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Search resuls for: "HDFC"


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☆ Bid deadline for India's Future Retail extended due to low interest -sources
  + stars: | 2022-10-21 | by ( Nupur Anand | ) www.reuters.com   time to read: +2 min
MUMBAI, Oct 21 (Reuters) - The resolution professional for India's debt-laden Future Retail Ltd (FRTL.NS) has extended the deadline for potential buyers to submit their bids for the retailer, due to tepid interest, two banking sources said on Friday. The deadline had ended on Oct. 20, but has been extended to Nov. 3, according to an updated document released by the resolution professional (RP). Register now for FREE unlimited access to Reuters.com RegisterFuture Retail's RP did not immediately respond to an email seeking comment. Future Group's flagship retail unit, Future Retail was once the country's second-largest retailer but has been in bankruptcy proceedings after it defaulted on loans and its lenders rejected a $3.4 billion sale of its assets to market leader Reliance Industries (RELI.NS). The lead lenders include Bank of India (BOI.NS) and State Bank of India (SBI.NS).
☆ Indian shares rally for fourth day in a row, led by consumer stocks
  + stars: | 2022-10-19 | by ( ) www.reuters.com   time to read: +2 min
BENGALURU, Oct 19 (Reuters) - Indian shares surrendered some of their earlier gains to close slightly higher on Wednesday as Nestle India's strong earnings boost consumer stocks, though lingering fears of high inflation and interest rates on corporate profits capped the increase. The NSE Nifty 50 index (.NSEI) ended up 0.14% at 17,512.25, while the S&P BSE Sensex (.BSESN) climbed 0.25% to 59,107.19. The Nifty fast-moving consumer goods (FMCG) index (.NIFTYFMCG) gained 0.4%, led by a 1.8% jump in Nestle India (NEST.NS) after the consumer giant reported a bigger-than-expected rise in third-quarter profit. Support for markets is seen coming from domestic investors buying, even as foreign institutional investors sold shares. Foreign institutional investors sold a net of 1.53 billion Indian rupees ($18.6 million) worth of equities on Tuesday, while domestic investors bought 20.85 billion rupees worth of shares, as per provisional data available with the NSE.
☆ India's largest private lender HDFC Bank reports profit up 20%
  + stars: | 2022-10-15 | by ( Nupur Anand | ) www.reuters.com   time to read: +2 min
MUMBAI, Oct 15 (Reuters) - India's largest private lender HDFC Bank (HDBK.NS) on Saturday reported a 20% rise in net profit in the September quarter of this financial year, buoyed by higher loan growth and rise in other income. Net profit rose to 106.05 billion rupees, beating estimates. Net interest income, the difference between interest earned and paid out, was at 210.21 billion rupees, a 18.9% jump. Within retail loans, two-wheeler advances saw a slight slip with total advances in the segment at 95.97 billion rupees compared to 97.13 billion rupees a year ago. Total provisions inched up slightly to 32.40 billion rupees in the September quarter compared to 31.87 billion rupees in the June quarter.
☆ Fidelity, HDFC Mutual eye India's Five Star IPO at lower valuation - sources
  + stars: | 2022-10-13 | by ( M. Sriram | ) www.reuters.com   time to read: +2 min
The shadow lender's last funding round in December 2021 was closed at a valuation of 220 billion Indian rupees, roughly $3 billion at the time. Fidelity and India's HDFC Mutual Fund, among others, are in in talks with Five Star to invest in the so-called anchor book of the IPO but at a company valuation of 160 billion rupees, due to weak market sentiment, the sources said. Five Star is planning to list in the last week of October, which coincides with Diwali, a popular Indian festival. Two sources, however, said that the company was closely tracking the ongoing stock market weakness in India before finalising a date. For the fiscal to March 2022, Five Star recorded a net profit of 4.5 billion Indian rupees ($55.14 million) on a total income of 12.5 billion Indian rupees ($152.74 million), growing about 20% year-on-year, according to its annual report.
☆ Exclusive: India's RBI asks banks to stop building positions in offshore market
  + stars: | 2022-10-13 | by ( Nimesh Vora | ) www.reuters.com   time to read: +3 min
The build-up of positions in this segment of the market is forcing the RBI to spend more reserves to defend the rupee, one of the bankers said. For instance, the USD/INR NDF 1-month rate is currently 7 paisa higher than the corresponding onshore rate and the 3-month forward rate is about 25 paisa higher. To take advantage of this arbitrage, eligible banks could buy spot dollars onshore and pay 1-month premium while selling USD/INR 1-month in the NDF market. Bankers argue that the RBI's curbs on the activity of banks on NDF will not ease pressure on the rupee. Instead, it would lead to offshore rates once again having more influence on the rupee exchange rate.
☆ RBI may need to reload reserves as Indian rupee falls further, HDFC Bank economist says
  + stars: | 2022-09-27 | by ( ) www.reuters.com   time to read: +2 min
A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi, India, November 9, 2018. REUTERS/Altaf Hussain/MUMBAI, Sept 27 (Reuters) - The Reserve Bank of India may need to find ways to replenish its foreign exchange reserves such as encouraging non-resident Indians to deposit more funds, as it looks to stabilise a depreciating rupee, HDFC Bank Chief Economist Abheek Barua said. read more"The central bank should intervene to ensure that a falling currency does not eclipse India's fundamentals," Barua wrote in a note this week. According to Barua, the central bank may need to think of ways to bulk up its forex reserves, should the pool shrink to near $500 billion in the coming months. "More capital is needed at this stage to stabilise the rupee and enable the RBI to replenish its reserves chest," he said.
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