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Business Standard
a day ago
- Business
- Business Standard
₹25,000 cr QIP shows investor confidence, to boost credit growth: SBI chief
Speaking at a ceremony at the NSE to mark the the fund raise as India's biggest share sale ever, Setty said the capital will be deployed for asset growth Press Trust of India Mumbai SBI chairman C S Setty on Wednesday said the ₹25,000-crore capital raise through the qualified institutional placement (QIP) route is a vote of confidence on the country's largest lender and also the Indian economy. Speaking at a ceremony at the NSE to mark the the fund raise as India's biggest share sale ever, Setty said the capital will be deployed for asset growth. He also said that even before the QIP, the bank was in a position to support asset growth of up to ₹6 lakh crore, but the fund raise will be of help for it. "This landmark equity issue is a vote of confidence in SBI's strong fundamentals, potential risk management and the customer centricity with the digital first approach," Setty said. Thanking the investors led by state-run life insurance behemoth LIC for the response to the issue, which received bids of over ₹1.12 lakh crore and was over-subscribed by over four times, Setty also spelled out the revised capital levels. The common equity tier-I capital will increase to 11.5 per cent, he said, adding that the bank's objective is to take the level up to 12 per cent. The bank is all set to book gains from its share sale in Yes Bank and also has a slew of other assets including stakes in its insurance arms from where it can raise more funds. Setty said nearly two-thirds of the investors in the recent issue were from outside the country, and added that the same provides confidence to all stakeholders. Meanwhile, in a note published on Monday, global ratings agency Moody's Investors Service said the bank will be able to post a credit growth of 12 per cent in FY26, at par with the banking system growth. The agency affirmed the bank's Baa3 rating and also upgraded the baseline credit assessment while maintaining a stable outlook. "SBI's strongest retail franchise amongst Indian banks, access to low-cost deposits, and sufficient holdings of liquid government securities support its funding and liquidity," the agency said. The upgrade of the bank's BCA is driven by our expectation that the bank's internal capital generation along with opportunistic external capital raise will improve its capitalisation over the next 12-18 months, bringing its standalone credit profile in line with the other similarly rated peers, it said. SBI's adequate net interest margin, diversified non-interest income and low credit cost support its profitability, it said. However, the bank's profitability is set to moderate in the next couple of quarters because of policy rate cuts feeding through its lending rates, the agency said, adding that a gradual lowering of funding costs in the latter half of the fiscal year will be of help to the bank. The bank scrip closed 0.71 per cent up at ₹820.75 apiece on the BSE on Wednesday as against gains of 0.66 per cent in the benchmark.
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Business Standard
3 days ago
- Business Standard
Many Indian airlines spend more on publicity than passenger safety: Survey
The survey, which received 44,000 responses from citizens across 322 districts, assumes significance amidst a spate of incidents, both mid-air and on ground, reported recently Press Trust of India Mumbai Around 76 per cent of respondents in a pan-India online survey opined that many airlines in India are spending more on publicity than on passenger safety. The online survey conducted by LocalCircles revealed that as many as 64 per cent of these respondents had experienced at least one rough flight in the last three years, involving a difficult takeoff, landing, or inflight situation. The survey, which received 44,000 responses from citizens across 322 districts, assumes significance amidst a spate of incidents, both mid-air and on ground, reported recently. These included Tata Group-run Air India's Boeing 787-8 aircraft accident that crashed within seconds of taking off for London Gatwick from Ahmedabad last month, killing 241 of the 242 passengers on board and another 19 on the ground. The Aircraft Accident Investigation Bureau (AAIB) is investigating the crash and has already submitted its preliminary report. Also, on Monday, passengers on board Air India Kochi-Mumbai flight had a narrow escape after the aircraft veered off the runway during landing, causing extensive damage to the aircraft. On the same day, another Air India flight aborted takeoff for Kolkata from Delhi at the last minute due to a "technical snag" while IndiGo flight from Goa made an emergency landing due to a "landing gear" issue. At the same time, the exterior window frame of a SpiceJet flight operating on Goa-Pune came off mid-air, creating panic among the passengers onboard the Bombardier Q400 aircraft. The survey first asked air travellers, "Do you believe India-based airlines are spending more on publicity than on safety?" "Out of 26,696 who responded to the question 43 per cent stated, "yes, all of them"; 33 per cent of respondents stated "yes, some of them"; 11 per cent of respondents stated "no, none of them" focus more on publicity and less on safety; and 13 per cent of respondents did not give a clear answer, as per the release. "In summary, 76 per cent Indian airline passengers surveyed believe that many airlines are spending more on publicity than safety, " it said. Of the total respondents in the survey, 63 per cent were men while 37 per cent were women. Also, 46 per cent of respondents were from Tier 1, 25 per cent from Tier 2, and the remaining 29 per cent were from Tier 3, 4, 5 and rural districts, it said. The survey also asked flyers, "In the last three years, what percentage of your flights (takeoff, inflight or landings) on India-based airlines would you classify as rough or traumatic?" "Out of 17,630 who responded to the question 75 per cent stated over 50 per cent of flights; 6 per cent of respondents stated 40-50 per cent flights, another 6 per cent of respondents stated 30-40 per cent flights while 9 per cent of respondents stated 10-20 per cent flights, and so on" as per LocalCircles. "To sum up, 64 per cent airline passengers surveyed in India say they have had at least one or more rough flights in the last 3 years with a difficult takeoff, landing or inflight experience," it said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Business Standard
17-07-2025
- Business
- Business Standard
Markets end lower on selling in IT stocks, fresh foreign fund outflows
The 30-share BSE Sensex dropped 375.24 points or 0.45 per cent to settle at 82,259.24. During the day, it fell by 415.21 points or 0.50 per cent to 82,219.27 Press Trust of India Mumbai Benchmark stock indices Sensex and Nifty settled lower on Thursday following selling in information technology (IT) and banking shares and investors remaining in a wait-and-watch mode ahead of the outcome of the US-India trade talks. The 30-share BSE Sensex dropped 375.24 points or 0.45 per cent to settle at 82,259.24. During the day, it fell by 415.21 points or 0.50 per cent to 82,219.27. The 50-share NSE Nifty closed lower by 100.60 points or 0.40 per cent to 25,111.45. Fresh foreign fund outflows and subdued quarterly earnings dented investors' sentiment, experts said. Among Sensex firms, Tech Mahindra declined nearly 3 per cent after its June quarter earnings failed to cheer investors. IT services firm Tech Mahindra reported a nearly 34 per cent year-on-year increase in consolidated net profit to ₹1,140.6 crore for the quarter ending June 30, on the back of growth in communications and financial services verticals. Infosys, HCLTech, Eternal, Larsen & Toubro, Tata Consultancy Services, and Axis Bank were also among the laggards. However, Tata Steel, Trent, Titan and Tata Motors were among the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,858.15 crore on Wednesday, according to exchange data. "Indian equity benchmarks ended marginally lower as investors exercised caution amid subdued Q1 earnings announcements, particularly in the technology and banking sectors. Market participants remained sidelined due to elevated valuations of largecap stocks and FII outflows owing to the uncertainty regarding US-India trade deal; however, any positive developments could amplify market sentiment," Vinod Nair, head of research, Geojit Investments Limited, said. The BSE smallcap gauge climbed 0.30 per cent and midcap index went up by 0.07 per cent. Among BSE sectoral indices, BSE Focused IT tanked 1.47 per cent, followed by IT (1.33 per cent), tech (1.06 per cent), bankex (0.51 per cent) and, utilities (0.25 per cent). Realty jumped 1.22 per cent, metal climbed 0.62 per cent, commodities (0.42 per cent), healthcare (0.28 per cent) and, consumer discretionary (0.25 per cent). 'Markets largely remained in the negative zone amid uncertainty over the impending announcement of the India-US tariff outcome, as investors resorted to selling in banking, IT and oil & gas shares that led the downfall in key benchmarks. Once the deal is announced and if it suits the interests of both the countries, there will be a relief in the markets and we may see short-term spurt, else the sluggish to pessimist mood could continue. ,'Prashanth Tapse, senior VP (Research), Mehta Equities Ltd, said. In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in the positive territory while Hong Kong's Hang Seng ended lower. European markets were trading higher. The US markets ended higher on Wednesday. Global oil benchmark Brent crude dipped 0.06 per cent to USD 68.49 a barrel. On Wednesday, the Sensex edged up 63.57 points or 0.08 per cent to settle at 82,634.48. The Nifty ended 16.25 points or 0.06 per cent higher at 25,212.05.
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Business Standard
06-07-2025
- Business
- Business Standard
Godrej Capital eyes 2-fold AUM rise by FY28, rules out capital infusion
Over the next two years -- FY27 and FY28 -- it plans to nearly double the AUM to ₹50,000 crore, its managing director and chief executive Manish Shah said Non-bank lender Godrej Capital's assets under management have grown to about ₹18,000 crore. Press Trust of India Mumbai Non-bank lender Godrej Capital's assets under management have grown to about ₹18,000 crore, and the company is targeting to close FY26 at over ₹25,000 crore, a top official has said. Over the next two years -- FY27 and FY28 -- it plans to nearly double the AUM to ₹50,000 crore, its managing director and chief executive Manish Shah told PTI. The company, in which parent Godrej Industries owns over 90 per cent stake, has sufficient capital right now as most of the capital committed by the group has already come in, he said. "Until such time as we list, the capital will come from the group. Most of it we have already received. We don't need a lot more capital over the next few years," Shah said. The parent firm has infused an additional Rs 285 crore into the company to increase its stake by 1.41 per cent to a total of 90.89 per cent. Shah said the company is also delivering profits now, which can be reploughed back into the business for asset growth, but made it clear that the ultimate aim of the company is to list on exchanges like its fellow group companies such as Godrej Properties. At present, about Rs 3,000 crore of assets, or about a sixth of the overall AUM, has been sourced from group companies, Shah said, adding that this reliance will keep going down over time. Godrej Capital is looking at entering into the supply chain finance segment, and this is where it may go into fellow group companies for help in sourcing customers looking for finance, he said. As per a recent regulatory disclosure, its consolidated income grew to Rs 1,620 crore in FY25, from Rs 889.14 crore in the year-ago period. Shah, who was speaking on the sidelines of a company event to announce a partnership with customer relationship management company Salesforce, said it is very difficult for businesses to get the technology architecture right. Service of the customer should be the first motivation while embarking on a technology journey, he said, adding that a right balance by keeping in mind requirements like data privacy can ensure a win-win for all stakeholders. It is taking Salesforce's help to streamline its front end used by the customer facing executives, Shah said, adding that the core system on which the company runs remains intact. Salesforce will be helping Godrej put the necessary digital lending infrastructure which will make loan processing faster and improve the customer experience, the CRM company's president and chief executive for south Asia Arundhati Bhattacharya said. Replying to concerns on AI taking up jobs, Bhattacharya said Indians should not resist such a technology transition but leap into it instead. She said there will be some pain as AI's adoption increases, but added that she does not believe AI will lead to less jobs. However, the nature of jobs may undergo a change, the career SBI banker who joined Salesforce after retiring as chairman, said.
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Business Standard
04-07-2025
- Health
- Business Standard
Air India pilot collapses prior to operating flight from Bengaluru to Delhi
The pilot was immediately taken to hospital and the airline had to arrange another pilot to fly the passengers to their destination Press Trust of India Mumbai An Air India pilot collapsed just prior to operating a flight from Bengaluru to Delhi, sources said on Friday. The pilot was immediately taken to hospital and the airline had to arrange another pilot to fly the passengers to their destination. Air India confirmed that "there was a medical emergency involving one of our pilots in the early hours of July 4." "There was a medical emergency involving one of our pilots in the early hours of July 4. As a result, the pilot was unable to operate the flight AI2414 from Bengaluru to Delhi, that he was rostered for, and was taken to a local hospital immediately," Air India said in a statement. "He is currently stable but continues to be under the supervision of doctors at the same hospital," the airline said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
