STATE BANK OF INDIA MUMBAI METRO
Acre ARC sells Nagarjuna Fertilizers and Chemicals debt to AM Green for ₹1,685 cr
Nagarjuna Fertilizers has successfully cleared its massive debt, positioning itself for a potential merger with AM Green to optimize brand and distribution synergies. The unresolved sale issues of its plant and business loom large, impacting the transfer of government subsidies.
PJTL lenders agree for Rs 1,020 crore one-time settlement
Lenders of Panipat Jalandhar NH 1 Tollway (PJTL) have agreed to a one-time settlement on Rs 3400 crore dues, accepting a Rs 1,020-crore all-cash offer from promoters Roadis Group and Soma Enterprises. The settlement, impacted by farmers' agitation, is subject to approval by all ten lenders in the consortium. SBI is the largest creditor.
PSBs on the margins in credit cards, but NPAs ahead by a wide margin
Public sector banks in India are navigating the credit card market, facing challenges with high NPAs. The focus on tier-II and tier-III cities is driving credit card sales, with State Bank of India and Bank of Baroda leading in card spending through subsidiaries. Specialized skills and appealing features are crucial for success, particularly in attracting younger consumers with modern products and reward points.
No guarantee: Jaiprakash Associates recovery may be hard for creditors
Bankers said guarantees by chairman Gaur and vice chairman Sunil Kumar Sharma totalling close to Rs 800 crore are of little consequence after nearly seven years since the company was first referred to bankruptcy by the Reserve Bank of India (RBI) in 2017 among the 26 large defaulters of bank loans during that period.
Bank holidays in July 2024: Banks will be closed for 12 days in July; here’s the full state-wise bank holiday list
Bank holidays in July 2024: During the month of July 2024, banks will remain closed for a total of 12 days across various states. You should make sure that you have registered for these services to avail banking services on the go. Below is the comprehensive list of bank holidays categorized by state.
Cannot avoid market momentum but be a little more selective: Mayuresh Joshi
The entire ecosystem will see accelerated investments and the government push through regarding the capex needs. Also, railways as a theme, defence as a theme, and shipbuilders as a theme will continue. Execution is going to be extremely important out here, says Mayuresh Joshi. He further says the earnings story and earnings growth should continue to remain strong in select domestic-focused sectors
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For people's man Challa Sreenivasulu Setty, the challenge is to take high-flying SBI to newer heights
Challa Sreenivasulu Setty's upcoming role as the chairman of State Bank of India follows a period of remarkable growth under Chairman Khara's leadership, marked by a substantial increase in the bank's stock price and improved asset quality.
JK Solutions-led group's Valecha buy gets NCLT nod
Nishit Dhruva stressed the importance of saving jobs and assets through successful resolution. The consortium plans to pay creditors ₹79.52 crore against total liabilities of ₹2,869 crore, including financial creditors like JC Flowers Asset Reconstruction and State Bank of India.
MMRDA inks Rs 850-crore urban infra financing pact with German development bank KfW
The funds procured from KfW and MMRDA's resources will be primarily allocated towards various sustainable development projects within and around the Mumbai Metropolitan Region. These initiatives include the development of green corridors, solid waste management systems, recycling and reuse facilities, and the promotion of renewable energy solutions to address environmental concerns and enhancing the quality of life for residents in the bustling metropolitan area.
Aggregate WMA limit of states/UTs revised upward to Rs 60,118 cr: RBI
The limits for financial accommodation extended by the RBI to state governments/ union territories (UTs) through Special Drawing Facility (SDF), WMA, and Overdraft (OD) schemes were last reviewed and announced on April 1, 2022. The RBI further said the SDF availed by state governments/ UTs shall continue to be linked to the quantum of their investments in marketable securities, issued by the government, including auction treasury bills (ATBs).
Mumbai Metro 3 to be completed by end of December 2024
The first phase of Mumbai Metro 3, will run between SEEPZ (Santacruz Electronics Export Processing Zone) and Bandra Kurla Complex. The project will be completed by the end of December 2024 which was initially scheduled to be completed by September 2024.
SBI raises Rs 10,000 cr via bond sales to fund infra projects
Separately, ICICI Bank is likely to carry out a sale of infrastructure bonds on June 28, with the private lender looking to raise up to ₹3,000 crore through 10-year securities, debt capital market sources said. SBI's infrastructure bonds, which mature in 15 years, bear a coupon - or rate of interest to be paid to investors - of 7.36%.
Indian office market shows strong growth in H1 2024
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.
Vi dials lenders for Rs 23,000 cr term loans, seeks Rs 10,000 cr in bank guarantees
Vodafone Idea (Vi) proposes borrowing Rs 23,000 crore in term loans and seeks Rs 10,000 crore in bank guarantees to enhance its telecom infrastructure and compete with Reliance Jio and Airtel.
Eid bank holiday June 2024: Banks in these states today; check state-wise bank holidays list
Eid bank holiday June 2024: Many public and private banks in India are closed today, in observance of Eid ul-Adha. This holiday is celebrated by Muslims worldwide and involves various traditional observances and rituals. It's advisable to check the full state-wise bank holiday list for Eid ul-Adha on Monday, June 17, 2024, to ensure that you are aware of the closures and plan your banking activities accordingly.
SBI concludes issuance of $100 million foreign bonds
These mio senior unsecured floating rate notes have a maturity of three years and coupon of SOFR+95 bps, the bank said. The secured overnight financing rate or the SOFR is a benchmark interest rate for dollar denominated loans.
Jefferies' Wood picks GMR Airports, reduces weights in three banks
Wood said, in his weekly Greed & Fear newsletter, that the airport operator's introduction into its portfolio will be at the expense of the reduction of weights in ICICI Bank, HDFC Bank and Axis Bank.
CBI conducts searches at 14 locations in connection with Rs 5717-cr fraud by SKS Power Generation
The Central Bank of India (CBI) has registered an FIR into a bank fraud involving Chhattisgarh-based SKS Power Generation Ltd. The company, promoted by SKS Ispat and Power, allegedly availed a Rs 6,170 crore loan from various financial institutions, leading to a default of Rs 5717 crore. The FIR has booked several officials, including two State Bank of India officers.
IMC India leases office in Mumbai’s BKC at Rs 700 per sq ft/month for short tenure
The company has leased nearly 43,000 sq ft office space on the 34th floor of sea-view premium commercial tower Altimus in central Mumbai for a long-term tenure of 10 years at monthly rental of Rs 350 per sq ft.
State Bank of India to raise up to $3 bn via debt in FY25
State Bank of India, the country's largest lender, has approved raising up to $3 billion via debt in the current financial year. The funds will be raised in one or more tranches through a public offer or a private placement of senior unsecured notes denominated in U.S. dollars or another major foreign currency. The purpose of the fund raise was not specified. This move comes as Indian banks are bolstering their capital base to meet increasing loan demand.
Credit-to-deposit ratio of banks falls 50 bps since March as deposit growth slows
The credit-to-deposit ratio (CD ratio) of commercial banks has decreased by 50 bps since March, indicating a slowdown in credit growth due to slower deposit growth. Despite expectations of stable rates and stagnant deposit rates, there may be further pressure on loan growth. The latest data from the Reserve Bank of India shows a decline in the CD ratio, suggesting that banks are lending less in proportion to the deposits they collect.
Vedanta's demerger plan clears major hurdle with SBI approval
Vedanta's demerger aims to create distinct businesses for better market maneuverability. Credit rating agencies assign strong ratings to Vedanta's debt instruments.
NCLT admits personal insolvency plea against Rajkumar Dhoot of Videocon
The NCLT in Mumbai has admitted SBI's application against Rajkumar Dhoot of Videocon Group for a Rs 5,353-crore default by Videocon Industries, where Dhoot was a personal guarantor.
NDA performs strongly in metros while INDIA bloc dominates rural areas
NDA shows strength in metro cities like Delhi, Bangalore, and Pune in Lok Sabha elections. Mumbai region defies trend. INDIA bloc excels in rural areas, while BJP dominates in Delhi and Bangalore.
South African regulator fines SBI's branch
The bank informed the stock exchange that the financial penalty consists of an immediately payable portion of 5.50 million rand, which the SBI branch in South Africa has already paid. The remaining 4.50 million rand is suspended for 36 months, contingent on compliance within this period.
Anand Mahindra shares video explaining why Indore is India's cleanest city
Mahindra Group chairman Anand Mahindra highlights Indore's seventh consecutive win as India's cleanest city. His tweet emphasizes the city's commitment to cleanliness, resonating with its recent accolades, including the best 'National Smart City' award. Despite ongoing development projects like the metro, Indore maintains its cleanliness standards, promising improved quality of life for its citizens. The metro's upcoming launch signifies a leap in transportation, symbolizing Indore's progress and sustainability.
SBI increases deposit rates by 25-75 points
Banks adjust deposit rates according to their asset and liability positions and demands for funds in specific tenures. This is the first increase by SBI in deposit rates since December 2023. - Our Bureau
Bankruptcy court disposes off insolvency applications against Mumbai Metro One
Mumbai Metro One was the first metro project awarded in the country on a public-private partnership (PPP) basis and entails the design, financing, construction, operation and maintenance of about 12 km elevated metro operating between Versova and Ghatkopar with 12 stations en route, connecting the western and central suburbs of Mumbai.
NCMC card users for metro travel issued by other banks also facing recharge glitches due to restriction on Paytm Payments Bank
National Common Mobility Card: An official spokesperson from Mumbai Metro One Private Limited (MMOPL) told: "Due to recent restrictions by RBI on Paytm (our earlier NCMC partner), recharging of NCMCards is temporarily not available. However, we have made necessary arrangements for acceptance of all NCMCards for travel. One can travel in Mumbai Metro Line-1 using any NCMCard."
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