Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
The sudden stop in economic activity led to a sharp decline in employment-intensive sectors like construction, manufacturing and trade, hotels, transport etc.
Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for Ruchi Soya.
The immediate concern for the rupee is the sharp spike in oil prices
Of the Rs 20-lakh-crore package that Prime Minister Narendra Modi announced to defend the economy against coronavirus disruptions, fresh support may be only around 60 per cent of the offer as it counts the first financial stimulus and liquidity support that Reserve Bank has given already, and will overburden the bond market, says a report.
India will allow three major Singapore banks to set-up wholly owned subsidiaries in the country to boost investments as part of the bilateral comprehensive economic cooperation agreement cleared by the cabinet on Monday.
Adani Wilmar's bid was approved by the committee of creditors of the bankruptcy-bound Ruchi Soya with about 96% votes in favour
The government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
The Nifty PSU Bank pared losses to end flat after falling as much as 1.05%
China would be an influential player in the bank
Top ten banks of the world includes 4 from the USA, 4 from China and one each from the UK and Australia
Irrespective of demonetisation and GST blues, IIM Lucknow has been able to successfully place their batch of 459 students.
Forex dealers said besides dollar's gains against the euro overseas, increased demand from importers for the US currency and a lower opening in the domestic equity market also put pressure on the rupee.
Economists praise Das for his pragmatism and willingness to face challenges head on. And in doing so with the finesse of an able administrator.
Indian bonds remained volatile over the past week on uncertainties over the maiden offshore sovereign bonds issuance, according to a report by DBS Group Research.
Bond issuances dipped 31.4% during January-June
The combined 10 Asian currencies have appreciated by 6.6%.
The Reserve Bank may cut key interest rates as early as this week.
Days after the US Fed raised the interest rate, the RBI may go in for its third consecutive policy rate hike by at least 35 basis points to check high retail inflation, experts said. The central bank has already announced to gradually withdraw its accommodative monetary policy stance. The Reserve Bank of India's rate-setting panel -- the Monetary Policy Committee -- will meet for three days from August 3 to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
British banking major HSBC on Thursday announced a consolidation exercise under which it will almost halve the number of branches in the country to 26, which will lead to 300 job losses.
The Reserve Bank did not issue the final merger scheme for Lakshmi Vilas Bank (LVB) with DBS India on Friday as stated earlier and is likely to do so only next week, according to a central bank official. While placing LVB under a moratorium and then issuing a draft amalgamation scheme on November 17, the RBI had said it would issue the final merger scheme on November 20 (Friday) so as to help complete the resolution for the 94-year-old lender by December 16. However, as of 2200 hrs on Friday, the central bank did not issue the final merger scheme. When contacted, a senior RBI official told PTI that the same would now be issued early next week.
The CBI also told the court that it has sought Interpol's help in seeking access to overseas bank accounts of the Mukerjeas
UBS India, the domestic franchise of Swiss banking major UBS Group which last month surrendered its banking licence, has started laying off around 50 people, who are affected by the decision.
GST is the biggest revenue shake-up since independence
In policy review meet in June, RBI Governor Raghuram Rajan kept interest rates intact.
CPI inflation could fall marginally but stay above RBI's comfort level.
DBS called Rajan's decision not to seek an extension as a 'negative surprise'.
'When there is unlocking, there is demand revival.' 'This is going to be the main growth engine in this kind of an economic scenario.'
While headline and core WPI are stuck in a disinflationary phase, the retail measure is inching north.
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
RBI's tricky strategy to ease market's pre-Fed jitters.
However, some analysts say RBI Governor Raghuram Rajan may delay the rate cuts amid mounting concerns over the government's fiscal health.
As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety.
The retail inflation, which is factored in by the RBI to arrive at its monetary policy, has been on decline since last month. The previous low was 5.54 per cent in November 2019. The government has asked the RBI to restrict the inflation around 4 per cent, with a margin of 2 per cent on the either side.
Subdued prices of food items like vegetables pulled down retail inflation for the third month in a row to 5.3 per cent in August, within the RBI's comfort zone. While the Consumer Price Index (CPI)-based retail inflation declined to 5.3 per cent in August from 6.69 per cent in the same month a year ago, food inflation dipped at a much faster pace to 3.11 per cent from 9.05 per cent in August 2020. The food inflation was also lower than 3.96 per cent in preceding month of July.
The chances of a rate cut in September have risen.
The economic growth is likely to moderate to 6.1 per cent, slowest in over seven quarters, from 6.6 per cent last year same period.
Hawkish guidance by the US Fed raises concerns it could tie the hands of RBI from trimming rates.
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