IndusInd Bank

Stocks to Watch: ONGC, Oil India, Reliance will be in focus as the Centre has slashed windfall tax on domestically produced crude oil to nil from Rs 3,500 a tonne, effective from April 4

On February 22, the Mumbai bench of the NCLT had admitted the bank's insolvency plea against ZEEL

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A veteran banker with two and a half decades of experience in the banking sector, he was earlier heading the microfinance business of RBL Bank

Zee had said that the company had been exploring several strategies, including settlement, in relation to the ongoing dispute with IndusInd Bank

In a report on Thursday, Bloomberg said that the media company has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it

The settling of dues of about Rs 837 million ($10 million) to the lender could happen as early as Friday and the Mumbai-based bank has agreed to withdraw its insolvency proceedings

Analysts expect the underperformance in bank stocks to continue ahead as the current fears around the banking sector globally are likely to persist for some time

RBI's approval for reappointment of MD & CEO being for a lower tenure compared to board approval, which was for three years, could keep stock under pressure in near term

The stock of TV broadcasting & software production had dipped 15 per cent in past six trading days between February 17 and February 27.

Adani Green Energy (AGEL) on Friday said that its director Sunil Mehta has resigned to avoid any conflict of interest following his appointment as Chairman of IndusInd Bank. "Sunil Mehta has informed the company that pursuant to RBI approval, he has been appointed as part-time/non-executive Chairman of IndusInd Bank Ltd (bank) and that he has been advised by the bank to relinquish his directorship in the company to avoid any conflict of interest, in view of on-going credit facilities extended by the bank to the Company," a BSE filing said. Accordingly, it stated that Mehta has resigned as non-executive and independent director of the company with effect from today i.e. February 24, 2023, as per the attached resignation letter. Mehta has also confirmed that apart from above, there are no other reasons for his resignation, it stated. Mehta has resigned with effect from February 24, 2023. In his resignation, Mehta said, "I have been advised that the bank has extended credit facilitie

The move came after Punit Goenka, chief executive of Zee, challenged the insolvency proceedings against the company

Goenka had appealed the NCLT's decision to allow IndusInd Bank to file for insolvency proceedings against Zee

The NCLT decision to begin bankruptcy proceedings has overshadowed Zee Entertainment's merger with Culver Max Entertainment (Sony)

The lenders to the group include big names like the State Bank of India, Bank of Baroda, the Punjab National Bank, Axis Bank, and IndusInd Bank

Hinduja group is planning to raise its stake in the private sector lender from 15 per cent to 26 per cent with an investment of Rs 10,000 crore

The Hinduja group has also offered to take over Reliance Capital for Rs 9,000 crore, but its offer is facing litigation from its rival bidder Torrent

Nuvama Institutional Equities has downgraded IndusInd Bank's stock to 'hold' from 'buy'

CLOSING BELL: Broader markets, too, were subdued in trade as Nifty MidCap 100 and Nifty SmallCap 100 indices declined up to 0.4 per cent.

Stocks to watch today: Metals and mining major Vedanta will acquire debt-laden power plant Meenakshi Energy for Rs 1,440 crore