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State Bank of India and Yes Bank boards are convening Friday to finalize the sale of stakes to Sumitomo Mitsui Banking Corp. SMBC will acquire a 20% stake initially, potentially increasing to a majority, with SBI retaining a 10% share. The deal, subject to regulatory approval, could be India's largest bank M&A, with SMBC possibly gaining two board seats.
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India's Volatility Index surged over 10% on Thursday due to escalating India-Pakistan military conflict concerns, triggering a late sell-off in equities. The Sensex and Nifty both experienced declines, with the Nifty falling 140 points and the Sensex dropping 412 points. Heightened uncertainty among traders led to profit-taking, as the VIX jumped nearly 40% since April 15.
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The central bank Thursday eased rules for foreign portfolio investors (FPI) to buy local corporate bonds by lifting caps on short-term debt investment limits at a time rate differentials between India and the US are at the narrowest in recent memory.
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Crisil Ratings has placed IndusInd Bank's long-term debt instruments under rating watch with negative implications, following key managerial resignations and a review of its microfinance business. Concerns over internal financial controls and the impact on profitability are being closely monitored. The agency awaits clarity on the MFI discrepancies and their potential impact on the bank's operations.
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Russian President Vladimir Putin said he had "productive" talks with Xi Jinping in Moscow on Thursday, addressing the Chinese leader as his "dear friend".
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News and Media
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