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After fresh initiatives, India ties with Bangladesh are set to scale new heights
India sees Bangladesh as a "close and valued neighbour" with rapidly growing capabilities. For India, Bangladesh is the converging point of its "Neighbourhood First" and "Act East" policies besides the SAGAR (Security and Growth for All in the Region) doctrine and New Delhi's Indo-Pacific vision. Bangladesh is also an indispensable partner in the development of India's northeastern region. On the other hand, Bangladesh values its relationship with India as "a major neighbour," "trusted friend" (PM Hasina's words) and a key development partner. India is the largest market for Bangladeshi products in Asia.
Punjab & Sind Bank signs pact with Indian Army for salary account
"PSB Gaurav Bachat SB Salary account is exclusively designed to cater to the distinct banking requirement of serving and retired personnels. The product is also strategically aimed to tap Agniveers enrolled in the Agnipath scheme, ensuring a comprehensive financial solution that aligns with distinctive needs of the segment," Punjab & Sind bank MD and CEO Swarup Kumar Saha told PTI.
Going forward, expect good growth from Aadifidelis Solutions: Shikhar Aggarwal, BLS International
Shikhar Aggarwal, Joint MD, BLS International Services talks about inclusion in Nifty tourism index, synergies from buying stake in Aadifidelis Solutions and more. Aggarwal also discusses the major contract renewals which are expected in the next six to nine months. He also says that in one, one-and-a-half years, multiple contracts are expected from European and North American markets
Stocks to buy: Bet on stocks that regularly beat analyst estimates; 5 stocks with double-digit upside
Stocks to buy: Out of 304 companies, where estimates are compiled by a minimum of three analysts through Reuters-Refinitiv, 50 stocks have consistently surpassed analysts’ net profit estimates in all four quarters of 2023-24. This group of 50 stocks has delivered an average return of 72.4% over the past year, compared to the BSE 500 index’s 38% return over the same period. This data is based on closing values as of 18 June. The article explores the five companies that have been covered by a significant number of analysts and currently offer double-digit share price potential.
India has made huge strides, but the new govt still has a lot to do
The past decade in India has seen significant transformations in infrastructure, economic reforms, and digitization, laying the groundwork for sustained growth. The challenge for the new government is to maintain an 8%-plus growth rate and increase per capita income. To achieve this, private investment must drive growth, with investments rising to 32-35% of GDP. Scaling up manufacturing, outcome-oriented skill development, supporting women and youth entrepreneurs, reforming municipal governance, realizing tourism potential, accelerating R&D, and addressing urban challenges are key areas for action.
Risk weighting slows unsecured loan growth
The growth of unsecured credit in India, including personal loans and credit card outstanding, slowed to 18% in April from 23% in November 2023. The Reserve Bank of India's risk weighting on such exposures aims to reduce delinquencies in the banking system.
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These largecaps have ‘strong buy’ & ‘buy’ recos and upside potential of more than 20%
Just because the nifty has been trading in the red for the last few trading sessions, the word correction might be heard on the street. but the fact is that for the last many weeks, there has been a correction which has been taking place on the street. It is a sectoral correction which is taking place. The good part is that such kind of sectoral corrections are indicative of underlying bullishness and these corrections are part of any bull run. Though for all this will hold true only with a condition of policy continuity after elections. The only thing any investor needs to make sure is that in any corrective phase, bias when making fresh investment should be toward large cap stocks as there is a possibility that they would see less damage in corrections which are stronger in nature due to global or macro developments. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks.
Uber’s hyperlocal push; Paytm Bank’s bill pay biz transferred
Happy Thursday! Ride-hailing platform Uber is strengthening its hyperlocal deliveries from neighbourhood stores. This and more in today’s ETtech Morning Dispatch.
NDA is already near 200 seats, on track to get past 400: Amit Shah
Union Home Minister Amit Shah is confident that the BJP will achieve its 400-paar figure this election and says the party would win up to 200 of the 283 seats in the first three phases alone. In an interview with Rahul Tripathi and Pranab Dhal Samanta, he says that elections will be held in Jammu & Kashmir ‘according to court dates’ and opposes any reservation based on religion. Excerpts:
Apple India sales grow; more sops for electronics makers
Apple's first-quarter revenue fell due to laggard sales in China, but CEO Tim Cook sees growth returning in the current quarter. This and more in today’s ETtech Top 5.
India’s defence production is $13 bn and growing, and MSMEs are providing the tailwind
The government’s push for indigenisation in defence has encouraged smaller players to get into the game and reduce India’s dependence on imports.
Sri Lanka leases white elephant airport built with Chinese loans
Sri Lanka has leased its underutilized Mattala Rajapaksa International Airport, built with Chinese loans, to a joint venture between India's Shaurya Aeronautics and Russia's Airports of Regions Management Company for 30 years. The airport, plagued by problems since its 2013 opening, has struggled with financial losses. The lease marks part of Sri Lanka's efforts to privatize state-owned enterprises after an IMF bailout. The airport's location on a bird migratory route and poor passenger traffic have contributed to its challenges.
Why BJP and Modi owe big thanks to Congress and Rahul Gandhi for Kamal's bloom in India
While BJP's dominance in direct contests with Congress has been evident, the party faced tougher competition from non-Congress parties, especially in 2019. Despite this, BJP's steady rise in vote share and success in direct contests can largely be attributed to the changing political landscape, where Congress' influence has waned, benefiting the saffron party.
IDFC First Bank CEO repays Rs 1,000 loan from an old friend with shares worth Rs 2 crore
V Vaidyanathan of IDFC First Bank gifts 7 lakh shares worth Rs 5.5 crore to individuals, including an Air Force veteran and a child who lost his parent. The banker, who owns around 1% stake in the private sector lender, has so far gifted around Rs 80 crore worth of shares to friends and those in need.
Congress accuses Modi government of helping rich industrialists, waiving off bad loans of corporates
Congress accuses Modi govt of prioritizing rich industrialists over the poor. Jamnagar airport upgraded for wedding guests of Mukesh Ambani's son. Rail passengers face price hikes, loss of concessions. Industrialist Mukesh Ambani's son's wedding in Jamnagar.
Air India refinances loans with SBI and BoB at near G-Sec yields
Tata Group-owned Air India refinanced short-term loans with SBI and Bank of Baroda for three years. The Rs 19,000 crore term loan will finance working capital needs and aircraft fleet upgrades. The conglomerate's strong credit profile enabled access to funding for the national carrier.
Civil aviation ministry to get Rs 2,300 cr budgetary allocation for 2024-25
According to the Budget document, the money earmarked for the regulators -- DGCA and BCAS -- have been reduced for 2024-25. The budgetary allocation for the Directorate General of Civil Aviation (DGCA) will be Rs 302.64 crore and for the Bureau of Civil Aviation Security (BCAS), the amount is Rs 89 crore.
Mumbai courts 2023: Naresh Goyal goes to jail, Sooraj Pancholi acquitted, bail for Elgar accused
In 2023, notable court developments in Mumbai included the judicial custody of Jet Airways founder Naresh Goyal in a loan fraud case, the granting of bail to two accused in the 2018 Elgar Parishad-Maoists links case, and actor Sooraj Pancholi's acquittal in the Jiah Khan suicide case.
SMBC provides $120 million loan to Air India for A350-900 aircraft purchase
Sumitomo Mitsui Banking Corporation (SMBC), Japan's second-largest bank, closed a $120 million aircraft financing loan for Air India to acquire an Airbus A350-900. The transaction, facilitated by SMBC Singapore branch and Air India's subsidiary in Gujarat International Finance Tec-City, marks SMBC's first aircraft finance lease in the Indian market.
India Inc still big on foreign loans despite high US rates
Indian companies are set to borrow more than $25 billion abroad this year, trumping the $19 billion raised in 2022, according to a top HSBC executive. The UK-headquartered bank has emerged as the No. 1arranger of foreign currency loans this year across league tables.
Cash-strapped Pakistan planning Rs 350 million cloud seeding to curb air severe pollution in Lahore
Each winter, Lahore in Pakistan and Delhi in India have continued to be the worst polluted cities across the world in recent years. Incidentally, the government of Delhi has also announced the possibility of using artificial rains to bring down air pollutants.
Jio raises close to $2-billion offshore loan
Reliance Jio has secured a loan of about $2 billion, one of India's largest offshore loans in FY24. The loan, arranged by HSBC, will be used to fund the purchase of 5G network equipment from Nokia. Finnish export credit agency Finnvera is believed to have provided insurance coverage for the deal, reducing Jio's overall funding costs.
HDFC Bank wants to ride India's consumer boom after home loan dominance
Mumbai-based HDFC Bank is converting about 530 offices that previously specialized in mortgages into ones with fully-fledged banking services in the coming months, said Kaizad Bharucha, the company's deputy managing director. He said his firm can now offer home loans at more than three times the locations following its merger with HDFC Ltd. and that’s just the start.
Banks play safe on lending to airlines after Go Air bump
Credit worthiness of the sector was improving after Tata Group increased its presence in the sector acquiring Air India and with strong performance from IndiGo, but it has become highly negative after the bankruptcy filing by Go First, they said.
Insolvency petition a ruse for loan write-offs? Major bank union to oppose Go Airlines' write-offs
The All India Bank Employees' Association (AIBEA) will oppose banks writing off a part of their loans to Wadia group's Go Airlines (India) Ltd if the latter has filed a voluntary insolvency petition for that purpose, said a top official.
IAF chief meets Sri Lanka's top military leaders, exchange views on matters of bilateral importance
As part of India's commitment towards capacity building of Sri Lanka Armed Forces, Chief of Air Staff of the Indian Air Force presented AN-32 propellers to ensure high operational readiness of the aircraft held with Sri Lanka Air Force.
Air India looks to refinance short-term loans
In February, ET had reported that Air India had renewed Rs 18,000 crore worth of one-year facilities with State Bank of India (SBI) and Bank of Baroda (BoB). Those loans were a continuation of the debt facility availed by the company after the completion of the Tata Group's takeover of the national carrier in January 2022.
Midcap stocks with ‘strong buy’ & ‘buy’ recos can rally over 25%, according to analysts
ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". This predefined screener is only available to ET Prime users.
Air India to borrow Rs 18,000 crore from SBI, BoB
The loans are a continuation of the debt facility availed by the company after the completion of the Tata Group's takeover of the national carrier in January last year and give it time until the long-term borrowing strategy is finalised.
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