Cleaner balance sheets, regulatory support and strong growth prospects helped Indian private banks attract over $6 billion in foreign capital, with more deals expected in 2026.
Leading non-banking financial company (NBFC) Shriram Finance on Friday said Japan-based MUFG Bank would invest Rs 39,618 crore, or $4.4 billion, to acquire a 20 per cent stake on a fully diluted basis through a preferential issue of equity shares.
IFC, a member of the World Bank Group, is helping one of Japan's leading banks, Mizuho Corporate Bank, finance a project that would operate power transmission links between East, North-East and electricity-starved North India.
It is also going for 9.5 per cent stake sale.
Industrial ouput, however, was seen falling 0.6 per cent in January
The 12-year loan will part finance the proposed expansion of RIL's petrochemical plants and setting up of new gasification unit and refinery off-gas cracker over the next 2-3 years.
Still, it is not expected to gain much strength and will likely trade around Rs 63.00 to the US dollar by the end of April.
The parlous state of Asia's third largest economy was reflected in the rupee's 18 per cent plunge against the dollar to all time lows since May, when signals emerged that the US Federal Reserve was considering winding down an easy money strategy that had benefitted emerging markets like India.
The move will have cascading effects for lot of related sectors
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 job cuts will affect almost a fifth of the bank's workforce.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
Historically, overall credit has grown at 1.6 times GDP growth
Liquidity pushed benchmark indices 22% higher to become the best performing equity market globally
Markets end in red; bluechips struggle to keep pace.
Between now and the general elections (likely in May 2019) there are 12 assembly polls, which analysts say, in a way will also be interpreted as a referendum on the Modi-led government's key reforms
Demonetisation, Donald Trump's surprise victory in the US presidential elections, and the fear that US Fed may hike rates in the upcoming policy review in December have dented market sentiments, report Puneet Wadhwa & Deepak Korgaonkar.
Analysts say markets to be impacted by monsoon, inflation trajectory.
Given the developments, analysts do not foresee a quick recovery.
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
Several Sensex stocks hits 52-week low in intra-day trade on Monday with financials leading the decline.
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