Category: IDBI Bank

Merger of IDBI Mutual Fund with LIC Mutual Fund

In India, 40 Asset Management Companies (AMCs) or mutual fund houses operate. Out of these 40 AMCs, there has been a merger between IDBI Mutual fund and LIC Mutual fund on July 29th 2023. In this document, we will explain all the changes due to this merger and how this will affect the investors.Typically, two types of changes have happened:Some IDBI funds were renamed to LIC funds. It is merely a name change. No change in NAV. No change in investment value.Some funds of IDBI are merged with LIC funds, which means NAV will be recomputed while the investment value does NOT change.Along with the above 2 changes, some details of the surviving funds (funds that remained after the merger),…
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Source: https://cleartax.in/s/merger-of-idbi-with-lic-mutual-fund

IDBI Bank Introduces Special Rates On FDs, Senior Citizens Can Earn Up To 7.75%

IDBI Bank has recently announced a limited-period special fixed deposit (FD) scheme, offering attractive interest rates, specifically catering to senior citizens. “IDBI Bank has introduced a special bucket of “Amrit Mahotsav FD for 375 days” offering a peak rate of 7.60 per cent per annum (p.a.) valid till August 15, 2023. Besides this, the existing “Amrit Mahotsav FD for 444 days” under the callable option offers a peak rate of 7.65 per cent p.a., and under the non-callable option offers a peak rate of 7.75 per cent p.a,” IDBI Bank said in a press releaseSpecial Rates For Senior CitizensUnder this special scheme, IDBI Bank is providing a rate of interest of 7.10 per cent…
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Source: https://business.outlookindia.com/amp/story/banking/idbi-bank-introduces-special-rates-on-fds-senior-citizens-can-earn-up-to-7-75–news-303611

Tech Mahindra Q4 Results Review

Tech Mahindra Ltd. reported 1.6% QoQ de-growth in Q4 FY24 and was below our estimates. Going forward the company believes that Q4 was the lowest growth on YoY terms and expects growth to improve over the coming quarters. The company has laid down strategy till FY27E wherein the company aims to have a turnaround in FY25E, stabilise in FY26E and grow in line with peers by FY27E. Further, Tech Mahindra aims to achieve 15% margins by FY27E from 6% in FY24. The company will achieve the same by $250 million annual cost savings (~4% of revenues) offset by 1.5% of investments. While we have factored in most of the growth and margin expectation, we believe execution is the key. Hence, we maintain…
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Source: https://www.ndtvprofit.com/amp/research-reports/tech-mahindra-q4-results-review-turnaround-in-progress-idbi-capital

We are moving towards a software defined data center: Dr Sourav Dutta, Executive Director & Head – IT, IDBI Bank

Dr Sourav Dutta, Executive Director & Head – IT, IDBI Bank speaks about the origin of data centers in India, and its evolution over the last many decades.
Highlighting the genesis of the internet in India, Dr Sourav Dutta, Executive Director & Head – IT, IDBI Bank says, “Internet was commercially launched in India on 15th August 1995, and before that it was only available in the prestigious research institutes of the country. It was commercially launched in partnership with state-owned Videsh Sanchar Nigam Limited (VSNL). And back then, nobody had a clue of what data centers are all about. However, even the first data center grew up around that time, when the internet was born…
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Source: https://www.expresscomputer.in/amp/data-center/we-are-moving-towards-a-software-defined-data-center-dr-sourav-dutta-executive-director-head-it-idbi-bank/100586/

Maruti Suzuki Signs MoU With IDBI Bank To Provide Dealer Financing Solutions

Maruti Suzuki India (MSI), the country’s largest car maker, has signed an initial pact with IDBI Bank to offer financing solutions for dealers. The new alliance will empower over 4,000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital needs, the automaker said in a statement on Tuesday.A Memorandum of Understanding (MoU) has been signed with IDBI Bank in this regard. “We have worked closely with IDBI Bank in developing curated products and end-to-end working capital solutions for our dealer partners across the country,” MSI Senior Executive Officer (Marketing & Sales) Shashank Srivastava said.Dealer…
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Source: https://news.abplive.com/business/maruti-suzuki-signs-mou-with-idbi-bank-to-provide-dealer-financing-solutions-1635309/amp

Kunal Shah's CRED appoints former SBI, IDBI MD as Independent Director – Business Today

Kunal Shah’s CRED appoints former SBI, IDBI MD as Independent Director  Business Today
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Source: ”
https://www.businesstoday.in/latest/corporate/story/kunal-shahs-cred-appoints-former-sbi-idbi-md-as-independent-director-388341-2023-07-05Rhttps://www.businesstoday.in/amp/latest/corporate/story/kunal-shahs-cred-appoints-former-sbi-idbi-md-as-independent-director-388341-2023-07-05

Govt To Complete IDBI Bank Strategic Sale In FY’25: DIPAM Secy

IDBI Bank Puts Rs 25 Lakh In Recovery Expense Fund The government expects to complete the strategic sale of IDBI Bank in the next financial year, a senior official said.In an interview to PTI TV, the Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the process of privatisation of IDBI Bank is on and once the regulator clearance is obtained, financial bids will be invited.Asked if the strategic sale would be completed in the next fiscal, Pandey said “Yes, of course”.The government along with LIC is selling nearly 61 per cent stake in IDBI Bank and had in October 2022, invited bids from buyers.In January 2023, DIPAM said it had received…
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Source: https://business.outlookindia.com/amp/story/news/govt-to-complete-idbi-bank-strategic-sale-in-fy25-dipam-secy

LTIMindtree Q4 Results Review – Recovery In Discretionary Spend A Key Tailwind: IDBI Capital

LTIMindtree Ltd. reported subdued Q4 FY24 numbers mainly led by ramp down in BFSI clients and lower discretionary spend.LTIMindtree is winning cost efficiency and cost take out deals. Apart from this healthy order book ($ 5.6 billion in FY24 up 15.7% and book to bill of 1.3 times), absence of further ramp down, healthy deal pipeline and synergy benefits we expect the company to deliver better FY25E versus FY24.Hence, we have built in a 6.1% YoY growth in FY25E versus 4.4% YoY in FY24. However, we expect margins to be impacted due to re-investment in business and transition cost of large deals.Hence, we have revised our earning per share estimates downwards by 7% and 9% for FY25E and…
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Source: https://www.ndtvprofit.com/amp/research-reports/ltimindtree-q4-results-review-recovery-in-discretionary-spend-a-key-tailwind-idbi-capital

Axis Bank Q4 Results Review

Axis Bank Ltd.’s net interest margin improved by 5 basis points QoQ to 4.06% on account of pricing improvements across the portfolio. Further, low yielding RIDF funds % of advances declined to lowest level to 1.5% supported the net interest margins. Credit growth declined to 14% YoY in line with guidance due to base impact. Management guided for 300-400 bps higher than industry average in medium to long term. Asset quality improved as gross non-performing asset stood at 1.43% versus 1.58% led by lower slippages. Net interest income grew by 4% QoQ backed by improvement in NIMs. Pre-provision operating proft grew by 15% QoQ due to higher other income. Provisions increased by 15% due to…
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Source: https://www.ndtvprofit.com/amp/research-reports/axis-bank-q4-results-review-nims-improved-slightly-qoq-roa-sustained-at-18-fy24-idbi-capital