SBI News

​Indian private lender RBL Bank said on Thursday it will raise up to 65 billion rupees ($779 million) through a combination of qualified institutional placement (QIP) of shares and debt sale.

Newspaper publication of loss of share certificate

Allotment of long term bonds

Loss of Share Certificate

Macquarie Capital warned that farm loan waivers could negatively impact banks' asset quality, particularly for public sector banks. States like Telangana, Jharkhand, and Punjab are either implementing or considering such waivers. Macquarie's Suresh Ganapathy highlighted that these waivers create moral hazards and deteriorate credit culture, as even reliable farmers might start defaulting.

Issuance of long term bonds

During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has also allotted ESOP (Employee Stock Ownership Plan) to employees and consequently, the bank's stake has decreased from 69.95 per cent to 69.11 per cent.

Newspaper publication of loss of share certificate

Details of loss of share certificate

Senior Unsecured Long Term Bond Issuance

​ITC and Bharti Airtel’s weights in Nifty is expected to go up in the quarterly rejig which gets into effect on Thursday, triggering combined inflows of $95 million according to estimates by Nuvama.

Naveen Chandra Jha leads SBI General Insurance, overseeing operations, growth, and strategic initiatives with a focus on SME credit, HR, and retail banking. Under his leadership, the company expanded to 143 branches, achieving a 17% increase in gross written premium in FY24.

Bank''s Senior Unsecured Long Term Bond issuance

Promoters held 0.0 per cent stake in the company as of 31-Mar-2024, while FII and DII ownership stood at 8.59 per cent and 9.95 per cent, respectively.

The Indian office market showcased resilience in H1 2024 with significant office leasing and new supply growth. Occupiers' confidence, highlighted by major players like HCL Technologies and Tech Mahindra, spurred demand for quality office spaces.

While the layoffs have happened across several verticals ranging from wholesale to retail, the branch banking segment saw a large impact, one person cited above said. The people sacked have been given severance pay amounting to three months’ salary. “Yes Bank has launched an internal restructuring exercise at the advice of a multinational consultant. So far, around 500 have been asked to go and we can see more sackings in the coming weeks,” a person aware of the development said.

Loss of Share Certificate

ICICI Securities' technical analysis forecasts Nifty reaching 25,200 by December 2024, supported strongly at 22,200. Midcaps and smallcaps indices are in a structural uptrend, expected to gain over 16% by year-end.

Within the Nifty pack, UltraTech Cement, HDFC Bank, Divi's Lab, Coal India, and SBI were the top gainers while HCL Tech, Asian Paints, and Titan faced selling pressure. Shares of new-age companies like Paytm, Zomato, and Policybazaar traded higher by around 2% each after Morgan Stanley's bullish note.

FSIB to conduct interviews for SBI Chairman selection. Three out of four MDs eligible. Khara's replacement to be chosen before his retirement.

69th AGM dated 19th June 2024

The weakness was led by selling pressure in banks and metal stocks, while FMCG and consumer durables saw some buying amid sectoral rotation. IndusInd Bank fell around 3% and was the top loser in the Nifty pack, followed by 2% plus declines in Cipla, Tata Steel, and Adani Ports. On the other hand, defensives from pharma, FMCG, and IT - Sun Pharma, ITC, Nestle, TCS, and HUL - saw buying action.

Nifty's trajectory remains uncertain, influenced by sector rotation and FIIs' activities. Investors should focus on specific stocks and sectors for trading opportunities to capitalize on market movements.

The combined market valuation of three of the top-10 most valued firms jumped Rs 1,06,125.98 crore in holiday-shortened last week, with HDFC Bank and ICICI Bank emerging as the biggest gainers. Last week, the BSE benchmark Sensex climbed 217.13 points or 0.28 per cent.

Asked about the monetisation of subsidiaries, Khara said that SBI would wait for them to further scale up their operations before listing them. Scaling up their operation will increase valuation and ensure better returns for the parent SBI.

Rating by ICRA

Rating by India Ratings

SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs 11.30 per equity distributed for the previous year. During 2023-24, the bank earned a record consolidated net profit of Rs 67,085 crore against Rs 55,648 crore in the preceding year.

Earn FD interest rate up to 9.50%: Banks offer higher interest rates to senior citizen customers on fixed deposits than to general citizens.

Indian equity indices, influenced by global trends, closed lower on Friday. The Sensex fell 269 points to 77,209, and the Nifty dropped 66 points to 23,501, impacted by Reliance Industries, L&T, and HDFC Bank.

Shares of Anil Agarwal-owned Vedanta Group, including Vedanta Ltd and Hindustan Zinc Ltd, have surged by Rs 2.2 lakh crore, doubling from their 52-week lows. Vedanta's growth exceeds other top Indian businesses like Reliance and Tata Groups. Brokerages have raised price targets on Vedanta, citing operational efficiencies and demerger prospects. Vedanta plans to invest $20 billion in India, focusing on technology and electronics. Agarwal aims to monetize the steel business to cut debt.

Investors initially skeptical of PSU stocks after BJP's election setback on June 4 have seen a reversal. PSU stocks, down 16% post-election, now lead a bull run akin to Modi's '400 paar' ambition. Mazagon Dock's 48% rise drove the BSE PSU index cap up by Rs 7.24 lakh crore in 10 sessions. RCF surged 33%, Cochin Shipyard 24.5%, HUDCO and MMTC 23%, with HAL, BEL, and BHEL also gaining.

The company plans to add a 900 MHz band layer, which will significantly enhance indoor network experience for its customers in the two circles. “The deployment of L900 coverage will be beneficial in urban areas with dense building infrastructure, as well as suburban and rural areas where signal penetration is a challenge,” Vi said in a statement Thursday.

The 30-share BSE Sensex rose 141 points to settle at 77,479. The broader NSE Nifty gained 51 points to end at 23,567. From the Sensex pack, JSW Steel, Tata Steel, ICICI Bank, Reliance Industries, and Kotak Mahindra Bank emerged as the top gainers, each rising over 1%. Conversely, Sun Pharma, M&M, NTPC, SBI, and Wipro were the top laggards. The Nifty Pharma index fell by 0.5%, primarily due to a 2.2% drop in heavyweight Sun Pharma's shares after its Dadra facility received a warning letter from the US drug regulator.

Loss of Share Certificate

Vedanta's shares surged 6.5% on BSE as the board approved a Rs 1,000 crore fundraise through non-convertible debentures via private placement.

Macquarie upgraded Kotak Mahindra Bank, City Union Bank, and Bandhan Bank to outperform with raised target prices. They downgraded SBI to underperform but increased its target price.

Private lenders drive Bank Nifty surge as traders cover bearish positions post breach of 51,000 level. Buying interest in banking stocks due to favorable risk-reward ratio.

As the VIX returns to a near-13 level, a domestic brokerage firm reaffirms its optimistic outlook for the Indian market. The firm highlights robust macroeconomic factors and projects 12% EPS growth for FY25-26, favoring investments in the utility, consumer, and capital goods sectors.

Proceedings of AGM and Scrutinizer''s Report