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<ul><li><keyword id="10858430" type="UNKNOWN" weightage="20" keywordseo="nykaa-ipo">Nykaa IPO</keyword> would consist of a fresh issue of equity shares worth ₹525 crore and a secondary issue of 4.3 crore equity shares.</li><li>The total issue size will reportedly be ₹4,000 crore.</li><li>A total of 17 investors will be shelling out a part of their shareholdings with <keyword id="6376684" type="UNKNOWN" weightage="20" keywordseo="nykaa">Nykaa</keyword>’s public issue.</li><li>The company plans to expand its retail presence to boost organic growth and retention. </li></ul>Nine-year old fashion and beauty e-commerce platform Nykaa has got the wheels rolling for its initial public offering (<keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword>), with the filing of draft red herring prospectus (DRHP) last night. The Mumbai-based company ⁠— founded by the 55-year old Falguni Nayyar who has a net worth of ₹5,410 crore ($728 million), <a href="https://www.glusea.com/richest-woman-in-india/">according</a> to Forbes ⁠— has not yet publicly revealed the size of the IPO. However, a Moneycontrol <a href="https://www.moneycontrol.com/news/business/ipo/beauty-startup-nykaa-files-papers-with-sebi-to-raise-around-4000-crore-via-ipo-7264301.html">reported</a>, citing sources, that Nykaa aims to raise ₹4,000 crore through this issue. The IPO would consist of a fresh issue of equity shares worth ₹525 crore and existing investors in the company ⁠— whose last reported valuation was $1.2 billion ⁠— will sell part of their stakes amounting to 4.3 crore equity shares. Nykaa, in its DRHP, has revealed that the net processed would be used for five purposes. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount from net proceeds </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total investment to be made </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment in subsidiaries like FSN Brands or Nykaa Fashion to set up retail stores </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹53.9 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capital expenditure incurred by the company and fund setting up on new warehouses </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹92.4 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Repayment of outstanding borrowing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹130 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N./A </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expenditure on enhancing brand visibility and awareness </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹200 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹200 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">General corporate purpose* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N/A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N/A </td></tr></tbody><tbody></tbody></table>*The amount utilised for general corporate purposes shall not exceed 25% of the Net Proceeds Nykaa plans to set up new retail stores, with an built-up area of approximately 75,000 square feet, over the next three financial years. It had over 73 physical stores and 18 warehouses, as of March 31, 2021. The company has loans to repay to the tune of ₹187.4 crore from HDFC Bank, Kotak Mahindra Bank, Axis Bank and IDFC First Bank. A total of 17 investors — both institutional and individual — will be shelling out a part of their shareholdings with Nykaa’s public issue. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shareholders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offered Shareholdings </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sanjay Nayar Family Trust* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 4,800,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TPG Growth IV SF Pte. Ltd </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 5,421,510 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lighthouse India Fund III, Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 4,844,620 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lighthouse India III Employee Trust </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 51,530 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yogesh Agencies &amp; Investments Private Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 2,538,450 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">J M Financial and Investment Consultancy Services Private Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 914,000 </td></tr></tbody><tbody></tbody></table> Kotak Investment Banking, Morgan Stanley, Bank of America Securities (BofA), Citigroup Global Markets India, ICICI Securities and JM Financial are the lead book running managers for this IPO. Link Intime is the registrar of the offer. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/check-out-policybazaar-ceo-yashish-dahiya-salary-and-remuneration-for-other-key-execs-in-paisabazaar-and-pb-fintech/articleshow/84971063.cms">PolicyBazaar’s CEO Yashish Dahiya took home about ₹3 crore ⁠— here’s a look at other top paid execs at the fintech startup headed for IPO</a> <a href="https://www.businessinsider.in/retail/news/britannia-marico-hindustan-unilever-nestle-india-products-can-be-costlier-as-inflation-is-eating-into-their-profits/articleshow/84977161.cms">From cookies king Britannia to soaps titan HUL, inflation is eating profits away ⁠— so, you may have to pay even more for daily essentials</a> <a href="https://www.businessinsider.in/business/startups/news/skill-lync-raises-17-5-million-to-offer-more-upskilling-courses-for-engineers/articleshow/84995007.cms">Three-year-old Skill-Lync gets $17.5 million funding from Flipkart founder Binny Bansal and others</a>

Nykaa will spend its IPO money on setting up retail stores and repaying loans

(Eds: Adding details) Mumbai, Mar 16 () SBI Chairman Rajnish Kumar on Monday said investments by banks in the crippled Yes Bank are being made to maintain financial stability in the system and not guided by the principle of return on investment (RoI). The State Bank of India (SBI), along with seven other financial institutions, invested around Rs 10,000 crore in the crisis-hit Yes Bank last week, under the RBI-mandated reconstruction scheme. "The decision of the SBI and all other banks coming together, it is not guided by the return on capital principles or investments. It is all guided by providing stability to the financial system," Kumar told reporters on the sidelines of the listing ceremony of SBI Cards and Payment Services at the BSE. SBI Card, the second largest largest credit card issuer in the country, got listed at 13 per cent discount at Rs 658 on the BSE, against the issue price of Rs 755. The scrip settled the day at Rs 683.20, up nearly 4 per cent. Last week, SBI invested Rs 6,050 crore in the troubled lender. It would hold up to 49 per cent stake in the private lender, with a minimum of 26 per cent over next three years. ICICI Bank, Housing Development Finance Corp Ltd, Axis Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First also joined the SBI-led consortium and invested in Yes Bank. Mortage lender HDFC and ICICI Bank invested Rs 1,000 crore each in Yes Bank. Axis Bank has invested Rs 600 crore by buying 60 crore shares and Kotak Mahindra Bank Rs 500 crore through 50 crore shares. Federal Bank and Bandhan Bank put in Rs 300 crore each. IDFC First invested Rs 250 crore into the lender. The government notified the Yes Bank Reconstruction Scheme 2020 late on last Friday. With that, the morotorium on the bank will be lifted by March 18. The RBI had on March 5 put a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. It superseded the board of the troubled private sector lender and appointed Prashant Kumar as administrator. Kumar will be the new CEO and MD of the bank. Yes Bank declared its third quarter result on Saturday, posting a net loss of Rs 18,560 crore. Its gross non-performing assets surged to Rs 40,709 crore, which is 18.87 per cent of its gross advances.Kumar Kumar said the response to SBI Card's IPO was phenomenal as it got over subscribed by 26.5 times.On the weak debut on the bourses, he blamed it on the current market mayhem and pointed the strong fundamentals of the SBI Card. HV MKJ

Investments in Yes Bank aimed at providing financial stability, not ROI: SBI chief

New Delhi, Apr 21 () Markets regulator Sebi on Tuesday disposed of insider trading charges against Kotak Mahindra Life Insurance Company in the matter of Manappuram Finance. It was alleged that Kotak Mahindra Life Insurance Company (earlier known as Kotak Mahindra Old Mutual Life Insurance) sold shares of Manappuram Finance Ltd (MFL) while in possession of unpublished price sensitive information (UPSI) about the company and thereby violated insider trading norms. Sebi, pursuant to investigation in the matter of selective disclosure of UPSI by MFL, observed that Kotak had sold its shares while allegedly in possession of UPSI during March 1-20, 2013 and allegedly violated PIT (Prohibition of Insider Trading) Regulations. Sebi noted that officials of MFL met Ambit Capital Pvt Ltd's research analysts on March 18, 2013 to seek market guidance about the quarterly results and future outlook. Ambit published a research report based on the meeting which was distributed to its clients (broking as well as research) on March 19, 2013 before the market opening hours. In the research report, Ambit had changed its rating of MFL's stock from "buy" to "under review." Ambit published the report based on the meeting which was distributed to its clients (broking as well as research) on March 19, 2013 before the market opening hours. The information of negative profit for the fourth quarter of FY2012-13, which is deemed to be price sensitive information, was disclosed to the stock exchanges by MFL on March 20, 2013 after market hours and the information was already in the public domain before that. Sebi said Kotak was not in a position to know that the information that was distributed in the research report or discussed in the conference call or being covered by media is UPSI. The transactions of Kotak was purely from the point of view of the individual holding life insurance policies issued by the company, and selling of the scrip of MFL during that time was necessary to avoid significant loss to the policy holders in the scheme, since the price of the scrip was rapidly falling after the research report was issued in the morning of March 19, 2013, it added. "It may be noted that the noticee (Kotak) is bound by its fiduciary responsibility with the policy holders to act in their best interest," Sebi said. "I do not find a reasonable and acceptable degree of probability towards proving beyond doubt or even, without existence of significant doubt that Noticee (Kotak) had traded in the scrip of MFL when in possession of UPSI and hence, the allegation of violation of...PIT Regulations...does not stand established," Sebi Adjudicating Officer Vijayant Kumar Verma said while disposing of the show cause notice without any penalty. Earlier, Sebi had disposed of insider trading allegations against four mutual fund houses -- SBI Funds Management, Aditya Birla Sunlife AMC, IDFC Asset Management Company and BNP Paribas Asset Management -- in the same matter. SP RVK

Manappuram Fin: Sebi disposes of insider trading charges against Kotak Mahindra Life Insurance Co 

New Delhi, Apr 13 () Markets regulator Sebi on Monday disposed of insider trading charges against two mutual fund houses - SBI Funds Management and Aditya Birla Sunlife AMC - in the matter of Manappuram Finance.It was alleged that the two fund houses had sold shares of Manappuram Finance Ltd (MFL) while in possession of unpublished price sensitive information (UPSI) about the company and thereby violated insider trading norms.Sebi, pursuant to investigation in the matter of selective disclosure of unpublished price sensitive information by MFL, observed that the two fund houses had sold its shares while allegedly in possession of UPSI during March 1-20, 2013 and allegedly violated PIT (Prohibition of Insider Trading) Regulations.Sebi noted that officials of MFL met Ambit Capital Pvt Ltd's research analysts on March 18, 2013 to seek market guidance about the quarterly results and future outlook.Ambit published a research report based on the meeting which was distributed to its clients (broking as well as research) on March 19, 2013 before the market opening hours.In the research report, Ambit had changed its rating of MFL's stock from "buy" to "under review."Ambit published the report based on the meeting which was distributed to its clients (broking as well as research) on March 19, 2013 before the market opening hours.The information of negative profit for the fourth quarter of FY2012-13, which is deemed to be price sensitive information, was disclosed to the stock exchanges by MFL on March 20, 2013 after market hours and the information was already in the public domain before that.Sebi said the asset management companies (AMCs) were not in a position to know that the information that was distributed in the research report or discussed in the conference call or being covered by media is UPSI.The transactions of the asset management companies was purely from the point of view of the unit holders in the mutual fund and selling of the scrip of MFL during that time was necessary to avoid significant loss to the unit holders in the scheme, since the price of the scrip was rapidly falling after the research report was issued in the morning of March 19, 2013, it added."I do not find a reasonable and acceptable degree of probability towards proving beyond doubt or even, without existence of significant doubt that Noticee (the two fund houses) had traded in the scrip of MFL when in possession of UPSI and hence, the allegation of violation of...PIT Regulations...does not stand established," Sebi Adjudicating Officer Vijayant Kumar Verma said in similarly worded separate orders."I hereby dispose of the SCN (show cause notice) in the matter without any penalty," he added.Last month, Sebi had disposed of insider trading allegations against IDFC Asset Management Company and BNP Paribas Asset Management in the same matter. SP SHWBAL

Manappuram Fin: Sebi disposes of insider trading charges against SBI MF, Aditya Birla Sunlife MF

New Delhi, Mar 16 () Yes Bank on Monday said it has approved reconstitution of its board with Prashant Kumar as the new MD &amp; CEO. Kumar, former chief financial officer and deputy managing director of State Bank of India, is currently overseeing the troubled private sector lender as RBI-appointed administrator. The other board members will be Sunil Mehta, former non-executive chairman of Punjab National Bank, as the non executive chairman of Yes Bank, Mahesh Krishnamurthy and Atul Bheda as non-executive directors. SBI will have the right to nominate two directors on the board of directors of Yes Bank. "The reconstitution of the board of directors of the Bank as set out, shall take effect immediately after the expiry of seven calendar days from the date of cessation of the moratorium in accordance with paragraph 11 of the Scheme," Yes Bank said in a regulatory filing undersigned by the bank's administrator Kumar. The administrator has been appointed by the Reserve Bank of India under Section 36ACA(2) of the Banking Regulation Act, 1949 with effect from March 6, 2020. The affairs, business and property of Yes Bank are currently managed by Kumar. Yes Bank said it has also amended the memorandum and articles of association of YES Bank Limited to reflect the application provisions of the Reconstruction Scheme. The moratorium on Yes Bank, placing a withdrawal limit of Rs 50,000 on deposits, is to be lifted by 6 PM on March 18, 2020 which is much before the original date of April 3. The bank on March 5 was put under moratorium by RBI due to serious financial mismanagement under its former MD &amp; CEO Rana Kapoor, who currently is in the custody of probe agencies, as well as failure to raise enough capital to keep afloat. The board of the bank was superseded with immediate effect, and other financial activities such as granting new loans, investment, among others, were also curbed. As per the bank's rescue plan outlined by RBI, SBI will have a stake of 49 per cent in Yes Bank through capital infusion of Rs 7,250 crore. Private lenders ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, Bandhan Bank, Federal Bank and mortgage lender HDFC Ltd have also infused capital in cash-strapped Yes Bank. KPM RVK

Yes Bank okays board reconstitution; Prashant Kumar to be new MD & CEO

Boosted by its consumer-facing businesses like organised retail and telecom, Reliance Industries ended state-owned <keyword id="6356834" type="COMPANY" weightage="20" keywordseo="indian-oil-corporation">Indian Oil Corporation</keyword>'s (IOC) 10-year reign as India's largest company, topping the <keyword id="2941844" type="PERSON" weightage="20" keywordseo="Fortune-India-500">Fortune India 500</keyword> list. With a revenue of Rs 5.81 lakh crore in 2018-19, the Mukesh Ambani-led conglomerate also became the first privately-held and the only other company to become India's largest corporation apart from IOC for the first time in 10 years, Fortune India said. State-owned Oil and Natural Gas Corporation (ONGC) was ranked third, same as in 2018. It was followed by State Bank of India, Tata Motors and Bharat Petroleum Corporation Ltd (BPCL) -- all with no changes in their ranking between 2018 and 2019.
 The list does not take into account subsidiaries of companies and so ONGC's ranking does not reflect those from its recently acquired <keyword id="6374014" type="DOMAIN" weightage="20" keywordseo="hindustan-petroleum">Hindustan Petroleum</keyword> Corp Ltd (HPCL) as well as ONGC Videsh Ltd. Rajesh Exports climbed one position to be ranked 7th on the 2019 list and so did <keyword id="6357147" type="DOMAIN" weightage="20" keywordseo="tata-steel">Tata Steel</keyword>, Coal India, Tata Consultancy Services and Larsen &amp; Toubro that were ranked 8th, 9th, 10th and 11th, respectively. ICICI Bank rose two positions to be ranked 12th, followed by Hindalco Industries and <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>. Vedanta Ltd slipped three positions to be ranked 18th on the 2019 list.
 Fortune India said RIL posted a 41.5 per cent rise in its revenue in the financial year 2018-19, which was 8.4 per cent more than IOC, the second-largest company on the list.
 RIL's 2018-19 revenue stood at Rs 5.81 lakh crore, while IOC posted a growth of 26.6 per cent in sales to Rs 5.36 lakh crore in the same year. RIL's profit for 2018-19 was also more than double that of IOC, at Rs 39,588 crore.
 "Over the past 10 years, the oil-to-retail conglomerate's profit has been an average three times higher than that of IOC. The highest it touched compared to IOC was up to 4.8 times, in FY15 when RIL's profit was Rs 23,566 crore and the public sector major's stood at Rs 4,912 crore," it said.
 Overall, the revenue of the Fortune India 500 companies in the 2019 list grew 9.53 per cent, while profit rose 11.8 per cent.
 A total of 57 companies dropped off the list for reasons including consolidation within the public sector banks, public sector undertakings, as well as the private sector.
 This year, the total loss posted by the 500 companies also came down, with 65 companies posting a cumulative loss of Rs 1.67 lakh crore, compared to last year's Rs 2 lakh crore racked up by 79 companies, Fortune India said.
 Public and private sector banks faced diverse fortunes in 2019. As many as 14 of 22 public sector banks reported cumulative losses of Rs 74,253 crore. In contrast, just two private sector banks posted losses (IDFC First Bank, at Rs 1,907.9 crore; and Lakshmi Vilas Bank, at Rs 894.1 crore). The total profit of 24 of private sector banks (including foreign banks and cooperative banks) was Rs 60,747 crore, a 6.16 per cent increase over 2017-18.
 Fortune India said the oil and gas sector (with eight companies) accounted for 22.3 per cent of the total revenue of the 500 companies, followed by banking with 15.88 per cent of the total.
 The banking sector, with 48 companies, is also the biggest contributor by way of the number of companies on the list. Oil and gas, however, has the highest share of profit in the 500, at 23.44 per cent. See also: <a href="https://www.businessinsider.in/business/news/ril-arm-acquires-51-78-pc-stake-in-asteria-aerospace-for-rs-23-12-cr/articleshow/72528537.cms">Reliance Industries is getting into drones with its new purchase</a>

Reliance Industries topples IOC to become India's largest company

<ul><li>Yes Bank reported a net loss of ₹3668.33 lakh during the fourth quarter. </li><li>Between 40% to 45% of its borrowers have opted to exercise the three-month moratorium on loan repayments issued by the Reserve Bank of India. </li><li>The bank expects deposits to erode further once the moratorium lifts and its customers withdraw their funds to pay off loans. </li><li>Over the last year, <keyword id="8876861" type="UNKNOWN" weightage="20" keywordseo="Yes-Bank-deposits">Yes Bank deposits</keyword> half shrunk to half their original size. </li></ul>Yes Bank posted a net loss of ₹3668.33 lakh in its fourth-quarter earnings amounting to a total loss of ₹16,418 crore for the financial year 2019-20. However, with the onset of the coronavirus pandemic and the ensuing lockdown, the bank is far from being out of the woods just yet. “The extent to which the COVID-19 pandemic will impact the bank's future results will depend on related developments, which remain highly uncertain,” it said in its earnings report. <div type="image" title="YES BANK" msid="75590776" hostid="261" caption="&amp;lt;p&amp;gt;Yes Bank share price over the last three months&amp;lt;/p&amp;gt;"></div> Within the span of a year, more than half of its deposits — worth ₹1.2 lakh crore — have vanished. Most of the erosion occurred in the past six months after details of Yes Bank founder Rana Kapoor’s scam and the bank’s bad loans came into the limelight. <div type="Article" hostid="261" msid="74547669" title="The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation" mstype="2" mssubtype="0"></div> <div type="image" title="snapshot-1588820341625" msid="75590811" hostid="261" caption="&amp;lt;p&amp;gt;Yes Bank&amp;#39;s term deposits over the last five quarters&amp;lt;/p&amp;gt;"></div> “Indicators of financial stress and actions taken by the RBI [Reserve Bank of India] resulted in a significant withdrawal of deposits,” auditors said. And, the bank expects deposits to fall further in the coming days once the moratorium ends and depositors need cash to make loan repayments. <div type="Article" hostid="261" msid="75570240" title="The downgrade of SBI, Bank of Baroda, and ICICI Bank is proof that the 'biggest nightmare' for India's financial sector is becoming real" mstype="2" mssubtype="0"></div> Currently, between 40% to 45% of Yes Bank’s retail borrowers opted to exercise the three-month moratorium, along with 35% to 40% of its micro, small and medium enterprise (MSME) businesses. “While the further reduction in deposits lost post moratorium may cast material uncertainty, particularly in the current COVID scenario, the Bank under the leadership of new management and Reconstituted Board is confident that it can tide over the current issues successfully,” said the bank. At the end the other end of the balance sheet, advances witnessed a decline of 29%. Resulting in borrowings — the gap between deposits and advances — at ₹1.13 lakh crore for the financial year 2019-20. After news of the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword> came to light, Prashant Kumar was appointed as the new managing director and CEO of the bank. Auditors hope that the change in leadership along with the investors from India’s biggest banks — including the State Bank of India (SBI), Axis Bank, ICICI Bank and others — worth ₹10,000 crore will be enough to turn things around. <div type="Article" hostid="261" msid="74667132" title="Yes Bank shares soar after Moody's upgrade and RBI's assurance" mstype="2" mssubtype="0"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription amount (cr) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shares (%) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 6,050 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48.2 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Ltd. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 600 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.8 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 500 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.6 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bandhan Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 300 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.4 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Federal Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 300 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.9 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.7 </td></tr></tbody></table> See also: <a href="https://www.businessinsider.in/business/corporates/news/yes-bank-earnings-tomorrow-will-refresh-memories-of-turmoil-before-covid-19-hit-the-economy/articleshow/75554780.cms">Yes Bank's share price slips 5% ahead of earnings as COVID-19 uncertainty continues to loom after scam</a> <a href="https://www.businessinsider.in/finance/news/sbi-indusind-bank-bank-of-baroda-icici-bank-downgraded-as-paytms-paytms-vijay-shekhar-sharma-warned/articleshow/75570240.cms">The downgrade of SBI, Bank of Baroda, and ICICI Bank is proof that the 'biggest nightmare' for India's financial sector is becoming real</a> <a href="https://www.businessinsider.in/india/news/ed-files-charge-sheet-against-rana-kapoor-in-yes-bank-case/articleshow/75575749.cms">ED files charge sheet against Rana Kapoor in Yes Bank case</a>

Yes Bank fears more deposits may disappear when COVID-19 moratorium ends and people start repaying loans

Mumbai, Dec 29 () The Reserve Bank of India-appointed administrator of the crippled Dewan Housing Finance Ltd (DHFL) called for a meeting of its creditors for the first time on Monday after the mortgage lender was admitted for insolvency proceedings.
 The third-largest pure play mortgage player is the first non-banking financial company or housing finance company to face the corporate insolvency resolution process.
 The Mumbai bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution on December 2 and appointed Indian Overseas Bank former managing director and CEO R Subramaniakumar as the company's administrator.
 "Since the resolution professional (administrator) has now been appointed, he is meeting all the creditors and will discuss the way forward for resolution of the company," a source told .
 DHFL did not respond to an e-mail query.
 The meeting on Monday will be attended by all creditors of the company including banks, bondholders, insurance and mutual fund companies.
 Subramaniakumar will also discuss timelines so that the account is resolved at the earliest, he said.
 "The status of the claims that have been received so far by the company will also be decided upon," said another source.
 In its order on December 3, the NCLT asked the company's administrator to update the list of depositors, along with the amount payable to each of them. Following this, the administrator had reportedly asked all its fixed depositors and bondholders to file their claims by December 17.
 The NCLT order had also noted that the company has an outstanding unsecured loan of Rs 18,882 crore as of March 31, 2018. The unsecured loans constituted Rs 10,243 crore of public deposits for the same period.
 Citing governance issues and severe liquidity crisis, the regulator on November 20 superseded the board of DHFL and appointed Subramaniakumar as its administrator.
 The decision on DHFL came after the government on November 15 notified Section 227 of the Insolvency and Bankruptcy Code (IBC), empowering the RBI to refer stressed financial service providers with an asset size of at least Rs 500 crore to insolvency courts.
 The central bank has also appointed a three-member committee, consisting of IDFC First Bank Non-Executive Chairman Rajiv Lall, ICICI Prudential Life Insurance Managing Director and CEO N S Kanan, and Association of Mutual Funds in India CEO N S Venkatesh, to advise the company's administrator in the resolution process.
 As of July 2019, the beleaguered home financier owes Rs 83,873 crore to banks, National Housing Board, mutual funds and bondholders/retail bondholders. Of the total, secured debt stands at Rs 74,054 crore and unsecured Rs 9,818 crore. Most banks have or are going to declare DHFL account as non-performing assets in the third quarter. HV HRS

DHFL creditors to meet on Monday for discussing resolution

Mumbai, May 6 () Yes Bank on Wednesday reported a net profit of Rs 2,629 crore for the March quarter, helped by a massive gain of over Rs 6,200-crore arising out of a controversial write-off of bond investors' investment. If the one-off gain is excluded, then the bank, which was bailed out by a consortium-led by SBI in March, has a loss of Rs 3,668 crore in the latest quarter under review. The private sector lender had a loss of Rs 18,560 crore loss in the December quarter while the loss was at Rs 1,506 crore in the March 2019 quarter. The one-time gain is from the write off of Additional Tier-I bondholders' Rs 8,419 crore investment, according to a release. For the fiscal year 2019-20, Yes Bank reported a loss of Rs 16,481 crore, It had a profit of Rs 1,720 crore in the year-ago period. As part of the the bailout process, the AT-1 bond holders' investment was written-off citing existing rules which gave the new management of the bank a huge breather to get the operations out of the restrictions imposed by RBI and the government on March 5, and start functioning normally. The bank, which is now headed by SBI's former CFO Prshant Kumar, showed a marginal improvement in the gross non-performing assets ratio at 16.80 per cent in the March quarter as against 18.87 per cent in the three months ended December 2019. Its overall provisions came at Rs 4,832 crore and the money set aside for NPAs came down to Rs 1,100 crore in the latest March quarter. In the three months ended December 2019, the lender had NPA provisioning of Rs 22,328 crore. Net advances declined 29 per cent to Rs 1.71 lakh crore in the latest quarter under review compared to March 2019 quarter and nearly 8 per cent as against December 2019 quarter. Deposits at Yes Bank more than halved in the three months ended March compared to the year-ago period. The core net interest income rose 19.6 per cent sequentially to Rs 1,274 crore in the March quarter. Non-interest income grew 12.3 per cent to Rs 597 crore in the three months ended March compared to the same period a year ago, the release said. The bank said its strategic focus area of retail has shown resilience despite the lockdown and was one of the key contributors to the business performance during the March quarter. The overall capital adequacy of the bank stood at 8.5 per cent as of March 31 with the core Tier-I at 6.3 per cent. To avoid a possible collapse of Yes Bank, RBI had sacked its management and placed the lender under an administrator on March 5 with a 30-day moratorium, which was later on curtailed to nearly two weeks. The moratorium on the bank which restricted cash withdrawals limits to only Rs 50,000 was lifted after banking hours on March 18. On March 13, the government notified the rescue plan drafted by the RBI. As part of the 'Yes Bank Limited Reconstruction Scheme 2020', SBI and other investors made equity capital infusion to the tune of Rs 10,000 crore. Private lenders ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, Bandhan Bank, Federal Bank and mortgage lender HDFC Ltd have also infused capital of over Rs 3,000 crore in cash-starved Yes Bank to keep it afloat. AA DP RAM

Yes Bank posts Rs 2,629 cr quarterly profit on bonds write-off

<keyword id="6375119" type="UNKNOWN" weightage="100" keywordseo="Urjit-Patel">Urjit Patel</keyword> became the 24th Governor of the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) when he took over from former RBI chief <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> last month. Patel was serving at the RBI as a deputy governor since 2013. 
 
Rajan handed over the baton to Patel on September 04. 
 
As a deputy governor, Patel was the chairman of the Expert Committee to Revise and Strengthen the Monetary Policy Framework. 
 
"Representing India, he actively participated in steering the signing into force of the inter-governmental treaty and the Inter-Central Bank Agreement (ICBA) among the BRICS nations, which led to the establishment of the Contingent Reserve Arrangement (CRA), a swap line framework among the central banks of these countries," RBI had stated. 
 
Patel has also served at the International Monetary Fund (IMF) and was a consultant to the Ministry of Finance from 1998 to 2001. He also had other assignments in public and private sectors, including with Reliance Industries, IDFC Ltd, MCX Ltd and Gujarat State Petroleum Corporation. 
 
He is commonly referred to as Dr Patel and has worked with several central and state government high level committees. 
 
These include the Task Force on Direct Taxes, the High Level Expert Group for Reviewing the Civil &amp; Defence Services Pension System, the Prime Minister's Task Force on Infrastructure, the Group of Ministers on Telecom Matters, the Committee on Civil Aviation Reforms and the Ministry of Power's Expert Group on State Electricity Boards. 
 
He has several publications in areas of Indian macroeconomics, monetary policy, public finance, financial sector, international trade, and regulatory economics, the RBI said. 
 
Patel has a PhD in economics from Yale University, an M Phil from University of Oxford and a BSc from the University of London.

Meet Urjit Patel, who just rolled out his maiden monetary policy as RBI Governor

The Reserve Bank may cut interest rates for the sixth straight time on December 5 to support growth that has continued to slip to more than six-year low on slump in manufacturing, bankers and experts said. RBI has cut interest rates on every single occasion the multi-member monetary policy committee (MPC) has met since <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword> took over as the Governor of RBI in last December. In five reductions so far in 2019, interest rates have been lowered by a total of 135 basis points over concerns that growth momentum is slowing down and also to try to boost liquidity in the financial system.
 GDP growth slowed sharply to a pace of 4.5 per cent in the July-September, hit by a slump in manufacturing output, which contracted by 1.0 per cent. The pace of GDP growth has moderated from the 5 per cent rate in April-June and 7 per cent in July-September quarter of 2018.
 Das had previously stated that interest rates will reduce until growth revives and this gives confidence that interest rates may be reduced at the end of three-day monetary policy review beginning December 3, a banker, wishing not to be identified, said.
 "With the <keyword id="679958" type="ORGANIZATION" weightage="20" keywordseo="RBI-monetary-policy">RBI Monetary Policy</keyword> Committee having decided to retain an accommodative stance following its October rate cut, further rate cuts are possible if economic conditions remain weak," said Rajiv Biswas, Asia Pacific Chief Economist at IHS Markit. The fall in GDP growth rate was despite a slew of new fiscal policy measures including a large reduction in the base corporate tax rate in a bid to boost private sector investment.
 Rumki Majumdar, Economist, Deloitte India said inflation is low and is expected to remain so because of the excess capacity in the economy. "This gives the RBI the elbow room to cut rates, which is highly anticipated in the upcoming December meeting."
 In doing so, RBI may look past the recent uptick in inflation last month, largely attributed to vegetables such as onions. But importantly, there has been a slide in core inflation.
 Motilal Oswal Financial Services Ltd chief economist Nikhil Gupta said: "We are afraid that expectations of better growth in 3QFY20 (October-December) may not pan out. Leading indicators suggest that October (festival month) was the worst in the current cycle. We believe that growth could weaken further to around 4 per cent in 3QFY20, which will mark the trough."
 "Our full-year growth forecast, thus, is revised down from 5.7 per cent earlier to 4.5 per cent for FY20," he said.
 Ranen Banerjee, Leader Public Finance and Economics, PwC India, said the second quarter GDP numbers made it more imperative for a fiscal led priming as the monetary policy interventions clearly are not transmitting.
 "Thus, just to depend on another rate cut by RBI in the upcoming MPC meeting may not be sufficient. The situation demands a coordinated fiscal priming on areas with higher multipliers and where spends could be immediate combined with a monetary policy push to address the effective transmission of rate cuts to the NBFCs. Effect of rural demand uptick on Q3 numbers will be crucial to avert a sub 5 per cent annual growth rate," Banerjee said.
 Sreejith Balasubramanian, Economist - Fund Management, IDFC AMC said bottoming-out of growth could be further down the road and recovery is unlikely to be V-shaped as consumer demand, credit supply and risk appetite remain lacklustre.
 "This and the falling core-CPI should allow the RBI focus more on growth, while a major fiscal stimulus is hindered by the lack of available household financial savings," he said.
 Rajni Thakur, Economist, RBL Bank said the growth in the second half of the year could remain evasive unless government pumps in more stimulus and continues to heavy lift growth push through the fiscal year.
 "The grind up is going to be slow and heavily dependent on fiscal support to come out of current growth recession."
 Majumdar said aggressive asset sales and privatisation reforms will give the government some fiscal space to incur counter-cyclical fiscal policies to boost growth without widening the fiscal deficit.
 "Confronted with the sharp slowdown in economic growth momentum, the Indian government should give a high priority to implementing additional measures to bolster manufacturing output and kick-start an upturn in the investment cycle.
 "Accelerated government spending on infrastructure projects such as roads, railways and ports, as well as urban infrastructure such as affordable housing and hospitals, are the type of fiscal policy measures that could help to revive economic growth momentum within a relatively short timeframe," Biswas said.
 While the RBI has been helping through its monetary policy easing measures, the impact is likely to be more protracted, since monetary policy stimulus effects on the real economy generally act with long lags, he said. ANZ MR
MR

Shaktikanta Das has to do a juggling this policy-- to match food inflation with a slowing economy

Indian stocks rose for the third day on Thursday as a global rally in overseas markets souped up sentiment on Dalaal Street and investors remained net buyers in the wake of the <a href="http://www.businessinsider.in/searchresult.cms?query=Central+Bank">Central Bank</a>'s whopping 50 bps rate cut. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Nifty">Nifty</a> reclaimed the 8,000 point mark after more than a week and the index traded at 7,997 points, up 49 in early deals. Lupin, Idea, UltraTech, Ambuja and Sun Pharma were the top five gainers on the index while HCL Tech, Tata motors, BHEL , Tata Steel and Zee Entertainment slipped in trade. The Advance-Decline Ratio stood at 42/8 on the <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> where HCL Tech, Lupin and Infosys were the top traded stocks on the <a href="http://www.businessinsider.in/searchresult.cms?query=National+Stock+Exchange">National Stock Exchange</a>. 
 
The mood was bright and shiny in the broader market with the CNX 100, CNX 200 and CNX 500 Indices edging 0.6 percent higher. Gains were sharper on the CNX Mid Cap and the CNX Small Cap Indices. The sectoral space was a bit muted with the CNX Pharma index being the top gainer. The Bank Nifty and CNX PSU Bank indices edged up while CNX IT and CNX Media benchmarks slipped in trade. 
 
The sentiment was bullish on the Bombay Stock Exchange with the Sensex jumped 228 points, or 0.9 percent, to 26,392 points. GAIL, Hindustan Unilever, NTPC and Mahindra &amp; Mahindra shone in trade. Tata Motors, BHEL and Maruti slipped in trade. The Sensex had an Advance-Decline Ratio at 26/4 and HDFC, Infosys and Lupin were the most active shares on the Sensex. 
 
Nearly all sectors traded in positive territory in the futures and options space except for Technology and banking futures which remained under selling pressure. Bharti Infratel, Reliance Communications and Indian Cements were the top gaining futures. IDFC Futures traded minus their banking unit after the infrastructure financing giant gave investors one share each of the proposed bank unit for every one share held in IDFC. HCL Tech and Mind Tree futures were the others that slipped in trade in the derivatives segment where bulls held sway with 134 futures rising compared with 29 that fell. 
 
The tone was bullish in the wider market with 1,311 stocks gaining compared with 464 that fell below their Wednesday's close on the Bombay Stock Exchange. 
 
Gokaldas Exports, Shriram EPC, EIH Ltd. and Globus Spirits were the early entrants on the volume buzzers list. 
 
Image credit: Indiatimes

Here's how the Markets opened today

<a href="http://www.businessinsider.in/searchresult.cms?query=Indian+stocks">Indian stocks</a> ended the week on a positive note on Thursday as investors remained net buyers in the aftermath of the surprise 50 bps rate cut by the <a href="http://www.businessinsider.in/searchresult.cms?query=Reserve+Bank+of+India">Reserve Bank of India</a> two days ago. Cement, Telecom and Pharma stocks were in demand. 
 
The Nifty rose 2 points to close the week at 7,950. The index retreated from a high of 8,006 points. The strong set led markets higher today. Hence, UltraTech, Lupin, Sun Pharma, Wipro and TCS took the first five slots on the gainers' list with HCL Tech, BHEL, GAIL, Maruti and Tata Motors ending below their Wednesday's close. The <a href="http://www.businessinsider.in/searchresult.cms?query=Advance-Decline+Ratio">Advance-Decline Ratio</a> was evenly match on the Nifty, at 24/26. 
 
HCL Tech, IDFC and Infosys were the top traded stocks on the <a href="http://www.businessinsider.in/searchresult.cms?query=National+Stock+Exchange">National Stock Exchange</a>. Markets are shut on Friday on account of a local holiday. 
 
There were bit gains all around as traders used the 3-day rally to book profit. As a result, several indices closed substantially below their day's highs. The CNX Small Cap Index gained 0.2 percent, the only one of some consequence. 
 
The sectoral space was a mixed bag with the CNX IT, CNX Metal, CNX Realty and CNX Auto benchmarks closing with losses. However, benchmarks representing the Pharma and FMCG sectors edged higher in trade. 
 Sentiment was flat on the Bombay Stock Exchange where the Sensex rose a modest 66 points at 26,220. The <keyword id="2502586" type="UNKNOWN" weightage="80" keywordseo="advance-decline-ratio">Advance-Decline Ratio</keyword> was at 17/13 and Lupin, Dr. Reddy's ONGC, Coal India showed traction in Thursday's trade. BHEL, Maruti, HDFC and ICICI Bank fell on the index. 
 
Larsen, HDFC and Lupin were the 3 top traded counters on the Sensex. 
 
Bulls and Bears were evenly matched in the wider market with 1,384 stocks rising compared with 1,307 shares that fell below their Wednesday's close on the Bombay Stock Exchange. 
 
The Nifty futures ended flat in the derivatives space even as spectacular action was seen on individual futures. Bharti Infratel jumped 11 percent. Strong gains were seen on Titan and India Cement futures as well. Futures coming under selling pressure were Amtek Auto and IFCI. 
 
On the volume buzzers list were EIH Ltd., HCL Tech, KSB Pumps and HEG Ltd. 
 
Image credit: Indiatimes

You Searched For "IDFC Ltd" and got 13 results

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Shaktikanta Das has to do a juggling this policy-- to match food inflation with a slowing economy

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Here's how the Markets opened today

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Here's how the day was at the Markets

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