SENSEX, NIFTY FALL ON NEGATIVE CUES FROM OTHER ASIAN MARKETS
MUMBAI: Breaking its four-day rising spree, the BSE Sensex ended over 100 points lower on Thursday on selling in banking shares amid negative cues from other Asian markets. After a volatile session, the 30-share index settled 106.41 points, or 0.29%, down at 36,106.50, while the broader NSE Nifty fell 33.55 points, or 0.31%, to finish at 10,821.60. The fall was led by banking stocks, with Indusind Bank, Kotak Bank, Federal Bank, Axis Bank, ICICI Bank, HDFC Bank and SBI declining up to 2.36%. Other losers included ONGC, Maruti Suzuki, Sun Pharma, HDFC, Hero Motocorp, ITC and HCL Tech, falling up to 1.31%.
Jet Airways said to weigh a restart of talks with Tata
MUMBAI: Jet Airways (India) Ltd., the airline which had its credit rating cut to default this month, is weighing a resumption of stake-sale talks with the Tata group as the carrier is poised to run out of cash, people with knowledge of the matter said. While its founder and chairman Naresh Goyal has been discussing a deal with Etihad Airways PJSC, talks with the foreign partner stalled over the latter’s demand that Goyal step aside from his management role, the people said, asking not to be identified as the discussions are private. With Jet Airways set to run out of cash in about a month, the carrier is now looking to restart talks with India’s biggest conglomerate, they said.
SBI selects banks for $1.4 billion share sale
Hong Kong/mumbai State Bank of India (SBI), the country’s largest lender, has selected underwriters for an institutional share sale that could raise at least ₹10,000 crore ($1.4 billion), people with knowledge of the matter said. The government-run lender picked Bank of America Corp., CLSA Ltd. and HSBC Holdings Plc to arrange the offering, according to the people, who asked not to be identified because the information is private. Kotak Mahindra Bank Ltd. and SBI Capital Markets Ltd. were also chosen to work on the deal, the people said. SBI’S sale will help bolster its capital buffers as it attempts to grow loans at a faster pace. Credit growth in India’s banking system is rising at the fastest pace in five years after a cash crunch in 2018 curtailed new loans from shadow financiers.
BIAL to invest ₹13,000 cr to upgrade airport
BENGALURU: The Kempegowda international airport here would undertake a massive ₹13,000 crore programme comprising a new terminal, a second runway, access roads and internal road infrastructure, utilities and a multimodal transport hub, a top official said on Thursday. The Phase-2 programme involves ₹13,000 crore, which includes a component of ₹2,000 crore interest, Bangalore International Airport Infrastructure Limited (BIAL) chief executive officer, Hari Marar told reporters here. The terminal cost itself is roughly about ₹3,500 crore. Marar said the project has to be funded in a ratio of 20% equity and 80% debt.