News That Matters

Finance

ICICI Venture sells 30% in KIMS to General Atlantic for Rs 850 crore

ICICI Venture sells 30% in KIMS to General Atlantic for Rs 850 crore

Finance
MUMBAI: India‚Äôs largest private equity fund ICICI Venture has sold its 30% stake in Hyderabadbased hospital chain Krishna Institute of Medical Sciences to rival General Atlantic for Rs 850 crore, making close to four-fold returns on its initial investment in four years, two people with direct knowledge of the sale told ET. “Yes, ICICI Venture has exited, but we don’t know the value,” Bhaskar Rao, chief executive, KIMS, confirmed to ET in a mobile phone text message. “The money is not coming to KIMS.’’ The stake sale to General Atlantic values KIMS at around Rs 2,700 crore, up from Rs 850 crore in 2014. General Atlantic and ICICI Venture did not respond to ET queries. ICICI Venture had invested about Rs 220 crore in 2014 in the hospital chain, which had a
Crypto trader explains 3 reasons ethereum is a better bet than bitcoin

Crypto trader explains 3 reasons ethereum is a better bet than bitcoin

Finance
Bitcoin is on the decline, but ethereum might be a better bet in cryptocurrency, Brian Kelly told CNBC. Bitcoin, the most popular digital coin and largest by market cap, was priced around $ 6,400 on Friday — a staggering decline from its December highs of around $ 19,500. But cryptocurrency is still a relatively new industry, and while all eyes are on bitcoin, Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, said there are other digital coins that investors might want to consider. "Just remember," Kelly sa...
Andhra Bank raises MCLR by 0.05% for various tenors

Andhra Bank raises MCLR by 0.05% for various tenors

Finance
New Delhi: State-owned Andhra Bank has increased the marginal cost of funds based lending rate (MCLR) by 0.05 per cent to up to 8.55 per cent for various tenors. "This is to inform that the bank has increased its MCLR with effect from June 15, 2018," Andhra Bank said in a BSE filing. The MCLR for overnight, 1 month, 3 month, 6 month and one year tenors has been raised by 0.05 per cent each to 8 per cent, 8.05 per cent, 8.25 per cent, 8.40 per cent and 8.55 per cent, respectively, the bank said. The move will make consumer loans such as auto, car and home loans costlier for buyers. The RBI had earlier this month increased the key lending rate by 0.25 per cent to 6.25 per cent. Following this, a number of banks have hiked the interest rate. However, big players such as SBI, ICICI Bank and HD...
RBI must act as an alert inspector, not just off-site surveyor, says bank union

RBI must act as an alert inspector, not just off-site surveyor, says bank union

Finance
Reserve Bank union today requested Governor Urjit Patel to monitor banks through a combination of risk-based supervision, off-site surveillance and on-site inspections of operational systems. In a letter written to the governor, the union suggested that the RBI should undertake random supervision of bank branches in all parts of the country periodically - possibly 10 per cent of bank branches comprising all regions on an annual basis. "We would request you that RBI monitoring of banks should be a triad - a combination of risk-based supervision, off-site surveillance and random on-site inspections of operational systems, which, we feel, will give the best result instead of RBI totally dispensing with on-site inspections," the union said in the letter. "We strongly feel that RBI must remain ...
Amex launches new cash back card

Amex launches new cash back card

Finance
Three simple ways to pay off credit card debt Cash back is king. American Express is launching a new card, called Cash Magnet, to give users cash-back flexibility, as well as flexibility in how they choose to pay. Amex has long catered to the high-end customer with exclusive rewards, but cash back cards are some of its most popular offerings, according to the company. This card aims to attract customers not necessarily in the luxury rewards chase, but who are looking for reliable, flexible cash back on every day purchases. The card offers unlimited 1.5% back. There are no caps, no categories and no annual fee. With American Express card membership, users also get a ShopRunner membership and Amex Offers, which rewards members with discounts and deals at places they like...