Saturday, September 19
Indian banks are likely to adopt a cautious approach in deploying funds at the central bank's reverse repo auction which is likely to take place on Friday after a recent cash crunch forced them to borrow overnight at elevated rates, bankers said. Lenders parked Rs 2 lakh crore ($23.17 billion) with the Reserve Bank of India at its seven-day variable rate reverse repo (VRRR) auction last Friday, even as large outflows for goods and services tax payments loomed earlier this week. Banks had assumed they could access cheaper funding from the collateralised market when needed, a senior treasury official at a private bank said, requesting anonymity as he is not authorised to speak to the media. "After cash shortages in the overnight market, there will be a re-look at how much money needs to be p
Shares of Indian Energy Exchange (IEX) plunged 23% to Rs 144.67 on NSE on Thursday after the Central Electricity Regulatory Commission (CERC) formally approved the implementation of market coupling for India’s power sector.The regulatory development comes just hours ahead of IEX’s first-quarter earnings for FY26, heightening investor anxiety over the company’s near-term outlook.What CERC AnnouncedIn an order issued late Wednesday, the CERC said it would initiate market coupling in a phased manner, beginning with the Day-Ahead Market (DAM) by January 2026. This move follows extensive consultations with Grid-India and other power sector stakeholders.Market coupling is aimed at unifying price discovery by pooling bids from multiple power exchanges and clearing them centrally. The mechan
Shares of two of Anil Ambani’s key companies, Reliance Infrastructure and Reliance Power, fell up to 4% on Thursday, July 24, after the Enforcement Directorate (ED) conducted searches at dozens of premises linked to the businessman in connection with an ongoing probe into an alleged Rs 3,000 crore loan fraud involving Yes Bank.Reliance Power shares declined as much as 4.1% to Rs 60.25 on the BSE, while Reliance Infrastructure slid 3.5% to Rs 365.80 in intraday trade.ED raids in Rs 3,000 crore loan fraud caseThe ED on Thursday raided 40 to 50 locations connected to Anil Ambani as part of its investigation into suspected money laundering tied to loans sanctioned by Yes Bank between 2017 and 2019. The agency said these loans, worth around Rs 3,000 crore, were allegedly diverted to shell com
China’s Chery Automobile Co. will supply technology and components to billionaire Sajjan Jindal’s JSW Group to help launch a new-energy vehicle brand in India by 2027, according to people familiar with the matter.Under an agreement between the two companies, JSW will pay Chery a one-off technology transfer fee and recurring royalties, said the people, who asked not to be identified because the information is private. There is no equity arrangement, in line with India’s restrictions on Chinese investment in strategic sectors.The deal will mark the first major passenger vehicle technology transfer from a Chinese automaker to an Indian company since border clashes between the two nations in 2020 snowballed into a bilateral spat. India has put up walls to prevent its neighbor from making
