MUMBAI: Goldman Sachs Group Inc and Asian distressed credit specialist SSG Capital Management are in separate talks to buy about Rs 2,500-3,500 crore worth of bad loans at RattanIndia Power, where lenders are planning to sell a part of their exposure to the debt-laden energy firm in the current round of negotiations. In September last year, state-run Power Finance Corp (PFC) filed an insolvency plea against Rattan India Power, formerly known as Indiabulls Power, to recover unpaid dues. The company has defaulted on about Rs 20,000 crore of loans. Besides PFC, lenders to Rattan India include State Bank of India, Bank of India, Axis Bank, Bank of Baroda, and IDBI Bank. There are other contenders for the portfolio besides the two private-equity financiers, two finance industry executives aware of the talks told ET. “We are negotiating and hope to see some portion of the debt taken over,” said one of the persons cited above. “This would be big relief to the lenders as … [Read more...] about Goldman Sachs and SSG in talks to buy RattanIndia bad loans
Where is axis bank
NEW DELHI: Nifty futures on the Singapore Exchange traded 6 points, or 0.05 per cent, lower at 12,124.50, indicating a flat start for Dalal Street. Here are a few stocks which may buzz the most in today’s trade: Vodafone Idea: The company is currently assessing the AGR dues and will pay this in the next few days, the company said in an exchange filing. NIIT Technologies: The company said shareholders have approved its over Rs 337.4 crore buyback plan "by requisite majority". Dr Reddy’s Labs: The US health regulator has asked drug major Dr Reddy's Laboratories to initiate voluntary action at its Duvvada facility in Andhra Pradesh. DLF: The realty major is looking to raise Rs 2,000 crore through monetisation of certain commercial land parcels to its existing joint venture partners or new partners. Oil India: The state-owned company is likely to move the TDSAT this week against the telecom department, seeking about Rs 48,500 crore in past dues on the surplus … [Read more...] about Stocks in the news: Airtel, NIIT Tech, Dr Reddy’s Labs, DLF, BPCL, IDBI Bank and Vodafone Idea
Starbucks has been using it for some time in the US, and is successful. He feels mobile payment solutions using near-field communication (NFC) technology is more secure, as these stores the details in the phone, and is also more popular internationally with likes of Apple and Samsung using it. … [Read more...] about Soon, your smartphone to double up as a debit, credit card
"If there is a negative impact on any enterprise, it impacts a larger ecosystem, whether it is banks, whether it is employees, whether they are vendors, consumers, so everybody gets impacted. So, that impact, when it comes, we will have to pay the price," PTI reported Kumar saying so when asked about the impact on banks if telcos move towards bankruptcy. … [Read more...] about SC’s stance on AGR a blow to financials, say experts; should you avoid the sector?
NEW DELHI: The Nifty Financial Services index was down with its components trading lower in Monday's afternoon session. Shares of Edelweiss Financial Services (down 8.92 per cent), Indiabulls Housing Finance Ltd (down 3.2 per cent), ICICIPRULI (down 1.56 per cent), State Bank of India (down 1.49 per cent), Mahindra & Mahindra Financial (down 1.18 per cent), HDFC (down 0.91 per cent), Bajaj Holdings & Investment (down 0.9 per cent), Bajaj Finserv (down 0.74 per cent), Shriram Transport Finance (down 0.72 per cent), Cholamandalam Investment & Finance (down 0.63 per cent), ICICI Bank (down 0.51 per cent), Axis Bank (down 0.37 per cent) and Bajaj Finance (down 0.27 per cent) were the top losers in the index. The Nifty Financial Services index was trading 0.23 per cent down at 14,443.95 around … [Read more...] about Share market update: Nifty Financial Services index down; Edelweiss tanks 9%