Shares of Kotak Mahindra Bank are trading flat at Rs 1,373, recovering 1.5% from its early morning low on the National Stock Exchange (NSE), after new shares issued by the private sector lender on amalgamation of ING Vysya Bank were permitted for trade from today.

“The new securities of 139.21 million equity shares of Rs 5 each issued pursuant to the scheme of amalgamation of ING Vysya Bank with Kotak Mahindra Bank are listed and permitted for trading on the exchange with effect from Monday, April 27, 2015,” Kotak Mahindra Bank said in a notification to the BSE.

With liquor giant United Spirits asking its own chairman, Vijay Mallya, to quit, the Securities and Exchange Board of India (Sebi) and other regulatory agencies have started looking into suspected irregularities at the company, including about the alleged fund diversion and disclosure-related lapses.

United Spirits Ltd (USL), in which Mallya-led UB Group has sold controlling stake to UK-based Diageo Plc, asked Mallya to step down as chairman and director after an inquiry revealed fund diversion in the past to various UB Group firms including the now-defunct aviation venture Kingfisher.

Nearly a year into Narendra Modi’s rein, the Indian equity market is no longer the story it was. The benchmark S&P Sensex, up as much as eight per cent at one point during the year, has seen its entire 2015 gains erased.

After two weeks of losses, the 30-share index on Friday ended at 27,437.94, slightly below 27,499.42, where it started the year. The index had risen as high as 29,681.77, an all-time closing high, on January 29.

NEW DELHI: Government has allowed retirement fund body EPFO to invest 5 per cent of its corpus in exchange traded funds which will result into an inflow of around Rs 5,000 crore into the stock markets during this fiscal.

Labour ministry has notified new investment pattern for the Employees' Provident Fund Organization which allows the body to invest 5 per cent of its funds into ETFs.

Mumbai: The Reserve Bank of India’s (RBI) new priority sector lending (PSL) norms has received a thumbs-up from both bankers as well as analysts as it opens new lending opportunities and increases possibilities of lending to this sector in a profitable way.

Indian banks have to mandatorily lend 40% of their net bank credit to sectors such as agriculture, small enterprises and weaker sections of the society.

NEW DELHI: Securities and Exchange Board of India (Sebi) on Friday approached the Supreme Court seeking its direction for a three-year market ban on real estate giant DLF and its six top officials, including chairman K P Singh and his children Rajiv Singh and Pia Singh.

Agreeing to hear Sebi's plea, a bench of Justices J Chelameswar and R K Agrawal issued notice to DLF and its promoters. The market regulator had approached the court challenging a Securities Appellate Tribunal (SAT) order which had quashed its order to bar DLF and its promoters from the market.

When a consortium of lenders to Kingfisher Airlines led by State Bank of India took possession of the Rs 100-crore Kingfisher House in Mumbai’s Vile Parle, it thought at least a part of its dues could be recovered. Until the income-tax (I-T) department issued a notice forbidding the auctioning of the building, claiming first lien. SBI has now written to the finance ministry seeking its intervention, sources aware of the development told FE.

“The bank has written to the ministry suggesting that it be allowed to auction the property and then share the proceeds with the I-T department,” a source said, adding that the ministry has not yet called for a meeting to sort it out. The bank has also asked how it should proceed in future recoveries as the I-T department always says it has the first claim.

Late Saturday morning turned tragic across north India and more so in neighbouring Nepal when a high intensity earthquake wreaked havoc causing major loss of life and property across a vast stretch of the region today – intensity of earthquake was a mammoth 7.9 on Richter scale. Huge tremors also rocked the Delhi-NCR twice over, for second time at 12.17 pm, sending people rushing out of their buildings in panic – in a natural quirk of sorts, residents of Dwarka in Delhi did not feel a thing as is vouchsafed by their replies.

In a warning of sorts of the earthquake, reports say Sikkim has been feeling tremors for the last three days.

Bank of Baroda, a leading Indian public sector bank, has tied up with UAE Exchange to offer an instant cash transfer facility to NRI customers.

UAE Exchange, a global remittance and foreign exchange company, serves over 7.9 million customers worldwide and currently has over 750 branches across 32 countries.

The mega power project of the National Thermal Power Corporation (NTPC) coming up in Lara of Raigarh district had landed in trouble with people from nine villages resorting to agitation over rehabilitation.

Country's largest power producer, the NTPC is setting up a 5X800 MW Super thermal Power Project at Lara in Raigarh District of Chhattisgarh. The project is based on super critical technology. The coal requirement will be met from Talaipalli Coal Block of Mand Raigarh Coalfields.

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