Fiscal deficit slips to 0.8% of full-year target at May-end 2025: CGA data
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Economic Times
19 minutes ago
- Economic Times
RBL Bank shares rally 3% as Dubai-based Emirates NBD Bank eyes up to 20% stake
Shares of RBL Bank rose 2.7% to Rs 266.95 on Wednesday after reports said Dubai government-owned Emirates NBD Bank is in talks to acquire up to a 20% stake in the private lender through a significant capital infusion. ADVERTISEMENT The stock, which has rallied more than 21% in the past month and over 64% in the past six, rose for an eighth time in nine sessions. It closed Tuesday at Rs 259.95, up 4.6%, with a market value of Rs 15,831.21 crore. The Emirates NBD Bank PJSC is in advanced discussions to acquire a minority stake in RBL Bank through a preferential allotment. This would mark a primary capital infusion into RBL and help the Dubai-government-owned lender deepen its Asia strategy. The deal, still under negotiation, could be similar in structure to the recent SMBC-Yes Bank investment. Emirates NBD may end up holding around 15–20% of RBL's expanded capital base, just below the open offer threshold, pending regulatory approval. That would translate to an investment of approximately Rs 3,166.24 crore. 'However, the deal is likely to take place at a premium to the current price,' people familiar with the matter told The Economic Times. RBL Bank is entirely publicly owned, with several domestic institutions holding modest stakes. Quant Mutual Fund owns 6.65%, Nippon Life India 3.11%, ICICI Prudential Life 1.06% and LIC 1.19%. Mahindra and Mahindra acquired a 3.48% stake in 2023, while Zerodha holds 1.24%. British International Investment exited its 3.82% holding in April. ADVERTISEMENT The Reserve Bank of India in May granted in-principle approval to Emirates NBD to convert its existing Indian branches in Chennai, Gurugram and Mumbai into a wholly owned subsidiary. The Dubai-based bank also recently launched investment banking operations in India.'There is a deep connect between UAE and India, both diplomatic and commercial. The bank has been eyeing opportunities but has not been very keen to buy into NBFCs (non-banking finance companies) unlike some of their peers,' an industry executive told The Economic Times. 'There is also a lot of synergy in wealth and other product distribution.' ADVERTISEMENT RBL Bank, originally set up 70 years ago in Maharashtra, transformed itself into a national player beginning in 2010, focusing on credit cards and microfinance. However, its differentiated asset strategy is considered cyclical and exposed to stress in unsecured the March quarter, RBL Bank's net profit fell 80% sequentially to Rs 68.7 crore, despite a rise in other income to Rs 1,000 crore. Net interest income dropped 2.3% year-on-year to Rs 1,563 crore. ADVERTISEMENT 'Business growth is gaining traction and slippages are expected to normalise by 2QFY26,' Nitin Aggarwal, analyst at Motilal Oswal told The Economic Times. 'Margins will be flattish to lower before it will claw back up. The trajectory is expected to improve starting FY26. The cards business is expected to grow in the mid-single digits.' Despite the stock's recent rally, analysts say it still trades below book value and remains among the most affordable banking stocks in India, with a P/E ratio of over 21. However, sources caution that talks may not result in a deal. The lender is also exploring a capital raise from institutional investors as a fallback. ADVERTISEMENT If successful, Emirates NBD's move will mark the second major investment from West Asia into an Indian bank this quarter. In April, Abu Dhabi Investment Authority and Warburg Pincus committed Rs 7,500 crore to IDFC First Bank. Also read | Emirates NBD eyes RBL Bank stake for India, Asia play (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Indian Express
24 minutes ago
- Indian Express
Nothing Phone (3) available for pre-order from July 4: Check price, specs and other details
London-based smartphone maker Nothing, on Tuesday, July 1, unveiled the Phone (3), its first-ever premium flagship phone in India. The newly launched phone ditches the company's iconic Glyph interface in favour of Glyph Matrix, a circular micro-LED screen on the back. Featuring a 10-bit 6.67-inch OLED screen with a 120Hz refresh rate and outdoor brightness of 1,600 nits, the Nothing Phone (3) is powered by the newly launched Snapdragon 8s Gen 4, a powerful chipset that can be found on some mid-range phones like the Poco F7 and the iQOO Neo 10. Compared to its predecessor – the Phone (2), Nothing claims that its newest device sports a 36 per cent faster CPU, 88 per cent faster GPU and performs AI tasks about 60 per cent faster. The back of the phone carries over Nothing's transparent design language with geometric patterns. You also get a triple camera setup that consists of a 50MP primary sensor in addition to a 50MP ultrawide shooter and a 50MP telephoto lens with 3x optical zoom. The front of the phone also houses a 50MP selfie shooter. And while the rear cameras can capture videos in 4K resolution, for reasons unknown, the selfie camera can only record in Full HD (1080p). Apart from the volume rocker and the power button, you also get the Essential Key, which was introduced earlier this year with the Nothing Phone 3a series. The Nothing Phone (3) comes with Nothing OS 3.5 based on Android 15 out of the box, with the company promising 5 years of OS updates and 7 years of security patches. As one would expect from a flagship device, you also get IP68 dust and water resistance, with the front and back of the phone protected by Gorilla Glass 7i and Gorilla Glass Victus, respectively. All of this is backed by a 5,500mAh battery that supports 65W wired and 15W wireless charging. The Nothing Phone (3) is available in two colourways – Black and White. The base variant of the phone – which comes with 12GB RAM and 256GB storage, is priced at Rs 79,999, while the 16GB RAM and 512GB version can be purchased for Rs 89,999. The company is also offering a special introductory offer where customers who pre-order the device will get one more year of warranty.
Hans India
25 minutes ago
- Hans India
MF exposure in NBFCs grow 32.5 pc to reach Rs 2.77 lakh crore in May
New Delhi: The mutual fund exposure in the non-banking financial companies (NBFCs) grow 32.5 per cent to reach Rs 2.77 lakh crore in May, according to a new report. This year-on-year growth was driven by commercial papers (CPs) and corporate debt, which remained over Rs 2 lakh crore for 14 consecutive months, according to a CareEdge Ratings report. The previous records were Rs 2.69 lakh crore in April this year and Rs 2.64 lakh crore in July 2018. However, the share of NBFC credit in total bank credit decreased from 9.3 per cent in May 2024 to 8.5 per cent in May this year, the data showed. The mutual fund industry's total assets under management (AUM) rose to Rs 72.2 lakh crore in May from Rs 70 lakh crore in April. The industry witnessed net inflows of Rs 29,108 crore during the month, with 65 per cent flows from the equity category, according to the latest AMFI data. AUM of equity funds rose 4.83 per cent on-month to Rs 32.05 lakh crore, driven by positive flows and mark-to-market (MTM) gains. Flexi caps witnessed inflows of Rs 3,841 crore, the highest in the equity category for the third straight month. Hybrid fund assets grew 4.43 per cent to Rs 9.55 lakh crore, driven by highest monthly net inflows for the category worth Rs 20,765 crore and MTM gains. Arbitrage funds witnessed the highest inflows within the category, amounting to Rs 15,702 crore. Passive funds category witnessed net inflows of Rs 5,525 crore during the month, marking the 55th consecutive month of net inflows. Gold exchange-traded funds (ETFs) witnessed net inflows during the month, compared with outflows in the previous two months, driven by geopolitical tensions, market volatility and rate cut expectations.
