1:11 AM
Blogger
MTNL has defaulted on a Rs 1,000 crore loan from Bank of India, leading the bank to set aside Rs 200 crore to cover potential losses. This comes after SBI categorized its loans to MTNL as sub-standard. Despite the default, lenders are optimistic about recovery as MTNL is government-owned and some loans are backed by government guarantees.
10:11 PM
Blogger
The Reserve Bank of India announced a new option for foreign portfolio investors exceeding the 10 per cent investment limit. They can now divest their holdings or reclassify them as foreign direct investment, subject to government and company approvals. This framework, effective immediately, prohibits reclassification in sectors where FDI is restricted.
9:10 PM
Blogger
The State Bank of India predicts the Indian Rupee might weaken against the US dollar if Donald Trump returns to power, potentially reaching between Rs 87 to Rs 92. However, the bank assures this depreciation would be short-lived, with the rupee eventually strengthening. While a weaker rupee could benefit exports, it might also slightly increase inflation and import costs.
5:10 PM
Blogger
A State Bank of India report suggests that Donald Trump's second term as US President could bring about shifts in foreign direct investment (FDI) to India. While Trump's policies during his first term aimed to attract investments back to the US, India has been diversifying its FDI sources and focusing on emerging sectors to mitigate potential declines.
6:10 AM
Blogger
SBI Chairman C.S. Setty predicts the Reserve Bank of India will hold off on cutting interest rates until February 2025, despite acknowledging that deposit rates have peaked. Setty anticipates a moderate 25 basis point reduction at that time. This projection comes amidst persistent inflation concerns and RBI's cautious monetary policy stance.
12:10 PM
Blogger
India's stock market witnessed a mixed performance last week, with six of the top ten companies experiencing a combined market value decline of ₹1.56 lakh crore. Reliance Industries took the biggest hit, while TCS and Infosys emerged as gainers. Despite the fluctuations, Reliance Industries retained its top position, followed by TCS and HDFC Bank.
7:10 AM
Blogger
Finance Minister Nirmala Sitharaman raised the lending target for public sector banks to MSMEs by nearly 35% for this financial year. She set a new target of Rs 5.7 lakh crore, emphasizing that no small business should be denied funding. Sitharaman urged public sector banks to take the lead in lending to MSMEs, aiming for greater growth in the sector.
6:10 AM
Blogger
State Bank of India (SBI) recorded its highest-ever net profit of Rs 18,331 crore in the September quarter, marking a 28% surge. This achievement was fueled by substantial growth in both interest and non-interest income, coupled with controlled operating expenses. SBI also celebrated reaching a milestone of Rs 50 lakh crore in deposits during this period.
8:11 PM
Blogger
India's foreign exchange reserves have decreased for the fifth consecutive week, now standing at $682.130 billion. This decline follows a record high last month, attributed to the Reserve Bank of India's intervention to stabilize the Rupee. Despite the recent dip, India boasts substantial reserves, enough to cover approximately one year of imports.
4:10 PM
Blogger
State Bank of India reported a net profit of Rs 18,331 crore in the second quarter of FY25, marking a 27.92% increase. Net interest income also saw a rise of 5.37%, reaching Rs 41,620 crore. The bank's credit grew by 14.93% year-on-year, reaching Rs 39.21 lakh crore, with significant growth in domestic advances, SME, and retail personal loans.
9:10 AM
Blogger
Following Donald Trump's re-election, Federal Reserve Chair Jerome Powell affirmed the central bank's independence, stating that he would not resign if asked and emphasizing that the president lacks the authority to remove him. Powell's firm stance signals a potential power struggle over interest rate policy, with Trump having previously criticized the Fed's decisions.
5:10 AM
Blogger
India's Solar Energy Corporation of India (SECI) has banned Reliance Power and its subsidiaries from bidding on its contracts for three years. SECI alleges that Reliance Power submitted a fake bank guarantee as part of a bid for a battery energy storage system project. Reliance Power maintains it was the victim of fraud and plans to challenge the ban.
11:10 AM
Blogger
IFC, part of the World Bank Group, has pledged $400 million to Bajaj Finance Ltd. This funding will broaden financing options for customers purchasing electric vehicles and energy-efficient appliances in India. The initiative aims to bolster India's climate goals, promote financial inclusion, and encourage the adoption of sustainable technologies.
5:10 AM
Blogger
The Indian rupee experienced its most significant drop in over four months, closing at 84.28 against the US dollar due to Trump's victory. Despite this decline, the Reserve Bank of India (RBI) intervened to curb further depreciation. Global currencies also faced significant losses against a strengthening dollar, fueled by anxieties surrounding potential trade barriers. The Mexican peso, euro, Chinese yuan, and South African rand were among the most affected.
3:10 PM
Blogger
Chhath puja 2024 bank holidays: Multiple states in India will observe bank holidays for Chhath Puja celebrations from November 7-10, 2024. November will see numerous bank holidays due to various festivals including Diwali Amavasya, Guru Nanak Jayanti, and Kannada Rajyothsava, as per the RBI.
9:10 AM
Blogger
Retail-loan defaults are increasing in India. This is impacting the stock market. Analysts are concerned about the impact on the economy. Lenders are reporting stress in unsecured loans. Personal loan growth is slowing down. The Reserve Bank of India had tightened lending norms. Demand for big-ticket items is also slowing down.
7:10 PM
Blogger
Bank Fixed Deposits (FDs) are offering attractive interest rates, making it a favorable time for investors to lock in high returns before potential rate cuts by the Reserve Bank of India (RBI). The ET Intelligence Group has identified the top-performing bank FDs across various tenures, providing investors with insights to maximize their returns in a potentially declining interest rate environment.
2:10 PM
Blogger
Bank Holidays November 2024: Indian banks will observe 13 holidays in November 2024, impacting various states due to Diwali, Chhath Puja, Guru Nanak Jayanti, and regional festivals. Despite the closures, customers can utilize online and mobile banking services for uninterrupted access to their accounts.
9:10 AM
Blogger
Maruti Suzuki expects strong retail sales momentum in November, driven by a significant number of planned marriages across the country. The company achieved its highest-ever October retail sales with 2,02,402 units and aims to maintain a 4-5% growth forecast for the fiscal year.
3:11 AM
Blogger
Swiggy has received enthusiastic investor interest for its $1.4-billion IPO in India, with bids from big investors like Norges Bank and Fidelity exceeding $15 billion. The IPO, launching next week, has seen its valuation reduced to $11.3 billion due to a recent market correction.
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