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Business Standard

SBI plans to add 600 branches in network during FY25: Chairman Setty

State Bank of India (SBI) is planning to open 600 branches across the country in the current financial year in a bid to tap business opportunities in emerging areas including large residential townships. "We have strong branch expansion plans...this would be mainly focused on emerging areas. A lot of residential colonies are not covered by us. Around 600 branches is something we are planning in the current year," SBI Chairman C S Setty told PTI in an interview. The country's biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were inaugurated. SBI has a network of 22,542 branches across the country as of March 2024. Apart from branch presence, SBI has 65,000 ATMs and 85,000 business correspondents. "We serve about 50 crore customers and we take pride in saying that we are the banker to every Indian, and, more importantly, to every Indian family," he said. He also said it would be his endeavour to transform SBI into the best bank, the most valued ba

The Economic Times

Market Trading Guide: EID Parry, Deepak Fertilizers among 5 stock recommendations for Thursday

Indian indices ended flat amid mixed performances, with Reliance and HDFC Bank dragging down. Analysts recommend stocks like Chambal Fertilizers and EID Parry for potential gains amid cautious sentiment.

The Economic Times

Gainers & Losers: NALCO, Paytm among 6 stocks in limelight on Tuesday

Indian benchmark indices closed nearly flat on Tuesday, with IT gains offset by losses in Reliance Industries and HDFC Bank. The BSE Sensex fell 33 points, and NSE Nifty slipped 14 points.

CNBC TV18

Stock Market Highlights: Nifty 50 fails to hold 25,800, RIL and IndusInd Bank drag

Sensex Today | Stock Market LIVE Updates: Indian benchmark indices Nifty 50 and Sensex ended the session lower. Reliance Industries (RIL) and IndusInd Bank were major drags, contributing significantly to the indices' downward pressure. Meanwhile, IT stocks provided some support, helping to mitigate steeper losses for the Nifty.

The Economic Times

Nearly 65% of self-employed women in Indian metros have not taken a business loan, shows survey

65% of self-employed women in Indian metros have not taken business loans, with 39% relying on personal savings. A DBS Bank India and CRISIL report highlights that they often use personal assets as collateral. Nearly 73% prefer digital payments and 52% have adopted sustainability policies. A DBS Foundation training program aims to boost financial literacy.

The Economic Times

Forex reserves rise $2.8 billion to a new high of $692.3 billion

The Reserve Bank of India's foreign exchange reserves reached a new high of $692.3 billion in the week ending September 20, driven by a $2 billion surge in foreign currency assets. Foreign investors contributed $10.9 billion to Indian stocks and bonds this month, marking the highest monthly inflow this year.

Business Standard

IDFC FIRST Bank announces completion of IDFC Ltd merger effective Oct 1

IDFC First Bank on Friday announced the completion of merger of IDFC Limited with the bank. This follows the receipt of all requisite shareholder and regulatory approvals, the bank said in a statement. The merger is effective from October 1, 2024, it added. As a result of the merger, it said, 155 equity shares of the bank will be allotted for every 100 equity shares of IDFC Limited held by such shareholder in IDFC Limited as on the Record Date i.e., October 10, 2024. The shares are expected to be credited to shareholders of IDFC Limited on or before October 31, 2024, subject to regulatory processes and clearances, it said. Post the amalgamation, there will be a simplified corporate structure at the Bank with no holding company, it said. "The shareholding structure will be like other leading institutional Indian private sector banks with no promoter holding. The bank will continue to be professionally managed institution," it said. As part of the merger, it said, about Rs 600 cro

CNBC TV18

Stock Market Highlights: Indices 50 fail to hold intraday record levels, Nifty 50 gives up 26,200

Sensex Today | Stock Market Highlights: Indian benchmark indices Nifty 50 and Sensex ended off intraday highs on Friday. Sensex fell 264 points to 85,572, on the other hand, Nifty Bank fell 541 points to 53,834.

CNBC TV18

Nuvama Wealth, Indian Bank, Piramal Enterprises, RailTel, NTPC and more: Top stocks to watch out for on September 27

stocks to watch, Nuvama Wealth Management, Indian Bank, Piramal Enterprises, RailTel, NTPC, Adani Green Energy, Infosys,Biocon, Jubilant Pharmova and more, these are the stocks to watch for today.

Mint

HDFC Bank sells home loans worth $717 million to ease credit load

Indian lender HDFC Bank Ltd. has sold a housing loan portfolio of about 60 billion rupees ($717 million), seeking to further lighten its credit load amid regulatory pressures on the industry.

CNBC TV18

Indian Bank to raise additional ₹5,000 crore via long-term infra bonds

The new bond issue will be over and above the ₹5,000 crore already raised in the current financial year 2024-25. Shares of Indian Bank ended at ₹529.80, up by ₹3.90, or 0.74%, on the BSE.

The Economic Times

Bank of America’s Indian arm appoints Sonali Sharma as general counsel and head of legal

Bank of America has appointed Sonali Sharma as head of legal (India) and general counsel. Sharma, an experienced lawyer with a background in capital markets and financial services, has previously worked at Standard Chartered Bank and Avendus. This move comes as companies in the sector strengthen their legal teams to navigate regulatory changes.

The Economic Times

Indian fincos face balancing act of regulation and high credit growth, says S&P Global ratings

The Reserve Bank of India's recent regulatory measures may moderate the strong credit growth of Indian finance companies, according to S&P Global Ratings. The RBI's decision to raise risk weights on unsecured personal loans and loans to finance companies aims to enhance compliance and safeguard customers, potentially reducing lenders' overexuberance.

The Economic Times

Banks see over 15% growth in new credit card addition: RBI data

Indian banks added over 9.2 lakh credit cards in August, with HDFC Bank leading the charge. Total active credit cards reached 10.55 crore. Despite growth, transaction volumes slowed and spending declined to Rs 1.69 lakh crore. RBI has flagged risks in unsecured loans, urging caution among lenders.

The Economic Times

SBI aims to become first financial firm to cross milestone of Rs 1 lakh crore profit: Chairman

State Bank of India aims to become the first Indian financial firm to achieve a net profit of Rs 1 lakh crore in the next 3-5 years. The bank recorded a standalone net profit of Rs 61,077 crore in FY24. SBI has a strong credit pipeline and expects private sector capital expenditure to increase in the second half of the fiscal year.

CNBC TV18

Deutsche Bank said to hire Moelis’ Mazumder for India dealmaking

India has turned into a hotspot for dealmaking activity as around $9 billion has been raised via IPOs this year, according to data compiled by Bloomberg. The volume of deals involving Indian companies has climbed 28% to almost $78 billion, the data show.

Business Standard

India to sign Bilateral Investment Treaty with Uzbekistan

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman will embark on an official visit to Uzbekistan from 24th to 28th September, 2024. The Union Finance Minister will lead the Indian delegation of officials from the Ministry of Finance. During the visit, Sitharaman will attend the Ninth Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank (AIIB) scheduled in Samarkand on 25th and 26th September 2024, besides other important bilateral meetings with her counterparts from Uzbekistan, Qatar, China, and AIIB President.

The Economic Times

Gold prices surge as rural recovery and festive season drive strong demand: World Gold Council

Gold prices are on the rise in both international and domestic markets, driven by increased jewellery buying and investment activities. Rural demand is recovering due to a better monsoon season and higher crop sowing. Indian gold ETFs have seen record inflows, and the Reserve Bank of India continues its gold-buying spree.

Mint

September set to be the busiest IPO month in 14 years; SME listings fuel public listing surge: RBI data

Indian stock market's initial public offering (IPO) surge is poised to make September the busiest month for public listings in 14 years, according to the Reserve Bank of India (RBI) bulletin data released on September 20.

The Economic Times

Gainers & Losers: Cochin Shipyard, RITES among 5 stocks in limelight on Friday

Indian indices reached record highs on Friday, with ICICI Bank and HDFC Bank driving the rally. The Sensex closed at 84,544.31, while Nifty50 settled at 25,790.95, both posting significant gains.

The Economic Times

Market Wrap: D-Street smashes fresh lifetime high; Sensex closes above 84,540, Nifty just shy of 25,800

Indian headline indices smashed fresh record highs on Friday catapulted by heavyweights ICICI Bank and HDFC bank which had the biggest contribution to the respective index. They took positive cues from global and Asian markets amid the onset of a monetary easing policy by the US Fed.

The Economic Times

F&O Strategy: How to trade AU Small Finance Bank and BEL

Indian markets hit a new high of 25,611.95 on Thursday but closed near 25,400 due to selling pressure. Bank Nifty outperformed, while AU Small Finance Bank showed bullish signs. Bharat Electronics Ltd experienced a bearish trend. Analysts provide trading recommendations based on derivative and technical data.

CNBC TV18

Stock Market Highlights: Record run continues as Sensex, Nifty 50 post record close

Sensex Today | Stock Market Highlights: The Indian stock market extended its rally for the second consecutive week, buoyed by strong performances in financials, autos, and metals. The Nifty Bank index, which hit a record high of 53,793, gained nearly 3% for the second straight week.

CNBC TV18

Indian Overseas Bank receives ₹123.87-crore income tax refund

Shares of Indian Overseas Bank ended at ₹57.46, down by ₹1.55, or 2.63%, on the BSE.

Business Standard

INR strengthens to 2-month high after Fed's 50 bps rate cut

The Indian rupee strengthened by 10 paise to hit a two-month high level of 83.66 against the US dollar on Thursday after the US Federal Reserve cut the benchmark interest rate by 0.50 per cent, boosting investors' sentiment. The economic projections provided by Fed officials at the meeting suggested the central bank will cut rates by another 50 basis points by the end of the year. Fed officials also expect to continue lowering rates next year, with the projections indicating rates will be lower by another full percentage point by the end of 2025. Massive buying in domestic equities and inflow of foreign funds also supported the local unit. Indian shares rose on Thursday, but key benchmark indexes ended off their day's highs amid signs of escalating tensions in the Middle East. The benchmark 30-share BSE Sensex hit a new record high of 83,773.61 in intraday trade before finishing up by 236.57 points, or 0.29 percent, at 83,184.80. Likewise, the broader Nifty index hit a fresh record ..

The Economic Times

Gainers & Losers: NTPC, Aavas Financiers among 6 stocks in action on Thursday

Indian headline indices reached record highs on Thursday, with the Nifty surpassing 25,000 and closing at 83,184.80, while the Sensex ended at 25,415.80, driven by HDFC Bank.

The Economic Times

Market Wrap: HDFC Bank helps Sensex end at record high, Nifty gains 38 points

Indian headline indices hit fresh record highs on Thursday cheering US Federal Reserve's 50 bps points rate cut though they conceded the morning gains towards the end of the session.

CNBC TV18

Sensex Today | Stock Market LIVE Updates: Nifty crosses 25,500, while Nifty Bank reclaims 53,000, IREDA up 3%

Sensex Today | Stock Market LIVE Updates: Indian benchmark indices Nifty 50 and Sensex opened today's trade session at fresh record highs.

Mint

Latest Market News Today Live Updates September 19, 2024: US Fed rate cut: Here's how US Central Bank's decision will impact Indian stock market; Experts weigh in

Latest Market News Today Live Updates: Follow Mint's market blog for real-time updates on your favourite companies. This blog keeps you informed on all things Dalal Street and global markets.

Mint

US Fed rate cut: Here's how US Central Bank's decision will impact Indian stock market; Experts weigh in

Indian investors are closely watching the decision, as it is expected to shape the market trend on Thursday, September 19. Experts suggest that a 50bps rate cut could boost market sentiment.

Mint

US Fed meeting underway: As US Fed rate cut looms, experts upbeat on HDFC Bank, ICICI Bank, Axis Bank, SBI

The US Fed meeting is underway. The Fed is expected to initiate a rate-reduction cycle, benefiting markets and boosting foreign investment, particularly in Indian banking stocks. Experts predict positive impacts on private banks like HDFC Bank, ICICI Bank, Axis Bank and SBI.

Mint

‘Saver turns investor in a rebalance,’ says Uday Kotak, as Indian households embrace equities, mutual funds

Indian households are increasingly shifting their savings habits towards more diversified investment options. There has been a noticeable decrease in the proportion of bank deposits and a growing preference for equities and mutual funds.

CNBC TV18

The Marketbuzz Podcast: All eyes on the Fed, Nifty Bank weekly expiry today

Marketbuzz Podcast: Indian markets may see a flat start according to the GIFT Nifty. Watch out for stocks like REC, SpiceJet, ONGC.

The Economic Times

SpiceJet to utilise QIP proceeds to stabilise its 'financial health'

Through the QIP, the struggling carrier is aiming to raise funds by selling shares to eligible institutional participants. ICICI and Indian Bank are yet to give consent for the QIP whereas Yes Bank has given the consent, said the carrier. ET earlier reported that promoter Ajay Singh's share may be diluted by more than 10% through the QIP.

Business Standard

Infosys enters collaboration with UK's Metro Bank to digitalise operations

Indian IT major Infosys on Tuesday said it has entered into a long-term collaboration with British community bank Metro Bank to digitise the bank's operations. The collaboration will utilise Infosys Topaz, the firm's AI-first offerings, to enhance Metro Bank's digital capabilities, improve automation, refine data, and embed further AI capabilities. This will assist the bank in increasing efficiency and saving costs, a regulatory filing said. "At the end of this transformation, we will be a very different business, but the true essence of Metro Bank will remain the same -- a high-quality service organisation putting customers centre-stage," Metro Bank CEO Daniel Frumkin said. The bank expects to deliver 80 million pounds of annualised cost savings this year across multiple initiatives, as it progresses towards the target of reaching mid-to-high teen return on tangible equity by 2027, he added. "Our shared goal is to continually enhance customer engagement, community focus, and the

The Economic Times

JBM Ecolife Mobility secures USD 100 mn funding from ADB, AIIB for electric bus expansion

JBM Ecolife Mobility has secured USD 100 million in funding from the Asian Development Bank and the Asian Infrastructure Investment Bank. The funds will be used to supply and operate electric buses across multiple Indian states under the Gross Cost Contract model, supporting India's Net Zero 2070 target.

The Economic Times

Upside potential of 71%! Bajaj Finance among 8 stocks on which brokerages initiated coverage

Brokerages have recently initiated coverage on eight Indian stocks, including Bajaj Finance, CCL Products, and AU Small Finance Bank, highlighting their growth potential. The optimism is driven by favorable domestic and international economic conditions. Stocks like CCL Products are expected to see significant upside due to advanced technology and strategic expansion efforts.

The Economic Times

Stocks to buy today: Infosys, Hindalco among top trading ideas for 17 September 2024

The Indian market is expected to trade higher on Tuesday, influenced by positive global cues. Nifty futures closed with a gain of 0.25% on Monday. Analysts suggest a broader trading range between 24,900 to 25,800 zones. Key stock recommendations include Infosys, Hindalco, and IndusInd Bank for short-term gains.

Business Standard

HSBC India starts global education payments; direct payments to 600 univ

HSBC India on Monday launched global education payments to enable Indian students and the bank's customers to pay fees directly to more than 600 international universities and colleges. Aiming to simplify the process of foreign currency payment, it provides students and their families a completely digital experience when making tuition payments for their overseas education, the bank said in a statement. With this new feature on the HSBC India mobile banking app, customers can select the country or territory and the university and get pre-loaded, pre-verified account details of the university, it said. They can then add student details, upload loan documents, make a payment request instantly and securely through the mobile app and benefit from reduced remittance costs compared to other international education payment options available. *** Piramal Finance partners with Digital India's Common Service Centers * Piramal Capital & Housing Finance Ltd (Piramal Finance), a wholly-owned

Mint

F&O Strategy: Buy Axis Bank, Oberoi Realty, and Sell BPCL, recommends Rupak De as Indian stock market hits record high

F&O Strategy: Technical views on F&O market by Rupak De, Senior Technical Analyst, LKP Securities. De suggests buying Axis Bank, Oberoi Realty, and selling Bharat Petroleum Corporation Ltd (BPCL).