New Delhi: State Bank of India has acknowledged that the bank’s UPI services, including its online services are currently experiencing disruptions. Disruption in online services include internet banking and mobile banking.
SBI, acknowledging the disruptions had earlier confirmed that it would be resolved by 3.30 pm, later shifting it to 4.15 pm and the latest being 5pm.
SBI has advised customers are to use UPI Lite, a simplified version of UPI introduced by the Reserve Bank of India in 2022, for uninterrupted small-value transactions during the outage.
New Delhi: The combined market valuation of seven of the top 10 most valued companies surged by Rs 2,10,254.96 crore last week, with Reliance Industries and Tata Consultancy Services emerging as the biggest gainers. Last week, the BSE Sensex climbed 1,134.48 points or 1.55 per cent, and the NSE Nifty rose 427.8 points or 1.93 per cent. The market capitalisation (mcap) of Reliance Industries surged by Rs 66,985.25 crore to Rs 16,90,328.70 crore.
Tata Consultancy Services (TCS) market valuation climbed by Rs 46,094.44 crore to Rs 13,06,599.95 crore. With this sharp rise in its market valuation, TCS again rose to the second rank in the top-10 most-valued firms chart. The mcap of State Bank of India zoomed by Rs 39,714.56 crore to Rs 6,53,951.53 crore and that of Bharti Airtel advanced by Rs 35,276.3 crore to Rs 9,30,269.97 crore.
ITC’s market valuation rallied by Rs 11,425.77 crore to Rs 5,05,293.34 crore and that of ICICI Bank surged Rs 7,939.13 crore to Rs 8,57,743.03 crore. Hindustan Unilever added Rs 2,819.51 crore, taking its market capitalisation to Rs 5,17,802.92 crore. However, the mcap of HDFC Bank plunged by Rs 31,832.92 crore to Rs 12,92,578.39 crore and Bajaj Finance’s market valuation tanked by Rs 8,535.74 to Rs 5,20,981.25 crore.
The mcap of Infosys dipped by Rs 955.12 crore to Rs 7,00,047.10 crore. Reliance Industries remained the most valued company, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Bajaj Finance, Hindustan Unilever and ITC.
Stocks to watch: Shares of firms like ITC, Swiggy, SBI, Britannia, IndiGo, LIC, Airtel, and others will be in focus on Thursday’s trade
Stocks to watch on February 6
Stocks to Watch on February 6, 2024: After a recent rally, domestic markets paused on Wednesday, ending slightly lower. Today, stocks of ITC, SBI, Airtel, Swiggy, Azad Engineering, and more will be in focus due to various news updates and third-quarter results.
SBI, ITC, Airtel, Britannia, Trent, Hero MotoCorp
Shares of SBI, ITC, Airtel, Britannia, Trent and Hero MotoCorp will be in focus as the companies will announce their quarterly results today.
Swiggy
Swiggy reported a widening of losses in Q3, reaching Rs 800 crore for the period ending December 2024. Its revenue from operations stood at Rs 3,993 crore.
Adani Wilmar
Adani Wilmar is set to rebrand and increase its focus on food and FMCG after the exit of the Adani Group from its joint venture by the end of FY25. CEO & MD Angshu Mallick stated that the company will be renamed AWL Agri Business following a shareholder vote.
Happiest Minds Technologies
Happiest Minds is experiencing improved demand for IT services, particularly in deal renewals, driven by optimism after the U.S. elections. The company is hopeful of achieving near 30% revenue growth in FY25.
IDBI Bank
IDBI Bank may raise interest rates on non-callable deposits by 10 to 25 basis points, if the proposed liquidity coverage ratio (LCR) regulations come into effect on April 1, according to Business Standard.
InterGlobe Aviation (IndiGo)
GST authorities have imposed penalties totaling Rs 115.86 crore on IndiGo. The penalty stems from issues related to services provided to offshore recipients, which were not considered as “export of services” for FY18 to FY20, as well as denied input tax credit.
Religare Enterprises
Religare Enterprises announced that its independent director, Hamid Ahmed, has resigned from the board. Ahmed, CEO of Hamdard Laboratories India’s Foods Division, stepped down on February 4.
LIC
Life Insurance Corporation of India (LIC) has received a demand notice of about Rs 105.42 crore for short payment of GST spanning seven financial years. The demand also includes interest and penalties for several states as of February 5.
P C Jeweller
P C Jeweller reported a consolidated net profit of Rs 147.96 crore for Q3 FY25, compared to a net loss of Rs 197.98 crore in the same period last year. Total income surged to Rs 683.44 crore from Rs 43.48 crore.
Welspun Corp
Welspun Corp posted a more than two-fold increase in net profit, rising to Rs 672.19 crore in Q3 FY25, driven by lower expenses. However, total income fell to Rs 3,656.57 crore, down from Rs 4,758.17 crore in Q3 FY24.
Kansai Nerolac Paints
Kansai Nerolac Paints reported a significant 341.4% jump in net profit to Rs 680.9 crore for Q3 FY25, boosted by a one-time profit from the sale of land in Lower Parel, Mumbai. Revenue rose by 0.2% to Rs 1,921.9 crore.
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Newsbusiness » markets Stocks To Watch: ITC, Swiggy, SBI, Britannia, IndiGo, LIC, Airtel, And Others
The State Bank of India (SBI), the country’s largest public sector bank, has submitted recommendations to the Reserve Bank of India (RBI) urging changes to the current rules governing the deactivation of bank accounts. In its proposal, SBI has suggested that non-financial transactions, such as balance enquiries, should be considered sufficient to keep an account active.
SBI Chairman CS Shetty explained that many account holders, particularly those who open accounts for government assistance programs, typically engage in limited transactions. Often, after an initial deposit, they withdraw funds only a few times, which leads to accounts being marked inactive. According to Shetty, such accounts should not automatically be deactivated due to a lack of financial activity.
He emphasised that non-financial actions, like checking the balance, are indicative of an account holder’s awareness of and engagement with their account. Therefore, such transactions should be considered in determining whether an account remains active.
This request follows recent directives from the RBI, which has instructed banks to address the issue of inactive or “frozen” accounts promptly, with reports on their progress to be submitted on a quarterly basis. SBI had also launched a special campaign to tackle inactive accounts, although the bank did not disclose the exact number of such accounts.
What is an Inactive Account?
An inactive account refers to an account that has been dormant for an extended period, with no transactions or deposits. Once an account is deactivated, the account holder is unable to withdraw or deposit funds. Typically, banks deactivate accounts that have remained unused for a long time, following regulatory guidelines.
New Delhi: India’s consumer price inflation (CPI) is expected to remain above 5 per cent for the rest of 2024, according to a recent report by the State Bank of India (SBI). The report highlighted that despite a significant decline in vegetable and protein prices in November, the persistence of food consumption in rural areas is contributing to inflationary pressures.
It added that rural economies, where food accounts for a significant share of consumption, continue to display resilience, which could prolong the stickiness of food-related inflation.
“CPI is expected to remain above 5.0 per cent in the remaining months of 2024 even though vegetable/protein prices shows huge moderation in November.. with the bulk of rural populace still having food as the primary source of consumption” said the report.
As per the official data, country’s retail inflation was at 6.21 per cent in October, breaching the Reserve Bank of India’s 6 per cent upper tolerance level. The inflation surged to a 14-month high of 6.21 per cent. This was primarily driven by a sharp increase in food prices, which rose by 261 basis points over the past three months. Core CPI, which excludes food and energy prices, also increased moderately to 3.76 per cent in October compared to 3.54 per cent in September.
The report noted that around 40 per cent of India’s CPI is influenced by imported inflation. Given this dependency, the Reserve Bank of India (RBI) is unlikely to allow a full pass-through of exchange rate volatility to prevent further inflationary pressures.
It said “Further, approx. 40 per cent of CPI is dictated by imported inflation and hence RBI can’t allow fully pass-through of Exchange rate volatility” The report also highlighted the role of government support in sustaining rural consumption.
The increased income from Direct Benefit Transfers (DBT) has enhanced the purchasing power of rural households, boosting the consumption of essential goods and services. The share of the bottom 40 per cent of DBT beneficiaries in the spending quantile has risen by 1.85 times, according to the report.
However, while the rural economy remains robust, it has not been able to fully offset the slowdown in urban demand. The report attributed this to the depletion of excess savings accumulated during the pandemic, which had previously bolstered urban consumption. Overall, the report highlighted a mixed economic scenario, with rural resilience mitigating some inflationary impacts even as urban demand weakens.
SBI Chairman CS Setty receives the award in recognition of the bank’s unwavering commitment to providing exceptional services and promoting financial inclusion nationwide by winning the trust of its customers.
State Bank of India is the country’s largest lender.
State Bank of India (SBI) was recognised as the Best Bank in India for 2024 by Global Finance Magazine of the US at its 31st Annual Best Bank Awards event held during the sidelines of Annual Meetings of the IMF and the World Bank in Washington.
SBI Chairman CS Setty received the award in recognition of the bank’s unwavering commitment to providing exceptional services and promoting financial inclusion nationwide by winning the trust of its customers, the bank said in a statement.
For decades, Global Finance’s Best Bank Awards have set the trusted standard for evaluating the world’s financial institutions, making them invaluable to corporate decision-makers, especially as the global economy faces significant challenges.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
Newsbusiness SBI Named Best Bank in India for 2024 by Global Finance Magazine
To ensure easy and adequate credit availability to the MSME sector, the State Bank of India (SBI) is planning to enhance the threshold under the instant loan scheme from the existing Rs 5 crore. ‘MSME Sahaj – End to End Digital Invoice Financing‘, provides solutions ranging from applying for the loan, documentation and disbursement of the sanctioned loan within 15 minutes, without any manual intervention. “We have, last year, introduced a business rule engine based, data based assessment of the credit limits up to Rs 5 core. Anybody walking into our MSME branch has to give only their PAN and approval for sourcing GST data, we can give approval in 15-45 minutes,” SBI Chairman C S Setty told PTI in an interview. Simplification of the MSME credit is something that the bank is emphasising on and making lending cash flow based backed by the CGTMSE guarantee, he said. This reduces the need for collateral, which would enable a lot of people to come into the formal MSME borrowing system, he said. “We still have a large number of MSME customers accessing the informal credit. We would like to bring them to the banking fold,” he said. As far as network expansion is concerned, Setty said SBI is planning to open 600 branches across the country in the current financial year. SBI has a network of 22,542 branches across the country as of March 2024. “We have strong branch expansion plans… this would be mainly focused on emerging areas. A lot of residential colonies are not covered by us. Around 600 branches is something we are planning in the current year,” he said. Apart from a vast branch network, SBI reaches its customers through 65,000 ATMs and 85,000 business correspondents. “We serve about 50 crore customers and we take pride in saying that we are the banker to every Indian, and, more importantly, to every Indian family,” he said. He also said it will be his endeavour to transform SBI into the best and the most valued bank not only from a shareholder point of view but for every stakeholder who deals with the lender. “It could be my customers, it could be our shareholders, it could be the larger ecosystem — the society, the institutional framework — all the stakeholders should be saying that this is the best bank to deal with,” he added.
NEW DELHI: State Bank of India has declared loan accounts of debt-ridden state-owned MTNL as sub-standard non-performing assets due to non-payment of instalments and interest since June 30, the telecom firm said in a filing. The total outstanding on the MTNL loan account was Rs 326 crore as of Sept 30, according to the SBI letter dated Oct 1 shared by the company with the stock exchanges. Banks classify those accounts as NPA – sub standard category accounts whose default period is less than 12 months and have the potential to clear dues. SBI, in the letter, said that Rs 282 crore is overdue, which needs to be paid immediately to regularise the account. It has sought the status of govt assurance to clear MTNL dues. SBI has sought details of the monetisation projects MTNL is working on, including its agreement with NBCC to develop 13.88 acres of land in Delhi into a residential and commercial space. SBI said it will be forced to take legal action against the state-owned telecom firm if it fails to make payment.
New Delhi: SBI Card in partnership with Singapore Airlines Ltd (SIA) on Monday announced the launch of its co-branded credit card with a host of features. This co-branded credit card has been designed to cater to super-premium cardholders, offering exclusive privileges in the air and on the ground with the SIA Group that comprises Singapore Airlines, Scoot airline, KrisShop.Com, Kris+ lifestyle app and Pelago, a joint statement said.
The newly launched credit card is available in two variants, KrisFlyer SBI Card and KrisFlyer SBI Card Apex, it said. With this partnership, KrisFlyer SBI Card customers will unlock a range of accelerated rewards and milestone benefits on their travel spends, it said.
Packed with exclusive welcome offers of 3,000 KrisFlyer miles on the KrisFlyer SBI Card and 10,000 KrisFlyer miles on the KrisFlyer SBI Card Apex, the cards aim to redefine the travel experiences of their well-heeled customers, by providing them with unparalleled convenience and luxury.
The joining and annual renewal fee for the KrisFlyer SBI Card is Rs 2,999 plus applicable taxes, and Rs 9,999 plus applicable taxes for the KrisFlyer SBI Card Apex, it said.
New Delhi: The combined market valuation of nine of the top 10 most valued firms jumped by Rs 95,522.81 crore last week, with Reliance Industries, TCS and HUL emerging as the biggest gainers.
Rising for the fourth straight session, the 30-share BSE Sensex ended 33.02 points or 0.04 per cent higher at 81,086.21 on Friday. Last week, the BSE benchmark jumped 649.37 points or 0.80 per cent.
The market capitalisation (Mcap) of Reliance Industries surged by Rs 29,634.27 crore to Rs 20,29,710.68 crore. The valuation of TCS jumped Rs 17,167.83 crore to Rs 16,15,114.27 crore and that of Hindustan Unilever by Rs 15,225.36 crore to Rs 6,61,151.49 crore.
The Mcap of Bharti Airtel rallied by Rs 12,268.39 crore to Rs 8,57,392.26 crore and that of ICICI Bank by Rs 11,524.92 crore to Rs 8,47,640.11 crore. ITC soared Rs 3,965.14 crore to Rs 6,32,364.24 crore, while State Bank of India added Rs 2,498.89 crore to Rs 7,27,578.99 crore.
In addition, the valuation of Life Insurance Corporation of India jumped by Rs 1,992.37 crore to Rs 6,71,050.63 crore and that of Infosys by Rs 1,245.64 crore to Rs 7,73,269.13 crore.
However, the mcap of HDFC Bank plunged by Rs 4,835.34 crore to Rs 12,38,606.19 crore. Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, LIC, Hindustan Unilever and ITC.
