Uday Kotak News
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Religare Enterprises Ltd., backed by billionaire brothers Malvinder and Shivinder Singh, led the advance in shares of companies eligible to apply for banking licenses for the first time in a decade.
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Indian billionaires including Kumar Mangalam Birla are vying to set up banks in the world’s second- most populated nation after rules were eased to allow companies into the business and tap rural savings.
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Tata Capital Ltd., the finance unit of India’s largest business group, plans to raise as much as 5 billion rupees ($94 million) for its first fund that will invest in equities of distressed companies.
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Bad loans at Indian banks are headed for a decade high as the slowest economic growth since 2003 and Asia’s highest interest rates strain corporate finances, according to the nation’s largest debt reconstruction company.
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Kotak Mahindra Bank Ltd., controlled by billionaire Uday Kotak, bought the business loan portfolio of Barclays Plc’s Indian consumer-banking unit, the lender said.
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Austria, whose banks’ combined bonus pool is a sixth the size of the figure for Germany’s Deutsche Bank AG, is putting restrictions on bonuses exceeding 30,000 euros ($40,000) from this year.
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Billionaire Uday Kotak, the controlling shareholder of the Indian bank with the highest lending margins, said the nation’s increasing sour debts pose the biggest threat to its lenders.
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HSBC Holdings Plc and Deutsche Bank AG are among four banks that may be replaced as arrangers for Steel Authority of India Ltd. ’s share sale after they agreed to work for a rival, Steel Minister Virbhadra Singh said.
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Kotak Mahindra Bank Ltd., the Indian lender with the widest interest margin, said profitability will be pressured by slower growth in lending and the cost of expanding its branch network next year.
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Standard Chartered Plc plans to increase takeover financing for Indian companies as it seeks to gain ground in mergers advisory in emerging markets on rivals weakened by Europe’s credit crisis.
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