Edition:
United States

Vishal Sridhar

Air India sale flop to swing focus to its asset disposals, cost cuts

Jun 20 2018

NEW DELHI, Air India needs to spruce up through a fresh cash injection, cost cuts and non-core asset sales, analysts said on Wednesday, after the government indicated a sale of the ailing state-owned carrier had likely been shelved.

State Bank of India sees rebound after record $1.1 billion fourth-quarter loss

May 22 2018

MUMBAI State Bank of India (SBI) projected a recovery over the next two years after a record 77.18 billion-rupee ($1.13 billion) fourth-quarter net loss following stricter central bank rules around bad loans, sending its shares to a nearly six-week closing high.

Fraud-hit PNB suffers biggest ever quarterly loss for an Indian bank

May 15 2018

MUMBAI/BENGALURU Punjab National Bank (PNB) reported a 134.17 billion-rupee ($1.98 billion) fourth-quarter net loss on Tuesday, the biggest ever by an Indian lender as the state-run bank booked provisions to cover a massive fraud.

Bad loans push four Indian state banks to combined $1.74 billion fourth-quarter loss

May 12 2018

BENGALURU/MUMBAI Four Indian state banks reported on Friday a combined net loss of 117.29 billion rupees ($1.74 billion) for the fiscal fourth quarter due to a jump in bad-loan provisions following a tightening of the Reserve Bank of India rules.

ICICI Bank posts smallest quarterly profit in two years on bad loan surge

May 07 2018

MUMBAI ICICI Bank reported its smallest quarterly profit in two years on Monday as stricter RBI rules forced the country's third-biggest lender by assets to account for more bad loans.

InterGlobe Aviation plunges to seven-month low on dismal earnings

May 03 2018

BENGALURU Shares of InterGlobe Aviation Ltd plunged nearly 20 percent on Thursday to a seven-month low and wiped out 101.13 billion rupees ($1.52 billion) in market capitalisation after the owner of India's biggest carrier IndiGo reported dismal quarterly earnings.

Two suitors for India's Fortis raise bids by Tuesday deadline

May 01 2018

BENGALURU/MUMBAI Cash-strapped Indian hospital operator Fortis Healthcare Ltd said on Tuesday that two of its five suitors had boosted their bids to invest in the company as of a deadline for binding offers on Tuesday.

Axis Bank dragged to first quarterly loss by bad loans

Apr 26 2018

MUMBAI India's Axis Bank Ltd reported its first ever quarterly loss on Thursday after a surge in bad loans, capping a troubled year for the country's third-biggest private sector lender by assets.

India's Bharti Infratel, Indus merging to form $14.6 billion telecom tower giant

Apr 25 2018

BENGALURU/MUMBAI India's Bharti Infratel Ltd has agreed to merge with Indus Towers, in a deal that creates the world's No. 2 telecom tower company with an estimated equity value of $14.6 billion.

TCS hits $100 billion in market cap

Apr 23 2018

BENGALURU Tata Consultancy Services Ltd (TCS) on Monday became the first Indian technology company to hit the $100 billion market capitalisation mark, riding on the back of record quarterly profit and a weaker rupee.

World News