India’s Manufacturing PMI rises to 58.1 in March, highest in 8 months
India's Manufacturing Purchasing Managers’ Index (PMI) rose to 58.1 in March 2025, up from 56.3 in February, and its highest mark in 8 months.
The loan is being raised for general corporate purposes through its branch at the Gujarat International Finance Tec-City, the report said.
Statesman News Service | New Delhi | November 15, 2024 1:30 pm
(Photo: AFP)
India’s largest public sector lender, State Bank of India (SBI), sought a loan of USD 1.25 billion, potentially making it the largest dollar-denominated bank loan from the country’s financial sector in 2024, a report by Bloomberg said quoting sources.
The loan is being raised for general corporate purposes through its branch at the Gujarat International Finance Tec-City, the report said.
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SBI is yet to comment on the matter.
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It further mentioned that the CTBC Bank, HSBC Holdings Plc and Taipei Fubon Bank are arranging the five-year loan, which carries an interest margin of 92.5 basis points over the risk-free Secured Overnight Financing Rate, said the people, who asked not to be identified discussing private matters.
With this development, SBI is joining a growing list of local borrowers in raising foreign currency debt this year, with non-banking finance companies (NBFCs), leading the charge due to stricter domestic regulations.
Cholamandalam Investment & Finance Co. is the latest Indian NBFC to secure a $300 million syndicated term loan, while Union Bank of India’s Sydney branch is marketing an A$125 million ($81 million) three-year loan. Additionally, Bank of Baroda is in the process of raising a $750 million loan.
Recently, the State Bank of India has released its quarterly results reporting a 27.92% increase in net profit year-on-year for the July-September 2024 quarter.
Bank’s net profit reached Rs 18,331 crore in Q2FY25, up from Rs 14,330 crore in the same quarter last year.
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India's Manufacturing Purchasing Managers’ Index (PMI) rose to 58.1 in March 2025, up from 56.3 in February, and its highest mark in 8 months.
The HSBC flash Purchasing Managers' Index (PMI) survey released on Monday said the private sector output in India increased at a slower pace in March as compared to the previous month.
Tata Capital, the financial services arm of Tata Sons, has appointed around 10 investment banks to manage its initial public offering (IPO), which is scheduled this year, it has been announced.
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