Top gainer: ONGC 321 ▲ 13 (+4.5%)
Top loser: LTIMindtree 5,474 ▼ 97 (-1.7%)
SBI hikes lending rates by 5-10 bps from today, stock rise 1.7%
State Bank of India (SBI), the country’s largest lender, has raised its benchmark lending rate across the majority of tenures with effect from Monday, July 15. SBI’s retail loans like home loans are mostly linked to the repo rate (that has not changed since February 2023). Hence, a revision in MCLR is not going to affect these loans. Read more
Softbank exits One 97 Communications at $150 million loss
Shares of Paytm were trading in the positive territory on Monday, July 15, after the Japanese tech investor SoftBank fully exited the financial technology company. “Softbank has exited Paytm at a loss of 10%-12%. The total loss is around $150 million,” sources privy to the development told PTI. Read more
IREDA hits new lifetime high after strong Q1 results
Shares of Indian Renewable Energy Development Agency (IREDA) jumped 4.4% in morning trade, reacting to the company’s strong first-quarter results announced on July 12. In the results update, IREDA said its first-quarter revenue from operations jumped 32% year-on-year to ₹1,510 crore while net profit rose 30% to ₹384 crore. Read more