The Indian economy is expected to clock a GDP growth of 7.4 percent this fiscal largely driven by the lagged impact of a good monsoon and increased consumer spending, supported by pay commission awards, a Standard Chartered report said.
Tata Steel Europe said on Monday it had asked Standard Chartered to work as an adviser alongside KPMG to look for interested buyers. The bank has links with Tata Group in India and is expected to be tasked with finding possible suitors in Asia, especially among Chinese steel producers.
Tata Steel Ltd has hired a team of Standard Chartered Plc bankers to help sell its loss-making UK business amid Britain`s attempt to prevent the closure of one of it`s biggest manufacturing operations, a source familiar with the matter said.
Profits at Standard Chartered plunged 84 percent last year, its worst result since 1998, sending the bank`s shares down as much as 10 percent on Tuesday as volatile markets, weak commodity prices and low interest rates took their toll.
Standard Chartered plc has axed at least half a dozen oil and gas advisory banking roles in recent weeks, ending an eight-year attempt to build a global energy M&A team, people familiar with the matter told Reuters.
The country's largest foreign lender Standard Chartered Tuesday appointed Zarin Daruwala of ICICI Bank as its new Chief Executive in the place of incumbent Sunil Kaushal who will be elevated as the regional head for Africa and West Asia operations.
Yes Bank on Friday said it has signed a pact with the London Stock Exchange (LSE) for bonds and equity issuance with focus on green infrastructure finance, under which it plans to list up to USD 500 million green bond on the bourse by December next year.
British major Standard Chartered Tuesday said it is examining the legal aspect as to whether Indian Depository Receipt holders of the lender can participate in the USD 5.1 billion rights issue programme.
"India has faced a slowdown in economic growth since 2012, relative to the higher rates of previous years, combined with high indebtedness in some corporate sectors and lower appetite for refinancing, reducing the success of corporate debt restructuring and distribution efforts," the August 2015 statement said.
Country's largest mortgage lender HDFC and four other lenders, including Canara Bank and StanChart, cut their base rates by up to 0.25 percent, a move that will make home, auto and other loans cheaper.
Lower commodity prices are unlikely to narrow India's current account deficit, Standard Chartered has said, while revising its CAD forecast for the fiscal to 1.5 percent from 1.1 percent of GDP earlier.
Asia-focused British bank Standard Chartered slashed dividends by 50 percent on Wednesday after profits plunged in the first half of the year, its first result under new leadership as it struggles to return to growth.
New York state`s banking regulator has contacted more than six banks about how they may have handled money that U.S. prosecutors said was laundered through accounts related to world soccer`s governing body FIFA, according to a person familiar with the matter.
Standard Chartered`s new chief executive Bill Winters said the Asia-focused bank needs to strengthen its financial position, simplify and restructure to achieve better returns, in a letter to staff on his first day in charge.
The country's economic growth is likely to accelerate to 7.7 percent in the current fiscal on account of improvement in investment and household consumption expenditure, Standard Chartered said in a report.