In a key step for its proposed demerger, Vedanta has received approval from 75% of its secured creditors to obtain a clearance from stock exchanges. The natural resources major will then file the demerger scheme with the National Company Law Tribunal. The company is also in talks with some of these lenders to prepay their…
READ MORESynopsis After a gap of almost three months, PSU banks witnessed an across the board up move. If one looks deeper, even in the last three months of correction or rather consolidation, the cut in PSU stocks was not very high. They moved in a sideways range. This is very different if one takes into…
READ MOREShares of state-owned lender Punjab National Bank (PNB) rallied 7% to the dayβs high of Rs 128 on BSR after reporting a 159% year-on-year (YoY) jump in its net profit for the quarter ended June 30, 2024, while the bankβs net interest income (NII) rose to Rs 10,476 crore, up by 10% YoY. The net…
READ MOREMumbai: Banks are preparing for collective equity fundraise of nearly βΉ40,000 crore in the second half of this financial year, show data compiled by ET. They are expected to use the fresh capital to reinforce balance sheets, mainly to support expansion. The boards of state-run Punjab National Bank (PNB) and Bank of Maharashtra have approved…
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