Monday, April 28
Mumbai: The Shapoorji Pallonji (SP) Group that last month started an exercise to raise funds to refinance maturing debt and reduce borrowing costs has increased the target to $3.25 billion from $2.6 billion. The group is looking also to refinance a portion of the debt raised by its Goswami Infratech unit in 2023 from global funds and foreign banks with a view to extend the loan maturity by four additional years, besides paying upcoming maturities and prepay debts owed to Ares and Farallon. According to term sheets circulated among potential investors, the fundraising, managed by Deutsche Bank, is structured as a five-year facility, comprising non-convertible debentures (NCDs) with an expected yield of about 18%. The real estate and construction to financial services group is tapping altern
Mumbai: The Reserve Bank of India (RBI) may shift its currency intervention strategy to allow the depreciation of the rupee in line with its emerging market peers to retain export competitiveness and cushion the negative impact of its US dollar sales on domestic liquidity.Traders say that currency hedging by exporters and importers signal further slide as positions have turned with importers rushing to cover their exposure, while exporters are letting their positions open to benefit from the slide.The rupee may slide as much as 2.5% in the next few months against the US dollar to as low as 88 as the overall rally in the Greenback is likely to accelerate given rising yields in the US and the thinning of expectations of further interest rate reduction by the Federal Reserve."Excessive FX int
India is set to reject oil tankers sanctioned by the US for their role in moving cargoes for Russia, another example of impact that Washington’s measures are having on the global oil market.On Friday, the US announced the most aggressive sanctions yet on Russia’s energy trade, just days before Joe Biden is to be replaced by Donald Trump as president. Oil prices have since surged above $80 a barrel with key traders, insurers — and about 160 tankers — listed by the Office of Foreign Assets Control.Previous US sanctions on tankers proved highly disruptive, creating an open question about what the response of buyers will be to Friday’s measures.A senior Indian bureaucrat told reporters that sanctioned vessels won’t be allowed to discharge. That excludes ships chartered before Jan.
