India Financial Services Correspondent, Mumbai
Devidutta's Feed
Aug 24, 2015

India to raise $1.4 billion from Indian Oil stake sale

MUMBAI/NEW DELHI (Reuters) – India will raise about 93.79 billion rupees ($1.4 billion) from selling a stake in state-run refiner and fuel retailer Indian Oil Corp, the government said on Monday, even as a global stock market rout raised concerns about future offerings.

New Delhi is seeking to raise as much as $11 billion by selling stakes in state-run companies this fiscal year, crucial to narrowing the fiscal deficit to a planned 3.9 percent of gross domestic product in 2015/16.

Aug 24, 2015

India to raise $1.4 bln from top oil refiner stake sale

MUMBAI/NEW DELHI, Aug 24 (Reuters) – India will raise about
93.79 billion rupees ($1.4 billion) from selling a stake in
state-run refiner and fuel retailer Indian Oil Corp,
the government said on Monday, even as a global stock market
rout raised concerns about future offerings.

New Delhi is seeking to raise as much as $11 billion by
selling stakes in state-run companies this fiscal year, crucial
to narrowing the fiscal deficit to a planned 3.9 percent of
gross domestic product in 2015/16.

Aug 19, 2015

India picks phone carriers among 11 firms awarded niche bank permits

MUMBAI (Reuters) – India’s leading mobile phone network operators Bharti Airtel Ltd and Vodafone India are among the 11 companies selected by the country’s central bank to help set up “payments banks”, aimed at granting millions of citizens access to basic banking.

Energy-to-telecoms conglomerate Reliance Industries Ltd, controlled by India’s richest man Mukesh Ambani, which plans to set up a payments bank in a partnership with top lender State Bank of India (SBI), was also among the winners.

Aug 18, 2015

Bad debts cloud outlook for India’s private sector banks

MUMBAI, Aug 18 (Reuters) – India’s private sector banks have
seen their loan books deteriorate at a faster pace than
state-owned peers over the past three quarters, raising concerns
that a slower economic recovery could mean writedowns estimated
at around $1.5 billion.

The spike at private sector lenders like ICICI Bank
and Axis Bank follows a push to grab market
share from India’s dominant state banks. They account for some
70 percent of all outstanding loans but have pulled back on new
credit for much of the past year, to keep a lid on bad debt.

Aug 18, 2015

Bad debts cloud outlook for India’s private sector banks

MUMBAI, Aug 18 (Reuters) – India’s private sector banks have
seen their loan books deteriorate at a faster pace than
state-owned peers over the past three quarters, raising concerns
that a slower economic recovery could mean writedowns estimated
at around $1.5 billion.

The spike at private sector lenders like ICICI Bank
and Axis Bank follows a push to grab market
share from India’s dominant state banks. They account for some
70 percent of all outstanding loans but have pulled back on new
credit for much of the past year, to keep a lid on bad debt.

Aug 11, 2015

SBI sees bad loan pressures easing

MUMBAI (Reuters) – State Bank of India (SBI) expects pressure from struggling borrowers to ease as the economy recovers after the strain on India’s smaller firms pushed its bad debts higher in the three months to June.

A slightly wider bad loan ratio in the quarter, and a 53 percent sequential rise in new bad loans, hit shares in the country’s largest bank by assets, sending them down nearly 5 percent on the day.

Aug 11, 2015

India’s largest bank SBI sees bad loan pressures easing

MUMBAI, Aug 11 (Reuters) – State Bank of India (SBI)
expects pressure from struggling borrowers to ease as
the economy recovers after the strain on India’s smaller firms
pushed its bad debts higher in the three months to June.

A slightly wider bad loan ratio in the quarter, and a 53
percent sequential rise in new bad loans, hit shares in the
country’s largest bank by assets, sending them down nearly 5
percent on the day.

Aug 8, 2015

Foxconn plans $5 billion investment over 5 years in Maharashtra facility

MUMBAI (Reuters) – Taiwan’s Foxconn, the world’s largest contract electronics manufacturer and a key supplier to Apple Inc (AAPL.O: Quote, Profile, Research), on Saturday signed a pact with Maharashtra to invest $5 billion over five years on a new electronics manufacturing facility.

The announcement was made by Foxconn founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis after the signing of an accord in the state capital Mumbai.

Aug 8, 2015

Foxconn plans $5 billion investment over 5 years in Maharashtra facility

MUMBAI (Reuters) – Taiwan’s Foxconn, the world’s largest contract electronics manufacturer and a key supplier to Apple Inc (AAPL.O: Quote, Profile, Research, Stock Buzz), on Saturday signed a pact with Maharashtra to invest $5 billion over five years on a new electronics manufacturing facility.

The announcement was made by Foxconn founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis after the signing of an accord in the state capital Mumbai.

Aug 8, 2015

Taiwan’s Foxconn plans $5 billion investment over five years in Indian facility

MUMBAI (Reuters) – Taiwan’s Foxconn, the world’s largest contract electronics manufacturer and a key supplier to Apple Inc, on Saturday signed a pact with India’s Maharashtra state to invest $5 billion over five years on a new electronics manufacturing facility.

The announcement was made by Foxconn founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis after the signing of an accord in the state capital Mumbai.