Anil Ambani group stocks on a high as firms move to raise funds, cut debt thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Synopsis
Yes Bank aims to cut expenses by more than 20% by relocating its offices from the central business district to new locations to rationalise cost, people in the know said.
Agencies
Private lender
Yes Bank will give up its entire leased space in Indiabulls Finance Centre in central Mumbai and occupy the erstwhile Anil Dhirubhai Ambani Group headquarters at Santacruz as early as next week, bringing down its operational and rental costs substantially.
“It will be a lock-stock-barrel move out of the Indiabulls-owned building… This will save the lender at least a few hundred crores in annual rent,” an industry official aware of the development told ET. “It’s also renegotiating rent and shutting several branches to substantially reduce operational expenses.”
Read more about Reliance Infrastructure nears 2-year high; stock zooms 103% in a month on Business Standard. RCapital (up 5% at Rs 13.37), RCom (up 10% at Rs 2.12), RPower (up 5% at Rs 8.68), Reliance Home (up 5% at Rs 2.73) and Reliance Naval (up 5% at Rs 3.20) from ADAG were locked in upper circuit
Reliance Power shares hit upper circuit after co turns profitable
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Last Updated: May 10, 2021, 11:54 AM IST
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Synopsis The total income of the company stood at Rs 1,691.19 crore in the March quarter as against Rs 1,902.03 crore a year ago.
Agencies
The scrip hit the upper circuit of 10 per cent to log a new 52-week high of Rs 6.62.
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NEW DELHI: Reliance Power shares hit the upper circuit in early deals on Monday after the Anil Ambani-led firm reported a consolidated net profit of Rs 72.56 crore for the March quarter, mainly due to lower expenses.
The company had posted a consolidated net loss of Rs 4,206.38 crore for the corresponding three-month period a year ago, it said in a filing to BSE. Sales declined 7.98 per cent to Rs 1,654.57 crore
Yes Bank was rescued in nick of time before COVID-19 struck, happy with progress: CEO Prashant Kumar
Speaking for the first time about the journey since the RBI and the government moved in to bailout the lender seeing an exodus of deposits with a Rs 10,000-crore rescue act led by SBI, Kumar acknowledged that the thread was very slender and the timing was very apt
PTI | May 3, 2021 | Updated 10:32 IST
Yes Bank s rescue act in early March 2020 happened in the nick of time ahead of the COVID-19 pandemic, and even a 15-day delay in it would have meant great difficulty for a lender about to close down, its new managing director and chief executive Prashant Kumar said.