Monday, September 21
State-run GAIL (India) Ltd is seeking liquefied natural gas (LNG) for delivery from 2027 under a five-to-10-year deal linked to Brent crude oil prices, four sources aware of the inquiry said. The Indian company is looking to buy six cargoes of the super chilled gas in 2027, and eight cargoes in the second year of the deal, they said. From the third year onward, GAIL is seeking to buy one cargo every month, they said. The deadline for submitting offers closes on July 24, added two of the sources. India's largest gas distributor GAIL is seeking a long-term deal as it has started operating its Dabhol LNG terminal throughout the year after the installation of a breakwater. The facility can handle 5 million metric tons per year (tpy) of LNG. GAIL plans to increase the capacity of Dabhol to 6.3
India's Embassy Office Parks REIT is in talks with bankers to raise 20 billion rupees ($232.79 million) via the issuance of five-year corporate bonds, three sources aware of the matter said on Wednesday. The real estate investment trust will look to close the funding round before the end of this month, the sources said requesting anonymity as the talks are private. The debt sale could attract strong demand from mutual funds as well as some insurance companies, as the notes are rated 'AAA' by Crisil, they said. The firm did not reply to a Reuters email seeking comment. Embassy REIT will tap the bond market for the second time this year after it raised 7.50 billion rupees in June through the sale of 21-month bonds at a coupon of 6.9650%, payable on a quarterly basis. "Since the company is
Public sector bank shares rallied up to 3% on Wednesday after a media report suggested that the government is considering a fresh round of financial sector reforms, including a possible relaxation of foreign investment limits and further consolidation of state-run lenders.The Nifty PSU Bank index rose 2.3%, outperforming a largely subdued broader market. Indian Overseas Bank led the advance with a gain of 2.7%, followed by UCO Bank and Punjab & Sind Bank, which climbed 2.5% each. Punjab National Bank gained 2.4%, while Bank of Baroda and State Bank of India added 2.1%. Shares of Indian Bank, Canara Bank, Union Bank of India, and Bank of Maharashtra also ended higher, up between 0.5% and 1.9%.CNBC-TV18, citing sources, reported that the government may pursue further consolidation among
Motilal Oswal has initiated coverage on Vishal Mega Mart with a ‘buy’ rating and a target price of Rs 165, implying a potential 20% upside from Tuesday’s closing price of Rs 137. The brokerage sees the value retailer as a “play on rising aspirations in Tier 2+ India,” underpinned by its affordable private-label portfolio, lean cost structure, and a growing footprint across underserved cities.Shares of Vishal Mega Mart rose as much as 2.2% on Wednesday to Rs 140 on the BSE.Vishal Mega Mart (VMM) operates 696 stores across 458 cities in India, with roughly 72% of its footprint located in Tier 2 and smaller towns. Motilal Oswal said the company is tapping into a largely unorganised Rs 70 trillion retail opportunity, which it expects will exceed Rs 100 trillion by 2028.“VMM is one
