Hedge fund manager Michael Burry, renowned for his astute predictions preceding the 2008 US&nbsp;housing market collapse, has made significant moves in his portfolio according to recently released securities filings.

Burry's Scion Asset Management disclosed its actions for the fourth quarter of 2023, showing notable acquisitions and exits in various sectors. Among these transactions, Burry's fund added 375,000 shares of Warner Brothers Discovery, illustrating a strategic shift in investment focus. The disclosures, filed as 13-Fs, offer a retrospective glimpse into the portfolio strategies of often-guarded hedge funds.

During the quarter, Scion Asset Management initiated positions in several companies, indicating a diversified approach. Burry's fund acquired 200,000 shares of restaurant software company Toast Inc, alongside 225,000 shares of discount retail chain Big Lots, and 154,142 shares of Gen Restaurant Group.

These additions signify Burry's confidence in specific sectors despite broader market fluctuations. The filings underscore the importance of transparency in understanding the dynamics of institutional investor portfolios.

In a notable departure, the fund closed out a put option position on semiconductor stocks, previously valued at $47.4 million. The decision to exit this position coincides with a significant rise in the iShares Semiconductor ETF over the fourth quarter, suggesting a strategic reassessment by Burry and his team.

While put options typically benefit from declines in underlying shares, the fund's actions reflect a shifting market outlook. The disclosures shed light on the intricacies of hedging strategies employed by prominent investors.

Additionally, Burry's fund liquidated positions in Bookings Holdings and automaker Stellantis during the quarter. These divestments highlight a dynamic approach to portfolio management, with Burry reallocating resources based on evolving market conditions.

The filings serve as a valuable resource for analysts and investors seeking insights into the decision-making processes of hedge funds. Despite their retrospective nature, 13-F filings provide crucial information for understanding investment trends.

Reflecting on market performance, shares of Warner Brothers Discovery have declined by 15 per cent year-to-date, while Big Lots has experienced a substantial decrease of nearly 55 per cent over the same period.

Conversely, Toast Inc shares have seen a modest increase of approximately 7.5 per cent, with Gen Restaurant Group showing slightly more robust growth at over 13 per cent. These fluctuations underline the dynamic nature of equity markets and the challenges faced by investors in navigating them.

Burry's largest holdings, Alibaba Group Holdings and JD.com Inc, have both experienced declines of 6 per cent or more year-to-date amid concerns surrounding the Chinese economy's growth trajectory. These developments highlight the importance of monitoring macroeconomic factors and their impact on investment strategies. While Burry's past successes have earned him a reputation as a savvy investor, his recent portfolio adjustments reflect the ongoing evolution of market dynamics.&nbsp;

(With inputs from Reuters)

Hedge fund manager Michael Burry, renowned for his astute predictions preceding the 2008 US housing market collapse, has made significant moves in his portfolio according to recently released securities filings.

Hedge fund manager Michael Burry, renowned for his astute predictions preceding the 2008 US housing market collapse, has made significant moves in his portfolio according to recently released securities filings. Burry's Scion Asset Management disclosed its actions for the fourth quarter of 2023, showing notable acquisitions and exits in various sectors. Among these transactions, Burry's fund added 375,000 shares of Warner Brothers Discovery, illustrating a strategic shift in investment focus. The disclosures, filed as 13-Fs, offer a retrospective glimpse into the portfolio strategies of often-guarded hedge funds. During the quarter, Scion Asset Management initiated positions in several companies, indicating a diversified approach. Burry's fund acquired 200,000 shares of restaurant software company Toast Inc, alongside 225,000 shares of discount retail chain Big Lots, and 154,142 shares of Gen Restaurant Group. These additions signify Burry's confidence in specific sectors despite broader market fluctuations. The filings underscore the importance of transparency in understanding the dynamics of institutional investor portfolios. In a notable departure, the fund closed out a put option position on semiconductor stocks, previously valued at $47.4 million. The decision to exit this position coincides with a significant rise in the iShares Semiconductor ETF over the fourth quarter, suggesting a strategic reassessment by Burry and his team. While put options typically benefit from declines in underlying shares, the fund's actions reflect a shifting market outlook. The disclosures shed light on the intricacies of hedging strategies employed by prominent investors. Additionally, Burry's fund liquidated positions in Bookings Holdings and automaker Stellantis during the quarter. These divestments highlight a dynamic approach to portfolio management, with Burry reallocating resources based on evolving market conditions. The filings serve as a valuable resource for analysts and investors seeking insights into the decision-making processes of hedge funds. Despite their retrospective nature, 13-F filings provide crucial information for understanding investment trends. Reflecting on market performance, shares of Warner Brothers Discovery have declined by 15 per cent year-to-date, while Big Lots has experienced a substantial decrease of nearly 55 per cent over the same period. Conversely, Toast Inc shares have seen a modest increase of approximately 7.5 per cent, with Gen Restaurant Group showing slightly more robust growth at over 13 per cent. These fluctuations underline the dynamic nature of equity markets and the challenges faced by investors in navigating them. Burry's largest holdings, Alibaba Group Holdings and JD.com Inc, have both experienced declines of 6 per cent or more year-to-date amid concerns surrounding the Chinese economy's growth trajectory. These developments highlight the importance of monitoring macroeconomic factors and their impact on investment strategies. While Burry's past successes have earned him a reputation as a savvy investor, his recent portfolio adjustments reflect the ongoing evolution of market dynamics. (With inputs from Reuters)

Hedge fund manager Michael Burry makes strategic portfolio moves in Q4 2023

Kotak Mahindra Bank Tuesday reported a 14 per cent rise in consolidated net profit at Rs 2,038.27 crore for March quarter, 2018-19.

The private sector lender clocked a profit of Rs 1,789.24 crore in the same quarter of the previous financial year.

Total income rose to Rs 13,823.33 crore during the latest quarter, up from Rs 10,874.12 crore in the year-ago period, the bank said in a regulatory filing.

Consolidated net profit for 2018-19 financial year increased to Rs 7,204 crore from Rs 6,201 crore in the previous year. Income during the year rose to Rs 45,903.36 crore from Rs 38,723.67 crore.

Gross non-performing assets (NPAs) or bad loans of the lender were 1.94 per cent of the gross loans as at March 31, 2019, slightly down from 1.95 per cent at March-end 2018.

Likewise, net NPAs were 0.70 per cent, down from 0.86 per cent a year ago.

The bank's board at a meeting held Tuesday recommended a dividend of Rs 0.80 per equity share for 2018-19.

The dividend will be paid after the approval of shareholders at the annual general meeting, the bank said.

Shares of Kotak Mahindra Bank traded 0.31 per cent down at Rs 1,373.80 per scrip on BSE.&nbsp;

Kotak Mahindra Bank Tuesday reported a 14 per cent rise in consolidated net profit at Rs 2,038.27 crore for March quarter, 2018-19. The private sector lender clocked a profit of Rs 1,789.

Kotak Mahindra Bank Tuesday reported a 14 per cent rise in consolidated net profit at Rs 2,038.27 crore for March quarter, 2018-19. The private sector lender clocked a profit of Rs 1,789.24 crore in the same quarter of the previous financial year. Total income rose to Rs 13,823.33 crore during the latest quarter, up from Rs 10,874.12 crore in the year-ago period, the bank said in a regulatory filing. Consolidated net profit for 2018-19 financial year increased to Rs 7,204 crore from Rs 6,201 crore in the previous year. Income during the year rose to Rs 45,903.36 crore from Rs 38,723.67 crore. Gross non-performing assets (NPAs) or bad loans of the lender were 1.94 per cent of the gross loans as at March 31, 2019, slightly down from 1.95 per cent at March-end 2018. Likewise, net NPAs were 0.70 per cent, down from 0.86 per cent a year ago. The bank's board at a meeting held Tuesday recommended a dividend of Rs 0.80 per equity share for 2018-19. The dividend will be paid after the approval of shareholders at the annual general meeting, the bank said. Shares of Kotak Mahindra Bank traded 0.31 per cent down at Rs 1,373.80 per scrip on BSE.

Kotak Mahindra Bank Q4 profit rises 14% to Rs 2,038 crore

Even as its petition is pending at the NCLAT seeking a review of the ban on banks classifying the IL&amp;Fs accounts as NPAs, the Reserve Bank Wednesday directed lenders to disclose their exposure to the bankrupt infra lender in their forthcoming earnings announcements.

The city-headquartered infra lender and its 348 group companies owe over Rs 94,000 crore, of which over Rs 54,000 crore is owed to banks. It began defaulting on repayment commitments from last August, and in October the government superseded its board and appointed a new board under banker Uday Kotak.

In a notification, the central bank said the new directions are as per a February 25 order of the National Company Law Appellate Tribunal (NCLAT), which asked banks not to declare their loans to the company and group as NPAs.

"No financial institution will declare the accounts of IL&amp;FS or its entities as non-performing assets without its prior permission," NCLAT had said.

The RBI moved the review petition on March 19 and a decision is pending now as the tribunal had sought corporate affairs ministry's views to the RBI demand.

Earlier this month, reacting to the NCLAT order, governor Shaktikanta Das had said apex bank had filed a review petition seeking a modification of the previous NCLAT order.

In the notification, RBI has asked banks to disclose the IL&amp;FS and group entities exposure in the notes to accounts in a standard proforma.

The lenders will have to mention the outstanding position on a particular date and give details including overall outstanding and amount which is NPA as per the income recognition and asset classification norms but not classified as NPAs, it said.

They will also have to specify the total provisions which are required to be made as per these norms for the assets and the provisions actually held.

A majority of lenders are yet to report their quarterly and full-year accounts for FY19. A slew of banks have hinted that exposures to IL&amp;FS have impacted their profits in the past quarter as they made provisions towards this account.

Group entity IL&amp;FS Financial Services had reported last month that its NPAs touched 90 per cent.

Media reports on RBI's decision to challenge the NCLAT order had said the insolvency court's decision was "tantamount to judicial overreach".

"The bankruptcy tribunal's order encroaches into RBI's regulatory domain and this could set a precedent if left unchallenged. These issues fall under the ambit of RBI as the regulator of the banking sector," a senior RBI official had said.

Even as its petition is pending at the NCLAT seeking a review of the ban on banks classifying the IL&Fs accounts as NPAs, the Reserve Bank Wednesday directed lenders to disclose their exposure to the bankrupt infra lender in their forthcoming earnings announcements.

Even as its petition is pending at the NCLAT seeking a review of the ban on banks classifying the IL&Fs accounts as NPAs, the Reserve Bank Wednesday directed lenders to disclose their exposure to the bankrupt infra lender in their forthcoming earnings announcements. The city-headquartered infra lender and its 348 group companies owe over Rs 94,000 crore, of which over Rs 54,000 crore is owed to banks. It began defaulting on repayment commitments from last August, and in October the government superseded its board and appointed a new board under banker Uday Kotak. In a notification, the central bank said the new directions are as per a February 25 order of the National Company Law Appellate Tribunal (NCLAT), which asked banks not to declare their loans to the company and group as NPAs. "No financial institution will declare the accounts of IL&FS or its entities as non-performing assets without its prior permission," NCLAT had said. The RBI moved the review petition on March 19 and a decision is pending now as the tribunal had sought corporate affairs ministry's views to the RBI demand. Earlier this month, reacting to the NCLAT order, governor Shaktikanta Das had said apex bank had filed a review petition seeking a modification of the previous NCLAT order. In the notification, RBI has asked banks to disclose the IL&FS and group entities exposure in the notes to accounts in a standard proforma. The lenders will have to mention the outstanding position on a particular date and give details including overall outstanding and amount which is NPA as per the income recognition and asset classification norms but not classified as NPAs, it said. They will also have to specify the total provisions which are required to be made as per these norms for the assets and the provisions actually held. A majority of lenders are yet to report their quarterly and full-year accounts for FY19. A slew of banks have hinted that exposures to IL&FS have impacted their profits in the past quarter as they made provisions towards this account. Group entity IL&FS Financial Services had reported last month that its NPAs touched 90 per cent. Media reports on RBI's decision to challenge the NCLAT order had said the insolvency court's decision was "tantamount to judicial overreach". "The bankruptcy tribunal's order encroaches into RBI's regulatory domain and this could set a precedent if left unchallenged. These issues fall under the ambit of RBI as the regulator of the banking sector," a senior RBI official had said.

RBI asks banks to disclose IL&FS provisions in Q4 accounts

<a href="http://www.wionews.com/world/samsung-electronics-apologises-to-workers-over-cancer-cases-in-semiconductor-factories-178875">Samsung Electronics </a>on Tuesday flagged its first quarterly profit drop in two years and painted a grim outlook owing to mounting competition from Chinese smartphone makers and declining chip prices.

The shock warning added to concerns about the broader tech sector after <a href="http://www.wionews.com/world/apple-inks-deal-with-samsung-to-distribute-itunes-shows-on-tvs-188696">Apple sent shudders</a> through world markets last week by slashing its revenue forecast blaming weak sales in China and citing the trade war.

Samsung — the world's top maker of smartphones and memory chips — has enjoyed record profits in recent years despite a series of setbacks, including a humiliating recall and the jailing of its de facto chief.

But operating profit during the October to December period was expected to be around 10.8 trillion won ($9.8 billion), down 28.7 per cent from a year earlier, Samsung said in an earnings estimate.

The figure was below market consensus of about 13.5 trillion won, according to market researcher FnGuide.

Sales dropped more than 10 per cent to 59 trillion won in the period, Samsung said.

It cited "lacklustre demand in the memory business and intensifying competition in the smartphone business" for the dismal outlook.

"Memory earnings fell significantly... due to weaker-than-expected demand amid inventory adjustments at data-centre customers," which led to a "greater-than-expected" drop in chip prices, it said.

"We expect earnings to remain subdued in the first quarter of 2019 due to difficult conditions for the memory business but strengthen in the second half."

But analyst Kim Sun-woo of Meritz Securities said worsening supply and demand for semiconductors and the structural challenges facing Samsung's smartphone business will hit profits throughout 2019.

Demand for DRAM memory chips "will hit a low in the fourth quarter of 2019", he added.

Samsung withholds net profit and sector-by-sector business performance data until it releases its final earnings report, which is expected later this month.

For 2018, the firm expects operating profit of 58.9 trillion won, up nearly 10 per cent on-year, and sales to inch up 1.6 per cent to 243.5 trillion won.

Shares in Samsung Electronics, the flagship subsidiary of the Samsung Group that dominates South Korea's economy, were down 0.5 per cent in afternoon trading.

Last week Apple said it expected to earn $84 billion in October-December, well down from the $89-$93 billion previously forecast as it blamed a steeper-than-expected "economic deceleration" in China and emerging markets.

The news battered world equities, with observers saying problems at the usually reliable US titan could point to broader demand weakness and the China-US trade war cited as a key factor.

"When Apple sounded the alarm bells for last quarter results, there was some thought the drops in China sales was an anti-Apple backlash due to escalating US-China tensions," said Stephen Innes, head of Asia-Pacific trade at OANDA. "But these Samsung results are quite damning suggesting there... (is) a broader-based retail and manufacturer slowdown afoot."

While Samsung leads the global smartphone market with a 20 per cent share, it faces mounting competition from Chinese rivals like Huawei — which surpassed Apple to take second place last year — offering quality devices at cheaper prices.

"Samsung is losing ground to Huawei, Xiaomi and other Chinese rivals in the huge China and India markets," Neil Mawston, executive director at market researcher Strategy Analytics, said in a report.

Samsung once also had a 20 per cent market share in China but has seen its sales tumble to less than one per cent of the world's largest smartphone market in the third quarter, and last month announced the closure of its factory in Tianjin.

It will reportedly roll out a new line-up of its flagship Galaxy handsets at next month's World Mobile Congress in Barcelona as it seeks to regain a competitive edge in a market segment it once dominated.

Samsung is also set to introduce the world's first bendable smartphone in the first half.

Its reputation suffered a major blow after a damaging worldwide recall of its Galaxy Note 7 devices over exploding batteries in 2016, which cost the firm billions of dollars and shattered its global brand image.

It also took another hit after the bribery conviction of Lee Jae-Yong — the son and heir of the group's ailing current chairman Lee Kun-hee.

The 50-year-old scion was a key figure in the scandal that ousted former South Korean president Park Geun-Hye following massive nationwide protests and was sentenced to five years in jail last year.

But he was released from jail in February last year after several of his convictions were quashed on appeal.

Samsung has enjoyed record profits in recent years despite a series of setbacks, including a humiliating recall and the jailing of its de facto chief.

Samsung Electronics on Tuesday flagged its first quarterly profit drop in two years and painted a grim outlook owing to mounting competition from Chinese smartphone makers and declining chip prices. The shock warning added to concerns about the broader tech sector after Apple sent shudders through world markets last week by slashing its revenue forecast blaming weak sales in China and citing the trade war. Samsung — the world's top maker of smartphones and memory chips — has enjoyed record profits in recent years despite a series of setbacks, including a humiliating recall and the jailing of its de facto chief. But operating profit during the October to December period was expected to be around 10.8 trillion won ($9.8 billion), down 28.7 per cent from a year earlier, Samsung said in an earnings estimate. The figure was below market consensus of about 13.5 trillion won, according to market researcher FnGuide. Sales dropped more than 10 per cent to 59 trillion won in the period, Samsung said. It cited "lacklustre demand in the memory business and intensifying competition in the smartphone business" for the dismal outlook. "Memory earnings fell significantly... due to weaker-than-expected demand amid inventory adjustments at data-centre customers," which led to a "greater-than-expected" drop in chip prices, it said. "We expect earnings to remain subdued in the first quarter of 2019 due to difficult conditions for the memory business but strengthen in the second half." But analyst Kim Sun-woo of Meritz Securities said worsening supply and demand for semiconductors and the structural challenges facing Samsung's smartphone business will hit profits throughout 2019. Demand for DRAM memory chips "will hit a low in the fourth quarter of 2019", he added. Samsung withholds net profit and sector-by-sector business performance data until it releases its final earnings report, which is expected later this month. For 2018, the firm expects operating profit of 58.9 trillion won, up nearly 10 per cent on-year, and sales to inch up 1.6 per cent to 243.5 trillion won. Shares in Samsung Electronics, the flagship subsidiary of the Samsung Group that dominates South Korea's economy, were down 0.5 per cent in afternoon trading. Last week Apple said it expected to earn $84 billion in October-December, well down from the $89-$93 billion previously forecast as it blamed a steeper-than-expected "economic deceleration" in China and emerging markets. The news battered world equities, with observers saying problems at the usually reliable US titan could point to broader demand weakness and the China-US trade war cited as a key factor. "When Apple sounded the alarm bells for last quarter results, there was some thought the drops in China sales was an anti-Apple backlash due to escalating US-China tensions," said Stephen Innes, head of Asia-Pacific trade at OANDA. "But these Samsung results are quite damning suggesting there... (is) a broader-based retail and manufacturer slowdown afoot." While Samsung leads the global smartphone market with a 20 per cent share, it faces mounting competition from Chinese rivals like Huawei — which surpassed Apple to take second place last year — offering quality devices at cheaper prices. "Samsung is losing ground to Huawei, Xiaomi and other Chinese rivals in the huge China and India markets," Neil Mawston, executive director at market researcher Strategy Analytics, said in a report. Samsung once also had a 20 per cent market share in China but has seen its sales tumble to less than one per cent of the world's largest smartphone market in the third quarter, and last month announced the closure of its factory in Tianjin. It will reportedly roll out a new line-up of its flagship Galaxy handsets at next month's World Mobile Congress in Barcelona as it seeks to regain a competitive edge in a market segment it once dominated. Samsung is also set to introduce the world's first bendable smartphone in the first half. Its reputation suffered a major blow after a damaging worldwide recall of its Galaxy Note 7 devices over exploding batteries in 2016, which cost the firm billions of dollars and shattered its global brand image. It also took another hit after the bribery conviction of Lee Jae-Yong — the son and heir of the group's ailing current chairman Lee Kun-hee. The 50-year-old scion was a key figure in the scandal that ousted former South Korean president Park Geun-Hye following massive nationwide protests and was sentenced to five years in jail last year. But he was released from jail in February last year after several of his convictions were quashed on appeal.

Samsung Electronics flags near 30% slump in Q4 operating profit

Non performing assets (NPAs) or bad loans in the banking sector are set to shoot up by at least Rs 8,000 crore as advances to the scam-hit Gitanjali Gems group have turned bad during the quarter ended March 31.

Banks will have to make provisioning of Rs 8,000 crore for Gitanjali alone as there have been no servicing of the working capital loan during the fourth quarter of last fiscal, sources said.

Gitanjali, among others, is the major account which has turned bad in the fourth quarter of 2017-18.

Gross NPAs of all the banks in the country amounted to Rs 8,40,958 crore in December, led by industry loans followed by services and agriculture sectors, as per the government estimates.

Gitanjali is promoted by Mehul Choksi, uncle of billionaire diamantaire Nirav Modi, who defrauded Punjab National Bank (PNB) of over Rs 13,000 crore by getting fake Letters of Undertaking/Credit (LoU/LoCs) issued from one of the bank's branches in Mumbai.

A special CBI court in Mumbai has issued non-bailable warrants (NBWs) against Modi as well as Choksi.

A consortium of 21 banks led by Allahabad Bank had first extended a working capital loan to it in 2010-11. In 2014, ICICI Bank became the lead banker as it had highest exposure of about Rs 900 crore and in line with the revised guidelines of the Reserve Bank of India.

Till December 2017, the loans to Gitanjali Gems were standard and regular debt servicing was being done. There is no servicing of debt in the last quarter ended March 31, so it has to be declared NPA by all banks, said a senior bank official of the consortium.

In 2015, the consortium had restructured working capital loans given to Gitanjali under the joint lenders' forum (JLF) mechanism.

The Gitanjali exposure was classified as a special mention account-2 (SMA-2) in 2014 after the company failed to fulfil its payment obligations for more than 60 days, triggering the formation of a JLF.

As a result, the company announced the consolidation of the business at the group level to improve cash flows and reduce costs in various activities such as sourcing, manufacturing, distribution, exporting and retailing.

It proposed the merger of three of its subsidiaries Asmi Jewellery India and Spectrum Jewellery with Nakshatra Brands and also the merger of Gitanjali Jewellery Retail and Gitanjali Lifestyle with GILI India.

Different investigating agencies, including CBI, I-T and Enforcement Directorate, are probing the fraud, which came to light in January, dubbed as the biggest banking scam in the country.

PNB had issued as many as 1,590 LoUs to Modi, Choksi and their associates.

The total number of LoUs issued to the companies of Modi, his relatives and the Nirav Modi Group are 1,213, while those to Choksi, his relatives and the Gitanjali Group are 377.

Banks will have to make provisioning of Rs 8,000 crore for Gitanjali alone as there has been no servicing of the working capital loan during the fourth quarter of last fiscal, sources said

Non performing assets (NPAs) or bad loans in the banking sector are set to shoot up by at least Rs 8,000 crore as advances to the scam-hit Gitanjali Gems group have turned bad during the quarter ended March 31. Banks will have to make provisioning of Rs 8,000 crore for Gitanjali alone as there have been no servicing of the working capital loan during the fourth quarter of last fiscal, sources said. Gitanjali, among others, is the major account which has turned bad in the fourth quarter of 2017-18. Gross NPAs of all the banks in the country amounted to Rs 8,40,958 crore in December, led by industry loans followed by services and agriculture sectors, as per the government estimates. Gitanjali is promoted by Mehul Choksi, uncle of billionaire diamantaire Nirav Modi, who defrauded Punjab National Bank (PNB) of over Rs 13,000 crore by getting fake Letters of Undertaking/Credit (LoU/LoCs) issued from one of the bank's branches in Mumbai. A special CBI court in Mumbai has issued non-bailable warrants (NBWs) against Modi as well as Choksi. A consortium of 21 banks led by Allahabad Bank had first extended a working capital loan to it in 2010-11. In 2014, ICICI Bank became the lead banker as it had highest exposure of about Rs 900 crore and in line with the revised guidelines of the Reserve Bank of India. Till December 2017, the loans to Gitanjali Gems were standard and regular debt servicing was being done. There is no servicing of debt in the last quarter ended March 31, so it has to be declared NPA by all banks, said a senior bank official of the consortium. In 2015, the consortium had restructured working capital loans given to Gitanjali under the joint lenders' forum (JLF) mechanism. The Gitanjali exposure was classified as a special mention account-2 (SMA-2) in 2014 after the company failed to fulfil its payment obligations for more than 60 days, triggering the formation of a JLF. As a result, the company announced the consolidation of the business at the group level to improve cash flows and reduce costs in various activities such as sourcing, manufacturing, distribution, exporting and retailing. It proposed the merger of three of its subsidiaries Asmi Jewellery India and Spectrum Jewellery with Nakshatra Brands and also the merger of Gitanjali Jewellery Retail and Gitanjali Lifestyle with GILI India. Different investigating agencies, including CBI, I-T and Enforcement Directorate, are probing the fraud, which came to light in January, dubbed as the biggest banking scam in the country. PNB had issued as many as 1,590 LoUs to Modi, Choksi and their associates. The total number of LoUs issued to the companies of Modi, his relatives and the Nirav Modi Group are 1,213, while those to Choksi, his relatives and the Gitanjali Group are 377.

Bank 'bad loans' in India to rise by at least Rs 8,000 crore in Q4

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Hedge fund manager Michael Burry makes strategic portfolio moves in Q4 2023

Kotak Mahindra Bank Q4 profit rises 14% to Rs 2,038 crore

RBI asks banks to disclose IL&FS provisions in Q4 accounts

Samsung Electronics flags near 30% slump in Q4 operating profit

Bank 'bad loans' in India to rise by at least Rs 8,000 crore in Q4