SBI sees major growth in credit card business as HDFC Bank holds the top spot
SBI’s credit card business experienced a significant post-Covid surge, driven by its youth-focused expansion. HDFC Bank maintained its dominant position in both card issuance and transaction value. Conversely, Standard Chartered Bank faced a sharp decline in both the volume and value of its credit card operations.
Asian shares flat; gold hits record, dollar drops on shutdown fears
Global markets reacted to US government shutdown fears. Gold reached a new record high. The dollar saw losses. US equity futures dipped while Asian shares remained flat. Treasuries gained. Investors worried about delayed economic data, including the jobs report. China announced capital to boost growth. Australia’s central bank held rates steady. Oil prices declined.
Why is Tata Capital pricing its IPO far below unlisted levels?
Tata Capital’s ₹15,512-crore IPO is priced at ₹310-326 per share, a significant discount to its unlisted market price of ₹735. This has disappointed investors who bought unlisted shares at much higher valuations, expecting robust listing gains. Experts caution that unlisted market prices are often speculative and do not reflect final IPO valuations, a trend observed […]
10 year bond yield jumps to 1-month high of 6.57%
Mumbai’s 10-year government bond yield surged to a near one-month high of 6.57% on Monday, driven by increased supply in the Centre’s second-half borrowing and caution before the MPC decision. Despite this, bond dealers view the overall borrowing calendar positively, even with current low demand for long bonds.
RBI unveils norms to enable faster transmission of rates
Under the revised directions on interest rate on advances, banks will now be allowed to reduce spread components on floating rate loans before the current three-year lock-in period, a move aimed at benefiting borrowers. This could result in faster transmission of rate cuts, leading to lower EMIs or interest outgo. Additionally, banks may offer borrowers […]
Sebi bars Man Industries, executives from market for two years
Sebi has barred Man Industries and three senior executives, including its chairman, from the securities market for two years. This action follows alleged diversion of funds to subsidiaries and misrepresentation of financials. A forensic audit revealed non-disclosure of related party transactions and material events, alongside fund rotation.
Vedanta Resources plans to raise $500 million to refinance costly debt
The senior notes, issued via Vedanta Resources Finance II, will be guaranteed by parent VRL and subsidiaries including Twin Star Holdings, Welter Trading, and Vedanta Holdings Mauritius II. The deal, launched under Rule 144A/Reg S, is expected to be priced as early as September 30 with preliminary ratings of B2 (Moody’s) and B+ (Fitch), and […]
Post IPO, Tata Capital to have growth fuel for 3 years: CEO
Tata Capital’s ₹15,512-crore IPO, the largest from the Tata group, will dilute promoter stake by 11.21%. The company will not seek further equity dilution for 2.5-3 years, as the capital raised and profits will fuel growth. The IPO is priced below unlisted shares to attract a broad retail investor base.
Bond purchases by FPIs decline in September amidst rupee weakness
Overseas investors slowed Indian bond purchases in September, driven by caution over the rupee’s significant fall. The rupee, Asia’s worst-performing currency, hit a record low, eroding foreign portfolio returns. This led to a notable decrease in net inflows into fully accessible route government securities, reflecting investor concerns amid market uncertainties.
BNP Paribas acquires Rs 1,806 cr worth stake in Hero & IndusInd Bank
BNP Paribas made substantial bulk deal investments, acquiring stakes worth Rs 1,806 crore in Hero MotoCorp and IndusInd Bank. Simultaneously, it was a net seller in Max Healthcare Institute, offloading shares worth Rs 882 crore. Goldman Sachs also sold shares in Aether Industries for Rs 85 crore.