TOP BANKS' MARKET CAP DIPS BY 54%
Article Abstract:
The market capitalisation of the top 12 banks have declined by Rs16,000 crore or 54 percent to Rs14,100 crore between April 30, 1998 to February 8, 1999. The hike in wage bill by eight percent in the public sector banks is likely to cost Rs1,000 crore of extra expenses. The financial sector is likely to be affected by the slowdown in the manufacturing sector. The banks are projected to post negative growth in the fourth quarter of 1998-99. The market capitalisation of Dena Bank has declined from Rs476 crore to Rs268 crore. The market capitalisation of Federal Bank has declined to Rs103 crore from Rs279 crore and United Western Bank to Rs66 crore from Rs98 crore. The market capitalisation has declined for Bank of Madura to Rs62 crore from Rs107 crore and Nedungadi Bank to Rs36 crore from Rs96 crore. (rk)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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DRT TO AUCTION AGARWAL GROUP COS' ASSETS
Article Abstract:
The Debt Recovery Tribunal (DRT), Karnataka, has decided to auction the properties of the Agarwal group of companies, which includes Samrat Exports, Samrat Granite Industries, Samrat Housing and Leasing Ltd and Agarwal Granites and Exports Ltd. This is being done as the group has defaulted on loans of Rs3 crore taken from the Bank of Baroda. The bank had initiated legal proceedings for the recovery of dues as the group had refused an amicable settlement. (khr)
Comment:
Debt Recovery Tribunal decides to auction properties of Agarwal Group due to default on loans of Rs3 crore taken from this co
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CITY UNION BANK TO SLASH NPA TO 5%
Article Abstract:
City Union Bank Ltd has decided to cut down its non-performing assets (NPA) level to 5 percent during 1998-99. Its non-performing assets had increased to 8.5 percent in 1996-97 and is expected to decline to less than 6.5 percent for 1997-98. Its forex turnover was at Rs575 crore. The bank's deposits were at Rs1,100 crore and advances at Rs600 crore at the end of 1997-98. (gs)
Comment:
DecideS to cut down its non-performing assets level to 5% during 1998-99
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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