Even as competition to garner deposits is intensifying into a tight liquidity and high credit growth scenario, Bank of Baroda (BoB) has hiked deposit rates for the second time in the current quarter. Also, private lender IDBI Bank has come out with a limited period offer on its term deposits. It is offering 7.6 per cent interest rate for a tenor of 700 days, effective from December 2022.
More shares belonging to companies of the embattled Adani Group have been pledged as security for loans taken by the group's flagship firm, a trustee said. SBICap Trustee in notices to stock exchanges said that a further 0.99 per cent shares in Adani Green Energy Ltd were pledged "for the benefits of the lenders" of Adani Enterprises Ltd. An additional 0.76 per cent shares in Adani Transmission Ltd were also pledged to banks, the trustee said. SBICap, which is a unit of State Bank of India (SBI), however did not give details of the loans taken by Adani Enterprises for which the pledge was created.
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
Benchmark indices ended nearly 1 per cent lower on Wednesday, tracking a weak trend in global markets and continuous foreign fund outflows. The 30-share BSE Sensex fell 509.24 points or 0.89 per cent to settle at 56,598.28. During the day, it tanked 621.85 points or 1.08 per cent to 56,485.67. Similarly, the broader NSE Nifty declined 148.80 points or 0.87 per cent to end at 16,858.60.
The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL). The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.
'It is observed that some of our branches are already losing good balances in their savings deposits as well as fixed deposits, which are maturing, to the other banks.'
Benchmark equity indices Sensex and Nifty gave up early gains to close down by over 0.8 per cent due to fag-end selling in Axis Bank, Reliance Industries and Infosys. The 30-share BSE benchmark plummeted 460.19 points or 0.80 per cent to end at 57,060.87 despite a firm opening. During the day, it hit a high of 57,975.48 and a low of 56,902.30. The NSE Nifty tanked 142.50 points or 0.83 per cent to 17,102.55.
Benchmark stock indices Sensex and Nifty rebounded to close over 1 per cent higher on Thursday, propelled by buying in index majors Reliance Industries, HUL and Infosys along with an overall positive trend in global markets. The 30-share BSE benchmark jumped 701.67 points or 1.23 per cent to end at 57,521.06. During the day, it zoomed 971.46 points or 1.70 per cent to 57,790.85 on the expiry of derivatives contracts. The NSE Nifty rallied 206.65 points or 1.21 per cent to 17,245.05.
The rupee had edged higher by four paise to end at 61.51 against the American currency in yesterday's trade on fresh selling of dollars by banks and exporters.
A plea has been filed in the Supreme Court seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
As banks' chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab & Sind Bank tops the chart offering 8-8.50 per cent per annum deposit rate. Banks are forced to offer inflation-beating deposit rates for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
The country's largest lender State Bank of India has raised its marginal cost of funds based lending rate by 10 basis points or 0.1 per cent across all tenures, a move that will lead to an increase in EMIs for borrowers. This is the second hike in a month raising the cost by 0.2 per cent with the two consecutive increases. The revision follows an off-cycle rate increase by the Reserve Bank earlier this month. The central bank hiked the repo rate -- at which it lends short term money to banks -- by 0.40 per cent to 4.40 per cent.
It may sound bizarre, but incidents of public sector bankers dying by suicide could probably equal the number of such bankers quitting their jobs, reveals Tamal Bandyopadhyay.
Benchmark indices continued their downtrend for the fifth session on the trot on Thursday, with the Sensex tumbling nearly 817 points in early trade, tracking weak global trends and selling in index majors Reliance Industries and HDFC Bank. Unabated selling by foreign institutional investors also weighed on the sentiment. The 30-share BSE Sensex was trading 816.78 points lower at 53,271.61. The NSE Nifty declined 234.05 points to 15,933.05.
Since the bankcuptcy law came into effect from December 2016, with every quarter, the recovery rate has progressively been going down, notes Tamal Bandyopadhyay.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
The recent run on the US-based Silicon Valley Bank (SVB) and the subsequent seizure of its assets by the regulators may have sparked a global wave of risk aversion, particularly for start-ups. However, the Indian banking sector is unlikely to be a victim of any contagion effects, said analysts. he bank, which played a big role in financing start-ups and technology players, faced stress after incurring huge losses on its holdings of US bonds, following the most-aggressive monetary tightening cycle by the Federal Reserve in around four decades.
What is more surprising is that a surge in Russian oil supplies has come after the G7 imposed stringent sanctions on Moscow.
State Bank of India (SBI) on Tuesday announced the launch of its first "state-of-the-art" dedicated branch for start-ups in the country here, to facilitate and support them. The branch launched by SBI chairman Dinesh Khara is located in Koramangala, which alongside neighbouring HSR Layout and Indiranagar are the biggest start-up hubs in the city. "...overall we are in a position to provide end-to-end services to start-ups, with that in mind this particular start-up branch is the first start-up branch we are starting, from the capital city of start-ups- Bengaluru.
India's first digital rupee pilot project will commence on Tuesday with nine banks, including SBI, HDFC Bank and ICICI Bank, issuing the virtual currency for transactions in government securities. "...the first pilot in the digital rupee - Wholesale segment shall commence on November 1, 2022," the RBI said in a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale (e?-W) Pilot'. It also announced that the first pilot in digital rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
Nearly five million debtors have defaulted in repaying loans totalling a little more than Rs 1 lakh crore from various nationalised banks in the country, a right to information query has revealed.
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
Benchmark stock indices rebounded around 1 per cent on Thursday following value buying in banking, IT and auto stocks after two days of losses and a largely positive trend in global markets. The 30-share BSE Sensex climbed 659.31 points or 1.12 per cent to settle at 59,688.22. During the day, it jumped 683.05 points or 1.15 per cent to 59,711.96. The broader NSE Nifty rose by 174.35 points or 0.99 per cent to close at 17,798.75.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
Equity mutual funds (MFs) deployed maximum in shares of Reliance Industries (RIL) in June at Rs 2,177 crore, followed by Maruti Suzuki (Rs 2,045 crore) and Bharti Airtel (Rs 1,310 crore). Shares of both RIL and Bharti Airtel have been turbulent this month. On July 1, shares of RIL crashed over 7 per cent, following the government imposing windfall taxes on domestic crude oil production and fuel exports.
Benchmark indices Sensex and Nifty gave up early gains to close in negative territory on Thursday dragged down by IT and pharma stocks which fell amid fears of recession in the global economy. The 30-share Sensex opened higher and rose further to touch a day's high of 60,676.12 on gains in auto and capital goods shares. However, it gave up all early gains and later closed 412.96 points or 0.68 per cent lower at 59,934.01.
The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
Benchmark indices ended on a flat note on Friday after facing bouts of volatility during the day amid mixed global market trends. The BSE Sensex inched up 36.74 points or 0.06 per cent to settle at 58,803.33. During the day, it hit a high of 59,108.66 and a low of 58,558.64.
An NCD's credit rating will tell you whether risk possibility is high or low. Instruments rated below AA are regarded as high-risk.
The 30-share BSE gauge climbed 465.14 points or 0.80 per cent to finish at 58,853.07. During the day, it jumped 546.97 points or 0.93 per cent to 58,934.90.
Traders broadly expect the rupee to stay in a 61.50 to 63.50 range over the next three months.
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
The Sensex came under fag-end selling pressure to close in the red for the sixth straight session on Friday as risk-off sentiment prevailed amid unabated selling by foreign institutional investors and concerns over inflation. The 30-share BSE benchmark pared all intra-day gains and declined 136.69 points or 0.26 per cent to end at 52,793.62. During the day, it had rallied 855.4 points or 1.61 per cent to 53,785.71. On similar lines, the broader NSE Nifty dipped 25.85 points or 0.16 per cent to settle at 15,782.15.
Equity benchmarks eked out marginal gains to settle in the positive zone after swinging between gains and losses during the session on Wednesday amid weakness in global bourses. In a trade marked with highs and lows, the 30-share BSE Sensex climbed 54.13 points or 0.09 per cent to settle at 59,085.43. During the day, it hit a high of 59,170.87 and a low of 58,760.09. Similarly, the broader NSE Nifty went up by 27.45 points or 0.16 per cent to 17,604.95.
Benchmark BSE Sensex and Nifty snapped their two-day losing streak to close nearly half a per cent higher on Tuesday following gains in banking, metal and auto stocks. The 30-share BSE Sensex climbed 257.43 points or 0.44 per cent to settle at 59,031.30. During the day, it hit a high of 59,199.11 and a low of 58,172.48.
After a tumultuous past few days that almost halved value of the Adani group, embattled tycoon Gautam Adani-led conglomerate had some pressure eased on Friday as two global rating firms stuck with their calls on its credit profile and its French partner backed its investments in the group firms. Also for the first time since January 24, shares of the group's flagship firm Adani Enterprises ended in positive territory after erasing an intraday loss of 35 per cent. Adani Ports and SEZ also ended 8 per cent higher. This is after a over $100-billion rout in value of group stock since the US short seller Hindenburg Research accused Adani group of stock manipulation and accounting fraud.
Benchmark indices fell over 1 per cent each on Monday in sync with weak global markets and a sharp fall in IT stocks. The BSE benchmark Sensex tanked 861.25 points or 1.46 per cent to settle at 57,972.62. During the day, it tumbled 1,466.4 points or 2.49 per cent to 57,367.47. Similarly, the NSE Nifty fell 246 points or 1.4 per cent to 17,312.90.
Shares of Yes Bank may face selling pressure as the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds is ending on Monday, according to analysts. The analysts expect distress on the bank counter on Monday as they expect investors, primarily the nine banks led by State Bank, which picked up almost 49 per cent of its stocks in March 2020 for Rs 10 per share -- at a premium of Rs 8 on the face value as part of the RBI bailout, making an exit. Exchange-traded funds are also likely to press the exit button.
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