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<ul><li>Creditors of DHFL, which include about 20 Indian banks and many other financial institutions, would recover an aggregate of ₹38,000 crore ($5 billion) from the resolution process of the firm and acquisition by Piramal Enterprises.</li><li>Many Indian banks had exposure to the crisis hit housing finance firm Dewan Housing Finance Corporation including most of the public sector banks.</li><li>Analysts say this is one of the biggest resolutions till date and the move will bring recovery into the banking sector.</li></ul><keyword id="6400918" type="General" weightage="20" keywordseo="piramal-group" source="Orion">Piramal Group</keyword> has completed the acquisition of crisis-hit Dewan Housing Finance Corporation (DHFL) for ₹34,250 crore. DHFL’s creditors will recover 46% of their pending dues via the resolution process, the company said in a statement. The amount of ₹34,250 crore ($4.61 billion) paid by Piramal will be through a combination of cash and non-convertible debentures and an amount of around ₹3,800 crore will be paid to the creditors from the cash balance available with DHFL. Analysts say this is one of the biggest resolutions till date to financial institutions after the <a href="https://www.business-standard.com/about/what-is-il-fs-crisis">IL&amp;FS crisis</a>. About 19 Indian banks have exposure to the crisis-hit housing finance firm including most of the public sector banks. Shares of the top five lenders moved up on Wednesday after the company said it will pay ₹38,000 crore in total to all creditors. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% change in stock price </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.33% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.68% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.87% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.71% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.27% </td></tr></tbody><tbody></tbody><tbody></tbody></table> “DHFL’s resolution has finally happened and the recovery upgradation and reversal provision will be visible in banks (books) in the coming quarters which is positive for the sector and the banks having exposure to the firm,” Siddharth Purohit, research analyst at SMC Securities told Business Insider. There are about 20 Indian banks and many other financial institutions that have lent to DHFL over a period of time. Here is a list of top five lenders to the firm: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Claims (in Rs billions) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Admitted (in Rs billions) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rejected (in Rs billions) </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI (including SBI Singapore) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">100.83 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">71.71 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">29.12 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41.26 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41.26 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank (Syndicate Bank) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">26.82 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21.52 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.31 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">24.13 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">23.86 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.27 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.75 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.54 </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: ICICI Securities research report, January 19, 2021 How did one of the country’s biggest crises take place? DHFL, a non-banking financial company, primarily gives loans to home buyers in India’s tier 2 and tier 3 cities. After the IL&amp;FS crisis emerged, in September 2018, DHFL’s stock got hammered, by as much as 60%. Then, in January 2019, <a href="https://economictimes.indiatimes.com/markets/stocks/news/dhfl-plunges-after-cobrapost-expose-on-dubious-loans/articleshow/67749239.cms">Cobrapost </a>claimed that the company’s promoters were involved in a ₹31,000 crore scam siphoning off money. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> On June 4, 2019, the company failed to pay about ₹900 crore worth of interest, prompting ratings agencies to downgrade all of its commercial papers. Adding to the woes, allegations of dubious financial transactions continued to emerge against Kapil Wadhawan (the then chairman and managing director) and Dheeraj Wadhawan (then a non-executive director). In October last year, the enforcement directorate (ED) even conducted raids at several DHFL offices and promoter residences. Putting an end to the fiasco, on November 29, 2019, the Reserve Bank of India (RBI) initiated insolvency proceedings against DHFL. To the company’s rescue, in January, 2021, billionaire Ajay Piramal's Piramal Group emerged as the preferred bidder for debt-laden mortgage lender DHFL. After two years of the crisis, many banks who had lent money to the housing firm will receive part of their loans along with a lesson learnt. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-supplier-tejas-networks-up-six-fold-before-pli-approval/articleshow/86607753.cms">This telecom equipment maker is up six fold in one year while waiting for production linked incentives</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amcs-ceo-says-mutual-fund-industry-to-see-many-mergers-in-next-couple-of-years/articleshow/86606968.cms">Mutual fund industry to see many mergers in next couple of years, says Aditya Birla Sun Life AMC’s CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/elon-musk-leads-the-pack-mukesh-ambani-in-top-10-here-are-the-richest-people-on-the-planet/slidelist/86609457.cms">Elon Musk leads the pack, Mukesh Ambani in top 10 — Here are the richest people on the planet</a>

India’s 20 state owned banks get about $5 billion back from a loan written off and they are thrilled

<ul><li>At 7:45 am, the SGX Nifty was trading flat, indicating a subdued start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open on a tepid note on Friday, led by mixed cues from the global markets. At 7:45 am, the SGX Nifty was trading flat, indicating a subdued start for Nifty50. The US stocks closed mixed on Thursday amid falling jobless claims and new hopes for a stimulus deal. The Dow Jones Industrial Average closed 0.29% higher, and the S&amp;P 500 was down 2.29 points. These are the stocks to watch out for during the trading session today: IndiGo and SpiceJet The shares of IndiGo and SpiceJet will be in focus during the trade after the Aviation Ministry increased the cap on domestic flight capacity of airlines from 70% to <a href="https://www.businessinsider.in/india/news/india-allows-domestic-airlines-to-operate-at-80-of-pre-covid-capacity/articleshow/79546855.cms">80% of pre-Covid levels</a>. The shares of IndiGo ended 4% higher on Thursday, whereas SpiceJet gained 8%. SBI SBI’s mobile application<a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms"> YONO was impacted due to a system outage</a> last evening. This was the third time in 30 days. The shares of State Bank of India ended 4% higher on Thursday. Bank of Baroda, Bank of India, State Bank of India and Punjab National Bank Bank of Baroda, Bank of India, State Bank of India and Punjab National Bank will be in focus during the trade after Fitch affirmed IDR rating at ‘BBB-’, with a Negative outlook. The shares of Bank of Baroda, Bank of India, and Punjab National Bank ended 8%, 2%, and 5% higher on Thursday, respectively. Granules India Drug firm Granules India said its wholly-owned foreign subsidiary, Granules Pharmaceuticals Inc, has received approval from the US health regulator for its abbreviated new drug application (ANDA) for Penicillamine capsules USP, 250 mg. The drug is used for the treatment of Wilson’s disease and cystinuria. The shares of Granules India ended 0.73% lower on Thursday. NMDC The Karnataka government has issued orders allowing iron ore mining to be resumed in Donimalai mines by NMDC. The shares of NMDC ended 2% higher on Thursday. Bharti Airtel, Vodafone-Idea, RIL Bharti Airtel added 3.77 million new customers in September while Reliance Jio added 1.46 million. Vodafone Idea lost nearly 4.65 million subscribers. The shares of Vodafone-Idea and RIL ended flat on Thursday, whereas Bharti Airtel was down 2%. HDFC Life Insurance The<a href="https://economictimes.indiatimes.com/markets/stocks/news/standard-life-aberdeen-sells-1-37-stake-in-hdfc-life-for-rs-1703-cr/articleshow/79550122.cms"> reports indicate</a> that the UK-based Standard Life Aberdeen has sold 1.37% stake in HDFC Life Insurance Company for ₹1,703.2 crore. The shares of HDFC Life Insurance ended 2% higher on Thursday. Mindspace Business Parks REIT The board of Mindspace Business Parks REIT will meet on December 8 to consider fundraising up to ₹200 crore via debentures on a private placement basis. The shares of Mindspace Business Parks REIT ended 1% higher on Thursday. Orient Cement Orient Cement entered into a share purchase agreement to acquire 26% stake in AMPSolar Systems to put up a solar power plant with a capacity of 13.5 MW, under the captive scheme. The shares of Orient Cement ended 0.45% lower on Thursday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/a-coordinated-global-network-of-hackers-tried-to-break-into-the-covid-19-cold-chain-which-transports-vaccines-at-94-degrees-fahrenheit/articleshow/79549902.cms" data-type="tilCustomLink">A coordinated, global network of hackers tried to break into the COVID-19 'cold chain,' which transports vaccines at -94 degrees Fahrenheit</a> <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms" data-type="tilCustomLink">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a>

Top stocks to watch — RIL, Airtel, IndiGo, SpiceJet, SBI, Bank of Baroda, Vodafone-Idea, Granules India, and others

<ul><li>At 7:40 am, the SGX Nifty was trading 0.23% lower, indicating a muted start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a negative note amidst cautious cues from global peers. At 7:40 am, the SGX Nifty was trading 0.23% lower, indicating a muted start for Nifty50. On Thursday, the US stocks finished sharply lower as tech shares lost momentum. The Dow Jones Industrial Average ended 1.45% lower. While the S&amp;P 500 lost 1.76% towards the end of trading. Here’s a list of stocks to watch for in trade on September 11: Reliance Industries and Future Retail Mukesh Ambani led RIL has clarified on the circulating news report about the company selling Amazon $20 billion stakes in its retail arm. RIL said, “we do not comment on media speculation and rumours, and we cannot confirm or deny any transaction which may or may not be in the works.” This may also move the shares of Mukesh Ambani’s recently acquired Future Retail. The shares of RIL closed 7.29% higher yesterday, whereas Future Retail was locked in a 5% upper circuit. Bank of Baroda and Union Bank The Bank of Baroda reduced Marginal cost of funds-based lending rate (MCLR) between 5-30 basis points across various tenors with effect from September 12. The Union Bank of India also decided to reduce the MCLR by up to 5 basis points across tenors. One hundred basis points make 1%. The shares of Bank of Baroda closed 3% higher yesterday, whereas Union Bank gained 2%. Info Edge Info Edge said its investee company Zomato had raised $160 million (₹1,173 crore) in funding from Tiger Global and Temasek Holdings subsidiary MacRitchie Investments, valuing the online food ordering platform at $3.3 billion. The shares of Info Edge closed 3.30% higher on September 10. HAL The state-owned Hindustan Aeronautics Limited (HAL) reported a 74% drop in its net profit to ₹148.7 for the first quarter ended June 30. The company’s overall revenue was down 47% compared to the same period last year. The shares of HAL closed 3.24% higher on Thursday. Maruti Suzuki The promoter of India’s largest car manufacturer Maruti Suzuki— Suzuki Motor Corporation acquired 2.84 lakh shares from September 8-9. The shares of Maruti Suzuki closed almost flat on Thursday. Hindustan Copper Hindustan Copper reported a 40% jump in its consolidated net profit to ₹29.8 crore for the first quarter ended June 30. The company’s revenue increased 41.9% to ₹431.4 crore. The shares of Hindustan Copper closed 3% higher on September 10. Yes Bank Yes Bank said it has fully repaid the ₹50,000 crore provided by RBI as a special liquidity facility (SLF) amid the crisis faced by the lender earlier this year. The shares of Yes Bank closed 2.20% higher on September 10. BHEL, IRCTC, Rail Vikas Nigam and Adani Green Energy These companies are slated to report their first quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/indias-largest-company-reliance-industries-has-reportedly-offered-amazon-a-40-stake-in-its-retail-arm-for-20-billion/articleshow/78041109.cms" data-type="tilCustomLink">India's largest company, Reliance Industries, has reportedly offered Amazon a 40% stake in its retail arm for $20 billion</a> <a href="https://www.businessinsider.in/finance/news/citigroup-ceo-michael-corbat-announces-plans-to-retire-hell-be-replaced-by-the-banks-consumer-chief-jane-fraser-/articleshow/78040520.cms" data-type="tilCustomLink">Wall Street shatters a glass ceiling as Jane Fraser is announced as Citigroup's new CEO, becoming the first woman to lead a major US bank</a>

Top stocks to watch— RIL, Future Retail, Bank of Baroda, Yes Bank, HAL, Info Edge, Maruti Suzuki, IRCTC, BHEL, HAL, Rail Vikas Nigam and more

Shares of <keyword id="6358007" type="DOMAIN" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword> jumped 9 per cent on Wednesday after the company reported a profit-after-tax of Rs 507 crore in the March 2020 quarter. The stock zoomed 9 per cent to Rs 55 on the BSE. On the NSE, it surged 8.51 per cent to Rs 54.80. State-owned Bank of Baroda on Tuesday reported a profit-after-tax of Rs 507 crore in the March quarter, helped by lower provisioning for bad loans. Effective April 1, 2019, the bank amalgamated <keyword id="6359442" type="COMPANY" weightage="20" keywordseo="dena-bank">Dena Bank</keyword> and Vijaya Bank with it. The numbers for the quarter/year ended March 31, 2020 are not comparable with that of same period of the year ended March 31, 2019. Bank of Baroda had reported a net loss of Rs 8,875 crore in the same period last year. The provisions for non-performing loans declined by 69.23 per cent to Rs 3,190 crore as against Rs 10,368 crore in the same quarter of last year. For the full year, the bank reported a net profit of Rs 546 crore as against a net loss of Rs 8,340 crore during FY19. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/the-success-of-nasas-mars-helicopter-exploring-martian-skies-depends-on-the-final-five-inches/articleshow/76542852.cms" data-type="tilCustomLink">The success of NASA’s Mars helicopter exploring Martian skies depends on the final five inches</a> <a href="https://www.businessinsider.in/india/news/the-mysterious-death-of-a-bengaluru-bureaucrat-accused-in-a-4000-crore-ponzi-scheme/articleshow/76541918.cms" data-type="tilCustomLink">The mysterious death of a Bengaluru bureaucrat accused in a ₹4,000 crore ponzi scheme</a>

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India’s 20 state owned banks get about $5 billion back from a loan written off and they are thrilled

Bhakti Makwana

Top stocks to watch — RIL, Airtel, IndiGo, SpiceJet, SBI, Bank of Baroda, Vodafone-Idea, Granules India, and others

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Top stocks to watch— RIL, Future Retail, Bank of Baroda, Yes Bank, HAL, Info Edge, Maruti Suzuki, IRCTC, BHEL, HAL, Rail Vikas Nigam and more

Navdeep Yadav

Bank of Baroda shares rally over 9% post Q4 earnings

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