Industry News

Charles Schwab building at 12115 Technology Lane and the nearby Launch Fishers building at 12175 Visionary Way, according to a news release. Fishers had designated the area a Certified Technology Park, which allows the city to offer tax incentives to prospective businesses."/>
$32.7M tech-ready site proposed in Fishers [The Indianapolis Star]
HDFC Bank Ltd, Sebi said in an informal guidance note that even while managing clients' investments on a discretionary..."/>
Investment done for client with privileged information prohibited: Sebi [Mint, New Delhi]
Bank of Maharashtra on Friday reported a net loss of Rs.397.40 crore for the June quarter against a net profit of Rs.59.44 crore a year ago. Four other banks--namely Dena Bank, Central Bank of India, Bank of India, and Allahabad Bank--also reported a net loss on Friday. Net interest income, or the core income a bank earns by giving loans, declined sharply to Rs.864.49 crore for the June quarter from Rs.1, 023.2 crore a year ago."/>
BRIEF: Bank of Maharashtra reports Q1 net loss of Rs397 crore [Mint, New Delhi]
State Bank of India suffered a 32% drop in its net profit for the June quarter but still came out looking like a star because the other six public sector banks that reported their financials on Friday came out with terrible results, with five suffering huge losses. The SBI stock ran up 7%, despite the 32% drop in its net profit to Rs.2, 520.96 crore. Let's get to the good parts first."/>
SBI: One-eyed king in land of the blind [Mint, New Delhi]
Aditya Birla Nuvo Ltd shares on Friday tanked close to 24.63% intraday as analysts and minority investors disapproved of its proposed merger with Grasim Industries Ltd. The merger is not only complicated in its structure, it is also unconvincing on several other elements, including the valuations of the holding company and its advantage to minority shareholders. Grasim shares declined close to 8.35% intraday. Both stocks saw their biggest single-day fall in..."/>
Aditya Birla Nuvo, Grasim fall most in 8 years after merger announcement [Mint, New Delhi]
State Bank of India reported a Rs.1 trillion gross NPA number for the quarter ended 30 June, but India's largest lender has been able to largely cut down fresh additions to bad loans while other state-owned banks continued to report a deterioration in asset quality. SBI said its net profit for the June quarter fell 31.73% from a year ago on account of higher provisions even as the rise in fresh NPAs was down significantly from the January-March period."/>
SBI Q1 profit falls 32% on higher provisions [Mint, New Delhi]
MetLife and Unum to double premium costs for long-term care policies they thought would protect them from financial ruin in their elder years. Several MetLife policyholders said they were recently notified that their premiums would increase 95 percent this year-- two years after they were hit with increases of 15 percent to 19 percent. The state Office of Insurance..."/>
Policyholders: Hold the line on long-term-care insurance rate hikes [Sun Sentinel]
Dena Bank Ltd on Friday reported a net loss of Rs.279.35 crore in the June quarter against a net profit of Rs.15.16 crore a year ago as it set aside more money to cover bad loans. Operating profit increased to Rs.270.44 crore in the three months from Rs.226.30 crore in the same period last year. Provisions increased to Rs.666.85 crore in the fiscal year first quarter from Rs.324.75 crore a year ago."/>
Dena Bank posts Rs279 crore loss in Q1 on higher provisions [Mint, New Delhi]
Allahabad Bank Ltd on Friday reported a Rs.564.96 crore net loss for the quarter ended June against a Rs.146.86 crore net profit a year ago. The bank made provisions of Rs.1, 330.78 crore for the quarter compared with Rs.854.79 crore a year ago. Its operating profit declined to Rs.967.44 crore in the April-June period from Rs.1, 241.50 a year ago."/>
Allahabad Bank posts Rs 564.96 crore loss in Q1; provisions jump [Mint, New Delhi]
Aditya Birla Nuvo Ltd on Friday tanked close to 24.63% during intraday trade as analysts and minority investors disapproved of its proposed merger with Grasim Industries Ltd. The merger is not only complicated in its structure, but also unconvincing on several other elements, including the valuations of the holding company and its disadvantage to minority shareholders. Grasim shares declined close to 8.35% intraday. Both the stocks saw their biggest..."/>
Aditya Birla Nuvo, Grasim fall most in 8 years after merger announcement [Mint, New Delhi]
Banner Bank executive leadership team is pleased to announce Craig Miller has joined the Bank as Executive Vice President and General Counsel. In this role, Miller is responsible for overseeing the company’ s legal functions and is a member of the Executive Management Committee. This is a new position at the company."/>
Banner Bank Hires Craig Miller as Executive Vice President and General Counsel
Legg Mason, Inc. has agreed to the acquisition of its interests in Maryland-based investment management company LMM LLC by LMM chief investment officer Bill Miller and companies he owns, the company said. Terms of the transaction were not disclosed. The transaction is expected to close on or around the calendar year end, subject to customary conditions and regulatory approvals."/>
Bill Miller to Acquire Legg Mason's Stake in Investment Manager LMM
M&F Bancorp. The bank edged into the red with a $9,000 loss in the quarter."/>
M&F Bank announces layoffs, posts loss [The News & Observer (Raleigh, N.C.)]
Slate Retail REIT, an owner and operator of U.S. grocery-anchored real estate, announced today that it has entered into a binding agreement to acquire Eastpointe Shopping Center, a 100% occupied Kroger-anchored centre, in the Morgantown, West Virginia Metropolitan Statistical Area. The property will be acquired for U.S. $11.6 million. Closing is expected to be completed in the fourth quarter of 2016 and remains subject to customary closing conditions."/>
Slate Retail REIT Announces the Purchase of Eastpointe Shopping Center in West Virginia

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