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Kerala receives Rs5,693 cr as GST compensation dues
By CL Jose Centre releases Rs86,912 cr to clear entire GST dues to states NEW DELHI/June 01-2022: The Government of India has released the entire amount of GST compensation payable to States up to May 31, 2022 by releasing an amount of Rs86,912 crore, according to an official release on June 1 from the Ministry […]
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Holding excess liquidity is Muthoot Finance’s conscious decision
By CL Jose Downplaying Spread target to 10 pc KOCHI/June 01-2022: Many may have wondered why Muthoot Finance, the largest gold loan company, carries a larger-than-required liquidity on its balance sheet, leading to a ‘negative carry’. And the liquidity, in the form of cash and cash equivalents, have been growing steadily in the past couple […]
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LIC profit for FY22 surges 39.4 pc to Rs4,043 cr
BBN Bureau Proposes Rs1.50 apiece cash dividend MUMBAI/May 31-2022: The Life Insurance Corporation (LIC) of India recorded 39.39 per cent growth in its net profit for the financial year 2021-22 (FY22) to Rs4,043.12 crore as against Rs2,900.57 crore in the previous year. For the year ended March 31, 2022, LIC registered an increase of 6.1 […]
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Kerala’s maiden market borrowing of FY23
By CL Jose To borrow Rs1500 cr on May 31; Rs9000 cr was planned for Q1 THIRUVANANTHAPURAM/May 27-2022: Kerala is set to open its account in the state development loan (SDL) book on May 31 with its Rs1500 crore maiden borrowing in the current financial year. The RBI notification today (May 27) showed that Kerala […]
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IRDAI cautions against non-compliance of Ombudsman awards
711 Insurance Ombudsman awards pending for compliance By CL Jose HYDERABAD/May 27-2022: The insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI), has come down heavily on insurance companies for non-compliance of awards passed by Insurance Ombudsman within the prescribed timelines. The regulator said that the failure on the part of the insurers […]
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Ceasefire on gold loan Rate War; interest back to normal ‘high’
By CL Jose Manappuram applies for 300 new branches KOCHI/May26-2022: Gone are the days when gold loans were signed up for rates as low as 6.9 per cent against a nornal 21 per cent and upwards prevailed among the NBFCs historically. The last two months saw the rates springing back to the erstwhile interest rate […]
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Countdown begins for Dhanlaxmi’s 1:2 rights issue
By CL Jose June 12 EGM to discuss run-away expenditure, low CAR KOCHI/May24-2022: The Trissur-based Dhanlaxmi Bank, which has been on a proverbial roller coaster ride for about a decade now, is understood to have finalised plans for a 1:2 rights issue. Though the officials businessbenchmark.news talked to shied away from any confirmation on this […]
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KSEBL’s 27 pc Employees Cost not sustainable; needs action
BY CL Jose Rs1000 cr KWA dues add to co’s financial woes THIRUVANANTHAPURAM/May 23-2022: Lending credence to a serious concern of a section of the public, KSEBL management has endorsed that its employee cost is higher than several of its peers in the country. KSEBL management has even stated that a reduction in employee cost […]
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Lulu Lucknow mall project suffers Rs285 cr cost overrun
By CL Jose Mall to be open for public during June itself KOCHI/May21-2022: Lulu’s Lucknow mall project has suffered a Rs285 crore cost overrun from Rs1350 crore to Rs1635 crore, according to ICRA, a leading rating agency. The project cost for the Lulu Group’s Lucknow mall – Lulu India Shopping Mall Pvt Ltd (LISMPL), has […]
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Kannur Airport loss doubles y-o-y to Rs185 cr for FY21
BY CL Jose Auditors flag material weaknesses in internal financial controls KANNUR/May 17-2022: Kannur International Airport Ltd (KIAL) has closed yet another financial year in ‘red’, though no surprises, as it reported a net loss of Rs185 crore for 2020-21 (FY21) against a loss of Rs95.04 crore for the previous year. Thus, the company has […]