Bankers question NARCL’s offer for twin Srei Group companies
The National Asset Reconstruction Company’s (NARCL) bid to take over the debt of the twin Srei Group NBFCs is being questioned by some bankers who believe the government-backed bad-loan aggregator, instead of competing with other funds to take over companies, should focus on its mandate: Consolidate bad loans from banks.
No change likely in Nifty’s March reshuffling
“We expect the merger’s completion by Q1FY24 and a few stocks currently on our radar are Pidilite (PIDI), LTIMindtree (LTIM), Ambuja Cement (ACEM) and Tata Power (TPWR),” said Abhilash Pagaria, head, Nuvama Alternative & Quant.
Morgan Stanley raises targets on PSU banks
“Although we think SBI remains the best state-owned bank, we see potential for notably higher stock returns in BOI and BOB due to much cheaper valuations,” said Morgan Stanley in a client note.
Yield hardens though traders expect lower rate rise in RBI policy
RBI had hiked repo rate by 50 basis points thrice after the 40 bps initial hike to start the tightening cycle in April
FinMin allows PSUs to invest surplus cash in debt schemes of private MFs
Until now, only public sector mutual funds – SBI, UTI, LIC and Union, among others — were qualified to handle surplus funds of state-owned companies. Now, at least 35 private mutual funds stand to benefit.