Page 41 - Sbi

Mcap of 9 of top 10 most valued firms jumps Rs 1.84trn; Reliance, SBI shine

Nine of the top-10 most valued firms together added Rs 1,84,225.43 crore in market valuation last week, with Reliance Industries Limited and State Bank of India emerging as the biggest gainers, in an overall bullish equity market trend. Last week, the BSE benchmark jumped 1,457.38 points or 2.44 per cent. Hindustan Unilever Limited was the only laggard from the top-10 pack. The market valuation of Reliance Industries zoomed Rs 48,238.78 crore to Rs 16,37,408.27 crore. State Bank of India's market capitalisation (mcap) jumped Rs 31,325.39 crore to Rs 5,15,887.19 crore. The mcap of ICICI Bank rallied Rs 23,472.25 crore to Rs 6,40,949.71 crore and that of ITC climbed Rs 21,003.35 crore to Rs 5,28,377.17 crore. The valuation of Tata Consultancy Services (TCS) advanced Rs 19,886.94 crore to Rs 11,76,750.92 crore and that of Bharti Airtel gained Rs 18,874.22 crore to Rs 4,45,509.68 crore. Infosys added Rs 10,447.1 crore taking its market valuation to Rs 5,19,662.10 crore. HDFC Bank's

State Bank of India prices $750-mn bond at 4.87%, tightens pricing

Tightens pricing by 40 bps on oversubscription

SBI raises $750 mn through bonds to fund offshore business growth

State Bank of India (SBI) on Thursday said it has raised USD 750 million through bonds to fund offshore business growth. The country's biggest lender has concluded the issue of USD 750 million senior unsecured fixed rate notes having maturity of 5 years and coupon of 4.875 per cent payable semiannually under Regulation-S, SBI said in a filing. "The bonds will be issued through our London branch as of May 5, 2023 and shall be listed on Singapore Stock Exchange and India International Exchange, GIFT City," it said. Earlier this month, the bank's board had approved a proposal to raise USD 2 billion (about Rs 16,000 crore) from bonds to fund its global operations.

Higher loan limits to enterprises addressing 'Missing Middle problem': SBI

Increase in Mudra disbursement leads to decline in states' subsidies allocation

PSBs extend gains on hopes of firm Q4; Nifty PSB index zooms 13% in 1 month

Among the individual stocks, Indian Bank and Uco Bank were up 3 per cent, Bank of Baroda, Indian Overseas Bank, Central Bank of India, Canara Bank and State Bank of India were up 2 per cent on the NSE

CBI books 'missing' businessman Pramod Goenka for Rs 405-cr 'bank fraud'

The CBI has booked Pramod Goenka, the missing brother of DB Realty Managing Director Vinod Goenka, and his company Yash Jewellery in a case of alleged cheating that caused a loss of more than Rs 405 crore to State Bank of India, officials said on Monday. The CBI FIR relates to credit facilities extended to Pramod Goenka-owned Yash Jewellery by SBI which were allegedly not repaid turning the account into a non-performing asset in 2014. The FIR registered on the basis of a complaint from SBI accused Pramod Goenka, Rustom Ariez Tata and Anant L Prabhudesai of entering into a criminal conspiracy to cheat the bank allegedly inducing it to sanction loans of Rs 235 crore, which they siphoned off, causing a loss of Rs 405.58 crore. Yash Jewellery was established in 2007 in collaboration with Andin International Inc., New York, which had 40 per cent equity, the bank said. The stake of Andin International Inc. was purchased by promoters in 2008. Yash Jewellery Private Limited took over a 51

Industrial concentration power doesn't dictates pricing capacity: SBI

The core CPI (which was sticky for almost one year) also moderated to almost 2-years low to 5.74 per cent in March 2023, said Ghosh

SBI explores options of installing iris scanner at Bank Mitra channel

State Bank of India (SBI) on Friday said it is exploring options for installing an iris scanner at Banking Correspondent or Customer Service Point to address the challenges faced by senior pensioners or customers. This will save senior citizens from going to branches and withdrawing pensions at their nearest Bank Mitra channel. "Bank has also been examining options of installing Iris scanners at our BC/CSP (Bank Mitra) channels to address the challenges faced by our Senior Pensioners/ Customers," SBI said in a statement. SBI has always aligned its business goals with national priorities, and focused attention is given to a range of financial inclusion activities, it said. However, it said, an unfortunate incident has recently come to light where one of the senior citizen customers faced difficulty in withdrawing her old age pension from the nearby CSP (Bank Mitra) in Jharigaon block of Nabrangpur district of Odisha on account of her fading fingerprints not being recognised by the .

SBI General FY23 net profit jumps 40% to Rs 184 cr, premium up by 17.6%

SBI General Insurance, the unlisted arm of State Bank, on Friday said its net income surged 40 per cent year-on-year to Rs 184 crore in FY23 on a gross written premium income of Rs 10,888 crore. The company said it could sustain the strong growth momentum through the year, as visible from the 40 per cent jump in net profit and 17.6 per cent growth in gross premium over the 12 trailing months. It said the year also saw its market share rise to 4.21 per cent with over 22 crore customers. The solvency ratio stood at 1.72x, marginally higher than the regulatory mandate of 1.5x, the company said. The privately held arm of the nation's largest bank did not offer a detailed financial statement, such as investment gains/loss, the combined ratio, which is the key profitability metric for a general insurer, investment details and other numbers. The managing director and chief executive Kishore Kumar Poludasu said the year saw the company achieve the milestone of being one of the early compa

RBI to come up with new rules on classification of accounts as fraudulent

The new rules will reportedly give the borrower a personal hearing before they are declared a wilful defaulter

IT drags benchmarks lower for 3rd day; Sensex dips 159pts, Nifty near 17600

CLOSING BELL: Infosys, TCS and HCL Technologies, down 1.3 - 2.4 per cent, collectively accounted for a loss of 156 points on the BSE Sensex.

Stocks to Watch: SBI, ICICI Lombard, ONGC, Reliance, Oil India, Zydus Life

Stocks to Watch: ICICI Lombard General Insurance reported a 39.6 per cent surge in net profit in the January-March quarter (Q4) of FY23

TMS Ep414: SC fraud ruling, office spaces, markets, overseas citizenship

Why does SBI want SC to clarify its fraud account ruling? Will Indian offices get repurposed as apartments? Are logistics stocks worth your money? What is Overseas Citizenship of India? Answers here

State Bank of India board approves raising of $2 billion from bonds in FY24

SBI will raise $2 billion through foreign currency bonds in 2023-24 in single or multiple tranches

Top headlines: Sideloading apps in iOS 17, India Inc gears for Covid spike

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SBI Foundation hands out Rs 30 lakh grant in Shark Tank-like pitch fest

Fund given to eight fellows working on projects around health, governance, inclusion, farming

State Bank of India to consider raising $2 billion via offshore bonds

The board will meet on April 18 to consider the fund raising

Top headlines: Likely profitable Q4 for India Inc, rural FMCG sales up

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SBI Foundation commits Rs 3 mn grant to eight select social ventures

SBI Foundation, the CSR arm of State Bank of India (SBI) on Sunday committed Rs 30 lakh as a grant to 8 ventures who work at the grassroot level to bring change in the lives of rural population. The selection for the grant is done on the basis of projects submitted by fellows of SBI Youth for India programme, and depending on the assessment, grant is pledged during 'SBI YFI Sahyog - The Pitch Fest', SBI Foundation CEO and Managing Director Sanjay Prakash told PTI. Four top winning ideas are given support of Rs 6 lakh each while four runners-up are given Rs 1.5 lakh each, he said after the selection process on Sunday. Last year, he said, the Foundation had given a grant of Rs 20 lakh to selected few social enterprises both under non-profit and for-profit ventures by the SBI Youth for India (YFI) Alumni. Under SBI YFI programme started in 2011, he said, around 100 professionals or fresh graduates are selected as fellows, who join hands and foster change with rural communities and NGO

SBI loan fraud: SC permits bank to respond to reply of pvt firm chairperson

The Supreme Court has permitted SBI to file a rejoinder to the reply of Suman Vijay Gupta, a citizen of the Dominican Republic and chairperson of a Mumbai-based private company, who was stopped from travelling to the UAE because of a case in which she is accused of defrauding the bank of Rs 3,300 crore. The top court had on March 16 taken up for urgent hearing the appeal of the State Bank of India against a Bombay High Court order permitting Gupta, the chairperson of Ushdev International Limited (UIL), to travel abroad on furnishing a personal undertaking that she will come back to face legal proceedings here. The Solicitor General (Tushar Mehta) submits that the applicant (Gupta) who took up the citizenship of the Dominican Republic after the declaration of her account as Non Performing Asset (NPA), has been permitted to travel by the impugned orders dated March 10, and 14 March 2023 of a Division Bench of the High Court of Judicature at Bombay... Pending further orders, there shal