SBI raises Rs 10,000 cr through infra bond sale State Bank of India (SBI) on Friday announced that it has raised Rs 10,000 crore through an infrastructure bond issue. The country’s largest lender will be paying a coupon rate of 7.49 per cent on the bonds, as per a statement. SBI had launched the issue with an aim to raise Rs 4,000 crore, and the same was oversubscribed by over five times, it said, adding that 134 bids worth Rs 21,045 crore were received. The investors were across provident funds, pension funds, insurance companies, mutual funds and corporates, the statement said. The coupon is 0.12 per cent over the corresponding FBIL G-Sec par curve and marginally better than the 0.13 per cent it had to promise at the last infra bond issuance in August 2023, it added. It had raised Rs 10,000 crore from the route in August, and with the current issuance, the total outstanding long-term bonds issued by the bank is Rs 39,718 crore.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.