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IIFL Home Finance has received $100 million from the Asian Infrastructure Investment Bank. The funding aims to expand affordable housing loans. It will support families from economically weaker sections and lower income groups. The company will finance green affordable housing projects. This initiative aligns with India's climate commitments and Pradhan Mantri Awas Yojana Urban.from Latest Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/bGAf7kg
The Reserve Bank of India (RBI) has penalized HDFC Bank Rs 4.88 lakh for violating norms related to foreign investment while granting a term loan. Additionally, Shriram Finance Limited faces a Rs 2.70 lakh penalty for non-compliance with digital lending directions, specifically regarding loan repayments routed through a third-party account instead of directly from borrowers.
Britain's economy faces a setback. GDP declined for the second month in May. This surprises economists who expected growth. Industrial output and construction declined. The Bank of England may cut interest rates. The Labour government needs to boost growth. Finance Minister Rachel Reeves acknowledges disappointment. The economy had a strong first quarter but temporary factors drove it.
Stock market recommendations: Bajaj Broking Research suggests a positive outlook for Indian equities, anticipating Nifty to retest 25,800, supported by strong market internals and historical July performance. Bank Nifty is also expected to move towards 58,500, maintaining a bullish trend above its 20-day EMA.
The Ministry of Finance has dismissed media reports suggesting banks were instructed to close inactive Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts, clarifying no such directive exists. Instead, a nationwide campaign has been launched to promote financial inclusion through Jan Dhan accounts and associated schemes.
State Bank of India is planning a share sale worth Rs 25,000 crore to institutional investors, potentially starting next week. If fully subscribed, it would be the largest QIP in India, surpassing Coal India's 2015 offering.
Top stock market recommendations: Aakash K Hindocha suggests a positive outlook for Nifty and Bank Nifty, anticipating upward movement with key support levels. Voltas is poised for an 8-10% rally after breaking a 3-month consolidation. Samvardhana Motherson International shows bullish patterns, targeting gains above 160, while JK Tyre is set for a 9-11% rally following a confirmed breakout.
ICICI Prudential AMC has filed for a Rs 10,000 crore IPO with SEBI, offering 10% of its equity. The fund house, a joint venture between ICICI Bank and Prudential Corporation, is the second largest in India after SBI Mutual Fund.
Reserve Bank of India plans to regulate over-the-counter derivative contracts. Draft directions are released for novation. Novation involves replacing a market maker with a third party. This requires consent from the remaining counterparty. Standard agreements will be developed by FIMMDA and FEDAI. The goal is to streamline regulatory requirements. The current framework is from a 2013 circular.
The finance ministry is pressing public sector banks to expedite education loan processing, aiming for approvals within 15 days. Banks must establish centralized systems and higher authority approval for rejections, with clear communication to students.
A nationwide strike, or 'Bharat Bandh,' is scheduled for July 9, 2025, organized by a coalition of trade unions and agricultural organizations. The strike aims to protest government policies perceived as pro-corporate and detrimental to workers, with anticipated participation from over 25 crore workers across various sectors.
Nuvama downgraded Trent, while Morgan Stanley held an underweight rating on Bank of Baroda due to moderated growth. Motilal Oswal maintained a neutral rating on IndusInd Bank, anticipating gradual recovery. Nomura has a neutral rating on Bandhan Bank expecting weak loan growth. Jefferies maintained a buy rating on Bajaj Finance, projecting healthy growth despite market trends.
India's banking sector experienced a slowdown in the June quarter, marked by subdued credit growth and inconsistent deposit performance. HDFC Bank, along with Punjab National Bank and UCO Bank, defied this trend, reporting growth in both deposits and advances. Conversely, Bank of Baroda and Yes Bank saw declines.
Following finance ministry concerns over declining low-cost deposits, several public sector banks, including Canara Bank and Punjab National Bank, are scrapping minimum balance penalties on savings accounts. This policy shift, influenced by Jan Dhan account data and SBI's earlier move, aims to boost CASA deposits. Banks will now recover costs through alternative fees like debit card charges.
Stock market recommendations: Sudeep Shah from SBICAP Securities suggests Chennai Petroleum Corporation and KPR Mill as top stock picks for the week. Nifty ended flat last week, showing market indecision, while Bank Nifty, despite a minor dip, remains bullish.
In Rio de Janeiro, Finance Minister Nirmala Sitharaman engaged in high-level talks with Brics counterparts from Russia, China, Brazil, and Indonesia, reinforcing India's dedication to collaboration. Discussions spanned financial cooperation, the New Development Bank, and global growth strategies.
Public sector banks are gearing up to recruit approximately 50,000 personnel this financial year, including 21,000 officer-level positions, to expand operations and enhance customer service. State Bank of India will lead the hiring spree, onboarding around 20,000 individuals. While facing short-term margin pressures, the sector anticipates healthy earnings growth between FY25 and FY27.
Amid global uncertainty, six of India's top ten companies, including HDFC Bank and ICICI Bank, saw a collective market valuation loss of Rs 70,325.5 crore last week. The BSE Sensex fell due to FPI outflows and anticipation of US tariff talks. Reliance Industries and Infosys, however, bucked the trend with gains.
