India Financial News

State Bank of India on Wednesday raised Rs 10,000 crore through the issuance of infrastructure bonds, while two other public sector lenders – Canara Bank and Bank of India – are likely to tap the debt market next week to raise a total of up to Rs 15,000 crore through the same instrument. SBI raised the funds through 15-year infrastructure bonds at a coupon rate of 7.36%, identical to the rate that was set at another infrastructure bond issuance on June 26, also for Rs 10,000 crore, the bank informed exchanges.

Online discounts and promotions will peak this month onwards with brands across smartphones, electronics and apparel rushing to clear off unsold inventory ahead of the upcoming festive season and marketplaces such as Amazon and Flipkart lining up multiple sales events. Industry executives estimate the average online discount in these categories in the forthcoming sales to be the highest since Covid-19 as their sales have been under pressure from January to June.The chief executive of a leading apparel brand said it will clear inventory from 2023 on hefty discounts in the upcoming online sales. “Apparel demand has been subdued for six quarters now and though the industry has rationalised inventory last fiscal, still there is unsold stock,” he said on condition of anonymity. “Discounts on old stock will be more than last year,” he added.

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The IPO is a mix of fresh issuance of Rs 550 crore and an offer for sale (OFS) of up to 2.16 crore equity shares by promoters and investor selling shareholders.

Mercedes-Benz India MD & CEO Santosh Iyer told the Times of India, «We need to see whether it makes sense… Investments can be done only if the tax advantage of 5% GST on EVs will continue for the next ten years… that gives us confidence.» Iyer added, «This will prompt us to do a business case to start with. Today, there is no business case.»

Gopal's sweets will invest Rs 150 crore to set up a manufacturing unit in Mohali Industrial Economic Zone (MIEZ), being developed by the Royale Estate Group. Spread over 150 acres with a plan to expand it to 500 acres over the next three years, MIEZ's proximity to an International Airport, and other transport him gives advantage of connectivity to all the four states. «With the perishable nature of our products, mainly sweets and other dairy and bakery products, we were looking for the most central and strategic location from where we could serve all the four states within the desirable timelines,” said Sharanjit Singh managing director of Gopal's Sweets Pvt. Ltd. Punjab's green farm products, such as green peas, cabbage, onions and potatoes, which currently go to Rudrapur in Uttarakhand for processing & packaging, will now no longer have to go to Uttarakhand. The new plant at MIEZ will cater for all such operations for the farmers and food growers of Punjab.

Indian benchmark indices soared to fresh all-time highs on Tuesday, led by gains in auto and pharmaceutical stocks. Analysts said the uninterrupted rise in equities since the election results on June 4 has resulted in an overbought market, although a big reversal is unlikely for the moment. NSE's Nifty rose 112.65 points or 0.46% to close at 24,433.20, having hit a lifetime high of 24,443.60 during the day. BSE's Sensex rose 391.26 points or 0.49% to end at 80,351.64, down from an intraday record of 80,397.17.

PLI scheme for white goods (ACs and LED lights) for 90 days based on the appetite of the industry to invest more under the scheme due to the growing market and confidence generated for manufacturing of key components of ACs and LED Lights in India. Leading manufacturers such as Tata-owned Voltas, Daikin, Blue Star, and Dixon Technologies are evaluating whether to make fresh applications, company executives said. These companies are beneficiaries of the first phase of the PLI scheme. ET broke the story in its edition dated June 21.

The data suggested growth in demand for residential properties is not restricted to top seven major cities. As per the data, the sales of housing units in India’s 30 major tier II cities stood at 2,07,896 units in 2023-24 as against 1,86,951 units in the preceding financial year.

T20 World Cup champions India will take on Zimbabwe in the second match of the 5-match T20 series at Harare Sports Club. Zimbabwe defeated India by 13 runs in the first T20 international at Harare Sports Club. Despite struggling to 115 for nine, with Ravi Bishnoi taking a career-best four for 13, Zimbabwe bowled out India for 102. This loss ended India's 12-match winning streak in T20Is. Shubman Gill acknowledged that while the team bowled well, their fielding was subpar and they appeared rusty. India lost four wickets for 22 runs early, and Gill's dismissal for 31 further dashed their hopes. Sikander Raza, who took three for 25, highlighted the need for better batting despite the win. An unbeaten last-wicket stand of 25 proved crucial for Zimbabwe.

regulator has issued a show cause notice to Religare Enterprises subsidiary, Care Health Insurance (Care), in relation to the grant of stock options to Rashmi Saluja, the Religare chairperson, said sources aware of the development. The board of Religare, which in turn owns Care, and the promoter family of Dabur are locked in a protracted battle over the control of Religare. The Burman family made an open offer to minority investors of Religare and has accused the board of giving Saluja stock options in alleged violation of rules. In the show cause notice, which was issued last month, the regulator has alleged Care failed to comply with the directions of the Insurance and Regulatory Development Authority of India (IRDAI), sources added.

this is the ultimate report you’ll need. The reason why I started this editorial with penny stocks is because the semiconductor stock that ace investor Mukul Agrawal is bullish on, used to be a penny stock not so long ago. Back in 2020, when we first wrote about semiconductor stocks and how the theme is expected to pick up in the coming years, this semiconductor stock was trading at around ₹50-60 per share.

HCLTech, India's third largest software exporter, reported a 6.8% sequential growth in net profit at ₹4,257 crore, beating ET's analyst poll estimates of ₹3,745 crore. A fatter bottom-line came largely on the back of a spike in non-core income in the June quarter otherwise marked by sluggish demand. Revenues and margins declined sequentially. The company's EBIT came at ₹4,795 crore, down 4.4% QoQ & up 7.5% YoY.

India is considering setting up an underwater biodiversity research lab to study the different kinds of flora and fauna on the seabed, and at varying depths, to explore their potential for human consumption. The lab, part of the government's long-term vision of making India a developed nation by 2047, is being conceptualized under the Deep Ocean Mission and will be set up in the Indian Ocean. It seeks to make India a transnational and regional hub for marine biology and biotechnology research. A senior government official told ET that the underwater lab will be technologically one of the most advanced and will be used for exploration and conservation of deep-sea biodiversity. «The proposal is at a concept stage and several rounds of deliberation between key stakeholders will be held before it gets onto the drawing board,» the official quoted above said.

financial services major Capital Group, and asset management companies T Rowe Price, Fidelity and Vanguard have all acquired stakes in PB Fintech, which runs insurance marketplace Policybazaar and credit marketplace Paisabazaar, people in the know said. “Capital Group through various of its investment vehicles now owns around 10% in the company,” said a person with knowledge of the matter.

earnings versus a 20-year average of 20.4x (at the 88th percentile). So, what has been driving the markets and more importantly, what’s next? The superior returns were triggered by a stable macroeconomic profile, improving corporate profitability as well as strong liquidity. On the macro side, fiscal consolidation, a focus on capital spends and moderating inflation have boded well for India. The recent GDP growth print of 8.2% was also a positive surprise for market participants. From a corporate profitability point of view, from FY18’s low of 1.3%, India’s corporate profits as % of GDP have dramatically improved to 5.5% in FY23. Liquidity has been strong too, providing a cushion to the markets. In 2023, FIIs bought $21.4 billion, while domestic institutions bought $22.3 billion. The vast improvement seen in systematic investments into mutual funds is particularly heartening. SIPs —which stood at Rs 8,500 crore in FY20 — amounted to Rs 20,900 crore in May of 2024. Even as these numbers explain what has happened in recent years, the question still remains: what now? And what next?

Arvind Kejriwal in a case related to the now-scrapped excise policy. Reacting to this, Bhagirath Choudhary, Bharatiya Janata Party (BJP) Union Minister of State for Agriculture and Farmers Welfare, affirmed that action will be taken against all corrupt individuals, regardless of their party affiliation. Choudhary stated, «Those who are corrupt will not be spared. PM Modi's vision is to make India corruption-free. Action will be taken against the corrupt from any party.» He criticized Kejriwal, alleging a stark transformation from his activist days with Anna Hazare to his current lifestyle. «Kejriwal, who once walked in slippers protesting against Congress, has now spent a fortune on his luxury residence. Be it the liquor scam or Janata clinics, his corrupt practices are evident,» Choudhary added. Choudhary reminisced about the anti-corruption protests led by Anna Hazare and Kejriwal, expressing disappointment in Kejriwal's alleged shift from those ideals. «He may have received interim bail, but once a corrupt leader, always a corrupt leader. These corrupt individuals will face justice. Till they are rooted out, our country cannot progress,» he asserted.

Mint. During the height of the Ukraine war, in July 2022, the Reserve Bank of India said that it would put in place an additional arrangement for invoicing, payment and settlement of exports and imports in rupees. The RBI’s move was aimed at promoting trade in rupees and to help ease settlements with Russia.

expert panel of the Securities and Exchange Board of India (Sebi) will meet early next week to discuss various measures to lower risks in the equity derivatives market, said two people familiar with the development. «The only agenda of the secondary market advisory committee which is meeting on July 15, is to discuss these short-term measures for F&O segment,» said one of the persons. A working group headed by former RBI executive director G Padmanabhan has discussed various proposals including limiting weekly options, increasing lot sizes of F&O contracts, enhancing margin requirements, upfront collection of option premium from buyers of options, and intra-day monitoring of position limits, the person said.

NEW DELHI : Prime Minister Narendra Modi on Thursday discussed ways to augment all-round growth with economists ahead of his government’s first post-election budget, two persons close to the discussions said. The discussion was on “ways to accelerate growth and employment across sectors and regions", which covered all the pressing issues facing the economy, said one of the persons on the condition of anonymity. Growth and employment generation top the priority list of the Modi administration as the government faces pressure to create adequate opportunities for the country's large workforce.

One 97 Communication also known as Paytm, founder Vijay Shekhar Sharma expects the focus to be on digitisation and start-ups getting support from the upcoming Union Budget 2024, the founder told ANI during an event on Saturday, July 6th.“I want the government to support them (small businesses), give them some incentives or in a way bring some advantages for them, digitisation should get support in the budget, start-ups should get support," said Sharma when asked about his expectations.The fin-tech founder also highlighted his expectations from the Government of India to focus on enhancing the Open Network for Digital Commerce (ONDC) platform and amending the overall e-commerce policy in the country, as the initiative aims to become the platform for small traders in India.“My expectation from the Government of India is to promote ONDC further because ONDC is in a way becoming an e-commerce platform for the small traders of our country, so we should talk about the creation and amendment of the overall e-commerce policy and about the enhancement of platforms like ONDC which have been created by the Government of India," he said.Vijay Shekhar Sharma focused on the infrastructural developments done by the Bhartiya Janata Party (BJP) government since 2014, The last decade has led to increasing connectivity of roads and airline infrastructure, and the focus has shifted to the Tier 2 and Tier 3 cities for upcoming businesses and developments, he said.“I believe this is a very important year for our dream of building a $5 trillion developed India because now we are seeing the pendulum swing in one direction," said Sharma.The fin-tech startup founder when asked about the high attrition rate in Paytm said, “All is well and all is