Friday, October 16
The stock of CreditAccess Grameen has lost nearly 9% in the past three trading sessions after the country's largest listed microfinance company declared rising slippages, higher credit cost, reduced collection efficiency, and rising gross non performing assets (GNPA) ratio for the March quarter. On a positive note, the lender reported lower accretion in the portfolio at risk (PAR) in states other than Karnataka in the March quarter. The condition in Karnataka is expected to improve in the second half of the current fiscal year. The credit cost is expected to normalise in the second half of FY26 to around 3.5% from 7.8% in FY25. Analysts have reduced FY27 earnings estimates by 4-8%. 121319721Karnataka and Tamil Nadu, which contribute 31% and 19% to the gross loan portfolio respectively, e
Mumbai: India's benchmarks declined over 1% on Tuesday as uncertainty over the near-term market prospects prompted traders to cut some of their bullish bets after the recent run up. Concerns over ebbing foreign inflows and a recent surge in Covid-19 cases in India and Asia contributed to the cautious sentiment.NSE's Nifty fell 261.55 points, or 1.05%, to close at 24,683.9. BSE's Sensex declined 872.98 points, or 1.06%, to end at 81,186.44."The market has failed to hold above the 25,000 level despite consistent efforts, as traders are now booking profits post the recent rally in the indices from April's lows," said Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services. "The surge in Covid cases has also been sentimentally negative for the market."Ta
Mumbai: Renewable energy company CleanMax Enviro Energy Solutions has appointed six bankers to float an initial public offering (IPO) of ₹4,000-₹5,000 crore by the end of this calendar year, multiple people aware of the development said. The issue-a mix of primary and secondary share sales-is expected to value the company at around ₹18,000-₹20,000 crore. The proceeds will be used to fund growth for the next few years, sources said.CleanMax has appointed Axis Capital, BNP Paribas, IIFL Capital, HSBC, JP Morgan, and Nomura as bankers for the offering. Canadian investor Brookfield Asset Management held a 49.92% stake in CleanMax through its Brookfield Global Transition Fund (BGTF) as of end-March 2025. Brookfield acquired a controlling stake in CleanMax in June 2023 in a $360 million
A total of 750 pilgrims were chosen through a computerised draw of lots on Wednesday for the upcoming Kailash Manasarovar Yatra in Tibet which is taking place after a gap of nearly five years. The resumption of the Yatra is being seen as an attempt to normalise India-China relationship that was severely hit by the eastern Ladakh border standoff. This year's pilgrimage will begin in June and continue until August, the Ministry of External Affairs (MEA) said. The Kailash Mansarovar Yatra was suspended initially in 2020 because of the Covid-19 pandemic and subsequently because of the military standoff between the two sides on the Line of Actual Control (LAC) in eastern Ladakh. The pilgrimage to Mount Kailash and Mansarovar Lake in China's Tibet Autonomous Region holds religious significance t
Mumbai: State Bank of India (SBI), the country's largest government-owned asset by market capitalisation, on Tuesday got board approval to raise up to $3 billion through the issuance of senior unsecured notes during FY26.The enabling approval allows the bank, which has a share of nearly a fifth of the nation's outstanding bank credit, to raise long-term funds - either in single or multiple tranches. The fund-raising will be through a public offer or private placement of notes denominated in US dollars or other major foreign currencies, the bank said in a regulatory filing on Tuesday.In 2024, SBI had raised $1.2 billion through three foreign currency bond issues. The latest of this issuance was in November 2024, when it raised $500 million in senior unsecured fixed-rate notes, maturing in f
