Latest news with #IDFCFirstBankLtd
The Star
13-06-2025
- Business
- The Star
US$84bil short book putting pressure on India's rupee
MUMBAI: The Indian rupee is emerging Asia's worst performer this quarter and may continue to lag peers as the central bank aims to avert a depletion in its foreign-exchange reserves, according to analysts. The Reserve Bank of India (RBI) had dollar repayments of near record high of US$84.3bil as of March as indicated by its net short forwards position, a measure of the amount of greenback it has agreed to sell at a future date. That may pile pressure on the RBI to buy dollars to prevent a drain on its reserves and lead to the rupee falling to 86.50 per dollar by end-December, according to IDFC First Bank Ltd. The currency is likely to weaken to 87.50 per dollar from 85.5813 last Friday, according to estimates by Commerzbank AG. The rupee is on track to 'underperform even as the dollar remains under pressure,' Barclays Bank Plc strategists including Mitul Kotecha wrote in a note. The RBI is expected 'to be focused on replenishing its foreign exchange buffers while allowing its forwards book to run off.' The RBI will likely avoid keeping a large book as it represents a large potential drain on reserves, said Gaura Sen Gupta, chief economist at IDFC First Bank. The rupee has fallen 0.1% this quarter, missing out on a rally against the dollar that has lifted other emerging Asian currencies amid outflows from India's bond market. RBI governor Sanjay Malhotra has been flexible in allowing the currency to transition to a market-determined trading regime. Reserves are expected to cushion volatility in the exchange rate and build resilience to the increasing reoccurrence of geopolitical and economic shocks, the central bank in a report last week. The RBI's short dollar book up to three months stood at about US$24bil while the three-month to one-year bucket was at US$40bil, according to central bank data. — Bloomberg
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Business Standard
27-04-2025
- Business
- Business Standard
Axis Bank plans to raise Rs 20,000 cr through stake sale, debt issuance
Axis Bank Ltd plans to raise Rs 20,000 crore ($2.3 billion) through a share sale as part of a bigger capital raise that includes debt. The Mumbai-based bank plans to raise Rs 35,000 crore ($4.1 billion) through local rupee bonds or foreign currency bonds, Additional Tier-1 bonds, infrastructure bonds and other debt, the bank said in an exchange filing Thursday. The equity funds will raised through sale of local shares or depository receipts, either by way of institutional placement or preferential allotment, it said. The fund raise comes at a time when a gauge of Indian lenders' shares is near its record high, driven by investors' bullishness due to the sector's relative insulation from tariff-related turmoil. Last week, IDFC First Bank Ltd. approved a plan to raise 75 billion rupees ($877 million) from Warburg Pincus LLC and Abu Dhabi Investment Authority. The operating environment is improving, which would help drive growth and profits this financial year, Amitabh Chaudhry, the bank's chief executive said during a media call on Thursday. 'Corporate, secured retail and small-medium-enterprise loans are holding up well. We will stay focused on deposit quality, cost and growth,' he said. Axis Bank's deposit base rose 10% on year to Rs 11.73 trillion and advances grew 8% to Rs 10.41 trillioN, underpinned by its corporate and small-medium-enterprise loan books. Gross non-performing assets stood at 1.28%, compared with an estimate of 1.51%.
Business Standard
23-04-2025
- Business
- Business Standard
IDFC First Bank Ltd spurts 2.08%, up for third straight session
IDFC First Bank Ltd is quoting at Rs 68.6, up 2.08% on the day as on 12:49 IST on the NSE. The stock is down 17.7% in last one year as compared to a 8.17% gain in NIFTY and a 14.71% gain in the Nifty Bank index. IDFC First Bank Ltd rose for a third straight session today. The stock is quoting at Rs 68.6, up 2.08% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.27% on the day, quoting at 24233. The Sensex is at 79818.04, up 0.28%. IDFC First Bank Ltd has added around 18.5% in last one month. Meanwhile, Nifty Bank index of which IDFC First Bank Ltd is a constituent, has added around 6.91% in last one month and is currently quoting at 55647.2, down 0.66% on the day. The volume in the stock stood at 460.61 lakh shares today, compared to the daily average of 641.76 lakh shares in last one month. The benchmark April futures contract for the stock is quoting at Rs 68.51, up 2.16% on the day. IDFC First Bank Ltd is down 17.7% in last one year as compared to a 8.17% gain in NIFTY and a 14.71% gain in the Nifty Bank index. The PE of the stock is 25.26 based on TTM earnings ending December 24.
Bloomberg
17-04-2025
- Business
- Bloomberg
IDFC First Bank to Raise $877 Million From Warburg Pincus, ADIA
IDFC First Bank Ltd has approved a plan to raise 75 billion rupees ($877 million) from Warburg Pincus LLC and Abu Dhabi Investment Authority. The US based private equity firm will invest $570 million through its affiliate company and ADIA will invest $307 million through its subsidiary, the Indian bank said in a statement Thursday. The Mumbai-based lender will issue 1.25 billion preference shares to the investors.
