (IPO) has attracted approximately 73 billion riyals (15.1 billion pounds) in institutional and retail orders so far, Saudi Arabia's Samba Financial Group said on Thursday.Some 1.8 million retail subscribers have injected more than 14 billion riyals into the IPO so far, Samba, one of the banks managing the deal, said in a statement sent to Reuters.Institutional subscriptions amounted to 58.4 billion riyals and 1.82 billion subscribed shares, it added.Close "Retail and Institutional subscription levels for the first five days of the offering have reached an unprecedented scale, demonstrating the confidence of investors in Saudi Aramco," said Rania Nashar, vice chairman of Samba Capital, the investment arm of the bank, in the statement. related news Imran Khan, Trump discuss Afghan peace process and Kashmir during telephonic conversation Panasonic has no plans for new Tesla battery plant in China: CEO WeWork to lay off 2,400 employees in … [Read more...] about Saudi Aramco order book reaches 73 billion riyals so far: Financial Group
The Indian rupee tumbled 10 paise to close at 71.81 against the US dollar on Wednesday, in lock-step with weak Asian currencies following a flare-up in US-China tensions.However, fresh foreign fund inflows and a rally in domestic stocks restricted the fall for the local unit, forex traders said.At the interbank foreign exchange market, the rupee opened weak at 71.80, then went on to hit a low of 71.91 against the greenback during the day.Close It, however, clawed back some lost ground to finally finish at 71.81, showing a fall of 10 paise over its previous close. related news Weekly Tactical Pick – Bajaj Consumer Care Rupee opens flat at 71.75 per dollar This largecap PSU engineering stock offers a huge bargain The dollar strengthened while emerging market currencies wobbled after US President Donald Trump on Tuesday warned that failure to get a trade deal with China will prompt more tariffs.Beijing has also hit out against a US legislation on human rights in Hong … [Read more...] about Rupee drops 10 paise to 71.81 per dollar as US-China tensions weigh