The National Company Law Tribunal has allowed the initial resolution applicants for bankrupt Essar Steel to rectify their bids and asked the committee of creditors (CoC) to decide on their eligibility.
Tata Consultancy Services (TCS) on Thursday topped Street estimates by reporting a 4.50 per cent rise in net profit at Rs 6,904 crore, helped by strong demand for digital services and large contract wins. The country's largest IT services firm also cheered both its shareholders and employees by announcing a 1:1 bonus and a 120 per cent variable pay, respectively.
UltraTech on Thursday dared the company law tribunal to pass the resolution plan backed by Dalmia Bharat that could potentially cause a loss of Rs 1,020 crore to the creditors of bankrupt Binani Cement and proposed an open courtroom auction with its rival bidder to decide who would get the distressed asset.
The board of Fortis Healthcare, which has seen interest from four suitors, on Thursday decided to accept only binding offers even as it formed an expert committee to evaluate the proposals and make a final recommendation by April 26.
Mid-sized private sector lender IndusInd Bank on Thursday reported a 27 per cent rise in March quarter net profit at Rs 953.09 crore despite a surge in non-performing assets as the bank for the first time disclosed a Rs 1,350-crore divergence in its bad loan reporting for 2016-17.
The Reserve Bank of India (RBI) could take a more hawkish tone starting as early as June despite easing inflation, minutes of the monetary policy committee's (MPC) meeting that took place this month showed.
Reserve Bank deputy governor N.S. Vishwanathan on Wednesday stoutly defended the stringent rules on stressed assets - an indication the central bank may not relax the one-day delay norm as sought by North Block and the banking industry.