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Time of India
8 hours ago
- Business
- Time of India
India's top LNG importer Petronet seeks $1.4 bn local loan
India's largest importer of natural gas Petronet LNG Ltd. is seeking a loan of at least 120 billion rupees ($1.4 billion) for a new petrochemical plant and an LNG terminal , according to people familiar with the matter. Local lenders including Axis Bank , State Bank of India and Union Bank of India are considering to join the facility, which is among the company's largest fundraising exercises, said the people, who asked not to be identified discussing private matters. The borrower is seeking bids from banks in groups or individually, they said, adding that SBI Capital Markets has been appointed as adviser for the deal. The facility for triple-A rated Petronet comes at a period of muted activity for India's loans space, where bank lending grew 9.5% as of June 27, the lowest growth rate since March 2022, according to the latest data from the Reserve Bank of India. If the financing goes through, it would be one of the biggest local currency loans for the country this year, according to Bloomberg-compiled data. Spokespeople for Axis Bank , Petronet, SBI, SBI Capital Markets and Union Bank of India didn't immediately reply to emails from Bloomberg News seeking comment. Proceeds from the loan will partially fund the construction of a new petrochemical complex in Dahej, located in the southwest coast of Gujarat in India, the people said, adding that it will help diversify the company's earnings beyond the LNG space. The project is estimated to cost 206.85 billion rupees, according to the company's website. The New Delhi-based firm is also setting up a separate five million tons land-based LNG import terminal at Gopalpur, located on the east coast in Odisha. The latest loan could carry a tenor of more than 10 years, the people said. The pricing could be lower than SBI's one-month marginal cost of funds based lending rate of 7.95% currently, a benchmark gauge of local currency borrowings, two of the people said.
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Business Standard
9 hours ago
- Business
- Business Standard
Petronet seeks $1.4 bn loan to fund petrochemical plant, LNG terminal
By Saikat Das and Rakesh Sharma India's largest importer of natural gas Petronet LNG Ltd. is seeking a loan of at least 120 billion rupees ($1.4 billion) for a new petrochemical plant and an LNG terminal, according to people familiar with the matter. Local lenders including Axis Bank, State Bank of India and Union Bank of India are considering to join the facility, which is among the company's largest fundraising exercises, said the people, who asked not to be identified discussing private matters. The borrower is seeking bids from banks in groups or individually, they said, adding that SBI Capital Markets has been appointed as adviser for the deal. The facility for triple-A rated Petronet comes at a period of muted activity for India's loans space, where bank lending grew 9.5per cent as of June 27, the lowest growth rate since March 2022, according to the latest data from the Reserve Bank of India. If the financing goes through, it would be one of the biggest local currency loans for the country this year, according to Bloomberg-compiled data. Spokespeople for Axis Bank, Petronet, SBI, SBI Capital Markets and Union Bank of India didn't immediately reply to emails from Bloomberg News seeking comment. Proceeds from the loan will partially fund the construction of a new petrochemical complex in Dahej, located in the southwest coast of Gujarat in India, the people said, adding that it will help diversify the company's earnings beyond the LNG space. The project is estimated to cost 206.85 billion rupees, according to the company's website. The New Delhi-based firm is also setting up a separate five million tons land-based LNG import terminal at Gopalpur, located on the east coast in Odisha. The latest loan could carry a tenor of more than 10 years, the people said. The pricing could be lower than SBI's one-month marginal cost of funds based lending rate of 7.95per cent currently, a benchmark gauge of local currency borrowings, two of the people said.
Business Standard
2 days ago
- Business
- Business Standard
Union Bank of India slides after Q1 PAT declines 17% QoQ to Rs 4,116 cr
Union Bank of India slipped 1.75% to Rs 143.45 after the bank's net profit fell 17.44% to Rs 4,115.53 crore on a 4.49% decline in total income to Rs 31,781.34 crore in Q1 FY26 over Q4 FY25. On a year-on-year (YoY) basis, net profit jumped 11.87%, while total income rose 2.94% in Q1 FY26. Net interest income (NII) slipped 3.18% to Rs 9,113 crore in the June 2025 quarter, compared to Rs 9,412 crore in the June 2024 quarter. For Q1 FY26, the net interest margin (NIM) was 2.76%, down from 3.05% in the corresponding period last year. Profit before tax (PBT) grew 4.96% YoY to Rs 5,244.15 crore in the quarter ended 30 June 2025. The bank's operating profit before provisions and contingencies fell 11.26% to Rs 6,908.66 crore in the June 2025 quarter, compared to Rs 7,785.31 crore in the same quarter the previous year. On the asset quality front, gross non-performing assets (GNPA) stood at Rs 34,311.31 crore as of 30 June 2025, down 17.16% from Rs 41,422.94 crore as of 30 June 2024. The gross NPA ratio stood at 3.52% as of 30 June 2025, compared to 4.54% as of 30 June 2024. The net NPA ratio stood at 0.62% as of 30 June 2025, down from 0.90% as of 30 June 2024. The banks capital adequacy ratio as of 30 June 2025, as per Reserve Bank of India (RBI) guidelines under Basel III norms, was 18.84%, with a Tier-1 capital adequacy of 15.86%. Total business of the bank increased by 5.01% YoY, with gross advances rising 6.83% YoY and total deposits growing 3.63% YoY. The bank had total business of Rs 22,14,422 crore as of 30 June 2025. Global deposits have increased by 3.63% YoY. The bank now has a total deposit base of Rs 12,39,933 crore as of 30 June 2025. The RAM segment of the bank increased by 10.34% YoY, with in which 25.63% growth in retail and 17.65% growth in MSME advances were achieved on a YoY basis. RAM advances as a percentage of domestic advances stood at 58.11%. The CRAR improved from 17.02% as of 30 June 2024 to 18.30% as of 30 June 2025. The CET-1 ratio rose from 13.81% to 15.30% over the same period. The banks return on assets (ROA) and return on equity (ROE) stood at 1.11% and 15.15%, respectively, during Q1 FY26. Union Bank of India is one of the leading public sector banks in the country. The Government of India holds 74.76% of the bank's total paid-up capital. The bank has 8,649 branches, including foreign branches, over 8,900 ATMs, more than 73,500 employees, and over 23,000 BC points.
Economic Times
3 days ago
- Business
- Economic Times
Union Bank shares slip 4% after Q1 profit rises 12% YoY but NII declines
Union Bank of India shares declined nearly 4% to Rs 140.80 in Monday's trade on the BSE after the state-owned lender reported a 12% year-on-year rise in net profit to Rs 4,115.5 crore for the first quarter of FY26, compared to Rs 3,679 crore in the same period last year. ADVERTISEMENT Total income rose to Rs 31,791 crore in the June quarter from Rs 30,874 crore a year ago. However, net interest income (NII) declined 3.2% year-on-year to Rs 9,112.6 crore from Rs 9,412 crore. The bank's total business grew by 5% to Rs 22.14 lakh crore, up from Rs 21.08 lakh crore at the end of June 2024. Provisions and contingencies increased to Rs 1,664.5 crore in Q1 FY26 from Rs 1,543.9 crore in the March quarter. Provisions for non-performing assets (NPAs), however, fell to Rs 1,152 crore from Rs 1,675.7 crore in Q4 month, the lender reduced its lending rates by 50 basis points, aligning with broader moderation by the Reserve Bank of India. The revision covered both the external benchmark lending rate (EBLR) and the repo-linked lending rate (RLLR), benefiting retail and MSME borrowers. ADVERTISEMENT According to Trendlyne, the average target price for Union Bank shares is Rs 152, implying a potential upside of nearly 7% from current levels. Of the 13 analysts tracking the stock, the consensus rating is 'Buy'.Technically, the stock is in a neutral trend. The Relative Strength Index (RSI) stands at 49.1, indicating balanced momentum. The MACD is at 1, above the center line but below the signal line. ADVERTISEMENT Year-to-date, Union Bank shares have gained 15%, and are up 30% over the past six months. The bank's market capitalisation currently stands at Rs 1.08 lakh crore. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
3 days ago
- Business
- Time of India
Union Bank shares slip 4% after Q1 profit rises 12% YoY but NII declines
Union Bank of India shares declined nearly 4% to Rs 140.80 in Monday's trade on the BSE after the state-owned lender reported a 12% year-on-year rise in net profit to Rs 4,115.5 crore for the first quarter of FY26, compared to Rs 3,679 crore in the same period last year. Total income rose to Rs 31,791 crore in the June quarter from Rs 30,874 crore a year ago. However, net interest income (NII) declined 3.2% year-on-year to Rs 9,112.6 crore from Rs 9,412 crore. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence Data Science healthcare Design Thinking Product Management Management Data Analytics MBA Degree Digital Marketing Operations Management Finance Cybersecurity MCA Others CXO others PGDM Leadership Data Science Healthcare Project Management Public Policy Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details The bank's total business grew by 5% to Rs 22.14 lakh crore, up from Rs 21.08 lakh crore at the end of June 2024. Provisions and contingencies increased to Rs 1,664.5 crore in Q1 FY26 from Rs 1,543.9 crore in the March quarter. Provisions for non-performing assets (NPAs), however, fell to Rs 1,152 crore from Rs 1,675.7 crore in Q4 FY25. Last month, the lender reduced its lending rates by 50 basis points, aligning with broader moderation by the Reserve Bank of India. The revision covered both the external benchmark lending rate (EBLR) and the repo-linked lending rate (RLLR), benefiting retail and MSME borrowers. Live Events Union Bank share price target According to Trendlyne, the average target price for Union Bank shares is Rs 152, implying a potential upside of nearly 7% from current levels. Of the 13 analysts tracking the stock, the consensus rating is 'Buy'. Technically, the stock is in a neutral trend. The Relative Strength Index (RSI) stands at 49.1, indicating balanced momentum. The MACD is at 1, above the center line but below the signal line. Year-to-date, Union Bank shares have gained 15%, and are up 30% over the past six months. The bank's market capitalisation currently stands at Rs 1.08 lakh crore. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
