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State Bank of India has successfully raised Rs 50,000 crore in FY25, with a recent Rs 10,000 crore from infrastructure bonds. The fundraising includes Rs 5,000 crore in AT1 Bonds, Rs 15,000 crore in Tier 2 Bonds, and Rs 30,000 crore in Long Term Bonds, all of which were oversubscribed by more than two times.
Japanese lenders MUFG and SMBC appear to have lost interest in acquiring a majority stake in Yes Bank, as discussions have stalled since September. Regulatory issues regarding control and voting rights, which cap a promoter's voting power at 26% despite a potential 51% stake, may have contributed to the impasse.
SBI Mutual Fund has appointed Nand Kishore as its new managing director and CEO, succeeding Shamsher Singh, who returns to the State Bank of India. Kishore, with over 34 years of experience at SBI, has held various key positions, including deputy managing director. SBI Mutual Fund, a joint venture with Amundi, is India's largest fund house, managing assets worth Rs 11 lakh crore as of October.
The stock market experienced a significant rebound, with the Sensex rising by 1,961.32 points (2.54%) to 79,117.11 and the Nifty up by 557.35 points (2.39%) to 23,907.25. Key sectors such as IT, PSU banks, and realty saw gains of 2-3%, driven by stocks like State Bank of India and TCS. Analysts noted that the rally was fueled by short covering in underperforming sectors ahead of crucial state election results, with potential for further gains or volatility depending on the election outcome.
On November 22, the BSE Sensex surged by 1,599 points (2.1%) to reach 78,754, while the NSE Nifty rose by 478 points to 23,828, driven by a rally in financial stocks and strong US labor market data. Market breadth was positive, with 2,123 shares gaining and 1,218 declining. Key gainers included Reliance Industries, ICICI Bank, and Tata Motors, while the Nifty PSU Bank index rebounded by 2.47% after a previous decline.
Morgan Stanley and JPMorgan maintain 'Overweight' ratings on Reliance Industries, with target prices set at ₹1,662 and ₹1,468, respectively. Analysts note a recovery in refining margins and improved prospects in new energy, despite challenges in retail growth and recent stock corrections. Jefferies has rated State Bank of India a 'Buy'.
India’s youngest infrastructure lender has ramped up its activity in the interest-rate derivatives market, effectively lowering the country’s borrowing costs amid an economic slowdown. This increased hedging has contributed to a decline in the five-year overnight index swap rate to 6.25%, even as US Treasury yields have risen.
Gautam Adani and executives from Adani Group face U.S. federal charges for a massive bribery scheme involving $265 million in bribes to Indian officials to secure energy contracts. The allegations have led to significant market repercussions, including steep declines in Adani's stock and bond values, raising concerns about foreign investment in India. The SEC has labeled the actions a "massive bribery scheme," while Adani Group denies the allegations, asserting its commitment to governance and compliance.
Gautam Adani faces US bribery charges linked to a $250 million scheme, causing significant declines in Adani Group stocks, which fell up to 25% on November 21. The group's market capitalization dropped by Rs 2.2 lakh crore, impacting related companies and major lenders like SBI and PNB, whose stocks fell by up to 7%.
Adani Group stocks plummeted following Gautam Adani's indictment in New York for alleged bribery and fraud, leading to a significant sell-off in public sector lenders like SBI, BoB, and PNB. Analysts view this as a temporary reaction, suggesting it presents a buying opportunity due to the banks' strong fundamentals and improved asset quality. They anticipate recovery as the Adani Group provides further clarity on the situation.
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SBI raises 50000 crore in FY25 through diverse bond issuances
12:08 27.11.2024
Japanese lenders withdraw interest in Yes Bank stake sale negotiations
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SBI Mutual Fund appoints Nand Kishore as new CEO and managing director
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