India's largest lender, State Bank of India, on Friday slashed its lending and deposit rates, a rare move that followed on the heels of an Indian central bank rate cut to tackle the economic fallout from the coronavirus pandemic. SBI reduced its lending rates by 75 basis points, passing on the entire repo rate cut made by the Reserve Bank of India (RBI)earlier on Friday, the lender said in a statement. The central bank on Friday also allowed banks to provide a three-month moratorium on all term loans, a relief to businesses affected by India's three week country-wide lockdown.
SINGAPORE/NEW DELHI (Reuters) - Reliance Industries Ltd is seeking to sell some April-loading crude cargoes in a rare move as it plans to cut crude processing after the coronavirus pandemic hit global fuel demand, four sources said on Friday. Reliance, controlled by billionaire Mukesh Ambani, has offered various grades of Middle East crude for sale in Asia's spot market, including grades such as Abu Dhabi's Murban crude and Qatar's al-Shaheen crude, the sources said. Reliance is seeking to sell cargoes already at sea as Indian rules do not allow export of crude oil.
SINGAPORE/NEW DELHI (Reuters) - India's Reliance Industries Ltd is seeking to sell some April-loading crude cargoes in a rare move as it plans to cut crude processing after the coronavirus pandemic hit global fuel demand, four sources said on Friday. Reliance, controlled by billionaire Mukesh Ambani, has offered various grades of Middle East crude for sale in Asia's spot market, including grades such as Abu Dhabi's Murban crude and Qatar's al-Shaheen crude, the sources said. Reliance is seeking to sell cargoes already at sea as Indian rules do not allow export of crude oil.
(Bloomberg) -- Tata Motors Ltd., the Indian owner of Jaguar Land Rover, plans to separate its cars business from trucks and buses, as the company seeks partners for a unit slammed by the coronavirus outbreak and a global shift to electric vehicles.Car sales in India fell for a 16th consecutive month in February, and that’s set to continue as the virus outbreak limits travel nationwide, and financing new vehicles becomes difficult. Automakers are cutting investment and production, and job losses in the sector, which employs more than 32 million people directly and indirectly, climbed to half a ...
Tata Motors Ltd said on Friday it would spin off its passenger vehicles arm as a separate unit within the company, at a time when the coronavirus has disrupted auto production. Tata Motors, India's No. 2 automaker by revenue, said the spinoff will help it secure strategic alliances, which will provide the company access to new products, car parts, technologies and capital. Car sales in India have dropped for 16 straight months up to February amid slowing economic growth, while the pandemic has halted auto production as the government imposed a 21-day nationwide lockdown this week.
Tata Motors Ltd said on Friday it would spin off its passenger vehicles arm as a separate unit within the company, at a time when the coronavirus has disrupted auto production. Tata Motors, India's No. 2 automaker by revenue, said the spinoff will help it secure strategic alliances, which will provide the company access to new products, car parts, technologies and capital. Car sales in India have dropped for 16 straight months up to February amid slowing economic growth, while the pandemic has halted auto production as the government imposed a 21-day nationwide lockdown this week.
Yes Bank Ltd said on Thursday it was looking to raise up to 50 billion rupees ($665.88 million) in an effort to shore up its capital base after a government-led rescue of the private sector lender. India earlier this month approved a rescue plan, which saw State Bank of India, the country's largest public lender, take a 49% stake in Yes Bank after the central bank placed the lender under a moratorium on March 5.
The sight of Rana Kapoor, one of India’s highest-profile bankers, being taken to a Mumbai court in his tracksuit in early March augured what has become a very bad month for the country’s banking sector. Mr Kapoor, who denies the allegations, was sent to custody. To save Yes Bank, the authorities cobbled together a rescue plan that saw a range of big-name Indian lenders led by the State Bank of India (SBI), the country’s largest, infuse funds in return for an equity stake.
(Bloomberg) -- Facebook Inc. is in discussions to take a multibillion-dollar stake in Indian wireless provider Reliance Jio, the Financial Times said, citing two people familiar with the negotiations.The social-networking giant was close to signing a preliminary deal for 10% of the carrier before travel bans related to the Covid-19 pandemic stalled negotiations, the Financial Times reported. Alphabet Inc.’s Google had also held talks about a stake, the newspaper said, citing a person briefed on the negotiations. The paper didn’t name any of its sources.The deal, which had been scheduled to be ...
Reliance Jio, a three-and-a-half-year-old subsidiary of India’s most valued firm Reliance Industries, may have attracted the attention of an American giant: Facebook. The social conglomerate is in talks to acquire a 10% stake in the Indian telecom operator, the Financial Times reported Tuesday. Mukesh Ambani, India's richest man who runs Reliance Industries, has poured over $25 billion into Reliance Jio over the years.
In addition, Moody's has downgraded Indiabulls' foreign and local currency senior secured MTN program ratings to (P)B3 from (P)B2. The downgrade and negative outlook reflect Moody's expectation that Indiabulls' access to funding will remain challenging for longer than expected. There is significant uncertainty around when Indiabulls will regain access to market funding.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
MUMBAI/NEW DELHI (Reuters) - The Indian government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe. Banks have been asked to make available an additional 10% in funds over and above sanctioned working capital loans, but not exceeding 2 billion rupees ($26.33 million) per loan account as part of the emergency measures, a senior government official, who did not want to be named, said. India's largest ...
India's Tata Motors is rapidly scaling down activity at its car factory in the western state of Maharashtra and is preparing to close it if concerns about coronavirus deepen, the company said on Friday. The move by Tata Motors, which owns the British luxury car brands Jaguar and Land Rover, comes as the state recorded the highest number of confirmed cases of coronavirus in India. On Friday, Maharashtra ordered all shops and offices to close except those providing essential services in three major cities, including the financial capital Mumbai and Pune, where the Tata Motors plant and ...
The carmaker said it intends to resume production at the facilities in the week of April 20. Jaguar Land Rover's manufacturing plants in Brazil and India are continuing their operations, the company said in an emailed statement.
Jaguar Land Rover will close its UK plants over the next week, the last of Britain’s major manufacturers to shutter its facilities as a result of the coronavirus outbreak. The group’s sites at Solihull, Castle Bromwich and Halewood will all cease production until at least the week of April 20, Britain’s largest carmaker announced on Thursday evening.
