Business

State Bank of India (SBI) on Monday, July 21, said it has successfully raised ₹25,000 crore through a qualified institutional placement (QIP). The board of directors of the national bank at a meeting approved the allotment of 30.59 crore (or 30,59,97,552) equity shares having a face value of ₹1 per share at an issue price of ₹817 per share, including a premium of ₹816 per share. State Bank of India said in a regulatory filing that after receipt of applications from eligible qualified institutional buyers (QIBs) and funds in the escrow account, as per the terms of the issue, the bank closed the issue on July 21. The panel also finalised the allotment note to be sent to eligible QIBs, informing them of the allotment of equity shares under the issue. Life Insurance Corporation (L...

Kolkata: Tea exports from India in FY 2024-25 rose by 2.85 per cent as compared to the previous fiscal, according to official data. Tea exports from the country rose from 250.73 million kg to 257.88 million kg. According to the latest data from the Tea Board, the export volume from North India reached 161.20 million kg during FY 2024-25, showing a growth of 8.15 per cent from 149.05 million kg in FY 2023-24. Similarly, exports from South India declined by 4.92 per cent to 96.68 million kg in 2024-25 from 101.68 million kg in the previous fiscal, according to the data. The value of tea exports per kg increased to Rs 290.97, showing a growth of 12.65 per cent from Rs 258.30 in FY 2023-24. During the calendar year January to December 2024, the volume of tea exports reached 256...

JSW Steel, the country's second-largest steel producer, on Friday, July 18 reported a consolidated net profit of ₹2,184 crore in the first quarter of the current financial year, up 158% from ₹845 crore in the same period last year. This sharp jump in profits was driven by good capital expenditure by the government in the June quarter and strong domestic steel demand. JSW Steel's operating revenue grew 0.5% to ₹43,147 crore in the June quarter as against ₹42,943 crore in the same period a year ago. The Mumbai-based company reported strong operating performance as its earnings before interest, tax, depreciation and amortization (EBITDA), also known as operating profit, grew 38% to Rs 7,576 crore from Rs 5,510 crore. Its operating profit margin expanded 470 basis points (bps) to 17.56%...

New Delhi, Zinc prices rose by 5 paise to Rs 256.55 per kg in futures trade on Thursday amid strong spot demand. At the Multi Commodity Exchange, the price of zinc contract for August delivery rose 5 paise or 0.02 percent to Rs 256.55 per kg in a business turnover of 1,531 lots. Zinc prices rose in futures trade as participants increased the size of their deals following a rise in demand from consumer industries, market sources said.

New Delhi, Crude oil prices rose by Rs 9 to Rs 5,653 per barrel in futures trade on Wednesday as traders increased the size of their deals following strong spot demand. At the Multi Commodity Exchange, the price of crude oil contract for August delivery rose by Rs 9 or 0.16 percent to Rs 5,653 per barrel in a business of 9,125 lots. Analysts said crude oil prices rose in futures trade as participants increased their deals. Globally, West Texas Intermediate crude was trading 0.50 percent higher at $66.85 per barrel in New York, while Brent crude rose 0.28 percent to $68.90 per barrel.

New Delhi, Silver prices on Tuesday fell by Rs 256 to Rs 1,12,680 per kg as participants reduced their deals. At the Multi Commodity Exchange, the price of silver contracts for September delivery fell by Rs 256, or 0.23 percent, to Rs 1,12,680 per kg in a business turnover of 21,003 lots. Analysts said selling by participants at current levels in the market mainly influenced silver prices. Globally, silver was trading 0.53 percent higher at $38.33 an ounce in New York.