Bank loan woe
Mumbai, April 24: Rating agency Crisil today estimated that banks will have to restructure loans worth almost Rs 2 trillion by March 2013. There has been a massive jump in the number of cases referred to the Corporate Debt Restructuring (CDR) cell over the last year because of the economic slowdown that has affected the balancesheets of many companies. The value of loans referred to this cell in the last financial year was over Rs 75,000 crore.
New Delhi, April 24: Sun Pharmaceutical Industries has received an approval from the US health regulator to launch the generic version of Eli Lilly’s schizophrenia treatment drug, Zyprexa, in the US. The approval by the US Food and Drug Administration is for the abbreviated new drug application of olanzapine tablets in multiple dosages of 2.5 mg, 5 mg, 7.5 mg, 10 mg, 15 mg and 20 mg.
Beijing, April 24: PSA Peugeot Citroen may build cars in India with General Motors, its new global alliance partner, effectively scrapping a planned 650 million euro ($850 million) investment in its own factory.
New Delhi, April 24: Two lenders — the Union Bank of India and Corporation Bank — today slashed benchmark lending rate by 0.15 per cent, making loans cheaper.
New Delhi, April 24: Gold ETFs worth Rs 608 crore were traded on the NSE today on Akshaya Tritiya — considered an auspicious occasion to buy gold.
Calcutta, April 24: S. Narsing Rao, the former chief of Singareni Collieries, today assumed charge as the chairman and managing director of state-owned Coal India.