Speaking to ET Now, Joshi said HAL’s massive order book provides strong revenue visibility over the next few years, but recent news flow around key tenders and clarifications has temporarily unsettled sentiment.HAL: Strong order book, gradual margin storyHAL currently trades at around 30 times trailing earnings, a valuation Joshi considers expensive in the near term.While revenue growth could compound at a healthy pace due to execution of its large defence order pipeline, margin expansion may not match tha ...

IDFC First Bank share price today (AI image)IDFC First Bank on Monday said it expects to stay profitable despite a Rs 590-crore impact from fraudulent transactions involving Haryana government-linked accounts, even as its shares fell 16% during the day.Addressing analysts on a conference call, Managing Director and CEO V Vaidyanathan said the irregularities were traced to employee collusion at the bank’s Chandigarh branch. He said that KPMG has been appointed to conduct a forensic audit and noted that the b ...

Overall, analysts say the ongoing tussle in the index reflects prevailing uncertainty on the global front, while domestic cues remain largely muted.Hindustan Zinc, BPCL, Bharti Airtel, In the wake of the recently disclosed discrepancy in Haryana government-linked accounts, IDFC First Bank said it will introduce an additional layer of system-driven controls for high-value, branch-based transactions. Under the proposed framework, any transaction exceeding a predefined threshold will require mandatory customer ...

The bank, which reported the swindle on Sunday, plunged 16.2% on the BSE to end at Rs 70 on Monday. “We are watching the developments. There is no systemic kind of issue,” Malhotra said at a joint press conference with FM Nirmala Sitharaman after the RBI’s Central Board meeting on Monday.IDFC First Bank said Sunday that employees at Chandigarh branch were involved in the fraud. Malhotra said RBI will release fresh retail inflation estimates before the April policy review, when asked about the impact of the ...

On a conference call, the bank's CEO V Vaidyanathan said the bank has appointed KPMG for a forensic audit and holds employee-fraud cover of up to Rs 35 crore. Officials said forged cheques cleared at the branch triggered the fraud. "This is a specific isolated incident that happened in one branch with one client group," Vaidyanathan said, adding it is confined to "a particular branch in Chandigarh and is confined to a limited set of Haryana govt-linked accounts."On the call, Vaidyanathan ruled out a digital ...

One basis point is a hundredth of a percentage point. Incremental credit growth in the first 10 months of this fiscal year was Rs 34.5 lakh crore, up 35% over the corresponding period, data published by the RBI in its latest monthly bulletin showed. The gap between bank credit and non-banking sources of credit widened in January over the corresponding period.Live Events "The pickup in credit offtake reflects the impact of the combination of rate cuts by RBI and significant liquidity infusion," said Gaura S ...

Sharing the details in Chandigarh, Saini said the state government has directed the Anti-Corruption Bureau and the Vigilance Department to conduct a "comprehensive investigation" into the alleged irregularities. A high-level committee will also be constituted to examine the matter. "A thorough probe is underway to determine accountability and establish whether any government employees, bank officials, or other individuals were involved. Be it any bank official, government employee, or anyone else, stern ac ...

SynopsisIDFC FIRST Bank will get Rs 35 crore from its employee dishonesty insurance. This follows a Rs 590 crore fraud at its Chandigarh branch. The bank's management confirmed this to investors. The fraud impacted the bank's stock, causing a significant drop. The bank has suspended officials and launched a forensic probe. ...

Indian airports can feel like a test of patience on some days. You clear security, walk a long way to the gate, and then find out the flight is delayed. Or you reach early because you do not want to risk traffic and end up with two hours to kill. In moments like these, airport lounge access stops sounding fancy and starts sounding practical. A lounge is basically a better waiting room. You usually get a seat that is not wedged between crowds, food, and drinks, which saves you from overpriced snacks, decent ...

Shares of IDFC First Bank closed at Rs 70.09 apiece on Monday. Earlier during the day, the stock crashed 20% to briefly hit the lower circuit at Rs 66.80 apiece, marking the lowest level since early June last year.Top 5 single-day declines for IDFC First Bank shares:On a closing basis, today's 16% plunge marks the worst single-day drop for IDFC First Bank shares in nearly six years. Earlier on March 12, 2020, the shares of the company dropped 17% to close at Rs 27.60 apiece.The stock saw a significant decl ...