Mumbai: Private-sector lender Axis Bank is expected to report a net profit of ₹1,855 crore for the June quarter of FY20 compared with a net profit of ₹701.09 crore in the year-ago period, according to a consensus estimate of 23 analysts polled by Bloomberg.

Mumbai: Indian Oil Corp Ltd, India's largest refining and marketing company will invest ₹25, 083 crore this fiscal to meet its capital expenditure, said Sanjiv Singh, Chairman, Indian Oil Corp Ltd (IOCL).

Last fiscal, IOCL had incurred a capital expenditure of ₹28,200 crore.

In a bid to make the Facebook Messenger app lite and faster, the social media giant will migrate Instant Games on to the main Facebook app.

“With our focus on creating a central Instant Games experience on Facebook, and as Messenger moves to be faster, lighter and simpler, we recently started migrating Instant Games play sessions from Messenger to Facebook and the Facebook Gaming tab,” Global Director of Games Partnerships, Leo Oleb announced on Saturday.

Cafe Coffee Day, one of the leading cafe chains in India, on Tuesday sought to allay concerns over business continuity after founder and MD VG Siddhartha went missing, even as a letter written by Siddhartha surfaced, admitting withholding information and wrong business decisions. “I have failed to create the right profitable business model despite my best efforts,” VG Siddhartha said in the letter dated 27 July 2019, released by news agency ANI.

Come October, some dealers of Hyundai Motor India may need to furnish collateral of anywhere between 25% and 50% of the loan amount taken from State Bank of India, depending upon the lender’s internal rating. However, there are dealers who have already furnished the collateral at the time of renewing their loans or getting them enhanced.

The government’s offshore sovereign bond plan is expected to feature in the central board meeting of the Reserve Bank of India (RBI) on August 16. New economic affairs secretary Atanu Chakraborty will replace former finance secretary Subhash Chandra Garg on the RBI board.

The government has budgeted its FY20 gross market borrowing at Rs 7.10 lakh crore, and roughly a tenth of it ($10 billion) was expected to come through the overseas bond issuance.

PNB Housing Finance, the fourth-largest housing finance company by loan assets and second-largest by deposits, has raised $100 million from International Finance Corporation (IFC), a member of the World Bank group, to fund small- and medium-ticket home loans.

Non-banking financial companies (NBFCs) have been facing a liquidity crunch since late last year.

More than 36 per cent (680,000) of registered companies in India have “closed” down as per the latest numbers provided by the ministry of corporate affairs (MCA) in Parliament. There are around 1.9 million companies registered with the government, the data shows.

While the percentage has moved up only marginally since 2017-18, it is a big jump from the 20 per cent share that closed companies occupied in earlier periods.

The continued losses at Vodafone Idea are spilling over into other AB Birla group firms, led by Chairman Kumar Mangalam Birla. The combined m-cap of the AB Birla group firms was down 6.2 per cent on Monday, led by losses at Vodafone Idea. In all, group firms lost nearly Rs 18,000 crore m-cap on Monday. The telecom major has lost 44.3 per cent of its m-cap in July, wiping out most of the gains it made after it raised Rs 25,000 crore by way of a rights issue in May this year.

The government’s move to amend the Insolvency and Bankruptcy Code (IBC) was largely to clear its legislative intent and not to encroach on the Supreme Court’s domain, Finance Minister Nirmala Sitharaman said on Monday.

She was replying to a debate on the amendments to the code in the Rajya Sabha.

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