India News

ICICI, HDFC Bank cut bulk deposit rates by up to 0.25%

Leading private sector lenders ICICI Bank and HDFC Bank have cut rates by up to 0.25% on high value fixed deposit on select maturities, a move that could be a precursor to lower lending rates.

The rates have been revised downwards for deposits over Rs 1 crore by 0.25% by ICICI Bank effective today, sources said.

Vodafone, Bharti Airtel, others may hike mobile rates to recover spectrum cost: Moody’s

Telecom operators like Vodafone, Bharti Airtel, Reliance Communications, Idea Cellular are expected to gradually increase rates to recover Rs 1.1 lakh crore they bid for spectrum in the auction that concluded last week, Moody’s said today.

“This high cost is credit negative for the country’s telecom operators because it will increase their debt and costs and reduce their ability to fund future expansion,” said the global credit rating agency.

Axis Bank’s derisking efforts yielding results: Credit Suisse

Maintain ‘outperform’ on Axis Bank with a target of R680 per share. Management believes that corporate loan demand is unlikely to come back in a hurry and the recent pick-up for the bank has been driven by takeover and re-financing. The bank has gained market share taking advantage of the opportunities in the segment and management believes that opportunities for market share gains remain over the next few quarters. Loan growth will also be therefore more balanced across both corporate and retail segments.

Infosys share price gains, CLSA sees strong FY16/17, buybacks

Infosys shares gain 1.7 pct.

CLSA raises target to 2,800 rupees from 2,500 rupees and reiterates high-conviction “buy” rating.

Says Infosys should see stronger revenue growth in FY16/17 as it gains leadership in digital and traditional services while improving client mining.

SEBI proposes new fund-raising platform for start-ups

To help start-ups and young entrepreneurs raise funds, the Securities and Exchange Board (SEBI) of India today proposed an ‘Alternate Capital Raising Platform’, wherein such firms can raise money from institutions and HNIs from the capital markets under a relaxed regulatory regime.

However, retail investors would be restricted from investing in such companies, given the risks involved therein, SEBI said, while adding that the adequate disclosures would be required to be made without hampering the capital-raising potential of such firms in new-age sectors like technology.

GVK Power jumps on news airport unit IPO likely

Mumbai: Shares in GVK Power and Infrastructure Ltd gained as much as 13% in early trading on Tuesday, after Reuters on Monday reported the company is likely to file for an up to $250 million initial public offering (IPO) of its airport unit soon.

GVK has mandated Citigroup Inc., Bank of America-Merrill Lynch, Axis Capital Holdings Ltd and JM Financial Services Pvt. Ltd to manage the IPO, sources said.

Morgan Stanley upgrades RIL, cites downstream expansion

Mumbai: Shares of Reliance Industries Ltd (RIL) rallied as much as 2.6% in early trade on Tuesday after Morgan Stanley upgraded RIL to “overweight” from “underweight”, citing confidence about the conglomerate’s downstream projects and improving outlook for telecom business.

Morgan Stanley said it now expected earnings of Reliance Industries to grow 50% over the fiscal years 2015 to 2018.