State Bank of India (SBI) said that the Reserve Bank of India (RBl) has, vide its letter dated 16th March,2021, imposed a monetary penalty of Rs 2 crore on the bank for contravention of provisions of Section 10 (1 ) (b) (ii) of the Banking Regulation Act, 1949 and specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51 (1 ) of the Act.
Private equity firm Carlyle has reportedly launched a block deal to sell around 4% stake in the SBI Cards & Payment Services and raise around $513 million. The offer price range is Rs 981.80 per share to Rs 1,022.10 per share.
Read more about Information Technology stocks edge higher on Business Standard. Information Technology stocks were trading in green, with the S&P BSE IT Sector index increasing 205.97 points or 0.78% at 26576.4 at 09:48 IST.
H G Infra Engineering rose 1.77% to Rs 286.95 after the company bagged an order worth Rs 122.38 crore from NTPC.
The order is for transportation of 26.41 lakh Cu.M. of pond ash from NTPC Ramagundam to NHAI-PIU-Mancherial road construction project, the design length of which is 42 KM. The project has to be completed within 15 months.
The announcement was made during market hours today, 16 March 2021.
H.G. Infra Engineering is an infrastructure construction, development and management company. The main business includes providing engineering-procurement-and-construction (EPC) services on a fixed-sum turnkey basis and undertaking civil construction and related infrastructure projects.
The company s consolidated net profit surged 102.27% to Rs 67.76 crore in Q3 FY21 from Rs 33.50 crore in Q3 FY20. Net sales during the quarter increased by 31.37% YoY to Rs 750.74 crore.
Bharat Forge announced that Kalyani Rafael Advanced Systems, a joint venture between Kalyani Group and Rafael Advanced Defence Systems of Israel rolled out its first batch of Medium Range Surface to Air Missile (MRSAM) for the Indian Army and the Air Force. All of this in consonance with the umbrella Make-in-India idea.
The roll-out event marked KRAS commitment to deliver more than 1000 MRSAM missile kits for the Indian Army and Air Force over the coming years. These missile sections will then be forwarded to India s state-run defence miniratna Bharat Dynamics (BDL) for further and future integration.
Also, the event designated the beginning of the journey of a MSME Indian company which is committed not only to the Make-in-India concept, but to, as well, taking its own stride towards the larger Atmanirbharta idea (self-reliance).
Read more about Craftsman Automation IPO subscribed 1.26 times on Business Standard. The offer received bids for 48.56 lakh shares as against 38.69 lakh shares on offer.