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State Bank of India is set to raise up to 25,000 crore via a QIP, its first since 2017, aiming to boost its CET-1 capital ratio from the current 11%. Six investment banks, including Kotak and Morgan Stanley, will manage the issue, potentially Indias largest QIP to date.
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India's foreign direct investment surged to $8.8 billion in April, a 22% increase year-over-year, bolstering the RBI's foreign exchange reserves. While non-resident deposit inflows slowed, overall external commercial borrowing rose significantly. Despite a drop in foreign portfolio investment, India's external sector remains resilient, with forex reserves reaching $698.95 billion in June.
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Trading on Wall Street is mixed early Wednesday as a fragile truce between Israel and Iran appeared to be holding and oil prices stabilized after a two-day slide.
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