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Jindal Power gets $470 million loan for Botswana project
Jindal Power Ltd. has acquired a $470 million loan to fuel its ambitious power project in Botswana. The financing is backed by three Indian banks, alongside participation from international institutional lenders. This initiative aligns with Jindal's previous international expansion efforts and leverages Botswana's extensive coal resources, which are essential for catering to local electricity requirements.
ONGC Q2 profit jumps 57% to Rs 15,489 crore on higher oil prices, rupee depreciation
ONGC has reported a significant 57% increase in quarterly profit, reaching Rs 15,489 crore. The profit surge is attributed to higher oil and gas prices combined with rupee depreciation. Gross revenue also rose by 33% to Rs 43,875 crore during the July-September quarter. The company announced an interim dividend of Rs 8 per share, marking its highest-ever interim dividend.
These mid-caps have ‘strong buy’ & ‘buy’ recos and upside potential of up to 28%, according to analysts
Global markets on Wednesday celebrated the outcome of the US mid-term election as well as a sharp drop in oil prices. Oil prices, which at the end of last week were at about $118 to the barrel, are now under $95. The hope clearly is that Democrat control of both chambers of the US Congress will pressure the Trump administration to pursue a diplomatic end to the conflict with Iran in the Gulf.
Green-debt fees hit nearly $3 billion, topping fossil fuels for fifth year
For the fifth consecutive year, leading global banks generated more revenue from green projects than fossil fuel financing. Data shows these banks earned approximately $3 billion from climate-related financing this year. Major players include Bank of China, BNP Paribas, and Deutsche Bank for green bonds. However, US banks dominated the fossil fuel financing deals, led by Wells Fargo and JPMorgan.
Adani Group to seek $1.5 billion for data center financing
Adani Group, led by Gautam Adani, is negotiating a $1.5 billion loan to finance its data center expansion. The joint venture AdaniConneX with EdgeConneX is involved in discussions with various lenders. Plans include investing around $100 billion in digital infrastructure by 2035, enhancing their energy business. Meanwhile, Reliance conglomerate is also investing significantly in artificial intelligence infrastructure.
These mid-caps have ‘strong buy’ & ‘buy’ recos and an upside potential of over 25%, according to analysts
When a market is as jittery as it is right now, poor numbers are treated harshly. A new-age company in the business of buying and selling used cars reported numbers that fell short, and the street punished the stock severely. But it is not just the clear misses. Anything that is well-owned and presents disappointing numbers is seeing double-digit cuts.
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AI narrative needs to change for India: K Balasubramanian, CEO, Citibank India
Long-term capital-gains tax is a big factor on the equity side. On direct investment, the trade agreements are going to be a big positive. Trade agreements create potentially important UK-India and EU-India corridors. We have been doing a lot of work identifying companies that could benefit and engage with clients. For Citi, that opportunity can flow through services and markets and potentially through investment-banking transactions as multinational companies raise capital in India, says K Balasubramanian, CEO, Citibank India.
These large-, mid- and small-cap stocks can give more than 20% return in 1 year, according to analysts
There is really no doubt about what will happen in the short term. It is going to be tough. Trying to guess the exact day when things will improve is a waste of effort. But a frightened market is exactly when it helps to look the other way. Because markets go too far in both directions, not only the one that is hurting today.
Global Market: China's wealthy rush to unwind offshore trusts as tax deadline looms
China’s wealthy individuals are restructuring offshore trusts, selling investments and reassessing residency amid a new 20% tax on overseas trust income. With an October 22 declaration deadline approaching, uncertainty over enforcement and liabilities is prompting asset sales, borrowing and delayed investments as Beijing tightens scrutiny of offshore wealth.
These large- and mid-cap stocks can give more than 20% return in 1 year, according to analysts
The next few weeks are critical, and one should not be in a hurry to make market-related decisions. Better to be cautious – to wait and watch. Let the picture become a little clearer before you act.
Hardening bond yields to weigh on bank profits in September quarter
For the September quarter, Nifty 50 banks are forecasted to see an 11.5% rise in net interest income, yet net profits are expected to grow more slowly at around 10%. This growth is supported by robust capital inflows from the RBI's FCNR-B deposit swap scheme, bolstering deposit growth. Leading banks like Axis Bank and Kotak Mahindra Bank are likely to show substantial profit growth this quarter.
Rethink the short term, but it is only about business in the long term: 5 mid-cap stocks with upside potential of up to 23%
Be clear-eyed about the short term, because we are not done with market pessimism. There may well be more to come, and that could give you better prices than today's. But the preparation has to be done now, not after the move. In the long term, the rule is a simple one: Know what you own, and know why you own it.
RBI’s sell-buy swaps slow rupee’s fall but push up forward premiums, making hedging costlier for foreign investors
The Reserve Bank of India is engaged in dollar sell-buy swaps to stabilise the rupee's value. However, this has resulted in higher forward premiums, making it expensive for foreign investors to hedge. As a consequence, some foreign investments in rupee-denominated assets may decline. Additionally, companies are opting to borrow in rupees and exchange for dollars due to favorable local rates.
In 2016, an Australian mother started making jewellery in her garage after losing her job; 6 years later, sales hit $2.5 million
Nikki Kelly did not set out to build a jewellery company. After losing her corporate job at 38 weeks pregnant, she used $1,000 from family savings to start making personalised pieces at home. An Etsy store became her first shopfront, and a small garage operation slowly grew into Kellective by Nikki. It is now a 13 person business with $2.5 million in turnover.
These large-, mid- & small-cap stocks can give more than 20% return in 1 year, according to analysts
Oil prices are still up, and so are bond yields, both in the US and in other major markets. And fresh troubles seem to crop up somewhere or the other in the world. That is the reality, and there is no use pretending otherwise. The fact remains that we are living in a world where there is a readjustment taking place. And that is always painful.
Sebi drops minimum public shareholding norms violation case against Vinod Adani and 4 Adani group companies
Sebi's investigation into Vinod Adani's control over offshore investments in Adani group companies has concluded. The regulator found insufficient evidence to support allegations of minimum public shareholding violations. Vinod Adani was not proven to have effective control over certain foreign portfolio investors. Relationships among parties involved did not demonstrate direct control or influence over investment decisions. Consequently, the case against Vinod Adani was closed due to lack of definitive evidence.
For long-term investors who know and accept that more trouble might be on the way: 5 mid-cap stocks with upside potential of up to 32%
Headwinds continue to hit both the global and domestic markets. As the situation is unlikely to improve anytime soon, we may see a further erosion in stock prices in the coming weeks, even months. The thing to understand is this: Not all stock price drops are the same.
IRDAI's commission reset impact; ETSA winner Progcap’s next bet
Happy Friday! IRDAI's overhaul plan could significantly impact the new-age insurance distribution industry. This and more in today’s ETtech Morning Dispatch.
$127 bn foreign currency deposit mobilisation a 'shot in the arm' for Indian banks: S&P
A notable achievement for Indian banks occurred as they received USD 127 billion through a dedicated deposit scheme. This influx has significantly improved the funding environment and liquidity levels. Favorable interest rates lured substantial deposits from the diaspora, ultimately fortifying banks' funding stability. This positive trend in deposits could enhance balance sheets by USD 190-220 billion, bridging any existing asset-liability gaps.
Nabfid sanctions Rs 3,000 crore-plus loans to at least four data centres as AI capex accelerates in India
Nabfid is sanctioning significant loans for India's growing data center infrastructure needs. These facilities support the nation's push for artificial intelligence and cloud computing capacity. The lender anticipates continued strong demand from hyperscalers and cloud service providers. Nabfid plans to raise approximately Rs 1 trillion to fund these large projects. This financing aligns with India's broader infrastructure investment in the digital economy.
Shaping dreams into destiny: Ajay Piramal shares six career lessons for young leaders
Piramal Group chairman Ajay Piramal advised young leaders at an awards ceremony. He emphasized embracing adversity and making independent decisions for progress. Piramal also highlighted the importance of purpose and values in business operations. He encouraged giving back early and maintaining life's priorities. These lessons guide individuals as India moves towards economic growth.
SoftBank gets upsized $11.9 billion loan in OpenAI funding push
The latest borrowing would add to SoftBank’s wave of recent debt financing activities tied to its bet on OpenAI. That includes a $10 billion margin loan backed by its OpenAI stake and a potential bond sale of as much as $20 billion, despite concerns about growing credit risks in the artificial intelligence sector.
Indian Bank to enter life insurance business, soon to seek board nod
Indian Bank plans to enter life insurance and asset management sectors soon. The bank is seeking board approval for these proposed new ventures. Identifying a strong partner is crucial for accelerating wealth creation efforts. Indian Bank also aims to open a representative office in Dubai. This move will leverage business opportunities from the large Indian diaspora.
Meet Vladimir Sklarov, who allegedly stole $450 million from a Mexican billionaire using the Astor family name and spent it on luxury villas and a château
Vladimir Sklarov is facing serious allegations after reportedly swindling a Mexican billionaire of $450 million by creating a fraudulent company. He leveraged the name of the Astor family to illicitly seize control of valuable shares. Authorities claim Sklarov and his accomplices discreetly divested these shares. The victim has confirmed the deception, expressing deep dismay over being ensnared in the ruse.
World's first energy island: How Belgium built a switchboard in the North Sea
Princess Elisabeth Island's foundation works are now complete with the final caisson installed. The European Investment Bank provided a substantial green credit facility for electrical infrastructure. This artificial island will serve as a switchboard for offshore wind farms. Its design incorporates nature-inclusive elements for seabirds and marine organisms. The island is expected to be ready for its first wind farm connection in 2031.
Axis Bank’s HQ hunt leaves 3,000 staff scattered across Mumbai
Axis Bank plans to temporarily relocate staff across multiple Mumbai offices. The bank seeks a larger single office space for its employees. This move comes as their current headquarters will be demolished. A new 32-storey tower is expected to be ready in five years. This situation highlights Mumbai's growing office space demand challenges.
Adani Group plans $2.5 billion refinancing in India’s biggest offshore loan this year
Adani Group plans a $2.5 billion offshore loan to refinance debt. This significant borrowing aims to cover the acquisition of two Indian cement firms. The group is seeking $1.5 billion through a bridge loan and $1 billion via a five-year facility. Discussions are ongoing with several international banks for the financing. The deal is expected to close before the end of October.
ED moves to seek Cayman data in TMC fund probe
The Enforcement Directorate is seeking financial details from the Cayman Islands. This action is part of a money laundering investigation into the Trinamool Congress party. The agency is probing funds allegedly transferred through an offshore entity for aircraft acquisition. The ED suspects funds from the party's corpus were used for these purchases. The Trinamool Congress has denied all allegations of financial irregularities.
Indian Bank to open representative office in Dubai to expand foreign operations
Indian Bank plans to open a representative office in Dubai after receiving board approval, targeting business from the large Indian diaspora in West Asia. The public-sector lender is also exploring a presence in Malaysia and Indonesia and plans to add 100 domestic branches this year.
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