Interest rates will stay high for now, says RBI Governor Shaktikanta Das
The Indian economy has developed resilience, enabling it to withstand large shocks and navigate an increasingly turbulent global landscape, the governor said, urging banks and financial institutions not to lower their guard.
Wall Street ends sharply lower, posts weekly losses; Mideast fears increase
The S&P 500 and Nasdaq fell more than 1% each. All of the S&P 500 index’s 11 sectors ended lower in broad-based selling, with technology and financials among the biggest drags.
IRM Energy IPO subscribed 27 times on closing day
The qualified institutional buyer (QIB) portion was subscribed 44.73 times, the non-institutional investors’ portion was subscribed 48.34 times, while the retail investor portion was subscribed 9.29 times. The offer also included a reservation for a subscription by eligible employees which was subscribed two times.
Adani Group raises $3.5 billion to refinance debt
The transaction is being financed by a consortium of 10 international banks including DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank. Other banks in the consortium include Barclays Bank PLC, BNP Paribas, Deutsche Bank, ING Bank, Sumitomo Mitsui Banking Corporation and Standard Chartered.
Deepak Chhabria steps down as Finolex Cables chairman
Deepak Chhabria has been removed from the board of Finolex Cables, following a longstanding dispute with his cousin, Prakash Chhabria. This comes after the Supreme Court reprimanded the National Company Law Appellate Tribunal for allowing Deepak to continue in his role. The fight for control of Finolex Cables is expected to intensify, with Prakash intending […]
SBI wants IL&FS to declare ITPCL value before debt rejig
State Bank of India (SBI) and IL&FS have different views on debt restructuring at ITPCL, the bankrupt financier’s power joint venture entity. SBI wants an assessment of the liquidation value before signing on the proposal, while IL&FS, as part of its resolution framework, is not obligated to undertake a liquidation assessment for this asset. Last […]
RBI cautious on future price shocks, may hold repo steady
The Reserve Bank of India (RBI) is expected to keep repo rates unchanged for an extended period due to easing core inflation and high real interest rates. However, the frequent fluctuations in food prices may require the RBI to remain vigilant. The RBI aims to maintain macroeconomic stability but acknowledges uncertainties such as adverse weather […]
CreditAccess Grameen Q2 Results: Net profit surges 98% YoY to Rs 347 crore
“We continue to witness robust business growth led by healthy new customer additions as we onboarded 3.36 lakh new customers in the second quarter,” managing director Udaya Kumar Hebbar said. The NBFC-MFI’s gross loan portfolio grew 36% year-on-year to Rs 22,488 crore while the customer base expanded 21% to 46.03 lakh at the end of […]