Indian state-owned banks to raise $5.25 billion in 2025-26 via QIP
State Bank of India likely to tap debt market by Aug via tier II issue, sources say
State Bank of India, the country's biggest lender by assets, will launch its QIP soon, the source said.
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3 hours ago
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Indian rupee falls to over two-week low on corporate dollar bids, outflows
MUMBAI: The Indian rupee weakened past the 86 per U.S. dollar mark on Monday to its lowest level in more than two weeks, weighed by corporate dollar demand and equity-related outflows, traders said, amid uncertainty over U.S. trade policies. The rupee closed at 86.9850 against the U.S. dollar, down 0.2% from its close at 85.80 on Friday. The currency hit a low of 86.0475 earlier in the day, its weakest level since June 25. Dollar demand from a large Indian conglomerate and other companies pressured the rupee alongside likely outflows from Indian equities, traders said. India's benchmark equity indexes, the BSE Sensex and Nifty 50, declined 0.3%, even as most regional peers ticked higher. Stocks in Europe fell and the common currency weakened marginally against the dollar after U.S. President Donald Trump threatened a 30% levy on the region's imports over the weekend, deepening his ongoing trade war. U.S. equity futures were in the red as well, with the S&P 500 futures down 0.3%. 'The moves have not been larger since investors see these threats as a Washington negotiating tactic to push the other side over the line into a deal,' ING said in a note. Indian rupee ends nearly flat, importer dollar bids hinder attempts to rise India is among the few large U.S. trade partners that have not yet received a tariff letter. Indian negotiators are expected to head back to the U.S. soon for another round of talks, centred on disagreements over auto components, steel and farm goods. 'All things considered, chances of the rupee gaining ground remain limited,' said Amit Pabari, managing director at FX advisory firm CR Forex. Pabari expects the rupee to face resistance around the 85.40-85.50 level. Focus is now on India's consumer inflation data due later in the day. Benign food prices and a high base likely helped Indian inflation slow to a more than six-year low at 2.50% in June, according to a Reuters poll of 50 economists.
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Indian clean energy firm SAEL to invest $954mn in solar manufacturing plant
Indian renewable energy firm SAEL Industries Ltd will invest 82 billion rupees ($954.04 million) to build a 5-gigawatt (GW)-per-year integrated solar cell and module manufacturing facility in the northern state of Uttar Pradesh, the company said on Monday. Through one of the largest investments seen so far in the solar manufacturing space in India, the plant in Greater Noida will boost SAEL's total module manufacturing capacity to 8.5 GW. Construction is expected to begin this year. The move aligns with India's push to localise solar manufacturing. From June 2026, only domestically made solar cells from approved manufacturers will be allowed in government projects. India currently has 80 GW of module manufacturing capacity but about 15 GW of cell capacity, with most modules relying on Chinese imports. SAEL operates assets capable of generating more than 6.7 GW of solar power, including operational and constructional projects, and aims to drive that to 10 GW in three years. The company has already raised more than $2.4 billion in equity and debt, and has issued a $305-million green bond in 2024. 'By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer,' Laxit Awla, CEO of SAEL Industries, told Reuters. The company also plans to file for an initial public offering this year, Awla said, declining to share more details about the timing and size of the IPO. SAEL's revenue from its biomass and independent power production business nearly doubled to 6.87 billion rupees in fiscal 2025 from fiscal 2023. The company aims to grow its revenue from these businesses to 30.94 billion rupees by fiscal year 2027.
Express Tribune
5 hours ago
- Express Tribune
Crash cause remains undetermined, Air India CEO tells employees
Wreckage of the Air India Boeing 787-8 Dreamliner plane sits on the open ground, outside Sardar Vallabhbhai Patel International Airport, where it took off and crashed nearby shortly afterwards, in Ahmedabad, India July 12, 2025. REUTERS/Amit Dave Purchase Licensing Rights The probe into last month's crash of an Air India plane in Ahmedabad is far from over and it is unwise to jump to any premature conclusions, airline CEO Campbell Wilson said in an internal memo on Monday after the release of a preliminary report by investigators. The memo, reviewed by Reuters, comes after the report depicted confusion in the cockpit shortly before the crash of the Boeing Dreamliner that killed 260 people. It said the plane's engine fuel cutoff switches flipped almost simultaneously and starved the engines of fuel. "The release of the preliminary report marked the point at which we, along with the world, began receiving additional details about what took place. Unsurprisingly, it provided both greater clarity and opened additional questions," the memo said. Wilson added: "The preliminary report identified no cause nor made any recommendations, so I urge everyone to avoid drawing premature conclusions as the investigation is far from over." The Boeing 787 Dreamliner bound for London from the Indian city of Ahmedabad began to lose thrust and sink shortly after takeoff, according to the report released by India's Aircraft Accident Investigation Bureau (AAIB). Read: Air India crash probe highlights cockpit confusion over fuel switch The memo said the preliminary report found no mechanical or maintenance faults and that all required maintenance had been carried out. The preliminary report, released on Saturday, suggested no immediate action for Boeing or GE, whose engines were fitted onto the aircraft. The AAIB, an office under India's civil aviation ministry, is leading the probe into the crash, which killed all but one of the 242 people on board and 19 others on the ground. Air India has come under heightened scrutiny on multiple fronts following the crash. On July 4, the European Union Aviation Safety Agency said it would investigate budget unit Air India Express, after a Reuters report revealed the airline failed to promptly replace engine parts on an Airbus A320 as mandated, and falsified records to indicate compliance. ALPA India, which represents Indian pilots at the Montreal-based International Federation of Air Line Pilots' Associations, rejected the presumption of pilot error in the Ahmedabad crash and called for a "fair, fact-based inquiry." "The pilot's body must now be made part of the probe, at least as observers," ALPA India President Sam Thomas told Reuters on Sunday.
