Tag Archives: SBI

Seven Companies Lose Over Rs 1 Lakh Crore in Market Cap Last Week

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The combined market capitalisation of seven out of the top 10 companies declined by Rs 1,22,107 crore over the past week, with Tata Consultancy Services (TCS) and Reliance Industries Ltd (RIL) leading the losses.

Between October 7 and 11, Tata Group’s TCS saw its market cap drop by Rs 35,638 crore, settling at Rs 15,01,723 crore. RIL’s market cap fell by Rs 21,351 crore, bringing its valuation down to Rs 18,55,366 crore.

FMCG giant ITC also witnessed a significant decline, with its market cap decreasing by Rs 18,761 crore to Rs 6,10,933 crore. Meanwhile, Hindustan Unilever Limited (HUL) saw a reduction of Rs 16,047 crore in its market valuation, now standing at Rs 6,53,315 crore.

The market capitalisation of Life Insurance Corporation (LIC) dropped by Rs 13,946 crore to Rs 6,00,179 crore, while ICICI Bank’s valuation slipped by Rs 11,363 crore, bringing it to Rs 8,61,696 crore.

HDFC Bank, the largest private sector bank in the country, saw its market cap decrease by Rs 4,998 crore, settling at Rs 12,59,269 crore.

On the other hand, Bharti Airtel’s market cap surged by Rs 26,330 crore to Rs 9,60,435 crore, while Infosys gained Rs 6,913 crore, taking its valuation to Rs 8,03,440 crore. The State Bank of India (SBI) added Rs 3,034 crore, pushing its market cap to Rs 7,13,968 crore.

Last week, the Nifty fell by 50 points, or 0.20 percent, to 24,964, while the Sensex declined by 307 points, or 0.38 percent, closing at 81,381. This marked the second consecutive week of market losses.

Despite the decline, RIL maintained its position as India’s most valuable company, followed by TCS, HDFC Bank, Bharti Airtel, and ICICI Bank.

Market experts predict that the outlook for next week will be influenced by key domestic and global economic data, including India’s WPI and CPI for September, loan and deposit growth figures, Q2 earnings of Indian companies, and updates from the US, China, and Japan.

As SEBI Clears IPO Application of NSDL, both IDBI Bank, SBI Gear Up To Sell Stakes

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The Securities and Exchange Board of India (SEBI) has given its nod for the initial public offering (IPO) of the National Securities Depository Ltd (NSDL), India’s largest depository. This approval marks a significant milestone for the country’s financial market infrastructure.

SEBI issued an observation on September 30, indicating a green light for the IPO. In regulatory terms, the observation letter from SEBI signifies that the market regulator has reviewed and cleared the company’s proposal to float a public issue.

The NSDL IPO will be entirely an offer-for-sale (OFS), allowing its existing shareholders to offload their stakes. According to the draft red herring prospectus (DRHP) filed by the depository on July 7, the sale will involve up to 5.72 crore shares, each with a face value of Rs 2.

Among the key sellers, IDBI Bank, which holds nearly 26% of NSDL, plans to offload 2.22 crore shares, while the National Stock Exchange (NSE), with a 24% stake, will sell 1.8 crore shares. State Bank of India (SBI), Union Bank of India (UBI), and Canara Bank, holding smaller stakes, will also participate in the OFS. UBI will sell 56.2 lakh shares, while SBI and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will sell 40 lakh and 34 lakh shares, respectively. HDFC Bank, which holds an 8.95% stake, is also set to divest a 2% stake.

NSDL has been a cornerstone of India’s financial infrastructure since its inception. Established in November 1996, following the implementation of the Depositories Act, NSDL spearheaded the dematerialisation of securities in India—a move that revolutionized the handling of financial instruments in the country. Prior to dematerialisation, the trading of physical certificates was cumbersome and fraught with risks such as forgery and loss. NSDL’s pioneering efforts addressed these concerns, enabling faster, safer, and more efficient securities trading.

Today, NSDL remains a leader in the depository space, managing the largest number of issuers and active instruments in the country. As of March 31, 2023, it dominates the market in terms of dematerialised settlement volume and the value of assets held in custody. Its upcoming IPO marks another chapter in the company’s influential role in India’s financial markets.

The IPO is expected to attract significant interest, given the firm’s pivotal position and the participation of major financial institutions in the offering.

Electoral Bonds: Furnish unique numbers, SC tells SBI while hearing EC plea

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The highest judicial authority today issued a stern rebuke to the State Bank of India (SBI) concerning its handling of information regarding electoral bonds, a program enabling discreet donations to political parties by individuals and entities.

Following the court’s previous decision to nullify the electoral bonds scheme, SBI was instructed to divulge comprehensive data regarding donations spanning the past half-decade.

Responding to a plea from the Election Commission, the Supreme Court pointed out deficiencies in the data furnished by SBI. Presiding over a five-judge panel, Chief Justice DY Chandrachud directed SBI to not only provide existing details but also disclose the electoral bond numbers.

Chief Justice Chandrachud wasted no time in highlighting the absence of bond numbers, querying the representation for the State Bank of India at the onset of the session.

In a notification served to SBI, the Supreme Court bench requested clarification regarding this oversight, scheduling a follow-up hearing for March 18. The inclusion of electoral bond numbers is deemed crucial for establishing connections between donors and political entities.

Electoral bonds were introduced in 2018 by the BJP administration as a measure to substitute cash contributions, purportedly enhancing transparency in political funding.

Last month, the Supreme Court invalidated the program, citing constitutional concerns and the potential for quid pro quo arrangements. Furthermore, the court urged SBI to furnish the Election Commission with all pertinent details regarding bond transactions.

In its submission, the Election Commission reiterated the court’s directive to retain copies of documents submitted during the proceedings, emphasizing the importance of maintaining records at the commission’s office.

The Election Commission clarified that it had not retained any copies of the documents and requested their return to facilitate compliance with the court’s instructions.

Electoral Bonds: What to expect from SBI’s submission of details to Supreme Court today

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The State Bank of India (SBI) has reportedly indicated its readiness to disclose details regarding electoral bonds, as mandated by the Supreme Court. Following the Court’s directive on Monday, SBI was instructed to provide information on electoral bonds encashed by political parties to the Election Commission of India by the close of business hours on Tuesday, March 12.

Expressing dissatisfaction with SBI’s initial reluctance, the Supreme Court warned the public sector lender of potential consequences for non-compliance, emphasizing the seriousness of the matter. The five-judge constitution bench, led by Chief Justice DY Chandrachud, dismissed SBI’s plea for an extension until June 30 to reveal the details, instead setting a deadline for disclosure to the Election Commission by 5pm on March 15, with publication on the Commission’s official website.

The court also said that matching names of electoral bond buyers with specific political parties was not required at the stage since it was cited as the sole reason government lawyer to the Supreme Court bench. Hence, all the available information on purchasers, bond denominations, and redemptions by political parties is readily available with the bank which is expected to be disclosed today by the end of working hours.

 

Supreme Court

 

The Supreme Court had previously invalidated the controversial electoral bonds scheme on February 15, deeming it unconstitutional and mandating disclosure of donor information, donation amounts, and recipients by March 13. The apex court also instructed SBI to furnish details of electoral bonds purchased since April 12, 2019, by March 6.

During the latest hearing, the Supreme Court addressed SBI’s request for an extension, as well as separate pleas seeking contempt action against the bank for alleged defiance of previous directives. Agency reports suggest that SBI’s submissions imply the availability of the requested information, further underscoring the importance of compliance with the court’s directives.

Oracle Cloud biz sees 100% growth in India, doubles its customer base

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Sep 15 (IANS) Cloud major Oracle on Thursday said its India business saw a tremendous growth in the first quarter of FY23, with the Oracle Cloud Unit (OCI) clocking over 100 per cent growth (year-on-year) for the third year in a row.

In India, the OCI is growing at 25 per cent quarter on quarter (QoQ) and the company has clocked double-digit growth across all lines of businesses, in some even triple digit, Kapil Makhija, Vice President – Technology Cloud Business, Oracle India, told IANS.

“This is specifically true for the India region where in the IaaS/PaaS market, we are growing at 25 per cent QoQ continuing on the growth trend we have been witnessing for the last three years,” said Makhija.

He said that in the last eight months, the company catered to more cloud projects than it had in the last three years — across the private and public sectors.

“This momentum indicates the value that OCI has brought to customers as a result of speed of execution, performance, scalability and cost savings,” Makhija added.

In the first quarter of FY23, Oracle was a huge growth across all lines of businesses.

“Oracle India stands apart in the cloud space in the IaaS and PaaS market. Cloud technology has done significantly well and Oracle’s India business has been a strong growth engine for the company,” the Oracle executive noted.

Oracle’s quarterly revenues were up 18 per cent year-over-year to $11.4 billion globally.

Makhija said the company aims to be the preferred cloud provider for all Indian organisations, both in the private and public sectors.

“Our MeitY empanelled cloud regions, in Mumbai and Hyderabad, are running at full capacity and as a result, we have doubled our cloud customer base in the past few years,” he told IANS.

New customers are HDFC Life, Federal Bank, NSE, Cognizant, Manappuram Comptech and Consultants Limited, SBI, Polycab, Forbes Marshall Pvt Ltd and Tensor etc, according to the company.

“We have also defined more avenues of working with our partners and expanding business opportunities for them and us,” said Makhija.

Oracle serves more than 15,000 customers in India across large and SMB enterprises, across the private and public sectors.

The Cloud major has 38 Cloud regions in 20 countries and 6 more are planned by end of 2022.

Delhi court orders probe into Rs.800 Crore bank scam, involving PSBs

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A new bank scam has come into light before a Delhi court which on Tuesday ordered a court-monitored investigation. The scam involving among other public sector banks, the State Bank of India, runs into Rs 800 crore, allegedly involving an infrastructure company director.

The FIR in this regard was registered by the Delhi Police’s Economic Offences Wing (EOW) and Chief Metropolitan Magistrate Shivani Chauhan of Saket District Court, heard an application filed by complainant Vaibhav Jalan against Gaurav Jalan, Director of JKM Infra Projects Ltd and ordered the probe.

The petitioner’s counsel argued that the accused allegedly created fictitious invoices and transferred the money from the company accounts to shell companies’ accounts, but no effective investigation has been carried out by the Investigating Officer and the complainant was not called for purpose of the probe in the last ten months.

Taking note of the submissions, the court directed the EOW to file a status report seeking the investigation carried out by it in the last 10 months and what investigation has been conducted on the discrepancies highlighted by a forensic audit of the company.

It also noted the apprehension that the accused may flee the country to evade the process of law. The matter will be further heard on November 11. (IANS)

Festive Season: Fixed Deposit rates hiked by banks

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As festive season is approaching, all Indian banks from State Bank of India to Kotak Mahindra Bank, have raised their fixed deposit rates by 15 to 50 basis points.

Bulk deposit rates have been increased by 25-50 basis points for a period of one year and more than one year deposit rates have gone up to 75-125 basis points.

The hike in deposit rates is in line with the Reserve Bank of India’s (RBI) 50 basis points hike in repo rate in the month of August. Accordingly, banks have also increased their FD rates, just as the festive season begins.

The largest state-owned bank, State Bank of India, increased its deposit rate by 15 basis points on FDs maturing between 180 days and 210 days from 4.40 per cent to 4.55 per cent.

Indian Overseas Bank increased deposit rates by 10 basis points for 444 days and three years and above periods for the retail term deposits.

Indian Bank and Punjab National Bank have hiked their deposit rates by 5-15 basis points, while the private HDFC Bank has increased interest rates by around 15 basis points on fixed deposits greater than Rs 5 crore in August.

ICICI Bank increased interest rates on fixed deposits of Rs 2 crore to Rs 5 crore in August.

Kotak Mahindra Bank has also increased rates by 15 basis points for select tenures for deposits up to Rs 2 crore, CareEdge data showed.

“Going forward, banks are expected to raise deposit rates for boosting deposits to support this rising credit offtake given that liquidity is narrowing in the banking system,” said Sanjay Agarwal, Senior Director, CareEdge.

SBI Probationary Officers Exam 2017 Main Results Declared

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The State Bank of India (SBI) has declared the SBI probationary officers (PO) mains examination result for the test conducted on 4th June, 2017.

The SBI PO result 2017 results are available at the online portal of SBI at sbi.co.in and the candidates can check them providing their name, roll number and date of birth in specified space.

Thos who have qualified will get a call to attend for group discussion and personal interview by the HR team. SBI is the largest Indian bank and its probationary officers will pave the way for candidates one of the best avenues to carft their future banking career.

The bank had 2,313 vacancies when it invited applications in February 2017. The exam is at least once in a year by the SBI at the national level to hire probation officers.

To check results at sbi.co.in, open the website at https://www.sbi.co.in/careers/ and click on ‘Recruitment Results & Archive’ link, which will take the user to the page https://www.sbi.co.in/careers/recruitment-result.html with drop down menu.

Select ‘Probationary Officers’ from the drop down and click on ‘Recruitment of Probationary Officers in State Bank of India’ and select ‘Main Exam Marks’. Once page opens, enter your Roll Number and Date of Birth or Registration Number and Date of Birth. Do not forget to enter the string shown in the image before pressing the ‘Submit’ button.