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New Delhi, Nov 17 () Six of the 10 most valuable domestic companies together added a staggering Rs 2.4 lakh crore in market capitalisation last week, with TCS grabbing the lion's share.
 The other winners included Reliance Industries Ltd (RIL), HDFC Bank, Kotak Mahindra Bank, ICICI Bank and SBI, while HUL, Infosys, ITC and HDFC suffered losses in their market capitalisation (m-cap) for the week ended Friday.
 The market cap of TCS zoomed Rs 1,93,666.73 crore to reach Rs 8,16,068.63 crore.
 RIL's valuation jumped Rs 15,182.29 crore to Rs 9,31,412.63 crore.
 The m-cap of HDFC Bank climbed Rs 12,917.96 crore to Rs 6,99,704.93 crore and that of Kotak Mahindra Bank rallied Rs 4,355.08 crore to Rs 3,10,012.67 crore.
 ICICI Bank's valuation rose by Rs 6,430.30 crore to Rs 3,22,725.86 crore and that of SBI increased Rs 5,488.63 crore to stand at Rs 2,87,372.49 crore.
 In contrast, the market cap of Hindustan Unilever Limited (HUL) dropped by Rs 6,277.96 crore to Rs 4,45,355.96 crore.
 Infosys' valuation declined by Rs 1,932.77 crore to Rs 3,02,349.51 crore and that of ITC fell by Rs 12,041.92 crore to Rs 3,07,990.46 crore.
 The m-cap of HDFC went down by Rs 929.60 crore to Rs 3,84,199.95 crore.
 In the ranking of top-10 firms, RIL led the chart, followed by TCS, HDFC Bank, HUL, HDFC, ICICI Bank, Kotak Mahindra Bank, ITC, Infosys and State Bank of India (SBI).
 During the last week, the Sensex advanced 33.08 points or 0.08 per cent. SRS
ABM

Six of top-10 firms add Rs 2.4 lakh cr in m-cap; TCS leads charge

New Delhi, Dec 15 () Six of the 10 most valued Indian companies together added Rs 65,060.30 crore in market valuation last week, with RIL and HDFC emerging as the biggest gainers.
 HDFC Bank, ICICI Bank, Kotak Mahindra Bank and SBI were the other winners in the top-10 list, while TCS, Hindustan Unilever Limited (HUL), Infosys and ITC suffered losses in their market capitalisation (m-cap) for the week ended Friday.
 The market cap of Reliance Industries Limited (RIL), the country's most valued firm, jumped Rs 17,439.74 crore to Rs 10,03,147.26 crore.
 HDFC's valuation zoomed Rs 15,435.51 crore to Rs 4,06,705.23 crore and that of SBI climbed Rs 11,512.75 crore to reach Rs 2,96,921.83 crore.
 The m-cap of HDFC Bank zoomed Rs 9,089.48 crore to Rs 6,91,457.21 crore and that of ICICI Bank advanced Rs 8,210.91 crore to Rs 3,47,551.97 crore.
 Kotak Mahindra Bank's valuation rose by Rs 3,371.91 crore to Rs 3,23,236.17 crore.
 In contrast, the valuation of Tata Consultancy Services (TCS) dropped Rs 19,231 crore to Rs 7,77,381.54 crore.
 The m-cap of HUL plunged Rs 4,372.92 crore to Rs 4,34,109.76 crore and that of ITC fell Rs 2,027.73 crore to Rs 2,96,971.03 crore.
 Infosys also witnessed a decline of Rs 1,660.8 crore in its m-cap to stand at Rs 3,02,882.73 crore.
 In the list of top-10 firms, RIL retained its number one spot, followed by TCS, HDFC Bank, HUL, HDFC, ICICI Bank, Kotak Mahindra Bank, Infosys, ITC and SBI.
 In the broader market, the BSE 30-share Sensex advanced 564.56 points or 1.39 per cent last week. SUM ABM
ABM

Six of top-10 firms add Rs 65,060 cr in m-cap; RIL, HDFC lead

Top six Indian companies added a total of Rs 30,505.3 crore in market valuation last week, with IT biggie TCS walking away with the biggest slice, according to the PTI. 
 
While TCS, RIL, HDFC Bank, ITC, HDFC and SBI were on the winner's side of market capitalisation (m-cap) for the week to Friday, ONGC, Infosys, CIL and HUL ran up losses. 
 
The break-up of the top-10 most-valued companies shows that TCS' m-cap surged Rs 9,743.76 crore to Rs 5,00,843.37 crore. 
 
The valuation of RIL soared Rs 7,444.94 crore to Rs 4,15,683.74 crore and that of HDFC Bank jumped Rs 6,054.59 crore to Rs 3,58,461.96 crore. 
 
SBI's valuation went up by Rs 5,501.72 crore to Rs 2,16,919.19 crore and that of ITC advanced by Rs 1,577.91 crore to Rs 3,19,526.69 crore. 
 
The m-cap of HDFC too went up by Rs 182.38 crore to Rs 2,17,669.05 crore. 
 
On the other hand, CIL lost its valuation by Rs 3,165.78 crore to Rs 1,96,495.54 crore. 
 
The m-cap of Infosys declined by Rs 2,538.12 crore to Rs 2,34,311.33 crore and ONGC's was down by Rs 2,053.32 crore at Rs 2,45,628.12 crore. 
 
HUL too let go of Rs 649.29 crore at Rs 1,89,192.62 crore. 
 
TCS managed to keep its numero uno position, followed by RIL, HDFC Bank, ITC, ONGC, Infosys, HDFC, SBI, CIL and HUL. 
 
In terms of weekly show, the Sensex advanced 113.78 points, or 0.39 per cent, and the Nifty 37 points, or 0.41 per cent.

These are the companies that won market capitalisation last week

Six of the 10 most-valued Indian companies saw a cumulative erosion of Rs 47,463 crore in market valuation last week, with TCS and RIL taking the hardest knock, according to the news agency PTI. IT major TCS' market capitalisation (m-cap) tumbled as much as Rs 19,556.5 crore to Rs 4,58,686.07 crore, the worst hit in the group. For RIL, the fall was Rs 13,387.62 crore. With a market cap of Rs 4,43,595.61 crore, the Mukesh Ambani-led firm is fast narrowing the gap with the top-ranked TCS. RIL's valuation is just Rs 15,090.46 crore less than that of TCS. The final picture showed TCS leading the ranking chart of market cap, followed by RIL, <keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword>, <keyword id="6357073" type="ORGANIZATION" weightage="20" keywordseo="ITC">ITC</keyword>, ONGC, SBI, HDFC, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>, IOC and <keyword id="44863" type="CITY" weightage="20" keywordseo="HUL">HUL</keyword>, in that order. While TCS, RIL, ONGC, HDFC, Infosys and HUL lost out, the market capitalisation (m-cap) of HDFC Bank, ITC, SBI and IOC advanced for the week to Thursday. The markets were shut on Friday because of Baba Ambedkar Jayanti and Good Friday. For RIL, the fall was Rs 13,387.62 crore at Rs 4,43,595.61 crore and that of Infosys came down by Rs 11,450.27 crore to Rs 2,13,937.43 crore. ONGC's valuation declined by Rs 1,604.16 crore to Rs 2,37,543.18 crore and HDFC's slipped Rs 1,453.63 crore to Rs 2,34,304.40 crore. However, in HUL's case, it was a mild drop of Rs 10.82 crore at Rs 1,99,791.12 crore. In contrast, the valuation of IOC surged Rs 12,236.88 crore to Rs 2,05,113.43 crore and ITC added Rs 8,503.17 crore at Rs 3,39,823.04 crore. SBI saw its market cap jump by Rs 1,297.57 crore to Rs 2,35,996.84 crore and HDFC Bank Rs 153.75 crore to Rs 3,68,840.02 crore. Over the past week, the Sensex fell 245.16 points, or 0.82 per cent, while the Nifty was down 47.50 points, or 0.51 per cent.

Market valuation of six companies lost Rs 47,463 crore: Reliance affected the most

The government is planning to create public sector energy giants with an enomous restructuring exercise that will merge all state-run hydropower firms and transfer their thermal projects to the National Thermal Power Corporation (NTPC) to create strong companies that can take on the rapidly growing private conglomerates. 
 As per the proposal, National Hydroelectric Power Corporation (<keyword id="45180" type="CITY" weightage="100" keywordseo="NHPC">NHPC</keyword>), Satluj Jal Vidyut Nigam (<keyword id="60609" type="COMPANY" weightage="100" keywordseo="SJVN">SJVN</keyword>), Tehri Hydro Development Corporation (<keyword id="175865" type="ORGANIZATION" weightage="100" keywordseo="THDC">THDC</keyword>) and North Eastern Electric Power Corporation (NEEPCO) may be merged into one entity that will control 10,000 MW of existing and 32,500 MW of proposed capacity. 
 
The proposal has been welcomed by the executives of big firms but it also has created a flutter among the executives of smaller companies as the merger can lead to redundancies or shift a senior manager in a small firm to a comparatively lower position in the big one. It would also abolish several positions of directors and chief executives. 
 
Power Minister Piyush Goyal first discussed the proposal at a meeting on July 2 with the public sector undertakings and gave SBI Caps the nod to come up with a plan, a senior government official said. The official said NTPC and NHPC welcomed the proposal during the meeting. "SBI Caps has suggested merging the four hydro PSUs into one for increasing efficiency, better management and expertise. The power minister believes that one umbrella company will reduce costs and manage the related challenges in an efficient way," the official said.

Govt Considering To Merge All State-run Hydropower Firms

State-owned lender, <keyword id="6354731" type="General" weightage="80" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (SBI) hit the Rs 5 lakh crore market capitalisation on Wednesday after its shares touched a record high of Rs 564.45. With this market capitalisation, SBI stood on the seventh position in the market capitalisation ranking. SBI has become the third lender in the country to cross the market cap of Rs 5 lakh crore. <keyword id="6357149" type="General" weightage="80" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> held first rank in this list, which was followed by <keyword id="6653" type="General" weightage="80" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword>. At 1.10 p.m., SBI shares were up Rs 14.75 or 2.64 per cent at Rs 573.00. Meanwhile, <keyword id="6484188" type="General" weightage="80" keywordseo="sensex" source="Orion">Sensex</keyword> was trading 126.21 points or 0.21 per cent down at 60,444.87, and <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> was 32.90 points or 0.18 per cent down at 18,037.15. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/patreon-lays-off-17-of-its-staff/articleshow/94198385.cms">Patreon lays off 17% of its staff</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/india-to-assume-g20-presidency-for-one-year-from-december-2022-host-over-200-meetings-and-mea-lists-priorities/articleshow/94194674.cms">India to assume G20 Presidency for one year from December 2022; host over 200 meetings and MEA lists priorities</a>

SBI hits ₹5 lakh crore market capitalisation

New Delhi, Jan 12 () The combined market valuation of seven of the top-10 domestic firms rose by Rs 32,020.12 crore last week, with HDFC Bank and RIL emerging as the biggest gainers.
 TCS, HDFC, HUL, ICICI Bank and Kotak Mahindra Bank were the other bluechips which witnessed a rally in their market capitalisation (m-cap) for the week ended Friday, while Infosys, SBI and ITC suffered losses.
 HDFC Bank added Rs 8,270.31 crore to its m-cap to reach Rs 7,02,812.11 crore.
 The valuation of Reliance Industries Limited (RIL) jumped Rs 6,624.47 crore to Rs 9,81,118.53 crore and that of Hindustan Unilever Limited (HUL) climbed Rs 5,412.03 crore to Rs 4,22,950.16 crore.
 The market cap of Kotak Mahindra Bank rose by Rs 5,092.83 crore to Rs 3,21,856.51 crore and that of Tata Consultancy Services (TCS) went up by Rs 5,046.96 crore to Rs 8,30,721.69 crore.
 Likewise, ICICI Bank's valuation climbed Rs 985.65 crore to Rs 3,49,517.89 crore and that of Housing Development Finance Corporation (HDFC) went up by Rs 587.87 crore to Rs 4,25,020.05 crore.
 On the other hand, Infosys witnessed an erosion of Rs 3,336.45 crore in its valuation to stand at Rs 3,14,393.82 crore.
 The valuation of State Bank of India (SBI) dipped Rs 1,338.69 crore to Rs 2,96,520.22 crore and ITC lost Rs 553.1 crore to reach Rs 2,92,528.79 crore.
 In the ranking of top-10 firms, RIL remained at the top, followed by TCS, HDFC Bank, HDFC, HUL, ICICI Bank, Kotak Mahindra Bank, Infosys, SBI and ITC.
 During the last week, the Sensex advanced 135.11 points or 0.32 per cent. SUM RVK ABM
ABM

Seven of top-10 companies add Rs 32,020 cr in m-cap; HDFC Bank, RIL lead

Mumbai, Mar 5 () The SBI board has given the largest lender an "in-principle" approval to invest in the capital-starved Yes Bank.The central board of SBI discussed the matter at a meeting on Thursday, it informed the exchanges.The announcement came hours after Yes Bank was placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board."The matter in regard to Yes Bank was discussed at the meeting of the central board of bank on Thursday and an in-principle approval has been given by the board to explore investment opportunity in the bank," the SBI board informed the bourses late in the evening.According to reports, the government has asked SBI and life insurance behemoth LIC to collectively pick up a 49 per cent stake in Yes Bank. Speaking in Davos, Switzerland, earlier this year, SBI chairman Rajnish Kumar said Yes Bank, which had over Rs 2 lakh crore in deposits as of September, will not be allowed to go down. Appreciating its investments in technology, he said the bank has a strong brand. Earlier, Kumar also suggested that Yes Bank's rival Kotak Mahindra Bank is best placed to takeover the lender. Reports of the takeover led to a 25 per cent jump in Yes Bank in trading on Thursday, while the SBI scrip closed 1.05 per cent up at Rs 288.30 a piece at the end of trade. AA DPB

SBI Board gives 'in-principle' approval for investment in Yes Bank

New Delhi, Mar 7 () The State Bank of India (SBI) on Saturday announced it will pick up a 49 per cent stake in Yes Bank for Rs 2,450 crore and clarified that all the deposits and liabilities of the reconstructed bank will continue in the "same manner". The crisis-hit Yes Bank, which failed to garner investor support in raising capital, was on Thursday superseded by a Reserve Bank appointed administrator, in consultation with the central government, and customers have been restricted with a withdrawal cap of Rs 50,000 only till April 3. "Yes Bank has 255-crore shares of Rs 2 per share. SBI will be issued 245 crore shares at a price of Rs 10 per share for Rs 2,450 crore. This will be 49 per cent of the share capital of the reconstructed bank," the State Bank said in a statement. "SBI shall not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital," it added. The SBI also said that a board of directors will be constituted at the reconstructed Yes Bank comprising chief executive and managing director, non-executive chairman and non-executive directors. "SBI shall have nominee directors appointed on the board of the reconstructed bank. RBI may appoint additional directors to the board. The members of the board so appointed shall continue in office for a period of one year, or until an alternate board is constituted by Yes Bank Ltd," the statement said. The RBI has appointed Prashant Kumar, former deputy managing director and chief financial officer of SBl, as an administrator of Yes bank. Earlier, the Reserve Bank had released the draft of Scheme of Reconstruction of Yes Bank and invited suggestions and comments up to Monday, March 9, 2020. It said that all the employees of the reconstructed Yes Bank shall continue in their service with the same remuneration and on the same terms and conditions of service, at least for a period of one year. "The board of directors of the reconstructed bank will, however, have the freedom to discontinue the services of the key managerial personnel (KMPs) at any point of time after following the due procedure," the SBI statement noted. All the deposits with and liabilities of the reconstructed bank will continue in the same manner, the country's largest lender said, adding, the instruments qualifying as additional tier-1 capital shall stand "written down permanently, in full". Also, the offices and branches will continue to function in the same manner and the bank reconstructed bank would be allowed to open new offices and branches or close down existing offices or branches, the SBI said. "Rights and liabilities of the reconstructed bank all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature shall be effective to the extent and in the same manner, as was applicable before the scheme," it added. Earlier in the day in Mumbai, SBI Chairman Rajnish Kumar said that it had set a maximum investment limit of Rs 10,000 crore for Yes Bank reconstruction process. "I have already set the (investment) boundary of Rs 10,000 crore," Kumar told reporters in Mumbai. The cap of Rs 10,000 crore is based on the assumption of higher capital requirement by the bank, he added. Yes Bank has been struggling to raise capital amidst its dwindling financial health. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor. The SBI chief also said that the once it will complete its due diligence, it will go back to the RBI with bank's comments. KPM MKJ

SBI to buy 49% stake in Yes Bank for Rs 2,450 cr; deposits, liabilities at reconstructed bank to continue in 'same manner'

Mumbai, Feb 14 () Mortgage lender LIC Housing Finance on Friday said it has identified 14 projects to be referred to the alternative investment fund (AIF), set up by the government for last-mile funding, a top company official said.The housing finance company is the sole lender to these 14 real estate projects and has a total exposure of Rs 1,400 crore to them.In an effort to boost the ailing real estate, the government in November last year had approved setting up of a Rs 25,000 crore bailout fund.The government said the AIF will act as a 'special window' to provide loans to over 1,600 incomplete affordable and middle-lower income housing projects. The fund is managed by SBI Caps."We have some 14 projects (eligible) for the alternate investment fund created last year. We have advised those developers to be in touch with SBI Caps and the process has started," LICHFL's managing director and CEO Siddhartha Mohanty told reporters after launching its mobile app.He said all these 14 projects need last-mile funding.LICHFL on Friday said it has adopted google cloud to power its next generation digital mobile platform and serve the needs of home loan applicants.The mobile application provides instant eligibility for pre-approval home loan based on the KYC and other data provided by the applicants.In the quarter ended December 31, 2019, LICHFL reported a flat profit after tax at Rs 597.53 crore due to higher provisioning of Rs 390 crore for bad loans.Its net profit in the year-ago period was Rs 596.31 crore.During the period, the stage 3 exposure at default or NPAs increased to 2.73 per cent as against 1.25 per cent in the same period last year. HV BALBAL

LIC Housing Finance identifies 14 projs for alternative investment fund

<ul><li><keyword id="3519758" type="PERSON" weightage="20" keywordseo="route-mobile">Route Mobile</keyword> made a strong debut on the bourses on Monday, surging 105% over its initial public offer (IPO) price.</li><li>Route Mobile issued the IPO at a price band of ₹350, but it listed at ₹717 apiece. </li><li>Route Mobile’s total market cap rose to ₹3,980 crore at 10:05 am.</li></ul>The cloud communication platform services provider, Route Mobile, made a strong debut on the bourses on Monday, surging 105% over its initial public offer (IPO) price. The company had garnered a stellar response from investors in its ₹600-crore IPO, which closed on September 11 with a whopping oversubscription of 73.30 times. Investors who applied for the IPO are being rewarded with hefty gains. Route Mobile issued the IPO at a price band of ₹350, but it listed at ₹717 apiece, with an upside of 105%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top IPOs this year </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Happiest Minds Technologies Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">138% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rossari Biotech Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Cards and Payment Services Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-12% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mindspace Business Parks </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.55% </td></tr></tbody></table> However, the weakness in the market weighed on the shares and it was trading 9% lower at ₹646 a piece at 10:12 am. <div type="image" title="Route Mobile" msid="78227918" hostid="261"></div> Route Mobile’s total market cap rose to ₹3,980 crore at 10:05 am. A total traded quantity of 10.31 lakh shares changed hands on BSE amounting to a turnover of ₹73.76 crore. The company will trade with the symbol of ‘ROUTE’ on the Indian stock exchanges. The bumper listing was already on the cards! After a strong debut of Happiest Minds Tech last week, Route Mobile was already expected to witness stellar listing. Its monopoly in the sector is something that makes the company stand out in the IPO rush. Ahead of its IPO, the company had already raised ₹180 crore from 15 anchor investors, including Goldman Sachs, Franklin Templeton Mutual Fund, and SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund, and SBI Life Insurance, among others. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-seems-to-be-sticking-to-its-strengths-while-its-shareholders-want-jio-like-fireworks/articleshow/78222570.cms" data-type="tilCustomLink">Airtel seems to be sticking to its strengths while its shareholders want Jio-like fireworks</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-group-stocks-irctc-rites-sbi-bank-of-india-pnb-and-more/articleshow/78226309.cms" data-type="tilCustomLink">Top stocks to watch— Future Group stocks, IRCTC, RITES, SBI, Bank of India, PNB and more</a>

After Happiest Minds Tech, Route Mobile doubles the money invested in the IPO

<ul><li>There are over 1.600 housing projects, and 4.58 lakh housing units, that are stalled.</li><li>The Narendra Modi cabinet approved a ₹10,000 crore fund for distressed housing projects, and SBI and LIC will pool in another ₹15,000 crore.</li><li>A special window will be created and it will be structured as an alternative investment fund.</li></ul>The Narendra Modi government will provide ₹10,000 crore through a special window to revive stuck housing projects. This fund will be structured as an alternative investment fund under <keyword id="685088" type="ORGANIZATION" weightage="20" keywordseo="SBI-Cap">SBI Cap</keyword>. The country's largest bank, the State Bank of India (SBI), and the state-owned insurer, the Life Insurance Corporation (LIC), will bring in additional funds, taking the initial corpus to ₹25,0000 crore. This will provide relief to thousands of aggrieved home buyers who have been waiting anxiously for their homes to be delivered because the builders have run out of cash. "There are over 1.600 housing projects, and 4.58 lakh housing units, that are stalled," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said as she unveiled the latest decision by the Union Cabinet. Even projects that have defaulted on loans will be eligible, contrary to expectations in the run up to the decision. "Any project that has not been sent for liquidation by the bankruptcy court are also eligible" Sitharaman said. The fund is largely targeting middle and low income housing projects whose net worth is in the positive. <div type="Article" hostid="261" msid="71942852" title="Know if the home that you are waiting for can avail money from Indian government's new fund for stuck housing projects" mstype="2" mssubtype="0"></div>

 "80% of all stuck housing projects will benefit from this announcement," Samir Jasuja of PropEquity told a television channel. According to Jasuja, out of the 4.8 lakh housing units, nearly 3 lakh units are either in the national capital region around New Delhi or in the Mumbai Metropolitan region. 
 
 
 
 
 
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 The fund provided to developers will be kept in an escrow account— the money cannot be used by the developer for anything other than the construction of the project itself, nor can the bank use the money to recover earlier dues, the minister clarified. The calculation of net worth will be specific to the project, not at the company level. "If there are three towers in a project, and one of them is 70% is complete, and the other two haven't started yet. The money will be available only for the tower that is 70% complete not for the other two," Sitharaman explained. For instance, if the project needs ₹400 crore for completion, the money will be released to the escrow account based on milestones in completion. The real estate sector has already welcomed the decision when it was being discussed as a possibility. Finance Minister Nirmala Sitharaman also said that the government is inviting other foreign funds and sovereign funds to invest in the fund, over and above the initial ₹25,000 crore from the government of India, SBI and LIC. "I rather retrieve projects that are awaiting resolution at the NCLT (National Company Law Tribunal), get them out of there," Sitharaman said explaining the structure of the rescue fund. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/not-just-slowdown-indian-homes-sales-are-brought-down-by-shraadh-custom-and-heavy-rains/articleshow/71375256.cms" data-type="tilCustomLink" target="_blank">Not just slowdown, Indian homes sales are brought down by 'Shraadh' custom and heavy rains</a> <a href="https://www.businessinsider.in/luxury-housing-rebounds-in-india-with-almost-three-times-more-launches-after-two-years/articleshow/70584923.cms" data-type="tilCustomLink" target="_blank">Luxury housing rebounds in India with almost three times more launches after two years</a>

You Searched For "SBI Cap" and got 12 results

Six of top-10 firms add Rs 2.4 lakh cr in m-cap; TCS leads charge

PTI

Six of top-10 firms add Rs 65,060 cr in m-cap; RIL, HDFC lead

PTI

These are the companies that won market capitalisation last week

BI India Bureau

Market valuation of six companies lost Rs 47,463 crore: Reliance affected the most

BI India Bureau

Govt Considering To Merge All State-run Hydropower Firms

BI India Bureau

SBI hits ₹5 lakh crore market capitalisation

IANS

Seven of top-10 companies add Rs 32,020 cr in m-cap; HDFC Bank, RIL lead

PTI

SBI Board gives 'in-principle' approval for investment in Yes Bank

PTI

SBI to buy 49% stake in Yes Bank for Rs 2,450 cr; deposits, liabilities at reconstructed bank to continue in 'same manner'

PTI

LIC Housing Finance identifies 14 projs for alternative investment fund

PTI

After Happiest Minds Tech, Route Mobile doubles the money invested in the IPO

Navdeep Yadav

Indian government unveils $3.5 billion rescue fund for stuck housing projects

Sriram Iyer

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