SBI is expected to mop up almost $202 million via the share sale.
The rupee on Tuesday recovered from its all-time intra day low of 77.79 to close higher by 7 paise on a stellar rally in domestic stock markets. After opening lower at 77.67, the local unit plunged further to its all-time intra-day low of 77.79 due to a spike in crude oil prices and disappointing macroeconomic data. However, a strong rally in domestic equities helped the rupee rebound and close at 77.48 (provisional), showing net gains of 7 paise over the last close of 77.55. The forex market was closed on Monday on account of Buddha Purnima.
The rupee on Friday rebounded from the near-80 levels to close higher by 17 paise at 79.82 against the US currency following a recovery in the domestic stocks and weakness in the greenback in overseas markets. The US dollar retreated from the two-decade high levels against a basket of six currencies which supported the rupee sentiment. At the interbank foreign exchange market, the local currency opened at 79.95 and witnessed an intra-day high of 79.82 and a low of 79.96 against the US dollar in the day trade. ,
A sharp rally in domestic stocks from June lows has once again rendered Indian markets expensive to their emerging-market (EM) peers. The 12-month forward price-to-earnings (P/E) multiple for the Nifty50 Index is around 20.6x - 82 per cent higher than 11.3 per cent for the MSCI EM Index. India's valuation premium has hit a five-month high. This is on the back of sharp outperformance to EM and global peers from June lows and also due to earnings downgrades, following the April-June quarter of 2022-23 earnings.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
The liquidity-fuelled rally will continue for some time, however, fundamentals are getting stretched.
Four-times Grand Slam champion Naomi Osaka looks set to return to tennis shortly after getting 'that itch' to play again.
With the international markets facing uncertainty after Russia invaded Ukraine and Western nations retaliated with sanctions, Indian companies are putting their international fundraising plans on hold as they wait for the markets to recover. Bankers said apart from the geopolitical crisis, international rates are hardening in anticipation of interest rate hikes by the US Federal Reserve to control rising prices in the US. The Ukraine situation has implications for the market. In such a situation, international investors try to shift to safe haven assets by exiting from emerging markets.
Market sources said other brokerages are also looking to streamline their business models as market volatility, along with increasing competition, has taken a toll on earning yields.
Coco Gauff rallied from a break down in the final set to beat Swede Rebecca Peterson and reach the Indian Wells quarter-finals for the first time
Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO). Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges. Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.
Notwithstanding the inflation pinch, analysts believe the Indian retail sector is on the 'cusp of accelerated earnings growth' as consumer sentiment and discretionary purchases bounce back from the Covid-19 pandemic. "The shift in consumer preference from the unorganised sector to the organised, coupled with uptick in domestic demand as people resume work from office, will cheer the Indian retail sector," says Nishit Master, portfolio manager, Axis Securities. Shopping malls are witnessing increased footfall in lower tier towns and standalone stores as consumption picks up and mobility improves.
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
The unofficial results were expected by Monday morning which would be announced by the commission headquarters in the capital.
Rahman, 50, was tried in absentia with the court declaring him a "fugitive". He now lives in London where he is believed to have sought asylum though the British authorities have declined to reveal his immigration status.
Maria Sakkari knocked out reigning champion Paula Badosa in Friday's Indian Wells semi-finals and will take on Iga Swiatek in the title decider after the world number four fought back from a break down in each set to overpower Simona Halep.
Kohlschreiber, 35, stunned the top seed and five-times former champion 6-4, 6-4 in Indian Wells, leaving the Serb to conclude it had just been "one of those days".
Reliance Jio's decision to acquire 700 MHz in combination with the possible use of an advanced standalone (SA) 5G network could give it an edge over its rivals, according to most analysts. The dissenters argue that the stiff price tag touching Rs 40,000 crore to grab 10 MHz of spectrum in 700 to provide coverage for its SA 5G network which offers ultra-low latency (unlike non-standalone or NSA), has a long way to go in India in terms of finding use cases that can be monetised. Globally, 700 MHz is a pivotal band which provides huge coverage, indoor penetration (especially useful in India where walls are thick) and is already considered by the European Union to be the 'pioneer band' for 5G, with 3.5 GHz and 26 GHz, both of which were auctioned in India recently.
Daniil Medvedev was knocked out in the fourth round of Indian Wells by Bulgarian Grigor Dimitrov on Wednesday as the world number two's near-flawless start turned nightmarish in a 4-6, 6-4, 6-3 defeat.
The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
The ruling Awami League-led grand alliance has won 288 seats in the 300-member Parliament, Election Commission secretary Helaluddin Ahmed said.
World No 2 Rafael Nadal brushed aside American Jared Donaldson 6-1, 6-1 and will next face Diego Schwartzman after the Argentine beat Roberto Carballes 6-3, 6-1.
According to telcos and analysts, this is due to SIM consolidation happening after the minimum recharge plans were implemented by incumbents.
Rafael Nadal dug deep to beat mercurial wildcard Nick Kyrgios 7-6(0), 5-7, 6-4 in a blockbuster quarter-final match that lived up to the hype at Indian Wells on Thursday.
Bajaj Finance was the top laggard in the Sensex pack, plunging around 6 per cent, followed by IndusInd Bank, SBI, M&M, Axis Bank, Bajaj Auto and ICICI Bank. NSE Nifty sank 229.55 points to 14,637.80.
Fintech firm MobiKwik on Monday filed a draft red herring prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (Sebi), for its initial public offering (IPO). According to its DRHP, the company plans to raise Rs 1,900 crore, which includes a fresh issue of Rs 1,500 crore and an offer for sale of Rs 400 crore. The selling shareholders include American Express Travel, Bajaj Finance, Cisco Systems and Sequoia Capital India, besides founder Bipin Preet Singh. MobiKwik is the latest among tech majors wanting to list on stock exchanges. Food delivery start-up Zomato will launch its IPO on Wednesday.
In the second of a four-part series, Business Standard checks out the currency press in Dewas to find target-based allowances have increased the monthly salary of employees from Rs 10,000 to Rs 30,000, at a time when notes are being printed 24x7.
IMAGES from the matches played on Day 10 of the BNP Paribas Open at Indian Wells, California, on Wednesday
A defiant Rafael Nadal won an all-Spanish clash of the generations taming teenager Carlos Alcaraz 6-4, 4-6, 6-3 to stretch his winning run to 20 matches on Saturday and clinch a place in the Indian Wells final. He will take on American Taylor Fritz in Sunday's championship in the California desert where a victory would see the 35-year-old equal Novak Djokovic's record of 37 ATP Masters 1000 titles.
SBI was the top gainer in the Sensex pack, spurting over 2 per cent, followed by ICICI Bank, Nestle India, IndusInd Bank, M&M, Bajaj Auto and Maruti. NSE Nifty advanced 135.55 points to 14,819.05.
Equity mutual funds witnessed an outflow of Rs 9,253 crore in January, making it the seventh consecutive monthly withdrawal, primarily due to profit booking and portfolio rebalancing amid markets touching new highs. The pace of outflows from equities has however slowed for the third month and Gautam Kalia, head - Investment Solutions, Sharekhan by BNP Paribas said that it will likely turn positive soon as investors get used to the new normal. In addition, investors pulled out Rs 33,409 crore from debt mutual funds last month after investing Rs 13,863 crore in December, data from the Association of Mutual Funds in India showed on Tuesday.
In the absence of Sharapova, Colombia's Mariana Duque-Marino moves into the main women's draw of the tournament
So which sectors are likely to do well in 2022? Should you focus on domestic economy-related sectors or export-oriented ones?
'Overtightening of monetary policy by central banks and the spread of new Covid variants, which may force governments to restart lockdowns or restrict mobility.'
Seven top leaders of Bangladesh's main opposition party Bangladesh Nationalist Party were arrested today during raids, prompting it to extend a 48-hour nationwide strike by one more day, defying premier Sheikh Hasina's appeal to shun violence.
A senior leader of the hardline Jamaat-e-Islami group has been arrested in Bangladesh for allegedly instigating violence in March during Indian Prime Minister Narendra Modi's visit to the country, police said on Sunday.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Players will be banned from handing their towels to ball-kids at next week's BNP Paribas Open in Indian Wells in an effort to prevent the spread of the coronavirus, organisers said on Friday.
She had a narrow escape when several bombs exploded in a busy commercial area here minutes after her convoy passed through it.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
